Investor Presentaiton
Nuclear PTC Overview
VISTRA
Nuclear assets benefit from the Inflation Reduction Act's (IRA) nuclear Production Tax Credit (PTC), which
creates revenue stability
($/MWh)
Ceiling Prices increase
with Inflation¹
Gross Receipts + PTC
$60
50
40
40
$15
Illustrative Revenue Support
$53.31
(2032)
•
$48.39
(Average)
$43.75
(2024)
PTC reduced by 80%
of excess above $25²
$45
$42
PTC
$35
30
30
20
20
$55
•
•
•
•
during periods of lower power prices
PTC Mechanism
The nuclear PTC is a tax credit that provides revenue
support when a nuclear plant's "gross receipts" are below
$43.75/MWh (2024 base year)
The amount of the credit is determined on the amount of
gross receipts, with a maximum contribution of $15/MWh
when gross receipts drop to $25/MWh or below, effectively
resulting in a ~$40/MWh floor on nuclear revenue when
gross receipts remain above $25/MWh
Gross receipts include revenue earned from energy sales,
capacity sales, ancillary revenue, and other revenue
sources
The gross receipts thresholds and the PTC amounts are
inflation-adjusted yearly
Vistra Vision stands to benefit directly from the IRA's
nuclear PTC given its applicability to production from its
~6,400 MWs of Nuclear capacity³
Gross Receipts
10
25
30
35
40
45
50
55
$60
Gross
PTC
Gross Receipts
Ceiling
Receipts
+ PTC
Source: Public Filings
1. Based on IRA bill signed by US President Biden on August 16, 2022. Assumes annual inflation adjustment of 2.5%.
2. 80% inclusive of 5x multiplier associated with meeting wage and apprenticeship requirements.
3. Based on conformity to the IRA's Nuclear PTC requirements, including not qualifying as an advanced nuclear power facility based on having a reactor design approval date prior to December 31, 1993.
Vistra Investor Presentation/June 2023
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