Investor Presentaiton

NE/NY and CAISO Market Curves NENY 7x24 ($/MWh) - as reported Q1 2023 CAISO 7x24 ($/MWh) $90 $90 $80 $80 $70 $70 $60 $50 $60 $40 $50 $30 $20 $40 2023 2024 2025 2026 2027 2028 2023 2024 2025 2026 2027 2028 -4/29/2022 5/3/2023 4/29/2022 -5/3/2023 $40 $30 $20 $10 NENY 7x16 Spark Spread $- 2023 2024 2025 2026 2027 2028 -4/29/2022 5/4/2023 Curves as of May 4, 2023. Vistra Investor Presentation/June 2023 $40 $30 $20 $10 VA CAISO 7x16 Spark Spread 2023 2024 2025 2026 2027 2028 -4/29/2022 5/4/2023 VISTRA Spark spreads calculated using an assumed heat rate of 7.2 mmbtu/MWh with $2.50 variable O&M (VOM) costs (market power price -(7.2 x gas price + VOM)). Market power price weighted as NENY: 75% Mass Hub, 25% NY Zone A. Gas price weighted as NENY: 75% Algonquin Citygate, 25% Dominion South. 40

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