Vistra (VST) 10-Q 9 May 23 2023 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Mar. 31, 2023	May 04, 2023
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2023
Document Transition Report	false
Entity File Number	001-38086
Entity Registrant Name	Vistra Corp.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	36-4833255
Entity Address, Address Line One	6555 Sierra Drive,
Entity Address, City or Town	Irving,
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	75039
City Area Code	(214)
Local Phone Number	812-4600
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		373,027,363
Entity Central Index Key	0001692819
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Amendment Flag	false
Common stock, par value $0.01 per share
Document Information [Line Items]
Title of 12(b) Security	Common stock, par value $0.01 per share
Trading Symbol	VST
Security Exchange Name	NYSE
Warrants
Document Information [Line Items]
Title of 12(b) Security	Warrants
Trading Symbol	VST.WS.A
Security Exchange Name	NYSE

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Income Statement [Abstract]
Operating revenues	$ 4,425	$ 3,125
Fuel, purchased power costs and delivery fees	(2,170)	(2,279)
Operating costs	(421)	(416)
Depreciation and amortization	(366)	(430)
Selling, general and administrative expenses	(288)	(288)
Impairment of long-lived assets	(49)	0
Operating income (loss)	1,131	(288)
Other income	20	5
Other deductions	(3)	(4)
Interest expense and related charges	(207)	(7)
Impacts of Tax Receivable Agreement	(65)	(81)
Net income (loss) before income taxes	876	(375)
Income tax (expense) benefit	(178)	91
Net income (loss)	698	(284)
Net (income) loss attributable to noncontrolling interest	1	(1)
Net income (loss) attributable to Vistra	699	(285)
Cumulative dividends attributable to Vistra preferred stock	(38)	(38)
Net income (loss) attributable to Vistra common stock	$ 661	$ (323)
Weighted average shares of common stock outstanding:
Weighted average shares of common stock outstanding - basic	383,631,369	451,603,354
Weighted average shares of common stock outstanding - diluted	387,553,379	451,603,354
Net income (loss) per weighted average share of common stock outstanding:
Income (loss) per weighted average share of common stock outstanding - basic	$ 1.72	$ (0.72)
Income (loss) per weighted average share of common stock outstanding - diluted	$ 1.71	$ (0.72)

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 698	$ (284)
Other comprehensive income, net of tax effects:
Effects related to pension and other retirement benefit obligations (net of tax expense of $— and $—)	1	0
Total other comprehensive income	1	0
Comprehensive income (loss)	699	(284)
Comprehensive (income) loss attributable to noncontrolling interest	1	(1)
Comprehensive income (loss) attributable to Vistra	$ 700	$ (285)

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Statement of Comprehensive Income [Abstract]
Effect related to pension and other retirement benefit obligations (tax)	$ 0	$ 0

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Cash flows — operating activities:
Net income (loss)	$ 698	$ (284)
Adjustments to reconcile net income (loss) to cash provided by operating activities:
Depreciation and amortization	477	542
Deferred income tax expense (benefit), net	181	(84)
Impairment of long-lived assets	49	0
Unrealized net (gain) loss from mark-to-market valuations of commodities	(1,085)	360
Unrealized net (gain) loss from mark-to-market valuations of interest rate swaps	41	(126)
Asset retirement obligation accretion expense	9	9
Impacts of Tax Receivable Agreement	65	81
Stock-based compensation	22	14
Bad debt expense	35	30
Other, net	8	2
Changes in operating assets and liabilities:
Margin deposits, net	1,227	210
Accrued interest	(47)	(62)
Accrued taxes	(91)	(98)
Accrued employee incentive	(79)	(59)
Other operating assets and liabilities	(75)	56
Cash provided by operating activities	1,435	591
Cash flows — investing activities:
Capital expenditures, including nuclear fuel purchases and LTSA prepayments	(484)	(373)
Proceeds from sales of nuclear decommissioning trust fund securities	119	98
Investments in nuclear decommissioning trust fund securities	(125)	(103)
Proceeds from sales of environmental allowances	35	7
Purchases of environmental allowances	(61)	(116)
Insurance proceeds	3	1
Proceeds from sale of assets	2	3
Other, net	(2)	3
Cash used in investing activities	(513)	(480)
Cash flows — financing activities:
Repayments/repurchases of debt	(7)	(132)
Net borrowings under accounts receivable financing	175	500
Borrowings under Revolving Credit Facility	100	0
Repayments under Revolving Credit Facility	(350)	0
Repayments under Commodity-Linked Facility	(400)	0
Share repurchases	(301)	(710)
Dividends paid to common stockholders	(77)	(77)
Other, net	(14)	6
Cash used in financing activities	(874)	(413)
Net change in cash, cash equivalents and restricted cash	48	(302)
Cash, cash equivalents and restricted cash — beginning balance	525	1,359
Cash, cash equivalents and restricted cash — ending balance	$ 573	$ 1,057

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 518	$ 455
Restricted cash	23	37
Trade accounts receivable — net	1,464	2,059
Income taxes receivable	24	27
Inventories	629	570
Commodity and other derivative contractual assets	4,589	4,538
Margin deposits related to commodity contracts	1,919	3,137
Prepaid expense and other current assets	346	293
Total current assets	9,512	11,116
Restricted cash	32	33
Investments	1,832	1,729
Property, plant and equipment — net	12,611	12,554
Operating lease right-of-use assets	50	51
Goodwill	2,583	2,583
Identifiable intangible assets — net	1,940	1,958
Commodity and other derivative contractual assets	763	702
Accumulated deferred income taxes	1,475	1,710
Other noncurrent assets	319	351
Total assets	31,117	32,787
Current liabilities:
Short-term borrowings	0	650
Accounts receivable financing	600	425
Long-term debt due currently	38	38
Trade accounts payable	1,005	1,556
Commodity and other derivative contractual liabilities	5,646	6,610
Margin deposits related to commodity contracts	48	39
Accrued taxes other than income	107	199
Accrued interest	113	160
Asset retirement obligations	139	128
Operating lease liabilities	8	8
Other current liabilities	458	524
Total current liabilities	8,162	10,337
Long-term debt, less amounts due currently	11,930	11,933
Operating lease liabilities	45	45
Commodity and other derivative contractual liabilities	1,794	1,726
Accumulated deferred income taxes	1	1
Tax Receivable Agreement obligation	578	514
Asset retirement obligation	2,308	2,309
Other noncurrent liabilities and deferred credits	1,083	1,004
Total liabilities	25,901	27,869
Commitments and Contingencies
Total equity:
Preferred stock, number of shares authorized — 100,000,000; Series A (liquidation preference — $1,000; shares outstanding: March 31, 2023 and December 31, 2022— 1,000,000); Series B (liquidation preference — $1,000; shares outstanding: March 31, 2023 and December 31, 2022 — 1,000,000)	2,000	2,000
Common stock (par value — $0.01; number of shares authorized — 1,800,000,000) (shares outstanding: March 31, 2023 — 378,648,599; December 31, 2022 — 389,754,870)	5	5
Treasury stock, at cost (shares: March 31, 2023 — 160,425,501; December 31, 2022 — 147,424,202)	(3,706)	(3,395)
Additional paid-in-capital	9,952	9,928
Retained deficit	(3,058)	(3,643)
Accumulated other comprehensive loss	8	7
Stockholders' equity	5,201	4,902
Noncontrolling interest in subsidiary	15	16
Total equity	5,216	4,918
Total liabilities and equity	$ 31,117	$ 32,787

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical)	Mar. 31, 2023 $ / shares shares
Preferred stock, shares authorized	100,000,000
Common stock, par or stated value per share | $ / shares	$ 0.01
Common stock, shares authorized	1,800,000,000
Common stock, shares, outstanding	378,648,599
Treasury stock, held in treasury	160,425,501
Series A Preferred Stock
Preferred stock, liquidation preference per share | $ / shares	$ 1,000
Preferred stock, shares outstanding	1,000,000
Series B Preferred Stock
Preferred stock, liquidation preference per share | $ / shares	$ 1,000
Preferred stock, shares outstanding	1,000,000

Business And Significant Accoun

Business And Significant Accounting Policies	3 Months Ended
	Mar. 31, 2023
Accounting Policies [Abstract]
Business And Significant Accounting Policies	BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES Description of Business References in this report to "we," "our," "us" and "the Company" are to Vistra and/or its subsidiaries, as apparent in the context. See Glossary for defined terms. Vistra is a holding company operating an integrated retail and electric power generation business primarily in markets throughout the U.S. Through our subsidiaries, we are engaged in competitive energy market activities including electricity generation, wholesale energy sales and purchases, commodity risk management and retail sales of electricity and natural gas to end users. Vistra has six reportable segments: (i) Retail, (ii) Texas, (iii) East, (iv) West, (v) Sunset and (vi) Asset Closure. See Note 17 for further information concerning our reportable business segments. Transaction Agreement On March 6, 2023, Vistra Operations and Merger Sub entered into a transaction agreement (Transaction Agreement) with Energy Harbor pursuant to which, upon the terms and subject to the conditions thereof, Merger Sub will be merged with and into Energy Harbor, with Energy Harbor surviving as an indirect subsidiary of Vistra (Merger, and collectively with the other transactions contemplated by the Transaction Agreement, the Transactions). The Transaction Agreement, the Merger and the other Transactions were approved by each of Vistra's board of directors (Board) and Energy Harbor's board of directors. See Note 2 for more information concerning the Transaction Agreement. Winter Storm Uri In February 2021, a severe winter storm with extremely cold temperatures affected much of the U.S., including Texas. This severe weather resulted in surging demand for power, gas supply shortages, operational challenges for generators, and a significant load shed event that was ordered by ERCOT beginning on February 15, 2021 and continuing through February 18, 2021. Winter Storm Uri had a material adverse impact on our 2021 results of operations and operating cash flows. Uplift Securitization Proceeds from ERCOT — As part of the 2021 regular Texas legislative sessions and in response to extraordinary costs incurred by electricity market participants during Winter Storm Uri, the Texas legislature passed House Bill (HB) 4492 for ERCOT to obtain financing to distribute to load-serving entities (LSEs) that were uplifted and paid to ERCOT exceptionally high price adders and ancillary service costs during Winter Storm Uri. In October 2021, the PUCT issued a Debt Obligation Order approving $2.1 billion financing and the methodology for allocation of proceeds to the LSEs. In December 2021, ERCOT finalized the amount of allocations to the LSEs, and we received $544 million of proceeds from ERCOT in the second quarter of 2022. The Company accounted for the proceeds we received by analogy to the contribution model within Accounting Standards Codification (ASC) 958-605, Not-for-Profit Entities - Revenue Recognition and the grant model within International Accounting Standard 20, Accounting for Government Grants and Disclosure of Government Assistance , as a reduction to expenses in the statements of operations in the annual period for which the proceeds are intended to compensate. We concluded that the threshold for recognizing a receivable was met in December 2021 as the amounts to be received were determinable and ERCOT was directed by its governing body, the PUCT, to take all actions required to effectuate the $2.1 billion funding approved in the Debt Obligation Order. The final financial impact of Winter Storm Uri continues to be subject to the outcome of litigation arising from the event. Recent Developments Dividends Declared — In May 2023, the Vistra Board declared a quarterly dividend of $0.204 per share of common stock that will be paid in June 2023. In May 2023, the Board declared a semi-annual dividend of $35.00 per share of Series B Preferred Stock that will be paid in June 2023. Basis of Presentation The condensed consolidated financial statements have been prepared in accordance with U.S. GAAP and on the same basis as the audited financial statements included in our 2022 Form 10-K. The condensed consolidated financial information herein reflects all adjustments which are, in the opinion of management, necessary to fairly state the results for the interim periods presented. All such adjustments are of a normal nature. All intercompany items and transactions have been eliminated in consolidation. Certain information and footnote disclosures normally included in annual consolidated financial statements prepared in accordance with U.S. GAAP have been omitted pursuant to the rules and regulations of the SEC. Because the condensed consolidated interim financial statements do not include all of the information and footnotes required by U.S. GAAP, they should be read in conjunction with the audited financial statements and related notes contained in our 2022 Form 10-K. The results of operations for an interim period may not give a true indication of results for a full year. All dollar amounts in the financial statements and tables in the notes are stated in millions of U.S. dollars unless otherwise indicated. Certain prior period amounts have been reclassified to conform with the current year presentation. Use of Estimates Preparation of financial statements requires estimates and assumptions about future events that affect the reporting of assets and liabilities at the balance sheet dates and the reported amounts of revenue and expense, including fair value measurements, estimates of expected obligations, judgments related to the potential timing of events and other estimates. In the event estimates and/or assumptions prove to be different from actual amounts, adjustments are made in subsequent periods to reflect more current information.

Development of Generation Facil

Development of Generation Facilities	3 Months Ended
	Mar. 31, 2023
Business Combinations [Abstract]
Development of Generation Facilities	DEVELOPMENT OF GENERATION FACILITIES Texas Segment Solar Generation and Energy Storage Projects In September 2020, we announced the planned development of up to 768 MW of solar photovoltaic power generation facilities and 260 MW of battery ESS in Texas. Of this planned development in Texas, 158 MW of solar generation came online in January and February 2022 and the battery ESS came online in April 2022. Estimated commercial operation dates for the remaining facilities to be developed are expected to be 2024 and beyond, but we will only invest in growth projects if we are confident that the expected returns will meet or exceed internal targets. As of March 31, 2023, we had accumulated approximately $49 million in construction-work-in-process for these remaining Texas segment solar generation projects. East Segment Solar Generation and Energy Storage Projects In September 2021, we announced the planned development of up to 300 MW of solar photovoltaic power generation facilities and up to 150 MW of battery ESS at retired or to-be-retired plant sites in Illinois, based on the passage of Illinois Senate Bill 2408, the Energy Transition Act. Estimated commercial operation dates for these facilities range from 2024 to 2025. As of March 31, 2023, we had accumulated approximately $19 million in construction-work-in-process for these East segment solar generation and battery ESS projects. West Segment Energy Storage Projects Moss Landing — In June 2018, we announced that, subject to approval by the CPUC, we would enter into a 20-year resource adequacy contract with PG&E to develop a 300 MW battery ESS at our Moss Landing Power Plant site in California (Moss Landing Phase I). The CPUC approved the resource adequacy contract in November 2018. Under the contract, PG&E will pay us a fixed monthly resource adequacy payment, while we will receive the energy revenues and incur the costs from dispatching and charging the ESS. Moss Landing Phase I commenced commercial operations in May 2021. In May 2020, we announced that, subject to approval by the CPUC, we would enter into a 10-year resource adequacy contract with PG&E to develop an additional 100 MW battery ESS at our Moss Landing Power Plant site (Moss Landing Phase II). The CPUC approved the resource adequacy contract in August 2020. Moss Landing Phase II commenced commercial operations in July 2021. In January 2022, we announced that, subject to approval by the CPUC, we would enter into a 15-year resource adequacy and energy settlement contract with PG&E to develop an additional 350 MW battery ESS at our Moss Landing Power Plant site (Moss Landing Phase III). The CPUC approved the resource adequacy and energy settlement contract in April 2022. Moss Landing Phase III is expected to enter commercial operations in the summer of 2023. As of March 31, 2023, we had accumulated approximately $466 million in construction-work-in-process for Moss Landing Phase III. Moss Landing Outages — In September 2021, Moss Landing Phase I experienced an incident impacting a portion of the battery ESS. A review found the root cause originated in systems separate from the battery system. The facility was offline as we performed the work necessary to return the facility to service. Restoration work on the facility was completed in June 2022. Moss Landing Phases II and III were not affected by this incident. In February 2022, Moss Landing Phase II experienced an incident impacting a portion of the battery ESS. A review found the root cause originated in systems separate from the battery system. The facility was offline as we performed the work necessary to return the facility to service. Restoration work on the facility was completed in September 2022. Moss Landing Phases I and III were not affected by this incident. These incidents did not have a material impact on our results of operations.

Retirement of Generation Facili

Retirement of Generation Facilities	3 Months Ended
	Mar. 31, 2023
Retirement of Generation Facilities [Abstract]
Retirement of generation facilities	RETIREMENT OF GENERATION FACILITIES In 2020, we announced our intention to retire all of our remaining coal generation facilities in Illinois and Ohio, one coal generation facility in Texas and one natural gas facility in Illinois no later than year-end 2027 due to economic challenges, including incremental expenditures that would be required to comply with the CCR rule and ELG rule (see Note 12), and in furtherance of our efforts to significantly reduce our carbon footprint. As previously announced in April 2021, we retired the Joppa generation facilities in September 2022 in order to settle a complaint filed with the Illinois Pollution Control Board (IPCB) by the Sierra Club in 2018. As previously announced in July 2021, we retired the Zimmer coal generation facility in June 2022 due to the inability to secure capacity revenues for the plant in the PJM capacity auction held in May 2021. As previously announced, we retired the Edwards coal generation facility in January 2023. Operational results for plants with defined retirement dates are included in our Sunset segment beginning in the quarter when a retirement plan is announced and move to the Asset Closure segment at the beginning of the calendar year the retirement is expected to occur. Retirement dates represent the first full day in which a plant does not operate. Facility Location ISO/RTO Fuel Type Net Generation Capacity (MW) Actual or Expected Retirement Date (a) Segment Baldwin Baldwin, IL MISO Coal 1,185 By the end of 2025 Sunset Coleto Creek Goliad, TX ERCOT Coal 650 By the end of 2027 Sunset Edwards Bartonville, IL MISO Coal 585 Retired January 1, 2023 Asset Closure Joppa Joppa, IL MISO Coal 802 Retired September 1, 2022 Asset Closure Joppa Joppa, IL MISO Natural Gas 221 Retired September 1, 2022 Asset Closure Kincaid Kincaid, IL PJM Coal 1,108 By the end of 2027 Sunset Miami Fort North Bend, OH PJM Coal 1,020 By the end of 2027 Sunset Newton Newton, IL MISO/PJM Coal 615 By the end of 2027 Sunset Zimmer Moscow, OH PJM Coal 1,300 Retired June 1, 2022 Asset Closure Total 7,486 ____________ (a) Generation facilities may retire earlier than the end of 2027 if economic or other conditions dictate.

Revenue

Revenue	3 Months Ended
	Mar. 31, 2023
Revenue from Contract with Customer [Abstract]
Revenue	REVENUE Three Months Ended March 31, 2023 Retail Texas East West Sunset Asset Eliminations Consolidated Revenue from contracts with customers: Retail energy charge in ERCOT $ 1,568 $ — $ — $ — $ — $ — $ — $ 1,568 Retail energy charge in Northeast/Midwest 427 — — — — — — 427 Wholesale generation revenue from ISO/RTO — 50 220 193 67 — — 530 Capacity revenue from ISO/RTO (a) — — 8 — 19 — — 27 Revenue from other wholesale contracts — 107 331 41 76 — — 555 Total revenue from contracts with customers 1,995 157 559 234 162 — — 3,107 Other revenues: Intangible amortization (1) — (1) — (1) — — (3) Transferable PTC revenues — 2 — — — — — 2 Hedging and other revenues (b) 356 112 386 (7) 472 — — 1,319 Affiliate sales (c) — 1,082 865 4 195 — (2,146) — Total other revenues 355 1,196 1,250 (3) 666 — (2,146) 1,318 Total revenues $ 2,350 $ 1,353 $ 1,809 $ 231 $ 828 $ — $ (2,146) $ 4,425 ____________ (a) Represents net capacity sold in each ISO/RTO. The East segment includes $42 million of capacity sold offset by $34 million of capacity purchased. The Sunset segment includes $46 million of capacity sold offset by $27 million of capacity purchased. (b) Includes $1.277 billion of unrealized net gains from mark-to-market valuations of commodity positions, including Retail segment unrealized net gains of $153 million due to the discontinuance of normal purchases and sales (NPNS) accounting on a retail electric contract portfolio in the second quarter of 2022 as physical settlement is no longer considered probable throughout the contract term. See Note 17 for unrealized net gains (losses) by segment. (c) Texas, East and Sunset segments include $185 million, $394 million and $103 million, respectively, of affiliated unrealized net gains from mark-to-market valuations of commodity positions with the Retail segment. Three Months Ended March 31, 2022 Retail Texas East West Sunset Asset Eliminations Consolidated Revenue from contracts with customers: Retail energy charge in ERCOT $ 1,405 $ — $ — $ — $ — $ — $ — $ 1,405 Retail energy charge in Northeast/Midwest 639 — — — — — — 639 Wholesale generation revenue from ISO/RTO — 151 402 58 141 164 — 916 Capacity revenue from ISO/RTO (a) — — (6) — 33 16 — 43 Revenue from other wholesale contracts — 120 243 39 44 12 — 458 Total revenue from contracts with customers 2,044 271 639 97 218 192 — 3,461 Other revenues: Intangible amortization — — — — (2) — — (2) Hedging and other revenues (b) (219) — 309 (28) (306) (90) — (334) Affiliate sales (c) — (1,366) 7 3 (28) (17) 1,401 — Total other revenues (219) (1,366) 316 (25) (336) (107) 1,401 (336) Total revenues $ 1,825 $ (1,095) $ 955 $ 72 $ (118) $ 85 $ 1,401 $ 3,125 ____________ (a) Represents net capacity sold (purchased) in each ISO/RTO. The East segment includes $136 million of capacity purchased offset by $130 million of capacity sold. The Sunset segment includes $35 million of capacity sold offset by $2 million of capacity purchased. The Asset Closure segment includes $16 million of capacity sold. (b) Includes $358 million of unrealized net losses from mark-to-market valuations of commodity positions. See Note 17 for unrealized net gains (losses) by segment. (c) Texas, East, Sunset and Asset Closure segments include $2.011 billion, $509 million, $136 million and $17 million, respectively, of affiliated unrealized net losses from mark-to-market valuations of commodity positions with the Retail segment. Performance Obligations As of March 31, 2023, we have future performance obligations that are unsatisfied, or partially unsatisfied, relating to capacity auction volumes awarded through capacity auctions held by the ISO/RTO or contracts with customers. Therefore, an obligation exists as of the date of the results of the respective ISO/RTO capacity auction or the contract execution date. These obligations total $346 million, $382 million, $275 million, $167 million and $100 million that will be recognized, in the balance of the year ended December 31, 2023 and the years ending December 31, 2024, 2025, 2026 and 2027, respectively, and $672 million thereafter. Capacity revenues are recognized as capacity is made available to the related ISOs/RTOs or counterparties. Accounts Receivable The following table presents trade accounts receivable (net of allowance for uncollectible accounts) relating to both contracts with customers and other activities: March 31, December 31, 2022 Trade accounts receivable from contracts with customers — net $ 1,152 $ 1,644 Other trade accounts receivable — net 312 415 Total trade accounts receivable — net $ 1,464 $ 2,059

Goodwill and Identifiable Intan

Goodwill and Identifiable Intangible Assets and Liabilities	3 Months Ended
	Mar. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill And Identifiable Intangible Assets	GOODWILL AND IDENTIFIABLE INTANGIBLE ASSETS AND LIABILITIES Goodwill As of both March 31, 2023 and December 31, 2022, the carrying value of goodwill totaled $2.583 billion, including $2.461 billion allocated to our Retail reporting unit and $122 million allocated to our Texas Generation reporting unit. Goodwill of $1.944 billion is deductible for tax purposes over 15 years on a straight line basis. Identifiable Intangible Assets and Liabilities Identifiable intangible assets are comprised of the following: March 31, 2023 December 31, 2022 Identifiable Intangible Asset Gross Carrying Amount Accumulated Net Gross Carrying Amount Accumulated Net Retail customer relationships $ 2,088 $ 1,796 $ 292 $ 2,088 $ 1,768 $ 320 Software and other technology-related assets 488 271 217 475 258 217 Retail and wholesale contracts 233 212 21 233 209 24 LTSA 18 4 14 18 4 14 Other identifiable intangible assets (a) 64 9 55 50 8 42 Total identifiable intangible assets subject to amortization $ 2,891 $ 2,292 599 $ 2,864 $ 2,247 617 Retail trade names (not subject to amortization) 1,341 1,341 Total identifiable intangible assets $ 1,940 $ 1,958 ____________ (a) Includes mining development costs and environmental allowances (emissions allowances and renewable energy certificates). Identifiable intangible liabilities are comprised of the following: Identifiable Intangible Liability March 31, December 31, 2022 LTSA $ 128 $ 128 Fuel and transportation purchase contracts 9 9 Other identifiable intangible liabilities 2 3 Total identifiable intangible liabilities $ 139 $ 140 Expense related to finite-lived identifiable intangible assets (including the classification in the condensed consolidated statements of operations) consisted of: Identifiable Intangible Assets Condensed Consolidated Statements of Operations Three Months Ended March 31, 2023 2022 Retail customer relationships Depreciation and amortization $ 28 $ 34 Software and other technology-related assets Depreciation and amortization 15 17 Retail and wholesale contracts Operating revenues/fuel, purchased power costs and delivery fees 2 2 Other identifiable intangible assets Fuel, purchased power costs and delivery fees 86 89 Total identifiable intangible assets expense (a) $ 131 $ 142 ___________ (a) Amounts recorded in depreciation and amortization totaled $43 million and $52 million for the three months ended March 31, 2023 and 2022, respectively. Amounts exclude LTSA. Amounts include all expenses associated with environmental allowances including expenses accrued to comply with emissions allowance programs and renewable portfolio standards which are presented in fuel, purchased power costs and delivery fees on our condensed consolidated statements of operations. Emissions allowance obligations are accrued as associated electricity is generated and renewable energy certificate obligations are accrued as retail electricity delivery occurs. Estimated Amortization of Identifiable Intangible Assets As of March 31, 2023, the estimated aggregate amortization expense of identifiable intangible assets for each of the next five fiscal years is as shown below. Year Estimated Amortization Expense 2023 $ 161 2024 $ 112 2025 $ 84 2026 $ 61 2027 $ 37

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Income Taxes	INCOME TAXES Income Tax Expense Vistra files a U.S. federal income tax return that includes the results of its consolidated subsidiaries. Vistra is the corporate parent of the Vistra consolidated group. Pursuant to applicable U.S. Department of the Treasury regulations and published guidance of the IRS, corporations that are members of a consolidated group have joint and several liability for the taxes of such group. The calculation of our effective tax rate is as follows: Three Months Ended March 31, 2023 2022 Net income (loss) before income taxes $ 876 $ (375) Income tax (expense) benefit $ (178) $ 91 Effective tax rate 20.3 % 24.3 % For the three months ended March 31, 2023, the effective tax rate of 20.3% was lower than the U.S. federal statutory rate of 21% due primarily to state income taxes. For the three months ended March 31, 2022, the effective tax rate of 24.3% was higher than the U.S. federal statutory rate of 21% due primarily to nondeductible impacts of the TRA and state income taxes. Inflation Reduction Act of 2022 (IRA) In August 2022, the U.S. enacted the IRA, which, among other things, implements substantial new and modified energy tax credits, including a nuclear PTC, a solar PTC, a first-time stand-alone battery storage investment tax credit, a 15% corporate alternative minimum tax (CAMT) on book income of certain large corporations, and a 1% excise tax on net stock repurchases. Treasury regulations are expected to define the scope of the legislation in many important respects over the next twelve months. The excise tax on stock repurchases is not expected to have a material impact on our financial statements. Vistra is not subject to the CAMT in the 2023 tax year since it applies only to corporations that have a three-year average annual adjusted financial statement income in excess of $1 billion. We have taken the CAMT and relevant extensions or expansions of existing tax credits applicable to projects in our immediate development pipeline into account when forecasting cash taxes for periods after the law takes effect and for estimating the TRA liability. Liability for Uncertain Tax Positions Vistra and its subsidiaries file income tax returns in U.S. federal, state and foreign jurisdictions and are, at times, subject to examinations by the IRS and other taxing authorities. In February 2021, Vistra was notified that the IRS had opened a federal income tax audit for tax years 2018 and 2019 and an employment tax audit for tax year 2018. The federal income tax audit is in its final stages and Vistra expects final closing on an agreed basis with immaterial changes in the first half of 2023. It is reasonably possible $35 million of the uncertain tax positions could be favorably resolved within the next 12 months upon final closing. Uncertain tax positions totaled $35 million and $36 million at March 31, 2023 and December 31, 2022, respectively.

Tax Receivable Agreement Obliga

Tax Receivable Agreement Obligation	3 Months Ended
	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Tax Receivable Agreement Obligation	TAX RECEIVABLE AGREEMENT OBLIGATION On the Effective Date, Vistra entered into the TRA with a transfer agent on behalf of certain former first-lien creditors of TCEH. The TRA generally provides for the payment by us to holders of TRA Rights of 85% of the amount of cash savings, if any, in U.S. federal and state income tax that we realize in periods after Emergence as a result of (a) certain transactions consummated pursuant to the Plan of Reorganization (including the step-up in tax basis in our assets resulting from the PrefCo Preferred Stock Sale), (b) the tax basis of all assets acquired in connection with the acquisition of two CCGT natural gas-fueled generation facilities in April 2016 and (c) tax benefits related to imputed interest deemed to be paid by us as a result of payments under the TRA, plus interest accruing from the due date of the applicable tax return. Pursuant to the TRA, we issued the TRA Rights for the benefit of the first-lien secured creditors of TCEH entitled to receive such TRA Rights under the Plan of Reorganization. Such TRA Rights are entitled to certain registration rights more fully described in the Registration Rights Agreement (see Note 16). The following table summarizes the changes to the TRA obligation, reported as other current liabilities and Tax Receivable Agreement obligation in our condensed consolidated balance sheets, for the three months ended March 31, 2023 and 2022: Three Months Ended March 31, 2023 2022 TRA obligation at the beginning of the period $ 522 $ 395 Accretion expense 20 15 Changes in tax assumptions impacting timing of payments (a) 45 66 Impacts of Tax Receivable Agreement 65 81 TRA obligation at the end of the period 587 476 Less amounts due currently (9) (1) Noncurrent TRA obligation at the end of the period $ 578 $ 475 ____________ (a) During the three months ended March 31, 2023 and 2022, we recorded increases to the carrying value of the TRA obligation totaling $45 million and $66 million, respectively, as a result of adjustments to forecasted taxable income due to increases in longer-term commodity price forecasts. As of March 31, 2023, the estimated carrying value of the TRA obligation totaled $587 million, which represents the discounted amount of projected payments under the TRA. The projected payments are based on certain assumptions, including but not limited to (a) the federal corporate income tax rate of 21%, (b) estimates of our taxable income in the current and future years and (c) additional states that Vistra now operates in, including the relevant tax rate and apportionment factor for each state. Our taxable income takes into consideration the current federal tax code, various relevant state tax laws and reflects our current estimates of future results of the business. The estimates of future business results include assumptions related to renewable development projects that Vistra is planning to execute that generate significant tax benefits. These benefits have a material impact on the timing of TRA obligation payments. These assumptions are subject to change, and those changes could have a material impact on the carrying value of the TRA obligation. As of March 31, 2023, the aggregate amount of undiscounted federal and state payments under the TRA is estimated to be approximately $1.4 billion, with more than half of such amount expected to be paid during the next 15 years, and the final payment expected to be made around the year 2056 (if the TRA is not terminated earlier pursuant to its terms). The carrying value of the obligation is being accreted to the amount of the gross expected obligation using the effective interest method. Changes in the amount of this obligation resulting from changes to either the timing or amount of TRA payments are recognized in the period of change and measured using the discount rate inherent in the initial fair value of the obligation. The TRA provides that, in the event that Vistra breaches any of its material obligations under the TRA, or upon certain mergers, asset sales, or other forms of business combination or certain other changes of control, the transfer agent under the TRA may treat such event as an early termination of the TRA, in which case Vistra would be required to make an immediate payment to the holders of the TRA Rights equal to the present value (at a discount rate equal to LIBOR plus 100 basis points) of the anticipated future tax benefits based on certain valuation assumptions.

Earnings Per Share

Earnings Per Share	3 Months Ended
	Mar. 31, 2023
Earnings Per Share [Abstract]
Earnings Per Share	EARNINGS PER SHARE Basic earnings per share available to common stockholders are based on the weighted average number of common shares outstanding during the period. Diluted earnings per share is calculated using the treasury stock method and includes the effect of all potential issuances of common shares under stock-based incentive compensation arrangements. Three Months Ended March 31, 2023 2022 Net income (loss) attributable to Vistra $ 699 $ (285) Less cumulative dividends attributable to Series A Preferred Stock (20) (20) Less cumulative dividends attributable to Series B Preferred Stock (18) (18) Net income (loss) attributable to common stock — basic 661 (323) Weighted average shares of common stock outstanding — basic 383,631,369 451,603,354 Net income (loss) per weighted average share of common stock outstanding — basic $ 1.72 $ (0.72) Dilutive securities: Stock-based incentive compensation plan 3,922,010 — Weighted average shares of common stock outstanding — diluted 387,553,379 451,603,354 Net income (loss) per weighted average share of common stock outstanding — diluted $ 1.71 $ (0.72) Stock-based incentive compensation plan awards excluded from the calculation of diluted earnings per share because the effect would have been antidilutive totaled 3,859,165 and 9,776,484 shares for the three months ended March 31, 2023 and 2022, respectively.

Accounts Receivable Financing

Accounts Receivable Financing	3 Months Ended
	Mar. 31, 2023
Accounts Receivable Financing [Abstract]
Accounts Receivable Financing	ACCOUNTS RECEIVABLE FINANCING Accounts Receivable Securitization Program TXU Energy Receivables Company LLC (RecCo), an indirect subsidiary of Vistra, has an accounts receivable financing facility (Receivables Facility) provided by issuers of asset-backed commercial paper and commercial banks (Purchasers). The Receivables Facility was renewed in July 2022, extending the term of the Receivables Facility to July 2023, adjusting the commitment of the purchasers to purchase interests in the receivables under the Receivables Facility during certain periods to align with the peak retail season which increased the commitments by $25 million for the settlement periods through December 2022 as compared to prior periods, as follows: (i) $625 million beginning with the settlement date in July 2022 until the settlement date in August 2022, (ii) $750 million from the settlement date in August 2022 until the settlement date in November 2022, (iii) $625 million from the settlement date in November 2022 until the settlement date in December 2022, and (iv) $600 million from the settlement date in December 2022 and thereafter for the remaining term of the Receivables Facility. In connection with the Receivables Facility, TXU Energy, Dynegy Energy Services, Ambit Texas, Value Based Brands and TriEagle Energy, each indirect subsidiaries of Vistra and originators under the Receivables Facility (Originators), each sell and/or contribute, subject to certain exclusions, all of its receivables (other than any receivables excluded pursuant to the terms of the Receivables Facility), arising from the sale of electricity to its customers and related rights (Receivables), to RecCo, a consolidated, wholly owned, bankruptcy-remote, direct subsidiary of TXU Energy. RecCo, in turn, is subject to certain conditions, and may draw under the Receivables Facility up to the limits described above to fund its acquisition of the Receivables from the Originators. RecCo has granted a security interest on the Receivables and all related assets for the benefit of the Purchasers under the Receivables Facility and Vistra Operations has agreed to guarantee the obligations under the agreements governing the Receivables Facility. Amounts funded by the Purchasers to RecCo are reflected as short-term borrowings on the condensed consolidated balance sheets. Proceeds and repayments under the Receivables Facility are reflected as cash flows from financing activities in our condensed consolidated statements of cash flows. Receivables transferred to the Purchasers remain on Vistra's balance sheet and Vistra reflects a liability equal to the amount advanced by the Purchasers. The Company records interest expense on amounts advanced. TXU Energy continues to service, administer and collect the Receivables on behalf of RecCo and the Purchasers, as applicable. As of March 31, 2023, outstanding borrowings under the Receivables Facility totaled $600 million and were supported by $842 million of RecCo gross receivables. As of December 31, 2022, there were $425 million outstanding borrowings under the Receivables Facility and were supported by $1.013 billion of RecCo gross receivables. Repurchase Facility TXU Energy and the other originators under the Receivables Facility have a repurchase facility (Repurchase Facility) that is provided on an uncommitted basis by a commercial bank as buyer (Buyer). In August 2022, the Repurchase Facility was renewed until July 2023 while maintaining the facility size of $125 million. The Repurchase Facility is collateralized by a subordinated note (Subordinated Note) issued by RecCo in favor of TXU Energy for the benefit of Originators under the Receivables Facility and representing a portion of the outstanding balance of the purchase price paid for the Receivables sold by the Originators to RecCo under the Receivables Facility. Under the Repurchase Facility, TXU Energy may request that Buyer transfer funds to TXU Energy in exchange for a transfer of the Subordinated Note, with a simultaneous agreement by TXU Energy to transfer funds to Buyer at a date certain or on demand in exchange for the return of the Subordinated Note (collectively, the Transactions). Each Transaction is expected to have a term of one month, unless terminated earlier on demand by TXU Energy or terminated by Buyer after an event of default. TXU Energy and the other Originators have each granted Buyer a first-priority security interest in the Subordinated Note to secure its obligations under the agreements governing the Repurchase Facility, and Vistra Operations has agreed to guarantee the obligations under the agreements governing the Repurchase Facility. Unless earlier terminated under the agreements governing the Repurchase Facility, the Repurchase Facility will terminate concurrently with the scheduled termination of the Receivables Facility. There were no outstanding borrowings under the Repurchase Facility as of both March 31, 2023 and December 31, 2022.

Long-Term Debt

Long-Term Debt	3 Months Ended
	Mar. 31, 2023
Debt Disclosure [Abstract]
Long-Term Debt	DEBT Amounts in the table below represent the categories of long-term debt obligations, including amounts due currently, incurred by the Company. March 31, December 31, Vistra Operations Credit Facilities $ 2,507 $ 2,514 Vistra Operations Senior Secured Notes: 4.875% Senior Secured Notes, due May 13, 2024 400 400 3.550% Senior Secured Notes, due July 15, 2024 1,500 1,500 5.125% Senior Secured Notes, due May 13, 2025 1,100 1,100 3.700% Senior Secured Notes, due January 30, 2027 800 800 4.300% Senior Secured Notes, due July 15, 2029 800 800 Total Vistra Operations Senior Secured Notes 4,600 4,600 Vistra Operations Senior Unsecured Notes: 5.500% Senior Unsecured Notes, due September 1, 2026 1,000 1,000 5.625% Senior Unsecured Notes, due February 15, 2027 1,300 1,300 5.000% Senior Unsecured Notes, due July 31, 2027 1,300 1,300 4.375% Senior Unsecured Notes, due May 15, 2029 1,250 1,250 Total Vistra Operations Senior Unsecured Notes 4,850 4,850 Other: Equipment Financing Agreements 79 79 Total other long-term debt 79 79 Unamortized debt premiums, discounts and issuance costs (68) (72) Total long-term debt including amounts due currently 11,968 11,971 Less amounts due currently (38) (38) Total long-term debt less amounts due currently $ 11,930 $ 11,933 As of March 31, 2023 and December 31, 2022, outstanding short-term borrowings under the Commodity-Linked Facility and the Revolving Credit Facility (described below) totaled zero and $650 million, respectively. Vistra Operations Credit Facilities and Commodity-Linked Revolving Credit Facility Vistra Operations Credit Facilities — As of March 31, 2023, the Vistra Operations Credit Facilities consisted of up to $5.882 billion in senior secured, first-lien revolving credit commitments and outstanding term loans, which consisted of revolving credit commitments of up to $3.375 billion (Revolving Credit Facility) and term loans of $2.507 billion (Term Loan B-3 Facility). On April 29, 2022 (April 2022 Amendment Effective Date) and July 18, 2022 (July 2022 Amendment Effective Date), Vistra Operations entered into amendments (Credit Agreement Amendments) to the Vistra Operations Credit Agreement, among Vistra Operations, as borrower, Vistra Intermediate, the guarantors party thereto, Credit Suisse AG, Cayman Island Branch, as administrative agent and collateral agent, and the other parties named therein. Pursuant to the Credit Agreement Amendments, new classes of extended revolving credit commitments maturing in April 2027 were established in aggregate amounts of $2.8 billion and $725 million as of the April 2022 Amendment Effective Date and the July 2022 Amendment Effective Date, respectively. The July 18, 2022 amendment to the Vistra Operations Credit Agreement also provides that Vistra Operations will terminate at least $350 million in Extended Revolving Credit Facility commitments by December 30, 2022 or earlier if Vistra Operations or any guarantor receives proceeds from any capital markets transaction whose primary purpose is designed to enhance the liquidity of Vistra Operations and its guarantors. In accordance with this requirement, effective December 30, 2022, Vistra Operations terminated $350 million in revolving commitments. After giving effect to the Credit Agreement Amendments and the revolving commitment reduction, the aggregate amount of revolving commitments maturing on April 29, 2027 equals $3.175 billion (Extended Revolving Credit Facility), while the $200 million in revolving commitments maturing on June 14, 2023 (Non-Extended Revolving Credit Facility) remain unchanged by the Credit Agreement Amendments. Furthermore, the Credit Agreement Amendments appointed new revolving letter of credit issuers, such that the aggregate amount of revolving letter of credit commitments equals $3.245 billion after giving effect to the Credit Agreement Amendments. Our credit facilities and related available capacity as of March 31, 2023 are presented below. March 31, 2023 Credit Facilities Maturity Date Facility Cash Letters of Credit Outstanding Available Extended Revolving Credit Facility (a) April 29, 2027 $ 3,175 $ — $ 1,301 $ 1,874 Non-Extended Revolving Credit Facility (b) June 14, 2023 200 — 82 118 Term Loan B-3 Facility (c) December 31, 2025 2,507 2,507 — — Total Vistra Operations Credit Facilities $ 5,882 $ 2,507 $ 1,383 $ 1,992 Commodity-Linked Facility (d) October 4, 2023 $ 1,350 $ — $ — $ 169 Total Credit Facilities $ 7,232 $ 2,507 $ 1,383 $ 2,161 ___________ (a) Extended Revolving Credit Facility used for general corporate purposes. Cash borrowings under the Extended Revolving Credit Facility are reported in short-term borrowings in our condensed consolidated balance sheets. The full amount of Extended Revolving Credit Facility available capacity can be utilized to issue letters of credit. (b) Non-Extended Revolving Credit Facility used for general corporate purposes. Cash borrowings under the Non-Extended Revolving Credit Facility are reported in short-term borrowings in our condensed consolidated balance sheets. The full amount of Non-Extended Revolving Credit Facility available capacity can be utilized to issue letters of credit. (c) Cash borrowings under the Term Loan B-3 Facility are subject to a required scheduled quarterly payment in annual amount equal to 1.00% of the original principal amount with the balance paid at maturity. Amounts paid cannot be reborrowed. (d) Commodity-Linked Facility (defined below) used to support our comprehensive hedging strategy. As of March 31, 2023, the borrowing base of $169 million is lower than the facility limit which represents the aggregate commitments of $1.35 billion. The reduction in the borrowing base is due to a decrease in commodity prices and would increase in size in a rising commodity price environment in accordance with the terms of the Commodity-Linked Facility. See Commodity-Linked Revolving Credit Facility below for discussion of the borrowing base calculation. Cash borrowings under the Commodity-Linked Facility are reported in short-term borrowings in our condensed consolidated balance sheets. Under the Vistra Operations Credit Agreement, the interest applicable to the Extended Revolving Credit Facility is based on a term Secured Overnight Financing Rate (SOFR), plus a spread that will range from 1.25% to 2.00%, based on the ratings of Vistra Operations' senior secured long-term debt securities, and the fee on any undrawn amounts with respect to the Extended Revolving Credit Facility had been revised to range from 17.5 basis points to 35.0 basis points, based on ratings of Vistra Operations' senior secured long-term debt securities. As of March 31, 2023, there were no outstanding borrowings under the Extended Revolving Credit Facility. Letters of credit issued under the Extended Revolving Credit Facility bear interest within a spread of 1.25% to 2.00% (based on the ratings of Vistra Operations' senior secured long-term debt securities), which as of March 31, 2023 was 1.75%. The applicable interest rate margins for the Extended Revolving Credit Facility and the fee for undrawn amounts relating to such extended commitments may further be adjusted from time to time dependent upon the Company's performance relative to certain sustainability-linked targets and thresholds. Under the Vistra Operations Credit Agreement, cash borrowings under the Non-Extended Revolving Credit Facility bear interest based on applicable LIBOR rates, plus a fixed spread of 1.75%. As of March 31, 2023, there were no outstanding borrowings under the Non-Extended Revolving Credit Facility. Letters of credit issued under the Non-Extended Revolving Credit Facility bear interest of 1.75%. Amounts borrowed under the Term Loan B-3 Facility bear interest based on applicable LIBOR rates plus fixed spreads of 1.75%. As of March 31, 2023, the weighted average interest rates before taking into consideration interest rate swaps on outstanding borrowings was 6.56% under the Term Loan B-3 Facility. The Vistra Operations Credit Facilities also provide for certain additional fees payable to the agents and lenders, including fronting fees with respect to outstanding letters of credit and availability fees payable with respect to any unused portion of the available Non-Extended Revolving Credit Facility. On April 28, 2023, Vistra Operations entered into an amendment (April 2023 Amendment) to the Vistra Operations Credit Agreement, among Vistra Operations, as borrower, Vistra Intermediate, the guarantors party thereto, Credit Suisse AG, Cayman Island Branch, as administrative agent, and the other parties named therein. Pursuant to the April 2023 Amendment, and in light of a public statement by the supervisor for the administrator of the "LIBOR Rate" identifying June 30, 2023 as the date after which the "LIBOR Rate" will permanently or indefinitely cease to be published, the "LIBOR Rate" shall, with respect to the term loans under the Vistra Operations Credit Agreement, cease to be applicable after June 30, 2023 and shall be replaced by the Adjusted Term SOFR Rate (as defined in the April 2023 Amendment), other than as expressly contemplated by the April 2023 Amendment. Obligations under the Vistra Operations Credit Facilities are secured by a lien covering substantially all of Vistra Operations' (and its subsidiaries') consolidated assets, rights and properties, subject to certain exceptions set forth in the Vistra Operations Credit Facilities, provided that the amount of loans outstanding under the Vistra Operations Credit Facilities that may be secured by a lien covering certain principal properties of the Company is expressly limited by the terms of the Vistra Operations Credit Facilities. The Vistra Operations Credit Agreement includes certain collateral suspension provisions that would take effect upon Vistra Operations achieving unsecured investment grade ratings from two ratings agencies, there being no Term Loans (under and as defined in the Vistra Operations Credit Agreement) then outstanding (or the holders thereof agreeing to release such security interests), and there being no outstanding revolving credit commitments the maturities of which have not been extended to April 29, 2027 (or the holders thereof agreeing to release such security interests), such collateral suspension provisions would continue to be in effect unless and until Vistra Operations no longer holds unsecured investment grade ratings from at least two ratings agencies, at which point collateral reversion provisions would take effect (subject to a 60-day grace period). The Vistra Operations Credit Facilities also permit certain hedging agreements to be secured on a pari-passu basis with the Vistra Operations Credit Facilities in the event those hedging agreements met certain criteria set forth in the Vistra Operations Credit Facilities. The Vistra Operations Credit Facilities provide for affirmative and negative covenants applicable to Vistra Operations (and its restricted subsidiaries), including affirmative covenants requiring it to provide financial and other information to the agents under the Vistra Operations Credit Facilities and to not change its lines of business, and negative covenants restricting Vistra Operations' (and its restricted subsidiaries') ability to incur additional indebtedness, make investments, dispose of assets, pay dividends, grant liens or take certain other actions, in each case, except as permitted in the Vistra Operations Credit Facilities. Vistra Operations' ability to borrow under the Vistra Operations Credit Facilities is subject to the satisfaction of certain customary conditions precedent set forth therein. The Vistra Operations Credit Facilities provide for certain customary events of default, including events of default resulting from non-payment of principal, interest or fees when due, material breaches of representations and warranties, material breaches of covenants in the Vistra Operations Credit Facilities or ancillary loan documents, cross-defaults under other agreements or instruments and the entry of material judgments against Vistra Operations. Solely with respect to the Revolving Credit Facility, and solely during a compliance period (which, in general, is applicable when the aggregate revolving borrowings and issued revolving letters of credit (in excess of $300 million) exceed 30% of the revolving commitments), the agreement includes a covenant that requires the consolidated first lien net leverage ratio, which is based on the ratio of net first lien debt compared to an EBITDA calculation defined under the terms of the Vistra Operations Credit Facilities, not to exceed 4.25 to 1.00 (or, during a collateral suspension period, not to exceed 5.50 to 1.00). As of March 31, 2023, we were in compliance with this financial covenant. Upon the existence of an event of default, the Vistra Operations Credit Facilities provide that all principal, interest and other amounts due thereunder will become immediately due and payable, either automatically or at the election of specified lenders. Commodity-Linked Revolving Credit Facility — In order to support our comprehensive hedging strategy, in February 2022, Vistra Operations entered into a $1.0 billion senior secured commodity-linked revolving credit facility (Commodity-Linked Facility) by and among Vistra Operations, Vistra Intermediate, the lenders, joint lead arrangers and joint bookrunners party thereto, and Citibank, N.A., as administrative agent and collateral agent. In May 2022, we entered into an amendment to the Commodity-Linked Facility to increase the aggregate available commitments from $1.0 billion to $2.0 billion and to provide the flexibility, subject to our ability to obtain additional commitments, to further increase the size of the Commodity-Linked Facility by an additional $1.0 billion to a facility size of $3.0 billion. Subsequent amendments in May 2022 and June 2022 increased the aggregate available commitments from $2.0 billion to $2.25 billion. In October 2022, Vistra initiated amendments to the Commodity-Linked Facility to, among other things, (i) extend the maturity date to October 4, 2023 and (ii) reduce the aggregate available commitments to $1.35 billion. Under the Commodity-Linked Facility, the borrowing base is calculated on a weekly basis based on a set of theoretical transactions which approximate a portion of the hedge portfolio of Vistra Operations and certain of its subsidiaries in certain power markets, with availability thereunder not to exceed the aggregate available commitments nor be less than zero. Vistra Operations may, at its option, borrow an amount up to the borrowing base, as adjusted from time to time, provided that if outstanding borrowings at any time would exceed the borrowing base, Vistra Operations shall make a repayment to reduce outstanding borrowings to be less than or equal to the borrowing base. Vistra Operations intends to use any borrowings provided under the Commodity-Linked Facility to make cash postings as required under various commodity contracts to which Vistra Operations and its subsidiaries are parties as power prices increase from time-to time and for other working capital and general corporate purposes. The Vistra Operations Commodity-Linked Credit Agreement includes a covenant, solely during a compliance period (which, in general, is applicable when the aggregate revolving borrowings exceeds 30% of the revolving commitments), that requires the consolidated first-lien net leverage ratio not to exceed 4.25 to 1.00 (or, during a collateral suspension period, not to exceed 5.50 to 1.00). Although the period ended March 31, 2023 was not a compliance period, we would have been in compliance with this financial covenant if it was required to be tested at such time. Interest Rate Swaps — Vistra employs interest rate swaps to hedge our exposure to variable rate debt. As of March 31, 2023, Vistra has entered into the following series of interest rate swap transactions. Notional Amount Expiration Date Rate Range Swapped to fixed $3,000 July 2023 3.67 % - 3.91% Swapped to variable $700 July 2023 3.20 % - 3.23% Swapped to fixed $720 February 2024 3.71 % - 3.72% Swapped to variable $720 February 2024 3.20 % - 3.20% Swapped to fixed (a) $3,000 July 2026 4.72 % - 4.79% Swapped to variable (a) $700 July 2026 3.28 % - 3.33% Swapped to fixed (b) $750 December 2030 3.16 % - 3.17% ____________ (a) Effective from July 2023 through July 2026. (b) Effective from December 2023 through December 2030. See Note 2. During 2019, Vistra entered into $2.12 billion of new interest rate swaps, pursuant to which Vistra will pay a variable rate and receive a fixed rate. The terms of these new swaps were matched against the terms of certain existing swaps, effectively offsetting the hedge of the existing swaps and fixing the out-of-the-money position of such swaps. These matched swaps will settle over time, in accordance with the original contractual terms. The remaining existing swaps continue to hedge our exposure on $2.30 billion of debt through July 2026. Secured Letter of Credit Facilities In August and September 2020, Vistra entered into uncommitted standby letter of credit facilities that are each secured by a first lien on substantially all of Vistra Operations' (and its subsidiaries') assets (which ranks pari passu with the Vistra Operations Credit Facilities) (each, a Secured LOC Facility and collectively, the Secured LOC Facilities). The Secured LOC Facilities are used for general corporate purposes. In October 2021, September 2022 and October 2022, Vistra entered into additional Secured LOC Facilities which are used for general corporate purposes. As of March 31, 2023, $780 million of letters of credit were outstanding under the Secured LOC Facilities. Each of the Secured LOC Facilities includes a covenant that requires the consolidated first-lien net leverage ratio not to exceed 4.25 to 1.00 (or, for certain facilities that include a collateral suspension mechanism, during a collateral suspension period, not to exceed 5.50 to 1.00). As of March 31, 2023, we were in compliance with these financial covenants. Vistra Operations Senior Secured Notes In May 2022, Vistra Operations issued $1.5 billion aggregate principal amount of senior secured notes (2022 Senior Secured Notes), consisting of $400 million aggregate principal amount of 4.875% senior secured notes due 2024 (4.875% Senior Secured Notes) and $1.1 billion aggregate principal amount of 5.125% senior secured notes due 2025 (5.125% Senior Secured Notes) in an offering to eligible purchasers under Rule 144A and Regulation S under the Securities Act (Senior Secured Notes Offering). The 2022 Senior Secured Notes were sold pursuant to a purchase agreement by and among Vistra Operations, certain direct and indirect subsidiaries of Vistra Operations and Citigroup Global Markets Inc., as representative of the several initial purchasers. The 4.875% Senior Secured Notes mature in May 2024 and the 5.125% Senior Secured Notes mature in May 2025. Interest on the 2022 Senior Secured Notes is payable in cash semiannually in arrears on May 13 and November 13 of each year, beginning in November 2022. Net proceeds from the Senior Secured Notes Offering totaling $1.485 billion, together with cash on hand, were used to pay down borrowings under the Commodity-Linked Facility. Since 2019, Vistra Operations issued and sold $4.6 billion aggregate principal amount of senior secured notes in offerings to eligible purchasers under Rule 144A and Regulation S under the Securities Act. The indenture (as may be amended or supplemented from time to time, the Vistra Operations Senior Secured Indenture) governing the 3.550% senior secured notes due 2024, the 3.700% senior secured notes due 2027, the 4.300% senior secured notes due 2029 and the 2022 Senior Secured Notes (collectively, as each may be amended or supplemented from time to time, the Senior Secured Notes) provides for the full and unconditional guarantee by certain of Vistra Operations' current and future subsidiaries that also guarantee the Vistra Operations Credit Facilities. The Senior Secured Notes are secured by a first-priority security interest in the same collateral that is pledged for the benefit of the lenders under the Vistra Operations Credit Facilities, which consists of a substantial portion of the property, assets and rights owned by Vistra Operations and certain direct and indirect subsidiaries of Vistra Operations as subsidiary guarantors (collectively, the Guarantor Subsidiaries) as well as the stock of Vistra Operations held by Vistra Intermediate. The collateral securing the Senior Secured Notes will be released if Vistra Operations' senior, unsecured long-term debt securities obtain an investment grade rating from two out of the three rating agencies, subject to reversion if such rating agencies withdraw the investment grade rating of Vistra Operations' senior, unsecured long-term debt securities or downgrade such rating below investment grade. The Vistra Operations Senior Secured Indenture contains certain covenants and restrictions, including, among others, restrictions on the ability of Vistra Operations and its subsidiaries, as applicable, to create certain liens, merge or consolidate with another entity, and sell all or substantially all of their assets. Vistra Operations Senior Unsecured Notes Since 2018, Vistra Operations has issued and sold $4.85 billion aggregate principal amount of senior unsecured notes in offerings to eligible purchasers under Rule 144A and Regulation S under the Securities Act. The indentures governing the 5.500% senior unsecured notes due 2026, the 5.625% senior unsecured notes due 2027, the 5.000% senior unsecured notes due 2027 and the 4.375% senior unsecured notes due 2029 (collectively, as each may be amended or supplemented from time to time, the Vistra Operations Senior Unsecured Indentures) provide for the full and unconditional guarantee by the Guarantor Subsidiaries of the punctual payment of the principal and interest on such notes. The Vistra Operations Senior Unsecured Indentures contain certain covenants and restrictions, including, among others, restrictions on the ability of Vistra Operations and its subsidiaries, as applicable, to create certain liens, merge or consolidate with another entity, and sell all or substantially all of their assets. Debt Repurchase Program In March 2021, the Board authorized up to $1.8 billion to voluntarily repay or repurchase outstanding debt, which authorization expired in March 2022 (the Prior Authorization). No amounts were repurchased under the Prior Authorization. In October 2022, the Board re-authorized the voluntary repayment or repurchase of up to $1.8 billion of outstanding debt, with such authorization expiring on December 31, 2023 (Current Authorization). As of March 31, 2023, no amounts were repurchased under the Current Authorization. Other Long-Term Debt Forward Capacity Agreements — In March 2021, the Company sold a portion of the PJM capacity that cleared for Planning Years 2021-2022 to a financial institution (2021-2022 Forward Capacity Agreement). The buyer in this transaction received capacity payments from PJM during the Planning Years 2021-2022 in the amount of approximately $515 million. In May 2022, the final capacity payment from PJM during the Planning Years 2021-2022 was paid, and the terms of the 2021-2022 Forward Capacity were fulfilled. Maturities Long-term debt maturities at March 31, 2023 are as follows: March 31, 2023 Remainder of 2023 $ 33 2024 1,940 2025 3,567 2026 1,006 2027 3,402 Thereafter 2,088 Unamortized premiums, discounts and debt issuance costs (68) Total long-term debt, including amounts due currently $ 11,968

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	COMMITMENTS AND CONTINGENCIES Guarantees We have entered into contracts that contain guarantees to unaffiliated parties that could require performance or payment under certain conditions. Material guarantees are discussed below. Letters of Credit At March 31, 2023, we had outstanding letters of credit totaling $2.163 billion as follows: • $1.826 billion to support commodity risk management collateral requirements in the normal course of business, including over-the-counter and exchange-traded transactions and collateral postings with ISOs/RTOs; • $177 million to support battery and solar development projects; • $27 million to support executory contracts and insurance agreements; • $87 million to support our REP financial requirements with the PUCT, and • $46 million for other credit support requirements. Surety Bonds At March 31, 2023, we had outstanding surety bonds totaling $933 million to support performance under various contracts and legal obligations in the normal course of business. Litigation and Regulatory Proceedings Our material legal proceedings and regulatory proceedings affecting our business are described below. We believe that we have valid defenses to the legal proceedings described below and intend to defend them vigorously. We also intend to participate in the regulatory processes described below. We record reserves for estimated losses related to these matters when information available indicates that a loss is probable and the amount of the loss, or range of loss, can be reasonably estimated. As applicable, we have established an adequate reserve for the matters discussed below. In addition, legal costs are expensed as incurred. Management has assessed each of the following legal matters based on current information and made a judgment concerning its potential outcome, considering the nature of the claim, the amount and nature of damages sought, and the probability of success. Unless specified below, we are unable to predict the outcome of these matters or reasonably estimate the scope or amount of any associated costs and potential liabilities, but they could have a material impact on our results of operations, liquidity, or financial condition. As additional information becomes available, we adjust our assessment and estimates of such contingencies accordingly. Because litigation and rulemaking proceedings are subject to inherent uncertainties and unfavorable rulings or developments, it is possible that the ultimate resolution of these matters could be at amounts that are different from our currently recorded reserves and that such differences could be material. Litigation Gas Index Pricing Litigation — We, through our subsidiaries, and another company remain named as defendants in one consolidated putative class action lawsuit pending in federal court in Wisconsin claiming damages resulting from alleged price manipulation through false reporting of natural gas prices to various index publications, wash trading and churn trading from 2000-2002. The plaintiffs in these cases allege that the defendants engaged in an antitrust conspiracy to inflate natural gas prices during the relevant time period and seek damages under the respective state antitrust statutes. In April 2023, the U.S. Court of Appeals for the Seventh Circuit (Seventh Circuit Court) heard oral argument on an interlocutory appeal challenging the district court’s order certifying a class. Illinois Attorney General Complaint Against Illinois Gas & Electric (IG&E) — In May 2022, the Illinois Attorney General filed a complaint against IG&E, a subsidiary we acquired when we purchased Crius in July 2019. The complaint filed in Illinois state court alleges, among other things, that IG&E engaged in improper marketing conduct and overcharged customers. The vast majority of the conduct in question occurred prior to our acquisition of IG&E. In July 2022, we moved to dismiss the complaint, and in October 2022, the district court granted in part our motion to dismiss, barring all claims asserted by the Illinois Attorney General that were outside of the 5-year statute of limitations period, which now limits the period during which claims may be made to start in May 2017 rather than extending back to 2013 as the Illinois Attorney General had alleged in its complaint. Winter Storm Uri Legal Proceedings Repricing Challenges — In March 2021, we filed an appeal in the Third Court of Appeals in Austin, Texas (Third Court of Appeals), challenging the PUCT's February 15 and February 16, 2021 orders governing ERCOT's determination of wholesale power prices during load-shedding events. Other parties also supported our challenge to the PUCT's orders. In March 2023, the Third Court of Appeals issued a unanimous decision and agreed with our arguments that the PUCT's pricing orders constituted de facto competition rules and exceeded the PUCT's statutory authority. The Third Court of Appeals vacated the pricing orders and remanded the matter to the PUCT for further proceedings. In March 2023, the PUCT appealed the Third Court of Appeals' ruling to the Texas Supreme Court. In addition, we have also submitted settlement disputes with ERCOT over power prices and other issues during Winter Storm Uri. Following an appeal of the PUCT's March 5, 2021 verbal order and other statements made by the PUCT, the Texas Attorney General, on behalf of the PUCT, its client, represented in a letter agreement filed with the Third Court of Appeals that we and other parties may continue disputing the pricing during Winter Storm Uri through the ERCOT process and, to the extent the outcome of that process comes before the PUCT for review, the PUCT has not prejudged or made a final decision on that matter. We are not able to reasonably estimate the financial statement impact of a repricing as, among other things, the matter is subject to ongoing legal proceedings and, even if we were ultimately successful in the current legal proceeding, the price at which the market would be resettled is not reasonably estimable because that would be subject to further proceedings at ERCOT and the PUCT. Brazos Electric Cooperative Inc. (Brazos) Bankruptcy — As a result of the lengthy period of peak pricing administratively imposed by the PUCT during Winter Storm Uri, certain market participants within ERCOT were not able to pay their full obligations to ERCOT. Consequently, ERCOT was "short-paid" approximately $2.9 billion, the majority of which was related to Brazos, a Texas-based non-profit electric cooperative corporation that provides wholesale electricity to its members, which, in turn, provide retail electricity to Texas consumers. After applying standard ERCOT market default protocols for the recovery of losses through issuance of default liability to all market participants, we recognized an approximately $189 million default uplift liability in the first quarter of 2021 based on our market share. The $189 million default uplift liability was subsequently reduced to $124 million as ERCOT collected amounts owed from certain defaulting entities through other means, primarily through securitization. In March 2021, Brazos commenced a Chapter 11 bankruptcy case in the U.S. Bankruptcy Court for the Southern District of Texas. As part of the Brazos bankruptcy proceeding, ERCOT filed a claim to recover approximately $1.9 billion from Brazos. In September 2022, Brazos and ERCOT reached a settlement that provided for material payments to ERCOT for its prior "short-paid" amounts and, importantly, precluded ERCOT from collecting default uplift from market participants for any prepetition amounts owed by Brazos ( i.e. , it supplants the process to uplift the short-pay claim to market participants), which allowed Vistra to extinguish the remaining $124 million default uplift liability to ERCOT on account of the Brazos short pay. In December 2022, the Brazos plan of reorganization became effective. Accordingly, the $124 million default uplift liability to ERCOT, which was entirely attributable to the Brazos default, was derecognized in the fourth quarter of 2022 and recognized as revenue in the statement of operations. Regulatory Investigations and Other Litigation Matters — Following the events of Winter Storm Uri, various regulatory bodies, including ERCOT, the ERCOT Independent Market Monitor, the Texas Attorney General, the FERC and the NRC initiated investigations or issued requests for information of various parties related to the significant load shed event that occurred during the event as well as operational challenges for generators arising from the event, including performance and fuel and supply issues. We responded to all those investigatory requests. In addition, a large number of personal injury and wrongful death lawsuits related to Winter Storm Uri have been, and continue to be, filed in various Texas state courts against us and numerous generators, transmission and distribution utilities, retail and electric providers, as well as ERCOT. We and other defendants requested that all pretrial proceedings in these personal injury cases be consolidated and transferred to a single multi-district litigation (MDL) pretrial judge. In June 2021, the MDL panel granted the request to consolidate all these cases into a MDL for pretrial proceedings. Additional personal injury cases that have been, and continue to be, filed on behalf of additional plaintiffs have been consolidated with the MDL proceedings. In addition, in January 2022, an insurance subrogation lawsuit was filed in Austin state court by over one hundred insurance companies against ERCOT, Vistra and several other defendants. The lawsuit seeks recovery of insurance funds paid out by these insurance companies to various policyholders for claims related to Winter Storm Uri, and that case has also now been consolidated with the MDL proceedings. In the summer of 2022, various defendant groups filed motions to dismiss five so-called bellwether cases, and the MDL court heard oral argument on those motions in October 2022. In January 2023, the MDL court ruled on the various motions to dismiss and denied the motions to dismiss of the generator defendants and the transmission distribution utilities defendants, but granted the motions of some of the other defendant groups, including the retail electric providers and ERCOT. In February 2023, the generator defendants filed a mandamus petition with the Houston Court of Appeals to review the MDL court's denial of the motion to dismiss. We believe we have strong defenses to these lawsuits and intend to defend against these cases vigorously. Greenhouse Gas Emissions (GHG) In July 2019, the EPA finalized a rule that repealed the Clean Power Plan (CPP) that had been finalized in 2015 and established new regulations addressing GHG emissions from existing coal-fueled electric generation units, referred to as the Affordable Clean Energy (ACE) rule. The ACE rule developed emission guidelines that states must use when developing plans to regulate GHG emissions from existing coal-fueled electric generating units. In response to challenges brought by environmental groups and certain states, the U.S. Court of Appeals for the District of Columbia Circuit (D.C. Circuit Court) vacated the ACE rule, including the repeal of the CPP, in January 2021 and remanded the rule to the EPA for further action. In June 2022, the U.S. Supreme Court issued an opinion reversing the D.C. Circuit Court's decision, and finding that the EPA exceeded its authority under Section 111 of the Clean Air Act when the EPA set emission requirements in the CPP based on generation shifting. In October 2022, the D.C. Circuit Court issued an amended judgment, denying petitions for review of the ACE rule and challenges to the repeal of the CPP. In addition, the EPA opened a docket seeking input on questions related to the regulation of GHGs under Section 111(d) which closed on March 27, 2023 and has indicated its intent to issue a new proposal in Spring 2023. Cross-State Air Pollution Rule (CSAPR) In October 2015, the EPA revised the primary and secondary ozone National Ambient Air Quality Standards (NAAQS) to lower the 8-hour standard for ozone emissions during ozone season (May to September). As required under the CAA, in October 2018, the State of Texas submitted a State Implementation Plan (SIP) to the EPA demonstrating that emissions from Texas sources do not contribute significantly to nonattainment in, or interfere with maintenance by, any other state with respect to the revised ozone NAAQS. In February 2023, the EPA disapproved Texas' SIP and the State of Texas, Luminant, certain trade groups, and others challenged that disapproval in the U.S. Court of Appeals for the Fifth Circuit (Fifth Circuit Court). In March 2023, those same parties filed motions to stay the EPA's SIP disapproval in the Fifth Circuit Court, and the EPA moved to transfer our challenges to the D.C. Circuit Court or have those challenges dismissed. Briefing on the stay motion was completed on April 24, 2023. In April 2022, prior to the EPA's disapproval of Texas' SIP, the EPA proposed a Federal Implementation Plan (FIP) to address the 2015 ozone NAAQS. We, along with many other companies, trade groups, states and ISOs, including ERCOT, PJM and MISO, filed responsive comments to the EPA's proposal in June 2022, expressing concerns about certain elements of the proposal, particularly those that may result in challenges to electric reliability under certain conditions. In March 2023, the EPA administrator signed its final FIP, but it has not yet been published in the Federal Register and is not yet effective. The FIP would apply to 22 states beginning with the 2023 ozone seasons. States where Vistra operates generation units that would be subject to this rule are Illinois, New Jersey, New York, Ohio, Pennsylvania, Texas, Virginia and West Virginia. Texas would be moved into the revised Group 3 trading program previously established in the Revised CSAPR Update Rule that includes emission budgets for 2023 that the EPA says are achievable through existing controls installed at power plants. Allowances will be limited under the program and will be further reduced beginning in ozone season 2026 to a level that is intended to reduce operating time of coal-fueled power plants during ozone season or force coal plants to retire, particularly those that do not have selective catalytic reduction systems such as our Martin Lake power plant. On May 1, 2023, the Fifth Circuit Court granted our motion to stay the EPA's disapproval of Texas' SIP pending a decision on the merits and denied the EPA's motion to transfer our challenge to the D.C. Circuit Court. As a result of the stay, we do not believe the EPA has authority to implement the FIP as to Texas sources pending the resolution of the merits, meaning that Texas will remain in Group 2 and not be subject to any requirements under the FIP at least until the Fifth Circuit Court rules on the merits. Regional Haze — Reasonable Progress and Best Available Retrofit Technology (BART) for Texas In October 2017, the EPA issued a final rule addressing BART for Texas electricity generation units, with the rule serving as a partial approval of Texas' 2009 SIP and a partial FIP. For SO 2 , the rule established an intrastate Texas emission allowance trading program as a "BART alternative" that operates in a similar fashion to a CSAPR trading program. The program includes 39 generating units (including the Martin Lake, Big Brown, Monticello, Sandow 4, Coleto Creek, Stryker 2 and Graham 2 plants). The compliance obligations in the program started on January 1, 2019. For NO X , the rule adopted the CSAPR's ozone program as BART and for particulate matter, the rule approved Texas' SIP that determines that no electricity generation units are subject to BART for particulate matter. In August 2020, the EPA issued a final rule affirming the prior BART final rule but also included additional revisions that were proposed in November 2019. Challenges to both the 2017 rule and the 2020 rules have been consolidated in the D.C. Circuit Court, where we have intervened in support of the EPA. We are in compliance with the rule, and the retirements of our Monticello, Big Brown and Sandow 4 plants have enhanced our ability to comply. The EPA has stated it is starting a proceeding for reconsideration of the BART rule, which we expect in Spring 2023. The challenges in the D.C. Circuit Court have been held in abeyance pending the EPA's action on reconsideration. On May 4, 2023, a proposed BART rule was published in the Federal Register that would withdraw the trading program provisions of the prior rule and would establish SO 2 limits on six facilities in Texas, including Martin Lake and Coleto Creek. Under the current proposal, compliance would be required within 3 years for Martin Lake and 5 years for Coleto Creek. Due to the announced shutdown for Coleto Creek, we do not anticipate any impacts at that facility, and we are evaluating potential compliance options at Martin Lake should this proposal become final. We will be submitting comments to the EPA on this proposal in July 2023. SO2 Designations for Texas In November 2016, the EPA finalized its nonattainment designations for counties surrounding our Martin Lake generation plant and our now retired Big Brown and Monticello plants. The final designations require Texas to develop nonattainment plans for these areas. In February 2017, the State of Texas and Luminant filed challenges to the nonattainment designations in the Fifth Circuit Court. In August 2019, the EPA issued a proposed Error Correction Rule for all three areas, which, if finalized, would have revised its previous nonattainment designations and each area at issue would be designated unclassifiable. In May 2021, the EPA finalized a "Clean Data" determination for the areas surrounding the retired Big Brown and Monticello plants, redesignating those areas as attainment based on monitoring data supporting an attainment designation. In June 2021, the EPA published two notices; one that it was withdrawing the August 2019 Error Correction Rule and a second separate notice denying petitions from Luminant and the State of Texas to reconsider the original nonattainment designations. We, along with the State of Texas, challenged that EPA action and have consolidated it with the pending challenge in the Fifth Circuit Court, and this case was argued before the Fifth Circuit Court in July 2022. In September 2021, the TCEQ considered a proposal for its nonattainment SIP revision for the Martin Lake area and an agreed order to reduce SO 2 emissions from the plant. The proposed agreed order associated with the SIP proposal reduces emission limits as of January 2022. Emission reductions required are those necessary to demonstrate attainment with the NAAQS. The TCEQ's SIP action was finalized in February 2022 and has been submitted to the EPA for review and approval. In February 2023, the Sierra Club filed suit against the EPA in the Northern District of California to compel them to issue a FIP for Texas. Effluent Limitation Guidelines (ELGs) In November 2015, the EPA revised the ELGs for steam electricity generation facilities, which will impose more stringent standards (as individual permits are renewed) for wastewater streams, such as flue gas desulfurization (FGD), fly ash, bottom ash and flue gas mercury control wastewaters. Various parties filed petitions for review of the ELG rule, and the petitions were consolidated in the Fifth Circuit Court. In April 2017, the EPA granted petitions requesting reconsideration of the ELG rule and administratively stayed the rule's compliance date deadlines. In April 2019, the Fifth Circuit Court vacated and remanded portions of the EPA's ELG rule pertaining to effluent limitations for legacy wastewater and leachate. The EPA published a final rule in October 2020 that extends the compliance date for both FGD and bottom ash transport water to no later than December 2025, as negotiated with the state permitting agency. Additionally, the final rule allows for a retirement exemption that exempts facilities certifying that units will retire by December 2028 provided certain effluent limitations are met. In November 2020, environmental groups petitioned for review of the new ELG revisions, and Vistra subsidiaries filed a motion to intervene in support of the EPA in December 2020. Notifications were made to Texas, Illinois and Ohio state agencies on the retirement exemption for applicable coal plants by the regulatory deadline of October 13, 2021. In March 2023, the EPA published its proposed supplemental ELG rule, which retains the retirement exemption from the 2020 ELG rule and sets new limits for plants that are continuing to operate. The proposed rule also establishes pretreatment standards for combustion residual leachate, and we are currently evaluating the impact of those proposed requirements. Comments on the proposed rule are due by May 30, 2023. Coal Combustion Residuals (CCR)/Groundwater In August 2018, the D.C. Circuit Court issued a decision that vacates and remands certain provisions of the 2015 CCR rule, including an applicability exemption for legacy impoundments. In August 2020, the EPA issued a final rule establishing a deadline of April 11, 2021 to cease receipt of waste and initiate closure at unlined CCR impoundments. The final rule allows a generation plant to seek the EPA's approval to extend this deadline if no alternative disposal capacity is available and either a conversion to comply with the CCR rule is underway or retirement will occur by either 2023 or 2028 (depending on the size of the impoundment at issue). Prior to the November 2020 deadline, we submitted applications to the EPA requesting compliance extensions under both conversion and retirement scenarios. In November 2020, environmental groups petitioned for review of this rule in the D.C. Circuit Court, and Vistra subsidiaries filed a motion to intervene in support of the EPA in December 2020. Also, in November 2020, the EPA finalized a rule that would allow an alternative liner demonstration for certain qualifying facilities. In November 2020, we submitted an application for an alternate liner demonstration for one CCR unit at Martin Lake. In August 2021, we submitted a request to transfer our conversion application for the Zimmer facility to a retirement application following the announcement that Zimmer will close by May 31, 2022. In January 2022, the EPA determined that our conversion and retirement applications for our CCR facilities were complete but has not yet proposed action on any of those applications. In addition, in January 2022, the EPA also made a series of public statements, including in a press release, that purported to impose new, more onerous closure requirements for CCR units. The EPA issued these new purported requirements without prior notice and without following the legal requirements for adopting new rules. These new purported requirements announced by the EPA are contrary to existing regulations and the EPA's prior positions. In April 2022, we, along with the Utility Solid Waste Activities Group (USWAG), a trade association of over 130 utility operating companies, energy companies, and certain other industry associations, filed petitions for review with the D.C. Circuit Court and have asked the court to determine that the EPA cannot implement or enforce the new purported requirements because the EPA has not followed the required procedures. The State of Texas and the TCEQ have intervened in support of the petitions filed by the Vistra subsidiaries and USWAG, and various environmental groups have intervened on behalf of the EPA. Briefing on the matter has been suspended while the D.C. Circuit Court makes a determination on the EPA's motion to consolidate these challenges with additional challenges that were filed in February 2023 regarding the EPA's decision regarding a facility in Ohio. MISO — In 2012, the Illinois Environmental Protection Agency (IEPA) issued violation notices alleging violations of groundwater standards onsite at our Baldwin and Vermilion facilities' CCR surface impoundments. These violation notices remain unresolved; however, in 2016, the IEPA approved our closure and post-closure care plans for the Baldwin old east, east, and west fly ash CCR surface impoundments. We have completed closure activities at those ponds at our Baldwin facility. At our retired Vermilion facility, which was not potentially subject to the EPA's 2015 CCR rule until the aforementioned D.C. Circuit Court decision in August 2018, we submitted proposed corrective action plans involving closure of two CCR surface impoundments ( i.e. , the old east and the north impoundments) to the IEPA in 2012, and we submitted revised plans in 2014. In May 2017, in response to a request from the IEPA for additional information regarding the closure of these Vermilion surface impoundments, we agreed to perform additional groundwater sampling and closure options and riverbank stabilizing options. In May 2018, Prairie Rivers Network (PRN) filed a citizen suit in federal court in Illinois against Dynegy Midwest Generation, LLC (DMG), alleging violations of the Clean Water Act for alleged unauthorized discharges. In August 2018, we filed a motion to dismiss the lawsuit. In November 2018, the district court granted our motion to dismiss and judgment was entered in our favor. In June 2021, the Seventh Circuit Court affirmed the district court's dismissal of the lawsuit. In April 2019, PRN also filed a complaint against DMG before the IPCB, alleging that groundwater flows allegedly associated with the ash impoundments at the Vermilion site have resulted in exceedances both of surface water standards and Illinois groundwater standards dating back to 1992. We answered that complaint in July 2021, and this matter is currently abated. In 2012, the IEPA issued violation notices alleging violations of groundwater standards at the Newton and Coffeen facilities' CCR surface impoundments. We are addressing these CCR surface impoundments in accordance with the federal CCR rule. In June 2018, the IEPA issued a violation notice for alleged seep discharges claimed to be coming from the surface impoundments at our retired Vermilion facility, which is owned by our subsidiary DMG, and that notice was referred to the Illinois Attorney General. In June 2021, the Illinois Attorney General and the Vermilion County State Attorney filed a complaint in Illinois state court with an agreed interim consent order which the court subsequently entered. Given the violation notices and the enforcement action, the unique characteristics of the site, and the proximity of the site to the only national scenic river in Illinois, we agreed to enter into the interim consent order to resolve this matter. Per the terms of the agreed interim consent order, DMG is required to evaluate the closure alternatives under the requirements of the newly implemented Illinois Coal Ash regulation (discussed below) and close the site by removal. In addition, the interim consent order requires that during the impoundment closure process, impacted groundwater will be collected before it leaves the site or enters the nearby Vermilion river and, if necessary, DMG will be required to install temporary riverbank protection if the river migrates within a certain distance of the impoundments. The interim order was modified in December 2022 to require certain amendments to the Safety Emergency Response Plan. These proposed closure costs are reflected in the ARO in our condensed consolidated balance sheets (see Note 18). In July 2019, coal ash disposal and storage legislation in Illinois was enacted. The legislation addresses state requirements for the proper closure of coal ash ponds in the state of Illinois. The law tasks the IEPA and the IPCB to set up a series of guidelines, rules and permit requirements for closure of ash ponds. Under the final rule, which was finalized and became effective in April 2021, coal ash impoundment owners would be required to submit a closure alternative analysis to the IEPA for the selection of the best method for coal ash remediation at a particular site. The rule does not mandate closure by removal at any site. In May 2021, we filed an appeal in the Illinois Fourth Judicial District over certain provisions of the final rule and that case remains pending. Other parties have also filed appeals of certain provisions of the final rule. In October 2021, we filed operating permit applications for 18 impoundments as required by the Illinois coal ash rule, and filed construction permit applications for three of our sites in January 2022 and five of our sites in July 2022. One additional closure construction application will be filed for our Baldwin facility in 2023. For all of the above matters, if certain corrective action measures, including groundwater treatment or removal of ash, are required at any of our coal-fueled facilities, we may incur significant costs that could have a material adverse effect on our financial condition, results of operations and cash flows. The Illinois coal ash rule was finalized in April 2021 and does not require removal. However, the rule required us to undertake further site specific evaluations required by each program. We will not know the full range of decommissioning costs, including groundwater remediation, if any, that ultimately may be required under the Illinois rule until permit applications have been approved by the IEPA. However, the currently anticipated CCR surface impoundment and landfill closure costs, as reflected in our existing ARO liabilities, reflect the costs of closure methods that our operations and environmental services teams believe are appropriate and protective of the environment for each location. MISO 2015-2016 Planning Resource Auction In May 2015, three complaints were filed at the FERC regarding the Zone 4 results for the 2015-2016 planning resource auction (PRA) conducted by MISO. Dynegy is a named party in one of the complaints. The complainants, Public Citizen, Inc., the Illinois Attorney General and Southwestern Electric Cooperative, Inc. (Complainants), challenged the results of the PRA as unjust and unreasonable, requested rate relief/refunds, and requested changes to the MISO planning resource auction structure going forward. Complainants also alleged that Dynegy may have engaged in economic or physical withholding in Zone 4 constituting market manipulation in the PRA. The Independent Market Monitor for MISO (MISO IMM), which was responsible for monitoring the PRA, determined that all offers were competitive and that no physical or economic withholding occurred. The MISO IMM also stated, in a filing responding to the complaints, that there is no basis for the remedies sought by the Complainants. We filed our answer to these complaints explaining that we complied fully with the terms of the MISO tariff in connection with the PRA and disputing the allegations. The Illinois Industrial Energy Consumers filed a related complaint at the FERC against MISO in June 2015 requesting prospective changes to the MISO tariff. Dynegy also responded to this complaint with respect to Dynegy's conduct alleged in the complaint. In October 2015, the FERC issued an order of nonpublic, formal investigation (the investigation) into whether market manipulation or other potential violations of the FERC orders, rules and regulations occurred before or during the PRA. In December 2015, the FERC issued an order on the complaints requiring a number of prospective changes to the MISO tariff provisions effective as of the 2016-2017 planning resource auction. The order did not address the arguments of the Complainants regarding the PRA and stated that those issues remained under consideration and would be addressed in a future order. In July 2019, the FERC issued an order denying the remaining issues raised by the complaints and noted that the investigation into Dynegy was closed. The FERC found that Dynegy's conduct did not constitute market manipulation and the results of the PRA were just and reasonable because the PRA was conducted in accordance with MISO's tariff. A request for rehearing was denied by the FERC in March 2020. The order was appealed by Public Citizen, Inc. to the D.C. Circuit Court in May 2020, and Vistra, Dynegy and Illinois Power Marketing Company intervened in the case in June 2020. In August 2021, the D.C. Circuit Court issued a ruling denying Public C

Equity

Equity	3 Months Ended
	Mar. 31, 2023
Stockholders' Equity Note [Abstract]
Equity	EQUITY Share Repurchase Programs In October 2021, we announced that the Board authorized a share repurchase program (Share Repurchase Program) under which up to $2.00 billion of our outstanding shares of common stock may be repurchased. The Share Repurchase Program became effective on October 11, 2021. In August 2022 and March 2023, the Board authorized incremental amounts of $1.25 billion and $1.0 billion, respectively, for repurchases to bring the total authorized under the Share Repurchase Program to $4.25 billion. $4.25 Billion Board Authorization Total Number of Shares Repurchased Average Price Paid Amount Paid for Shares Repurchased Amount Available for Additional Repurchases at the End of the Period Three Months Ended March 31, 2023 (a) 13,308,465 $ 23.11 $ 308 $ 1,697 April 1, 2023 through May 4, 2023 5,555,721 24.04 133 January 1, 2023 through May 4, 2023 18,864,186 $ 23.38 $ 441 $ 1,564 ____________ (a) Shares repurchased include 385,253 of unsettled shares repurchased for $9 million as of March 31, 2023. Under the Share Repurchase Program, shares of the Company's common stock may be repurchased in open-market transactions at prevailing market prices, in privately negotiated transactions, pursuant to plans complying with the Exchange Act, or by other means in accordance with federal securities laws. The actual timing, number and value of shares repurchased under the Share Repurchase Program or otherwise will be determined at our discretion and will depend on a number of factors, including our capital allocation priorities, the market price of our stock, general market and economic conditions, applicable legal requirements and compliance with the terms of our debt agreements and the certificate of designation of the Series A Preferred Stock and the Series B Preferred Stock, respectively. Preferred Stock At both March 31, 2023 and December 31, 2022, 1,000,000 shares of Series A Preferred Stock and 1,000,000 shares Series B Preferred Stock were outstanding. The Series A Preferred Stock and the Series B Preferred Stock are not convertible into or exchangeable for any other securities of the Company and have limited voting rights. The Series A Preferred Stock may be redeemed at the option of the Company at any time after the Series A First Reset Date (defined below) and in certain other circumstances prior to the Series A First Reset Date. The Series B Preferred Stock may be redeemed at the option of the Company at any time after the Series B First Reset Date (defined below) and in certain other circumstances prior to the Series B First Reset Date. Dividends Common Stock Dividends — In November 2018, Vistra announced the Board adopted a dividend program which we initiated in the first quarter of 2019. Each dividend under the program is subject to declaration by the Board and, thus, may be subject to numerous factors in existence at the time of any such declaration including, but not limited to, prevailing market conditions, Vistra's results of operations, financial condition and liquidity, Delaware law and any contractual limitations. Quarterly dividends paid per share in 2023 and 2022 are reflected in the table below. Three Months Ended March 31, 2023 Year Ended December 31, 2022 Board Declaration Date Payment Per Share Amount Board Declaration Date Payment Per Share Amount February 2023 March 2023 $ 0.1975 February 2022 March 2022 $ 0.170 May 2022 June 2022 $ 0.177 July 2022 September 2022 $ 0.184 October 2022 December 2022 $ 0.193 In May 2023, the Board declared a quarterly dividend of $0.204 per share of common stock that will be paid in June 2023. Preferred Stock Dividends — The annual dividend rate on each share of Series A Preferred Stock is 8.0% from the Series A Issuance Date to, but excluding October 15, 2026 (Series A First Reset Date). On and after the Series A First Reset Date, the dividend rate on each share of Series A Preferred Stock shall equal the five-year U.S. Treasury rate as of the most recent reset dividend determination date (subject to a floor of 1.07%), plus a spread of 6.93% per annum. The Series A Preferred Stock has a liquidation preference of $1,000 per share, plus accumulated but unpaid dividends. Cumulative cash dividends on the Series A Preferred Stock are payable semiannually, in arrears, on each April 15 and October 15, commencing on April 15, 2022, when, as and if declared by the Board. The annual dividend rate on each share of Series B Preferred Stock is 7.0% from the Series B Issuance Date to, but excluding December 15, 2026 (Series B First Reset Date). On and after the Series B First Reset Date, the dividend rate on each share of Series B Preferred Stock shall equal the five-year U.S. Treasury rate as of the most recent reset dividend determination date (subject to a floor of 1.26%), plus a spread of 5.74% per annum. The Series B Preferred Stock has a liquidation preference of $1,000 per share, plus accumulated but unpaid dividends. Cumulative cash dividends on the Series B Preferred Stock are payable semiannually, in arrears, on each June 15 and December 15, commencing on June 15, 2022, when, as and if declared by the Board. Semiannual dividends paid per share of each respective preferred stock series in 2023 and 2022 are reflected in the table below. Dividends payable are recorded on the Board declaration date. Series A Preferred Stock: Series B Preferred Stock: Board Declaration Date Payment Per Share Amount Board Declaration Date Payment Per Share Amount February 2022 April 2022 $ 40.00 May 2022 June 2022 $ 35.97 July 2022 October 2022 $ 40.00 October 2022 December 2022 $ 35.00 February 2023 April 2023 $ 40.00 In May 2023, the Board declared a semi-annual dividend of $35.00 per share of Series B Preferred Stock that will be paid in June 2023. Dividend Restrictions The Vistra Operations Credit Agreement generally restricts the ability of Vistra Operations to make distributions to any direct or indirect parent unless such distributions are expressly permitted thereunder. As of March 31, 2023, Vistra Operations can distribute approximately $4.4 billion to Parent under the Vistra Operations Credit Agreement without the consent of any party. The amount that can be distributed by Vistra Operations to Parent was partially reduced by distributions made by Vistra Operations to Parent of approximately $350 million and $600 million for the three months ended March 31, 2023 and 2022, respectively. Additionally, Vistra Operations may make distributions to Parent in amounts sufficient for Parent to make any payments required under the TRA or the Tax Matters Agreement or, to the extent arising out of Parent's ownership or operation of Vistra Operations, to pay any taxes or general operating or corporate overhead expenses. As of March 31, 2023, all of the restricted net assets of Vistra Operations may be distributed to Parent. In addition to the restrictions under the Vistra Operations Credit Agreement, under applicable Delaware law, we are only permitted to make distributions either out of "surplus," which is defined as the excess of our net assets above our capital (the aggregate par value of all outstanding shares of our stock), or out of net profits for the fiscal year in which the distribution is declared or the prior fiscal year. Under the terms of the Series A Preferred Stock and the Series B Preferred Stock, unless full cumulative dividends have been or contemporaneously are being paid or declared and a sum sufficient for the payment thereof set apart for payment on all outstanding Series A Preferred Stock (and any parity securities) and Series B Preferred Stock (and any parity securities), respectively, with respect to dividends through the most recent dividend payment dates, (i) no dividend may be declared or paid or set apart for payment on any junior security (other than a dividend payable solely in junior securities with respect to both dividends and the liquidation, winding-up and dissolution of our affairs), including our common stock, and (ii) we may not redeem, purchase or otherwise acquire any parity security or junior security, including our common stock, in each case subject to certain exceptions as described in the certificate of designation of the Series A Preferred Stock and the Series B Preferred Stock, respectively. Warrants At the Dynegy Merger Date, the Company entered into an agreement whereby the holder of each outstanding warrant previously issued by Dynegy would be entitled to receive, upon paying an exercise price of $35.00 (subject to adjustment from time to time), the number of shares of Vistra common stock that such holder would have been entitled to receive if it had held one share of Dynegy common stock at the closing of the Dynegy Merger, or 0.652 shares of Vistra common stock. Accordingly, upon exercise, a warrant holder would effectively pay $53.68 (subject to adjustment of the exercise price from time to time) per share of Vistra common stock received. In January 2022, in accordance with the terms of the warrant agreement, the exercise price of each warrant was adjusted downward to $34.00 (subject to further adjustment from time to time), or $52.15 (subject to adjustment of the exercise price from time to time) per share of Vistra common stock received. As of March 31, 2023, nine million warrants expiring in 2024 were outstanding. The warrants were included in equity based on their fair value at the Dynegy Merger Date. Equity The following table presents the changes to equity for the three months ended March 31, 2023: Preferred Stock (a) Common Treasury Stock Additional Paid-in Capital Retained Earnings (Deficit) Accumulated Other Comprehensive Income (Loss) Total Stockholders' Equity Noncontrolling Interest in Subsidiary Total Equity Balance at December 31, 2022 $ 2,000 $ 5 $ (3,395) $ 9,928 $ (3,643) $ 7 $ 4,902 $ 16 $ 4,918 Stock repurchases — — (311) — — — (311) — (311) Dividends declared on common stock — — — — (77) — (77) — (77) Dividends declared on preferred stock — — — — (37) — (37) — (37) Effects of stock-based incentive compensation plans — — — 24 — — 24 — 24 Net income (loss) — — — — 699 — 699 (1) 698 Change in accumulated other comprehensive income — — — — — 1 1 — 1 Balance at March 31, 2023 $ 2,000 $ 5 $ (3,706) $ 9,952 $ (3,058) $ 8 $ 5,201 $ 15 $ 5,216 ____________ (a) Authorized shares totaled 100,000,000 at March 31, 2023. Outstanding shares of Series A Preferred Stock totaled 1,000,000 at both March 31, 2023 and December 31, 2022 and outstanding shares of Series B Preferred Stock totaled 1,000,000 at both March 31, 2023 and December 31, 2022. (b) Authorized shares totaled 1,800,000,000 at March 31, 2023. Outstanding common shares totaled 378,648,599 and 389,754,870 at March 31, 2023 and December 31, 2022, respectively. Treasury shares totaled 160,425,501 and 147,424,202 at March 31, 2023 and December 31, 2022, respectively. The following table presents the changes to equity for the three months ended March 31, 2022: Preferred Stock (a) Common Treasury Stock Additional Paid-in Capital Retained Earnings (Deficit) Accumulated Other Comprehensive Income (Loss) Total Stockholders' Equity Noncontrolling Interest in Subsidiary Total Equity Balance at December 31, 2021 $ 2,000 $ 5 $ (1,558) $ 9,824 $ (1,964) $ (16) $ 8,291 $ 1 $ 8,292 Stock repurchases — — (612) — — — (612) — (612) Dividends declared on common stock — — — — (77) — (77) — (77) Dividends declared on preferred stock — — — — (37) — (37) — (37) Effects of stock-based incentive compensation plans — — — 18 — 18 — 18 Net income (loss) — — — — (285) — (285) 1 (284) Other — — — 2 — — 2 — 2 Balance at March 31, 2022 $ 2,000 $ 5 $ (2,170) $ 9,844 $ (2,363) $ (16) $ 7,300 $ 2 $ 7,302 ____________ (a) Authorized shares totaled 100,000,000 at March 31, 2022. Outstanding shares of Series A Preferred Stock totaled 1,000,000 at both March 31, 2022 and December 31, 2021 and outstanding shares of Series B Preferred Stock totaled 1,000,000 at both March 31, 2022 and December 31, 2021. (b) Authorized shares totaled 1,800,000,000 at March 31, 2022. Outstanding common shares totaled 438,694,982 and 469,072,597 at March 31, 2022 and December 31, 2021, respectively. Treasury shares totaled 95,887,643 and 63,856,879 at March 31, 2022 and December 31, 2021, respectively.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2023
Fair Value Disclosures [Abstract]
Fair Value Measurements	FAIR VALUE MEASUREMENTS We utilize several different valuation techniques to measure the fair value of assets and liabilities, relying primarily on the market approach of using prices and other market information for identical and/or comparable assets and liabilities for those items that are measured on a recurring basis. We use a mid-market valuation convention (the mid-point price between bid and ask prices) as a practical expedient to measure fair value for the majority of our assets and liabilities and use valuation techniques to maximize the use of observable inputs and minimize the use of unobservable inputs. Our valuation policies and procedures were developed, maintained and validated by a centralized risk management group that reports to the Vistra Chief Financial Officer. Fair value measurements of derivative assets and liabilities incorporate an adjustment for credit-related nonperformance risk. These nonperformance risk adjustments take into consideration master netting arrangements, credit enhancements and the credit risks associated with our credit standing and the credit standing of our counterparties (see Note 15 for additional information regarding credit risk associated with our derivatives). We utilize credit ratings and default rate factors in calculating these fair value measurement adjustments. We categorize our assets and liabilities recorded at fair value based upon the following fair value hierarchy: • Level 1 valuations use quoted prices in active markets for identical assets or liabilities that are accessible at the measurement date. Our Level 1 assets and liabilities include CME or ICE (electronic commodity derivative exchanges) futures and options transacted through clearing brokers for which prices are actively quoted. We report the fair value of CME and ICE transactions without taking into consideration margin deposits, with the exception of certain margin amounts related to changes in fair value on certain CME transactions that are legally characterized as settlement of derivative contracts rather than collateral. • Level 2 valuations utilize over-the-counter broker quotes, quoted prices for similar assets or liabilities that are corroborated by correlations or other mathematical means, and other valuation inputs such as interest rates and yield curves observable at commonly quoted intervals. We attempt to obtain multiple quotes from brokers that are active in the markets in which we participate and require at least one quote from two brokers to determine a pricing input as observable. The number of broker quotes received for certain pricing inputs varies depending on the depth of the trading market, each individual broker's publication policy, recent trading volume trends and various other factors. • Level 3 valuations use unobservable inputs for the asset or liability. Unobservable inputs are used to the extent observable inputs are not available, thereby allowing for situations in which there is little, if any, market activity for the asset or liability at the measurement date. We use the most meaningful information available from the market combined with internally developed valuation methodologies to develop our best estimate of fair value. Significant unobservable inputs used to develop the valuation models include volatility curves, correlation curves, illiquid pricing delivery periods and locations and credit-related nonperformance risk assumptions. These inputs and valuation models are developed and maintained by employees trained and experienced in market operations and fair value measurements and validated by the Company's risk management group. With respect to amounts presented in the following fair value hierarchy tables, the fair value measurement of an asset or liability ( e.g. , a contract) is required to fall in its entirety in one level, based on the lowest level input that is significant to the fair value measurement. Assets and liabilities measured at fair value on a recurring basis consisted of the following at the respective balance sheet dates shown below: March 31, 2023 December 31, 2022 Level Level Level Reclass Total Level Level Level Reclass Total Assets: Commodity contracts $ 3,638 $ 797 $ 779 $ 49 $ 5,263 $ 3,512 $ 789 $ 791 $ 13 $ 5,105 Interest rate swaps — 87 — 2 89 — 135 — — 135 Nuclear decommissioning trust – equity securities (c) 571 — — — 571 532 — — 532 Nuclear decommissioning trust – debt securities (c) — 687 — 687 — 658 — 658 Sub-total $ 4,209 $ 1,571 $ 779 $ 51 6,610 $ 4,044 $ 1,582 $ 791 $ 13 6,430 Assets measured at net asset value (d): Nuclear decommissioning trust – equity securities (c) 492 458 Total assets $ 7,102 $ 6,888 Liabilities: Commodity contracts $ 4,803 $ 506 $ 2,004 $ 49 $ 7,362 $ 5,297 $ 933 $ 2,010 $ 13 $ 8,253 Interest rate swaps — 76 — 2 78 — 83 — — 83 Total liabilities $ 4,803 $ 582 $ 2,004 $ 51 $ 7,440 $ 5,297 $ 1,016 $ 2,010 $ 13 $ 8,336 ___________ (a) See table below for description of Level 3 assets and liabilities. (b) Fair values are determined on a contract basis, but certain contracts result in a current asset and a noncurrent liability, or vice versa, as presented in our condensed consolidated balance sheets. (c) The nuclear decommissioning trust investment is included in the investments line in our condensed consolidated balance sheets. See Note 18. (d) The fair value amounts presented in this line are intended to permit reconciliation of the fair value hierarchy to the amounts presented in our condensed consolidated balance sheets. Certain investments measured at fair value using the net asset value per share (or its equivalent) have not been classified in the fair value hierarchy. Commodity contracts consist primarily of natural gas, electricity, coal and emissions agreements and include financial instruments entered into for economic hedging purposes as well as physical contracts that have not been designated as NPNS. Interest rate swaps are used to reduce exposure to interest rate changes by converting floating-rate interest to fixed rates. See Note 15 for further discussion regarding derivative instruments. Nuclear decommissioning trust assets represent securities held for the purpose of funding the future retirement and decommissioning of our nuclear generation facility. These investments include equity, debt and other fixed-income securities consistent with investment rules established by the NRC and the PUCT. The following tables present the fair value of the Level 3 assets and liabilities by major contract type and the significant unobservable inputs used in the valuations at March 31, 2023 and December 31, 2022: March 31, 2023 Fair Value Contract Type (a) Assets Liabilities Total Valuation Technique Significant Unobservable Input Range (b) Average (b) Electricity purchases and sales $ 611 $ (1,435) $ (824) Income Approach Hourly price curve shape (c) $ — to $80 $40 MWh Illiquid delivery periods for hub power prices and heat rates (d) $ 40 to $80 $59 MWh Options — (415) (415) Option Pricing Model Gas to power correlation (e) 10 % to 100% 57% Power and gas volatility (e) 5 % to 620% 314% Financial transmission rights 135 (27) 108 Market Approach (f) Illiquid price differences between settlement points (g) $ (35) to $10 $(11) MWh Natural gas 13 (112) (99) Income Approach Gas basis and illiquid delivery periods (h) $ — to $30 $13 MMBtu Other (i) 20 (15) 5 Total $ 779 $ (2,004) $ (1,225) December 31, 2022 Fair Value Contract Type (a) Assets Liabilities Total Valuation Technique Significant Unobservable Input Range (b) Average (b) Electricity purchases and sales $ 603 $ (1,332) $ (729) Income Approach Hourly price curve shape (c) $ — to $80 $38 MWh Illiquid delivery periods for hub power prices and heat rates (d) $ 25 to $95 $60 MWh Options — (483) (483) Option Pricing Model Gas to power correlation (e) 10 % to 100% 56% Power and gas volatility (e) 5 % to 620% 313% Financial transmission rights 132 (31) 101 Market Approach (f) Illiquid price differences between settlement points (g) $ (35) to $10 $(11) MWh Natural gas 20 (155) (135) Income Approach Gas basis (h) $ — to $30 $13 MMBtu Other (i) 36 (9) 27 Total $ 791 $ (2,010) $ (1,219) ____________ (a) Electricity purchase and sales contracts include power and heat rate positions in ERCOT, PJM, ISO-NE, NYISO and MISO regions. The forward purchase contracts (swaps and options) used to hedge electricity price differences between settlement points are referred to as congestion revenue rights (CRRs) in ERCOT and financial transmission rights (FTRs) in PJM, ISO-NE, NYISO and MISO regions. Options consist of physical electricity options, spread options, swaptions and natural gas options. (b) The range of the inputs may be influenced by factors such as time of day, delivery period, season and location. The average represents the arithmetic average of the underlying inputs and is not weighted by the related fair value or notional amount. (c) Primarily based on the historical range of forward average hourly ERCOT North Hub prices. (d) Primarily based on historical forward ERCOT and PJM power prices and ERCOT heat rate variability. (e) Primarily based on the historical forward correlation and volatility within ERCOT and PJM. (f) While we use the market approach, there is insufficient market data to consider the valuation liquid. (g) Primarily based on the historical price differences between settlement points within ERCOT hubs and load zones. (h) Primarily based on the historical forward PJM and Northeast gas basis prices and fixed prices. (i) Other includes contracts for coal and environmental allowances. See the table below for discussion of transfers between Level 2 and Level 3 for the three months ended March 31, 2023 and 2022. The following table presents the changes in fair value of the Level 3 assets and liabilities for the three months ended March 31, 2023 and 2022. Three Months Ended March 31, 2023 2022 Net liability balance at beginning of period $ (1,219) $ (360) Total unrealized valuation losses (a) (76) (449) Purchases, issuances and settlements (b): Purchases 49 37 Issuances (5) (10) Settlements 17 97 Transfers into Level 3 (c) (14) 1 Transfers out of Level 3 (c) 23 55 Net change (d) (6) (269) Net liability balance at end of period $ (1,225) $ (629) Unrealized valuation losses relating to instruments held at end of period $ (159) $ (354) ____________ (a) For the three months ended March 31, 2023 includes net gains of $84 million recognized due to the discontinuance of NPNS accounting on a retail electric contract portfolio in the second quarter of 2022 where physical settlement is no longer considered probable throughout the contract term. (b) Settlements reflect reversals of unrealized mark-to-market valuations previously recognized in net income. Purchases and issuances reflect option premiums paid or received, including CRRs and FTRs. (c) Includes transfers due to changes in the observability of significant inputs. All Level 3 transfers during the periods presented are in and out of Level 2. For the three months ended March 31, 2023, transfers into Level 3 primarily consist of power derivatives where forward pricing inputs have become unobservable and transfers out of Level 3 primarily consist of power derivatives where forward pricing inputs have become observable. For the three months ended March 31, 2022, transfers out of Level 3 primarily consist of power derivatives where forward pricing inputs have become observable. (d) Activity excludes change in fair value in the month positions settle. Substantially all changes in values of commodity contracts are reported as operating revenues in our condensed consolidated statements of operations.

Commodity and Other Derivative

Commodity and Other Derivative Contractual Assets and Liabilities	3 Months Ended
	Mar. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Commodity and Other Derivative Contractual Assets and Liabilities	COMMODITY AND OTHER DERIVATIVE CONTRACTUAL ASSETS AND LIABILITIES Strategic Use of Derivatives We transact in derivative instruments, such as options, swaps, futures and forward contracts, to manage commodity price and interest rate risk. See Note 14 for a discussion of the fair value of derivatives. Commodity Hedging and Trading Activity — We utilize natural gas and electricity derivatives to reduce exposure to changes in electricity prices primarily to hedge future revenues from electricity sales from our generation assets and to hedge future purchased power costs for our retail operations. We also utilize short-term electricity, natural gas, coal and emissions derivative instruments for fuel hedging and other purposes. Counterparties to these transactions include energy companies, financial institutions, electric utilities, independent power producers, fuel oil and gas producers, local distribution companies and energy marketing companies. Unrealized gains and losses arising from changes in the fair value of derivative instruments as well as realized gains and losses upon settlement of the instruments are reported in our condensed consolidated statements of operations in operating revenues and fuel, purchased power costs and delivery fees. Interest Rate Swaps — Interest rate swap agreements are used to reduce exposure to interest rate changes by converting floating-rate interest rates to fixed rates, thereby hedging future interest costs and related cash flows. Unrealized gains and losses arising from changes in the fair value of the swaps as well as realized gains and losses upon settlement of the swaps are reported in our condensed consolidated statements of operations in interest expense and related charges. During 2019, Vistra entered into $2.12 billion of new interest rate swaps, pursuant to which Vistra will pay a variable rate and receive a fixed rate. The terms of these new swaps were matched against the terms of certain existing swaps, effectively offsetting the hedge of the existing swaps and fixing the out-of-the-money position of such swaps. These matched swaps will settle over time, in accordance with the original contractual terms. The remaining existing swaps continue to hedge our exposure on $2.30 billion of debt through July 2026. In March 2023, Vistra entered into $750 million of interest rate swaps to effectively fix the SOFR component of the interest cost associated with the anticipated Transaction financings (see Note 2). The interest rate swaps are effective December 31, 2023 and expire December 31, 2030. Financial Statement Effects of Derivatives Substantially all derivative contractual assets and liabilities are accounted for under mark-to-market accounting consistent with accounting standards related to derivative instruments and hedging activities. The following tables provide detail of derivative contractual assets and liabilities as reported in our condensed consolidated balance sheets at March 31, 2023 and December 31, 2022. Derivative asset and liability totals represent the net value of the contract, while the balance sheet totals represent the gross value of the contract. During the three months ended March 31, 2023, net unrealized gains of $153 million were recognized in operating revenues due to the discontinuance of NPNS accounting on a retail electric contract portfolio in the second quarter of 2022 where physical settlement is no longer considered probable throughout the contract term. These amounts are reflected in commodity contracts derivative liabilities at March 31, 2023 and December 31, 2022. March 31, 2023 Derivative Assets Derivative Liabilities Commodity Contracts Interest Rate Swaps Commodity Contracts Interest Rate Swaps Total Current assets $ 4,493 $ 78 $ 16 $ 2 $ 4,589 Noncurrent assets 745 9 9 — 763 Current liabilities (23) — (5,580) (43) (5,646) Noncurrent liabilities (1) — (1,758) (35) (1,794) Net assets (liabilities) $ 5,214 $ 87 $ (7,313) $ (76) $ (2,088) December 31, 2022 Derivative Assets Derivative Liabilities Commodity Contracts Interest Rate Swaps Commodity Contracts Interest Rate Swaps Total Current assets $ 4,442 $ 92 $ 4 $ — $ 4,538 Noncurrent assets 656 43 3 — 702 Current liabilities (1) — (6,562) (47) (6,610) Noncurrent liabilities (5) — (1,685) (36) (1,726) Net assets (liabilities) $ 5,092 $ 135 $ (8,240) $ (83) $ (3,096) At March 31, 2023 and December 31, 2022, there were no derivative positions accounted for as cash flow or fair value hedges. The following table presents the pre-tax effect of derivative gains (losses) on net income, including realized and unrealized effects. Amount represents changes in fair value of positions in the derivative portfolio during the period, as realized amounts related to positions settled are assumed to equal reversals of previously recorded unrealized amounts. Derivative (condensed consolidated statements of operations presentation) Three Months Ended March 31, 2023 2022 Commodity contracts (Operating revenues) $ 669 $ (827) Commodity contracts (Fuel, purchased power costs and delivery fees) (295) 92 Interest rate swaps (Interest expense and related charges) (28) 114 Net gain (loss) $ 346 $ (621) Balance Sheet Presentation of Derivatives We elect to report derivative assets and liabilities in our condensed consolidated balance sheets on a gross basis without taking into consideration netting arrangements we have with counterparties to those derivatives. We maintain standardized master netting agreements with certain counterparties that allow for the right to offset assets and liabilities and collateral in order to reduce credit exposure between us and the counterparty. These agreements contain specific language related to margin requirements, monthly settlement netting, cross-commodity netting and early termination netting, which is negotiated with the contract counterparty. Generally, margin deposits that contractually offset these derivative instruments are reported separately in our condensed consolidated balance sheets, with the exception of certain margin amounts related to changes in fair value on CME transactions that are legally characterized as settlement of forward exposure rather than collateral. Margin deposits received from counterparties are primarily used for working capital or other general corporate purposes. The following tables reconcile our derivative assets and liabilities on a contract basis to net amounts after taking into consideration netting arrangements with counterparties and financial collateral: March 31, 2023 December 31, 2022 Derivative Assets Offsetting Instruments (a) Cash Collateral (Received) Pledged (b) Net Amounts Derivative Assets Offsetting Instruments (a) Cash Collateral (Received) Pledged (b) Net Amounts Derivative assets: Commodity contracts $ 5,214 $ (4,608) $ (30) $ 576 $ 5,092 $ (4,480) $ (20) $ 592 Interest rate swaps 87 (47) — 40 135 (64) — 71 Total derivative assets 5,301 (4,655) (30) 616 5,227 (4,544) (20) 663 Derivative liabilities: Commodity contracts (7,313) 4,608 1,038 (1,667) (8,240) 4,480 1,675 (2,085) Interest rate swaps (76) 47 — (29) (83) 64 — (19) Total derivative liabilities (7,389) 4,655 1,038 (1,696) (8,323) 4,544 1,675 (2,104) Net amounts $ (2,088) $ — $ 1,008 $ (1,080) $ (3,096) $ — $ 1,655 $ (1,441) ____________ (a) Amounts presented exclude trade accounts receivable and payable related to settled financial instruments. (b) Represents cash amounts received or pledged pursuant to a master netting arrangement, including fair value-based margin requirements, and to a lesser extent, initial margin requirements. Derivative Volumes The following table presents the gross notional amounts of derivative volumes at March 31, 2023 and December 31, 2022: March 31, 2023 December 31, 2022 Derivative type Notional Volume Unit of Measure Natural gas (a) 6,477 6,007 Million MMBtu Electricity 818,519 754,762 GWh Financial transmission rights (b) 213,784 225,845 GWh Coal 47 48 Million U.S. tons Fuel oil 67 105 Million gallons Emissions 43 40 Million tons Renewable energy certificates 31 31 Million certificates Interest rate swaps – variable/fixed (c) $ 7,470 $ 6,720 Million U.S. dollars Interest rate swaps – fixed/variable (c) $ 2,120 $ 2,120 Million U.S. dollars ____________ (a) Represents gross notional forward sales, purchases and options transactions, locational basis swaps and other natural gas transactions. (b) Represents gross forward purchases associated with instruments used to hedge electricity price differences between settlement points within regions. (c) Includes notional amounts of interest rate swaps with maturity dates through December 2030. Credit Risk-Related Contingent Features of Derivatives Our derivative contracts may contain certain credit risk-related contingent features that could trigger liquidity requirements in the form of cash collateral, letters of credit or some other form of credit enhancement. Certain of these agreements require the posting of collateral if our credit rating is downgraded by one or more credit rating agencies or include cross-default contractual provisions that could result in the settlement of such contracts if there was a failure under other financing arrangements related to payment terms or other covenants. The following table presents the commodity derivative liabilities subject to credit risk-related contingent features that are not fully collateralized: March 31, December 31, Fair value of derivative contract liabilities (a) $ (1,515) $ (1,934) Offsetting fair value under netting arrangements (b) 866 899 Cash collateral and letters of credit 328 253 Liquidity exposure $ (321) $ (782) ____________ (a) Excludes fair value of contracts that contain contingent features that do not provide specific amounts to be posted if features are triggered, including provisions that generally provide the right to request additional collateral (material adverse change, performance assurance and other clauses). (b) Amounts include the offsetting fair value of in-the-money derivative contracts and net accounts receivable under master netting arrangements. Concentrations of Credit Risk Related to Derivatives We have concentrations of credit risk with the counterparties to our derivative contracts. At March 31, 2023, total credit risk exposure to all counterparties related to derivative contracts totaled $5.610 billion (including associated accounts receivable). The net exposure to those counterparties totaled $711 million at March 31, 2023, after taking into effect netting arrangements, setoff provisions and collateral, with the largest net exposure totaling $172 million. At March 31, 2023, the credit risk exposure to the banking and financial sector represented 82% of the total credit risk exposure and 38% of the net exposure. Exposure to banking and financial sector counterparties is considered to be within an acceptable level of risk tolerance because all of this exposure is with counterparties with investment grade credit ratings. However, this concentration increases the risk that a default by any of these counterparties would have a material effect on our financial condition, results of operations and liquidity. The transactions with these counterparties contain certain provisions that would require the counterparties to post collateral in the event of a material downgrade in their credit rating. We maintain credit risk policies with regard to our counterparties to minimize overall credit risk. These policies authorize specific risk mitigation tools including, but not limited to, use of standardized master agreements that allow for netting of positive and negative exposures associated with a single counterparty. Credit enhancements such as parent guarantees, letters of credit, surety bonds, liens on assets and margin deposits are also utilized. Prospective material changes in the payment history or financial condition of a counterparty or downgrade of its credit quality result in the reassessment of the credit limit with that counterparty. The process can result in the subsequent reduction of the credit limit or a request for additional financial assurances. An event of default by one or more counterparties could subsequently result in termination-related settlement payments that reduce available liquidity if amounts are owed to the counterparties related to the derivative contracts or delays in receipts of expected settlements if the counterparties owe amounts to us.

Related Party Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2023
Related Party Transactions [Abstract]
Related Party Transactions	RELATED PARTY TRANSACTIONS In connection with Emergence, we entered into agreements with certain of our affiliates and with parties who received shares of common stock and TRA Rights in exchange for their claims. Registration Rights Agreement Pursuant to the Plan of Reorganization, on the Effective Date, we entered into a Registration Rights Agreement (the RRA) with certain selling stockholders. Pursuant to the RRA, we maintain a registration statement on Form S-3 providing for registration of the resale of the Vistra common stock held by such selling stockholders. In addition, under the terms of the RRA, among other things, if we propose to file certain types of registration statements under the Securities Act with respect to an offering of equity securities, we will be required to use our reasonable best efforts to offer the other parties to the RRA the opportunity to register all or part of their shares on the terms and conditions set forth in the RRA. Tax Receivable Agreement On the Effective Date, Vistra entered into the TRA with a transfer agent on behalf of certain former first-lien creditors of TCEH. See Note 8 for discussion of the TRA.

Segment Information

Segment Information	3 Months Ended
	Mar. 31, 2023
Segment Reporting [Abstract]
Segment Information	SEGMENT INFORMATION The operations of Vistra are aligned into six reportable business segments: (i) Retail, (ii) Texas, (iii) East, (iv) West, (v) Sunset and (vi) Asset Closure. Our Chief Executive Officer is our Chief Operating Decision Maker (CODM). Our CODM reviews the results of these segments separately and allocates resources to the respective segments as part of our strategic operations. A measure of assets is not applicable, as segment assets are not regularly reviewed by the CODM for evaluating performance or allocating resources. The Retail segment is engaged in retail sales of electricity and natural gas to residential, commercial and industrial customers. Substantially all of these activities are conducted by TXU Energy, Ambit, Value Based Brands, Dynegy Energy Services, Homefield Energy, TriEagle Energy, Public Power and U.S. Gas & Electric across 19 states in the U.S. The Texas and East segments are engaged in electricity generation, wholesale energy sales and purchases, commodity risk management activities, fuel production and fuel logistics management. The Texas segment represents results from Vistra's electricity generation operations in the ERCOT market, other than assets that are now part of the Sunset or Asset Closure segments. The East segment represents results from Vistra's electricity generation operations in the Eastern Interconnection of the U.S. electric grid, other than assets that are now part of the Sunset or Asset Closure segments, and includes operations in the PJM, ISO-NE and NYISO markets. We determined it was appropriate to aggregate results from these markets into one reportable segment, East, given similar economic characteristics. The West segment represents results from the CAISO market, including our battery ESS projects at our Moss Landing power plant site (see Note 3). The Sunset segment consists of generation plants with announced retirement dates after December 31, 2022. Separately reporting the Sunset segment differentiates operating plants with announced retirement plans from our other operating plants in the Texas, East and West segments. We have allocated unrealized gains and losses on the commodity risk management activities to the Sunset segment for the generation plants that have announced retirement dates after December 31, 2023. The Asset Closure segment is engaged in the decommissioning and reclamation of retired plants and mines (see Note 3). The Asset Closure segment also includes results from generation plants we retired in the years ended December 31, 2022 and 2023. Upon movement of generation plant assets to either the Sunset or Asset Closure segments, prior year results are retrospectively adjusted, if the effects are material, for comparative purposes. Separately reporting the Asset Closure segment provides management with better information related to the performance and earnings power of Vistra's ongoing operations and facilitates management's focus on minimizing the cost associated with decommissioning and reclamation of retired plants and mines. We have allocated unrealized gains and losses on the commodity risk management activities attributable to the plants retired in 2022 and 2023. Corporate and Other represents the remaining non-segment operations consisting primarily of general corporate expenses, interest, taxes and other expenses related to our support functions that provide shared services to our operating segments. The accounting policies of the business segments are the same as those described in the summary of significant accounting policies in Note 1 of our 2022 Form 10-K. Our CODM uses more than one measure to assess segment performance, but primarily focuses on Adjusted EBITDA. While we believe this is a useful metric in evaluating operating performance, it is not a metric defined by U.S. GAAP and may not be comparable to non-GAAP metrics presented by other companies. Adjusted EBITDA is most comparable to consolidated net income (loss) prepared based on U.S. GAAP. We account for intersegment sales and transfers as if the sales or transfers were to third parties, that is, at market prices. Certain shared services costs are allocated to the segments. Three Months ended Retail Texas East West Sunset Asset Closure Corporate and Other (b) Eliminations Consolidated Operating revenues (a): March 31, 2023 $ 2,350 $ 1,353 $ 1,809 $ 231 $ 828 $ — $ — $ (2,146) $ 4,425 March 31, 2022 1,825 (1,095) 955 72 (118) 85 — 1,401 3,125 Depreciation and amortization: March 31, 2023 $ (29) $ (130) $ (161) $ (15) $ (14) $ — $ (17) $ — $ (366) March 31, 2022 (36) (123) (179) (42) (16) (17) (17) — (430) Operating income (loss): March 31, 2023 $ (588) $ 569 $ 744 $ 47 $ 425 $ (29) $ (37) $ — $ 1,131 March 31, 2022 2,432 (1,977) (126) (61) (400) (113) (43) — (288) Net income (loss) (b): March 31, 2023 $ (595) $ 584 $ 745 $ 52 $ 424 $ (27) $ (485) $ — $ 698 March 31, 2022 2,428 (1,972) (128) (61) (400) (112) (39) — (284) Capital expenditures, including nuclear fuel and excluding LTSA prepayments and development and growth expenditures: March 31, 2023 $ 1 $ 102 $ 23 $ 2 $ 15 $ — $ 14 $ — $ 157 March 31, 2022 — 139 5 19 3 — 14 — 180 __________________ (a) The following unrealized net gains (losses) from mark-to-market valuations of commodity positions are included in operating revenues: Three Months ended Retail (1) Texas East West Sunset Asset Closure Corporate and Other Eliminations (2) Consolidated March 31, 2023 $ 140 $ 368 $ 943 $ 12 $ 477 $ 17 $ — $ (680) $ 1,277 March 31, 2022 (369) (1,973) (200) (47) (386) (56) — 2,673 $ (358) ___________________ (1) For the three months ended March 31, 2023, Retail segment includes unrealized net gains of $153 million due to the discontinuance of NPNS accounting on a retail electric contract portfolio in the second quarter of 2022 where physical settlement is no longer considered probable throughout the contract term. (2) Amounts attributable to generation segments offset in fuel, purchased power costs and delivery fees in the Retail segment, with no impact to consolidated results. (b) Income tax (expense) benefit is generally not reflected in net income (loss) of the segments but is reflected almost entirely in Corporate and Other net income (loss).

Supplementary Financial Informa

Supplementary Financial Information	3 Months Ended
	Mar. 31, 2023
Supplementary Financial Information [Abstract]
Supplementary Financial Information	SUPPLEMENTARY FINANCIAL INFORMATION Impairment of Long-Lived Assets In the first quarter of 2023, we recognized an impairment loss of $49 million related to our Kincaid generation facility in Illinois as a result of a significant decrease in the projected operating margins of the facility, primarily driven by a decrease in projected power prices. The impairment is reported in our Sunset segment and includes write-downs of property, plant and equipment of $45 million, write-downs of inventory of $2 million and write-downs of operating lease right-of-use assets of $2 million. In determining the fair value of the impaired asset group, we utilized the income approach described in ASC 820, Fair Value Measurement. Interest Expense and Related Charges Three Months Ended March 31, 2023 2022 Interest paid/accrued $ 156 $ 126 Unrealized mark-to-market net (gains) losses on interest rate swaps 41 (126) Amortization of debt issuance costs, discounts and premiums 6 6 Capitalized interest (10) (6) Other 14 7 Total interest expense and related charges $ 207 $ 7 The weighted average interest rate applicable to the Vistra Operations Credit Facilities, taking into account the interest rate swaps discussed in Note 11, was 4.70% and 3.94% at March 31, 2023 and 2022. Other Income and Deductions Three Months Ended March 31, 2023 2022 Other income: Insurance settlements (a) $ 1 $ 1 Interest income 14 — All other 5 4 Total other income $ 20 $ 5 Other deductions: All other 3 4 Total other deductions $ 3 $ 4 ____________ (a) For the three months ended March 31, 2023, reported in the West segment. For the three months ended March 31, 2022, reported in the Corporate and Other non-segment. Restricted Cash March 31, 2023 December 31, 2022 Current Assets Noncurrent Assets Current Assets Noncurrent Assets Amounts related to remediation escrow accounts $ 23 $ 32 $ 37 $ 33 Total restricted cash $ 23 $ 32 $ 37 $ 33 Trade Accounts Receivable March 31, December 31, Wholesale and retail trade accounts receivable $ 1,517 $ 2,124 Allowance for uncollectible accounts (53) (65) Trade accounts receivable — net $ 1,464 $ 2,059 Gross trade accounts receivable at March 31, 2023 and December 31, 2022 included unbilled retail revenues of $474 million and $607 million, respectively. Allowance for Uncollectible Accounts Receivable Three Months Ended March 31, 2023 2022 Allowance for uncollectible accounts receivable at beginning of period $ 65 $ 45 Increase for bad debt expense 35 29 Decrease for account write-offs (47) (25) Allowance for uncollectible accounts receivable at end of period $ 53 $ 49 Inventories by Major Category March 31, December 31, Materials and supplies $ 277 $ 274 Fuel stock 328 252 Natural gas in storage 24 44 Total inventories $ 629 $ 570 Investments March 31, December 31, Nuclear plant decommissioning trust $ 1,750 $ 1,648 Assets related to employee benefit plans 30 30 Land 41 41 Miscellaneous other 11 10 Total investments $ 1,832 $ 1,729 Nuclear Decommissioning Trust Investments in a trust that will be used to fund the costs to decommission the Comanche Peak nuclear generation plant are carried at fair value. Decommissioning costs are being recovered from Oncor Electric Delivery Company LLC's (Oncor) customers as a delivery fee surcharge over the life of the plant and deposited by Vistra (and prior to the Effective Date, a subsidiary of TCEH) in the trust fund. Income and expense, including gains and losses associated with the trust fund assets and the decommissioning liability are offset by a corresponding change in a regulatory asset/liability (currently a regulatory liability reported in other noncurrent liabilities and deferred credits) that will ultimately be settled through changes in Oncor's delivery fees rates. If funds recovered from Oncor's customers held in the trust fund are determined to be inadequate to decommission the Comanche Peak nuclear generation plant, Oncor would be required to collect all additional amounts from its customers, with no obligation from Vistra, provided that Vistra complied with PUCT rules and regulations regarding decommissioning trusts. A summary of the fair market value of investments in the fund follows: March 31, December 31, 2022 Debt securities (a) $ 687 $ 658 Equity securities (b) 1,063 990 Total $ 1,750 $ 1,648 ____________ (a) The investment objective for debt securities is to invest in a diversified tax efficient portfolio with an overall portfolio rating of AA or above as graded by S&P or Aa2 by Moody's. The debt securities are heavily weighted with government and municipal bonds and investment grade corporate bonds. The debt securities had an average coupon rate of 2.69% and 2.64% at March 31, 2023 and December 31, 2022, respectively, and an average maturity of 11 years at both March 31, 2023 and December 31, 2022. (b) The investment objective for equity securities is to invest tax efficiently and to match the performance of the S&P 500 Index for U.S. equity investments and the MSCI EAFE Index for non-U.S. equity investments. Debt securities held at March 31, 2023 mature as follows: $260 million in one to five years, $148 million in five to 10 years and $279 million after 10 years. The following table summarizes proceeds from sales of securities and investments in new securities. Three Months Ended March 31, 2023 2022 Proceeds from sales of securities $ 119 $ 98 Investments in securities $ (125) $ (103) Property, Plant and Equipment March 31, December 31, Power generation and structures $ 16,647 $ 16,597 Land 584 584 Office and other equipment 160 163 Total 17,391 17,344 Less accumulated depreciation (6,019) (5,753) Net of accumulated depreciation 11,372 11,591 Finance lease right-of-use assets (net of accumulated depreciation) 169 173 Nuclear fuel (net of accumulated amortization of $175 million and $152 million) 285 268 Construction work in progress 785 522 Property, plant and equipment — net $ 12,611 $ 12,554 Depreciation expenses totaled $323 million and $378 million for three months ended March 31, 2023 and 2022, respectively. Asset Retirement and Mining Reclamation Obligations (ARO) These liabilities primarily relate to nuclear generation plant decommissioning, land reclamation related to lignite mining, remediation or closure of coal ash basins, and generation plant disposal costs. There is no earnings impact with respect to changes in the nuclear plant decommissioning liability, as all costs are recoverable through the regulatory process as part of delivery fees charged by Oncor. At March 31, 2023, the carrying value of our ARO related to our nuclear generation plant decommissioning totaled $1.701 billion, which is lower than the fair value of the assets contained in the nuclear decommissioning trust. Since the costs to ultimately decommission that plant are recoverable through the regulatory rate making process as part of Oncor's delivery fees, a corresponding regulatory liability has been recorded to our condensed consolidated balance sheet of $49 million in other noncurrent liabilities and deferred credits. The following table summarizes the changes to these obligations, reported as AROs (current and noncurrent liabilities) in our condensed consolidated balance sheets, for the three months ended March 31, 2023 and 2022. Three Months Ended March 31, 2023 Three Months Ended March 31, 2022 Nuclear Plant Decom- Mining Land Reclamation Coal Ash and Other Total Nuclear Plant Decom- Mining Land Reclamation Coal Ash and Other Total Liability at beginning of period $ 1,688 $ 284 $ 465 $ 2,437 $ 1,635 $ 320 $ 495 $ 2,450 Additions: Accretion 13 3 6 22 13 3 6 22 Adjustment for change in estimates — 2 4 6 — — 2 2 Reductions: Payments — (16) (2) (18) — (18) (5) (23) Liability at end of period 1,701 273 473 2,447 1,648 305 498 2,451 Less amounts due currently — (111) (28) (139) — (88) (16) (104) Noncurrent liability at end of period $ 1,701 $ 162 $ 445 $ 2,308 1,648 217 482 2,347 Other Noncurrent Liabilities and Deferred Credits The balance of other noncurrent liabilities and deferred credits consists of the following: March 31, December 31, Retirement and other employee benefits $ 237 $ 237 Winter Storm Uri impact (a) 29 35 Identifiable intangible liabilities (Note 6) 139 140 Regulatory liability (b) 49 — Finance lease liabilities 235 237 Uncertain tax positions, including accrued interest 15 13 Liability for third-party remediation 36 37 Accrued severance costs 34 36 Other accrued expenses 309 269 Total other noncurrent liabilities and deferred credits $ 1,083 $ 1,004 ____________ (a) Includes future bill credits related to large commercial and industrial customers that curtailed during Winter Storm Uri. (b) As of March 31, 2023, the fair value of the assets contained in the nuclear decommissioning trust was higher than the carrying value of our ARO related to our nuclear generation plant decommissioning and recorded as a regulatory liability of $49 million in other noncurrent liabilities and deferred credits. As of December 31, 2022, the carrying value of our ARO related to our nuclear generation plant decommissioning was higher than the fair value of the assets contained in the nuclear decommissioning trust and recorded as a regulatory asset of $40 million in other noncurrent assets. Fair Value of Debt March 31, 2023 December 31, 2022 Long-term debt (see Note 11): Fair Value Hierarchy Carrying Amount Fair Carrying Amount Fair Long-term debt under the Vistra Operations Credit Facilities Level 2 $ 2,511 $ 2,492 $ 2,519 $ 2,486 Vistra Operations Senior Notes Level 2 9,382 8,926 9,378 8,830 Equipment Financing Agreements Level 3 75 71 74 72 We determine fair value in accordance with accounting standards as discussed in Note 14. We obtain security pricing from an independent party who uses broker quotes and third-party pricing services to determine fair values. Where relevant, these prices are validated through subscription services, such as Bloomberg. Supplemental Cash Flow Information The following table reconciles cash, cash equivalents and restricted cash reported in our condensed consolidated statements of cash flows to the amounts reported in our condensed consolidated balance sheets at March 31, 2023 and December 31, 2022: March 31, December 31, Cash and cash equivalents $ 518 $ 455 Restricted cash included in current assets 23 37 Restricted cash included in noncurrent assets 32 33 Total cash, cash equivalents and restricted cash $ 573 $ 525 The following table summarizes our supplemental cash flow information for the three months ended March 31, 2023 and 2022: Three Months Ended March 31, 2023 2022 Cash payments related to: Interest paid $ 212 $ 190 Capitalized interest (10) (6) Interest paid (net of capitalized interest) $ 202 $ 184 For the three months ended March 31, 2023 and 2022, we paid state income taxes of $1 million and $1 million, respectively, and received state income tax refunds of $7 million and zero, respectively.

Business And Significant Acco_2

Business And Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2023
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The condensed consolidated financial statements have been prepared in accordance with U.S. GAAP and on the same basis as the audited financial statements included in our 2022 Form 10-K. The condensed consolidated financial information herein reflects all adjustments which are, in the opinion of management, necessary to fairly state the results for the interim periods presented. All such adjustments are of a normal nature. All intercompany items and transactions have been eliminated in consolidation. Certain information and footnote disclosures normally included in annual consolidated financial statements prepared in accordance with U.S. GAAP have been omitted pursuant to the rules and regulations of the SEC. Because the condensed consolidated interim financial statements do not include all of the information and footnotes required by U.S. GAAP, they should be read in conjunction with the audited financial statements and related notes contained in our 2022 Form 10-K. The results of operations for an interim period may not give a true indication of results for a full year. All dollar amounts in the financial statements and tables in the notes are stated in millions of U.S. dollars unless otherwise indicated. Certain prior period amounts have been reclassified to conform with the current year presentation.
Use of Estimates	Use of Estimates Preparation of financial statements requires estimates and assumptions about future events that affect the reporting of assets and liabilities at the balance sheet dates and the reported amounts of revenue and expense, including fair value measurements, estimates of expected obligations, judgments related to the potential timing of events and other estimates. In the event estimates and/or assumptions prove to be different from actual amounts, adjustments are made in subsequent periods to reflect more current information.

Retirement of Generation Faci_2

Retirement of Generation Facilities (Tables)	3 Months Ended
	Mar. 31, 2023
Retirement of Generation Facilities [Abstract]
Planned retirements of generation capacity	Operational results for plants with defined retirement dates are included in our Sunset segment beginning in the quarter when a retirement plan is announced and move to the Asset Closure segment at the beginning of the calendar year the retirement is expected to occur. Retirement dates represent the first full day in which a plant does not operate. Facility Location ISO/RTO Fuel Type Net Generation Capacity (MW) Actual or Expected Retirement Date (a) Segment Baldwin Baldwin, IL MISO Coal 1,185 By the end of 2025 Sunset Coleto Creek Goliad, TX ERCOT Coal 650 By the end of 2027 Sunset Edwards Bartonville, IL MISO Coal 585 Retired January 1, 2023 Asset Closure Joppa Joppa, IL MISO Coal 802 Retired September 1, 2022 Asset Closure Joppa Joppa, IL MISO Natural Gas 221 Retired September 1, 2022 Asset Closure Kincaid Kincaid, IL PJM Coal 1,108 By the end of 2027 Sunset Miami Fort North Bend, OH PJM Coal 1,020 By the end of 2027 Sunset Newton Newton, IL MISO/PJM Coal 615 By the end of 2027 Sunset Zimmer Moscow, OH PJM Coal 1,300 Retired June 1, 2022 Asset Closure Total 7,486 ____________ (a) Generation facilities may retire earlier than the end of 2027 if economic or other conditions dictate.

Revenue (Tables)

Revenue (Tables)	3 Months Ended
	Mar. 31, 2023
Revenue from Contract with Customer [Abstract]
Disaggregation of revenue	Three Months Ended March 31, 2023 Retail Texas East West Sunset Asset Eliminations Consolidated Revenue from contracts with customers: Retail energy charge in ERCOT $ 1,568 $ — $ — $ — $ — $ — $ — $ 1,568 Retail energy charge in Northeast/Midwest 427 — — — — — — 427 Wholesale generation revenue from ISO/RTO — 50 220 193 67 — — 530 Capacity revenue from ISO/RTO (a) — — 8 — 19 — — 27 Revenue from other wholesale contracts — 107 331 41 76 — — 555 Total revenue from contracts with customers 1,995 157 559 234 162 — — 3,107 Other revenues: Intangible amortization (1) — (1) — (1) — — (3) Transferable PTC revenues — 2 — — — — — 2 Hedging and other revenues (b) 356 112 386 (7) 472 — — 1,319 Affiliate sales (c) — 1,082 865 4 195 — (2,146) — Total other revenues 355 1,196 1,250 (3) 666 — (2,146) 1,318 Total revenues $ 2,350 $ 1,353 $ 1,809 $ 231 $ 828 $ — $ (2,146) $ 4,425 ____________ (a) Represents net capacity sold in each ISO/RTO. The East segment includes $42 million of capacity sold offset by $34 million of capacity purchased. The Sunset segment includes $46 million of capacity sold offset by $27 million of capacity purchased. (b) Includes $1.277 billion of unrealized net gains from mark-to-market valuations of commodity positions, including Retail segment unrealized net gains of $153 million due to the discontinuance of normal purchases and sales (NPNS) accounting on a retail electric contract portfolio in the second quarter of 2022 as physical settlement is no longer considered probable throughout the contract term. See Note 17 for unrealized net gains (losses) by segment. (c) Texas, East and Sunset segments include $185 million, $394 million and $103 million, respectively, of affiliated unrealized net gains from mark-to-market valuations of commodity positions with the Retail segment. Three Months Ended March 31, 2022 Retail Texas East West Sunset Asset Eliminations Consolidated Revenue from contracts with customers: Retail energy charge in ERCOT $ 1,405 $ — $ — $ — $ — $ — $ — $ 1,405 Retail energy charge in Northeast/Midwest 639 — — — — — — 639 Wholesale generation revenue from ISO/RTO — 151 402 58 141 164 — 916 Capacity revenue from ISO/RTO (a) — — (6) — 33 16 — 43 Revenue from other wholesale contracts — 120 243 39 44 12 — 458 Total revenue from contracts with customers 2,044 271 639 97 218 192 — 3,461 Other revenues: Intangible amortization — — — — (2) — — (2) Hedging and other revenues (b) (219) — 309 (28) (306) (90) — (334) Affiliate sales (c) — (1,366) 7 3 (28) (17) 1,401 — Total other revenues (219) (1,366) 316 (25) (336) (107) 1,401 (336) Total revenues $ 1,825 $ (1,095) $ 955 $ 72 $ (118) $ 85 $ 1,401 $ 3,125 ____________ (a) Represents net capacity sold (purchased) in each ISO/RTO. The East segment includes $136 million of capacity purchased offset by $130 million of capacity sold. The Sunset segment includes $35 million of capacity sold offset by $2 million of capacity purchased. The Asset Closure segment includes $16 million of capacity sold. (b) Includes $358 million of unrealized net losses from mark-to-market valuations of commodity positions. See Note 17 for unrealized net gains (losses) by segment. (c) Texas, East, Sunset and Asset Closure segments include $2.011 billion, $509 million, $136 million and $17 million, respectively, of affiliated unrealized net losses from mark-to-market valuations of commodity positions with the Retail segment.
Accounts receivable, contracts with customers	Accounts Receivable The following table presents trade accounts receivable (net of allowance for uncollectible accounts) relating to both contracts with customers and other activities: March 31, December 31, 2022 Trade accounts receivable from contracts with customers — net $ 1,152 $ 1,644 Other trade accounts receivable — net 312 415 Total trade accounts receivable — net $ 1,464 $ 2,059

Goodwill and Identifiable Int_2

Goodwill and Identifiable Intangible Assets and Liabilities (Tables)	3 Months Ended
	Mar. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of identifiable intangible assets	Identifiable intangible assets are comprised of the following: March 31, 2023 December 31, 2022 Identifiable Intangible Asset Gross Carrying Amount Accumulated Net Gross Carrying Amount Accumulated Net Retail customer relationships $ 2,088 $ 1,796 $ 292 $ 2,088 $ 1,768 $ 320 Software and other technology-related assets 488 271 217 475 258 217 Retail and wholesale contracts 233 212 21 233 209 24 LTSA 18 4 14 18 4 14 Other identifiable intangible assets (a) 64 9 55 50 8 42 Total identifiable intangible assets subject to amortization $ 2,891 $ 2,292 599 $ 2,864 $ 2,247 617 Retail trade names (not subject to amortization) 1,341 1,341 Total identifiable intangible assets $ 1,940 $ 1,958 ____________ (a) Includes mining development costs and environmental allowances (emissions allowances and renewable energy certificates).
Schedule of identifiable intangible liabilities	Identifiable intangible liabilities are comprised of the following: Identifiable Intangible Liability March 31, December 31, 2022 LTSA $ 128 $ 128 Fuel and transportation purchase contracts 9 9 Other identifiable intangible liabilities 2 3 Total identifiable intangible liabilities $ 139 $ 140
Schedule of amortization expense related to intangible assets and liabilities	Expense related to finite-lived identifiable intangible assets (including the classification in the condensed consolidated statements of operations) consisted of: Identifiable Intangible Assets Condensed Consolidated Statements of Operations Three Months Ended March 31, 2023 2022 Retail customer relationships Depreciation and amortization $ 28 $ 34 Software and other technology-related assets Depreciation and amortization 15 17 Retail and wholesale contracts Operating revenues/fuel, purchased power costs and delivery fees 2 2 Other identifiable intangible assets Fuel, purchased power costs and delivery fees 86 89 Total identifiable intangible assets expense (a) $ 131 $ 142 ___________ (a) Amounts recorded in depreciation and amortization totaled $43 million and $52 million for the three months ended March 31, 2023 and 2022, respectively. Amounts exclude LTSA. Amounts include all expenses associated with environmental allowances including expenses accrued to comply with emissions allowance programs and renewable portfolio standards which are presented in fuel, purchased power costs and delivery fees on our condensed consolidated statements of operations. Emissions allowance obligations are accrued as associated electricity is generated and renewable energy certificate obligations are accrued as retail electricity delivery occurs.
Schedule of estimated amortization expense of identifiable intangible assets and liabilities	As of March 31, 2023, the estimated aggregate amortization expense of identifiable intangible assets for each of the next five fiscal years is as shown below. Year Estimated Amortization Expense 2023 $ 161 2024 $ 112 2025 $ 84 2026 $ 61 2027 $ 37

Income Taxes (Tables)

Income Taxes (Tables)	3 Months Ended
	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Calculation of effective income tax rate	The calculation of our effective tax rate is as follows: Three Months Ended March 31, 2023 2022 Net income (loss) before income taxes $ 876 $ (375) Income tax (expense) benefit $ (178) $ 91 Effective tax rate 20.3 % 24.3 %

Tax Receivable Agreement Obli_2

Tax Receivable Agreement Obligation (Tables)	3 Months Ended
	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Schedule of Tax Receivable Agreement obligation	The following table summarizes the changes to the TRA obligation, reported as other current liabilities and Tax Receivable Agreement obligation in our condensed consolidated balance sheets, for the three months ended March 31, 2023 and 2022: Three Months Ended March 31, 2023 2022 TRA obligation at the beginning of the period $ 522 $ 395 Accretion expense 20 15 Changes in tax assumptions impacting timing of payments (a) 45 66 Impacts of Tax Receivable Agreement 65 81 TRA obligation at the end of the period 587 476 Less amounts due currently (9) (1) Noncurrent TRA obligation at the end of the period $ 578 $ 475 ____________ (a) During the three months ended March 31, 2023 and 2022, we recorded increases to the carrying value of the TRA obligation totaling $45 million and $66 million, respectively, as a result of adjustments to forecasted taxable income due to increases in longer-term commodity price forecasts.

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2023
Earnings Per Share [Abstract]
Schedule of earnings per share, basic and diluted	Basic earnings per share available to common stockholders are based on the weighted average number of common shares outstanding during the period. Diluted earnings per share is calculated using the treasury stock method and includes the effect of all potential issuances of common shares under stock-based incentive compensation arrangements. Three Months Ended March 31, 2023 2022 Net income (loss) attributable to Vistra $ 699 $ (285) Less cumulative dividends attributable to Series A Preferred Stock (20) (20) Less cumulative dividends attributable to Series B Preferred Stock (18) (18) Net income (loss) attributable to common stock — basic 661 (323) Weighted average shares of common stock outstanding — basic 383,631,369 451,603,354 Net income (loss) per weighted average share of common stock outstanding — basic $ 1.72 $ (0.72) Dilutive securities: Stock-based incentive compensation plan 3,922,010 — Weighted average shares of common stock outstanding — diluted 387,553,379 451,603,354 Net income (loss) per weighted average share of common stock outstanding — diluted $ 1.71 $ (0.72)

Long-Term Debt (Tables)

Long-Term Debt (Tables)	3 Months Ended
	Mar. 31, 2023
Debt Disclosure [Abstract]
Schedule of long-term debt instruments	Amounts in the table below represent the categories of long-term debt obligations, including amounts due currently, incurred by the Company. March 31, December 31, Vistra Operations Credit Facilities $ 2,507 $ 2,514 Vistra Operations Senior Secured Notes: 4.875% Senior Secured Notes, due May 13, 2024 400 400 3.550% Senior Secured Notes, due July 15, 2024 1,500 1,500 5.125% Senior Secured Notes, due May 13, 2025 1,100 1,100 3.700% Senior Secured Notes, due January 30, 2027 800 800 4.300% Senior Secured Notes, due July 15, 2029 800 800 Total Vistra Operations Senior Secured Notes 4,600 4,600 Vistra Operations Senior Unsecured Notes: 5.500% Senior Unsecured Notes, due September 1, 2026 1,000 1,000 5.625% Senior Unsecured Notes, due February 15, 2027 1,300 1,300 5.000% Senior Unsecured Notes, due July 31, 2027 1,300 1,300 4.375% Senior Unsecured Notes, due May 15, 2029 1,250 1,250 Total Vistra Operations Senior Unsecured Notes 4,850 4,850 Other: Equipment Financing Agreements 79 79 Total other long-term debt 79 79 Unamortized debt premiums, discounts and issuance costs (68) (72) Total long-term debt including amounts due currently 11,968 11,971 Less amounts due currently (38) (38) Total long-term debt less amounts due currently $ 11,930 $ 11,933
Schedule of line of credit facilities	Our credit facilities and related available capacity as of March 31, 2023 are presented below. March 31, 2023 Credit Facilities Maturity Date Facility Cash Letters of Credit Outstanding Available Extended Revolving Credit Facility (a) April 29, 2027 $ 3,175 $ — $ 1,301 $ 1,874 Non-Extended Revolving Credit Facility (b) June 14, 2023 200 — 82 118 Term Loan B-3 Facility (c) December 31, 2025 2,507 2,507 — — Total Vistra Operations Credit Facilities $ 5,882 $ 2,507 $ 1,383 $ 1,992 Commodity-Linked Facility (d) October 4, 2023 $ 1,350 $ — $ — $ 169 Total Credit Facilities $ 7,232 $ 2,507 $ 1,383 $ 2,161 ___________ (a) Extended Revolving Credit Facility used for general corporate purposes. Cash borrowings under the Extended Revolving Credit Facility are reported in short-term borrowings in our condensed consolidated balance sheets. The full amount of Extended Revolving Credit Facility available capacity can be utilized to issue letters of credit. (b) Non-Extended Revolving Credit Facility used for general corporate purposes. Cash borrowings under the Non-Extended Revolving Credit Facility are reported in short-term borrowings in our condensed consolidated balance sheets. The full amount of Non-Extended Revolving Credit Facility available capacity can be utilized to issue letters of credit. (c) Cash borrowings under the Term Loan B-3 Facility are subject to a required scheduled quarterly payment in annual amount equal to 1.00% of the original principal amount with the balance paid at maturity. Amounts paid cannot be reborrowed. (d) Commodity-Linked Facility (defined below) used to support our comprehensive hedging strategy. As of March 31, 2023, the borrowing base of $169 million is lower than the facility limit which represents the aggregate commitments of $1.35 billion. The reduction in the borrowing base is due to a decrease in commodity prices and would increase in size in a rising commodity price environment in accordance with the terms of the Commodity-Linked Facility. See Commodity-Linked Revolving Credit Facility below for discussion of the borrowing base calculation. Cash borrowings under the Commodity-Linked Facility are reported in short-term borrowings in our condensed consolidated balance sheets.
Schedule of interest rate derivatives	Interest Rate Swaps — Vistra employs interest rate swaps to hedge our exposure to variable rate debt. As of March 31, 2023, Vistra has entered into the following series of interest rate swap transactions. Notional Amount Expiration Date Rate Range Swapped to fixed $3,000 July 2023 3.67 % - 3.91% Swapped to variable $700 July 2023 3.20 % - 3.23% Swapped to fixed $720 February 2024 3.71 % - 3.72% Swapped to variable $720 February 2024 3.20 % - 3.20% Swapped to fixed (a) $3,000 July 2026 4.72 % - 4.79% Swapped to variable (a) $700 July 2026 3.28 % - 3.33% Swapped to fixed (b) $750 December 2030 3.16 % - 3.17% ____________ (a) Effective from July 2023 through July 2026. (b) Effective from December 2023 through December 2030. See Note 2.
Schedule of maturities of long-term debt	Long-term debt maturities at March 31, 2023 are as follows: March 31, 2023 Remainder of 2023 $ 33 2024 1,940 2025 3,567 2026 1,006 2027 3,402 Thereafter 2,088 Unamortized premiums, discounts and debt issuance costs (68) Total long-term debt, including amounts due currently $ 11,968

Equity (Tables)

Equity (Tables)	3 Months Ended
	Mar. 31, 2023
Stockholders' Equity Note [Abstract]
Schedule of repurchase agreements	$4.25 Billion Board Authorization Total Number of Shares Repurchased Average Price Paid Amount Paid for Shares Repurchased Amount Available for Additional Repurchases at the End of the Period Three Months Ended March 31, 2023 (a) 13,308,465 $ 23.11 $ 308 $ 1,697 April 1, 2023 through May 4, 2023 5,555,721 24.04 133 January 1, 2023 through May 4, 2023 18,864,186 $ 23.38 $ 441 $ 1,564 ____________ (a) Shares repurchased include 385,253 of unsettled shares repurchased for $9 million as of March 31, 2023.
Dividends declared	Common Stock Dividends — In November 2018, Vistra announced the Board adopted a dividend program which we initiated in the first quarter of 2019. Each dividend under the program is subject to declaration by the Board and, thus, may be subject to numerous factors in existence at the time of any such declaration including, but not limited to, prevailing market conditions, Vistra's results of operations, financial condition and liquidity, Delaware law and any contractual limitations. Quarterly dividends paid per share in 2023 and 2022 are reflected in the table below. Three Months Ended March 31, 2023 Year Ended December 31, 2022 Board Declaration Date Payment Per Share Amount Board Declaration Date Payment Per Share Amount February 2023 March 2023 $ 0.1975 February 2022 March 2022 $ 0.170 May 2022 June 2022 $ 0.177 July 2022 September 2022 $ 0.184 October 2022 December 2022 $ 0.193
Preferred dividends declared	Semiannual dividends paid per share of each respective preferred stock series in 2023 and 2022 are reflected in the table below. Dividends payable are recorded on the Board declaration date. Series A Preferred Stock: Series B Preferred Stock: Board Declaration Date Payment Per Share Amount Board Declaration Date Payment Per Share Amount February 2022 April 2022 $ 40.00 May 2022 June 2022 $ 35.97 July 2022 October 2022 $ 40.00 October 2022 December 2022 $ 35.00 February 2023 April 2023 $ 40.00
Schedule of stockholders equity	Equity The following table presents the changes to equity for the three months ended March 31, 2023: Preferred Stock (a) Common Treasury Stock Additional Paid-in Capital Retained Earnings (Deficit) Accumulated Other Comprehensive Income (Loss) Total Stockholders' Equity Noncontrolling Interest in Subsidiary Total Equity Balance at December 31, 2022 $ 2,000 $ 5 $ (3,395) $ 9,928 $ (3,643) $ 7 $ 4,902 $ 16 $ 4,918 Stock repurchases — — (311) — — — (311) — (311) Dividends declared on common stock — — — — (77) — (77) — (77) Dividends declared on preferred stock — — — — (37) — (37) — (37) Effects of stock-based incentive compensation plans — — — 24 — — 24 — 24 Net income (loss) — — — — 699 — 699 (1) 698 Change in accumulated other comprehensive income — — — — — 1 1 — 1 Balance at March 31, 2023 $ 2,000 $ 5 $ (3,706) $ 9,952 $ (3,058) $ 8 $ 5,201 $ 15 $ 5,216 ____________ (a) Authorized shares totaled 100,000,000 at March 31, 2023. Outstanding shares of Series A Preferred Stock totaled 1,000,000 at both March 31, 2023 and December 31, 2022 and outstanding shares of Series B Preferred Stock totaled 1,000,000 at both March 31, 2023 and December 31, 2022. (b) Authorized shares totaled 1,800,000,000 at March 31, 2023. Outstanding common shares totaled 378,648,599 and 389,754,870 at March 31, 2023 and December 31, 2022, respectively. Treasury shares totaled 160,425,501 and 147,424,202 at March 31, 2023 and December 31, 2022, respectively. The following table presents the changes to equity for the three months ended March 31, 2022: Preferred Stock (a) Common Treasury Stock Additional Paid-in Capital Retained Earnings (Deficit) Accumulated Other Comprehensive Income (Loss) Total Stockholders' Equity Noncontrolling Interest in Subsidiary Total Equity Balance at December 31, 2021 $ 2,000 $ 5 $ (1,558) $ 9,824 $ (1,964) $ (16) $ 8,291 $ 1 $ 8,292 Stock repurchases — — (612) — — — (612) — (612) Dividends declared on common stock — — — — (77) — (77) — (77) Dividends declared on preferred stock — — — — (37) — (37) — (37) Effects of stock-based incentive compensation plans — — — 18 — 18 — 18 Net income (loss) — — — — (285) — (285) 1 (284) Other — — — 2 — — 2 — 2 Balance at March 31, 2022 $ 2,000 $ 5 $ (2,170) $ 9,844 $ (2,363) $ (16) $ 7,300 $ 2 $ 7,302 ____________ (a) Authorized shares totaled 100,000,000 at March 31, 2022. Outstanding shares of Series A Preferred Stock totaled 1,000,000 at both March 31, 2022 and December 31, 2021 and outstanding shares of Series B Preferred Stock totaled 1,000,000 at both March 31, 2022 and December 31, 2021. (b) Authorized shares totaled 1,800,000,000 at March 31, 2022. Outstanding common shares totaled 438,694,982 and 469,072,597 at March 31, 2022 and December 31, 2021, respectively. Treasury shares totaled 95,887,643 and 63,856,879 at March 31, 2022 and December 31, 2021, respectively.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2023
Fair Value Disclosures [Abstract]
Schedule of assets and liabilities measured at fair value on a recurring basis	Assets and liabilities measured at fair value on a recurring basis consisted of the following at the respective balance sheet dates shown below: March 31, 2023 December 31, 2022 Level Level Level Reclass Total Level Level Level Reclass Total Assets: Commodity contracts $ 3,638 $ 797 $ 779 $ 49 $ 5,263 $ 3,512 $ 789 $ 791 $ 13 $ 5,105 Interest rate swaps — 87 — 2 89 — 135 — — 135 Nuclear decommissioning trust – equity securities (c) 571 — — — 571 532 — — 532 Nuclear decommissioning trust – debt securities (c) — 687 — 687 — 658 — 658 Sub-total $ 4,209 $ 1,571 $ 779 $ 51 6,610 $ 4,044 $ 1,582 $ 791 $ 13 6,430 Assets measured at net asset value (d): Nuclear decommissioning trust – equity securities (c) 492 458 Total assets $ 7,102 $ 6,888 Liabilities: Commodity contracts $ 4,803 $ 506 $ 2,004 $ 49 $ 7,362 $ 5,297 $ 933 $ 2,010 $ 13 $ 8,253 Interest rate swaps — 76 — 2 78 — 83 — — 83 Total liabilities $ 4,803 $ 582 $ 2,004 $ 51 $ 7,440 $ 5,297 $ 1,016 $ 2,010 $ 13 $ 8,336 ___________ (a) See table below for description of Level 3 assets and liabilities. (b) Fair values are determined on a contract basis, but certain contracts result in a current asset and a noncurrent liability, or vice versa, as presented in our condensed consolidated balance sheets. (c) The nuclear decommissioning trust investment is included in the investments line in our condensed consolidated balance sheets. See Note 18. (d) The fair value amounts presented in this line are intended to permit reconciliation of the fair value hierarchy to the amounts presented in our condensed consolidated balance sheets. Certain investments measured at fair value using the net asset value per share (or its equivalent) have not been classified in the fair value hierarchy.
Schedule of fair value of the Level 3 assets and liabilities by major contract type (all related to commodity contracts) and the significant unobservable inputs used in the valuations	The following tables present the fair value of the Level 3 assets and liabilities by major contract type and the significant unobservable inputs used in the valuations at March 31, 2023 and December 31, 2022: March 31, 2023 Fair Value Contract Type (a) Assets Liabilities Total Valuation Technique Significant Unobservable Input Range (b) Average (b) Electricity purchases and sales $ 611 $ (1,435) $ (824) Income Approach Hourly price curve shape (c) $ — to $80 $40 MWh Illiquid delivery periods for hub power prices and heat rates (d) $ 40 to $80 $59 MWh Options — (415) (415) Option Pricing Model Gas to power correlation (e) 10 % to 100% 57% Power and gas volatility (e) 5 % to 620% 314% Financial transmission rights 135 (27) 108 Market Approach (f) Illiquid price differences between settlement points (g) $ (35) to $10 $(11) MWh Natural gas 13 (112) (99) Income Approach Gas basis and illiquid delivery periods (h) $ — to $30 $13 MMBtu Other (i) 20 (15) 5 Total $ 779 $ (2,004) $ (1,225) December 31, 2022 Fair Value Contract Type (a) Assets Liabilities Total Valuation Technique Significant Unobservable Input Range (b) Average (b) Electricity purchases and sales $ 603 $ (1,332) $ (729) Income Approach Hourly price curve shape (c) $ — to $80 $38 MWh Illiquid delivery periods for hub power prices and heat rates (d) $ 25 to $95 $60 MWh Options — (483) (483) Option Pricing Model Gas to power correlation (e) 10 % to 100% 56% Power and gas volatility (e) 5 % to 620% 313% Financial transmission rights 132 (31) 101 Market Approach (f) Illiquid price differences between settlement points (g) $ (35) to $10 $(11) MWh Natural gas 20 (155) (135) Income Approach Gas basis (h) $ — to $30 $13 MMBtu Other (i) 36 (9) 27 Total $ 791 $ (2,010) $ (1,219) ____________ (a) Electricity purchase and sales contracts include power and heat rate positions in ERCOT, PJM, ISO-NE, NYISO and MISO regions. The forward purchase contracts (swaps and options) used to hedge electricity price differences between settlement points are referred to as congestion revenue rights (CRRs) in ERCOT and financial transmission rights (FTRs) in PJM, ISO-NE, NYISO and MISO regions. Options consist of physical electricity options, spread options, swaptions and natural gas options. (b) The range of the inputs may be influenced by factors such as time of day, delivery period, season and location. The average represents the arithmetic average of the underlying inputs and is not weighted by the related fair value or notional amount. (c) Primarily based on the historical range of forward average hourly ERCOT North Hub prices. (d) Primarily based on historical forward ERCOT and PJM power prices and ERCOT heat rate variability. (e) Primarily based on the historical forward correlation and volatility within ERCOT and PJM. (f) While we use the market approach, there is insufficient market data to consider the valuation liquid. (g) Primarily based on the historical price differences between settlement points within ERCOT hubs and load zones. (h) Primarily based on the historical forward PJM and Northeast gas basis prices and fixed prices. (i) Other includes contracts for coal and environmental allowances.
Schedule of changes in fair value of the Level 3 assets and liabilities	The following table presents the changes in fair value of the Level 3 assets and liabilities for the three months ended March 31, 2023 and 2022. Three Months Ended March 31, 2023 2022 Net liability balance at beginning of period $ (1,219) $ (360) Total unrealized valuation losses (a) (76) (449) Purchases, issuances and settlements (b): Purchases 49 37 Issuances (5) (10) Settlements 17 97 Transfers into Level 3 (c) (14) 1 Transfers out of Level 3 (c) 23 55 Net change (d) (6) (269) Net liability balance at end of period $ (1,225) $ (629) Unrealized valuation losses relating to instruments held at end of period $ (159) $ (354) ____________ (a) For the three months ended March 31, 2023 includes net gains of $84 million recognized due to the discontinuance of NPNS accounting on a retail electric contract portfolio in the second quarter of 2022 where physical settlement is no longer considered probable throughout the contract term. (b) Settlements reflect reversals of unrealized mark-to-market valuations previously recognized in net income. Purchases and issuances reflect option premiums paid or received, including CRRs and FTRs. (c) Includes transfers due to changes in the observability of significant inputs. All Level 3 transfers during the periods presented are in and out of Level 2. For the three months ended March 31, 2023, transfers into Level 3 primarily consist of power derivatives where forward pricing inputs have become unobservable and transfers out of Level 3 primarily consist of power derivatives where forward pricing inputs have become observable. For the three months ended March 31, 2022, transfers out of Level 3 primarily consist of power derivatives where forward pricing inputs have become observable. (d) Activity excludes change in fair value in the month positions settle. Substantially all changes in values of commodity contracts are reported as operating revenues in our condensed consolidated statements of operations.

Commodity and Other Derivativ_2

Commodity and Other Derivative Contractual Assets and Liabilities (Tables)	3 Months Ended
	Mar. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of commodity and other derivative contractual assets and liabilities as reported in the balance sheets	Substantially all derivative contractual assets and liabilities are accounted for under mark-to-market accounting consistent with accounting standards related to derivative instruments and hedging activities. The following tables provide detail of derivative contractual assets and liabilities as reported in our condensed consolidated balance sheets at March 31, 2023 and December 31, 2022. Derivative asset and liability totals represent the net value of the contract, while the balance sheet totals represent the gross value of the contract. During the three months ended March 31, 2023, net unrealized gains of $153 million were recognized in operating revenues due to the discontinuance of NPNS accounting on a retail electric contract portfolio in the second quarter of 2022 where physical settlement is no longer considered probable throughout the contract term. These amounts are reflected in commodity contracts derivative liabilities at March 31, 2023 and December 31, 2022. March 31, 2023 Derivative Assets Derivative Liabilities Commodity Contracts Interest Rate Swaps Commodity Contracts Interest Rate Swaps Total Current assets $ 4,493 $ 78 $ 16 $ 2 $ 4,589 Noncurrent assets 745 9 9 — 763 Current liabilities (23) — (5,580) (43) (5,646) Noncurrent liabilities (1) — (1,758) (35) (1,794) Net assets (liabilities) $ 5,214 $ 87 $ (7,313) $ (76) $ (2,088) December 31, 2022 Derivative Assets Derivative Liabilities Commodity Contracts Interest Rate Swaps Commodity Contracts Interest Rate Swaps Total Current assets $ 4,442 $ 92 $ 4 $ — $ 4,538 Noncurrent assets 656 43 3 — 702 Current liabilities (1) — (6,562) (47) (6,610) Noncurrent liabilities (5) — (1,685) (36) (1,726) Net assets (liabilities) $ 5,092 $ 135 $ (8,240) $ (83) $ (3,096)
Schedule of pretax effect on net income of derivatives not under hedge accounting, including realized and unrealized effects	The following table presents the pre-tax effect of derivative gains (losses) on net income, including realized and unrealized effects. Amount represents changes in fair value of positions in the derivative portfolio during the period, as realized amounts related to positions settled are assumed to equal reversals of previously recorded unrealized amounts. Derivative (condensed consolidated statements of operations presentation) Three Months Ended March 31, 2023 2022 Commodity contracts (Operating revenues) $ 669 $ (827) Commodity contracts (Fuel, purchased power costs and delivery fees) (295) 92 Interest rate swaps (Interest expense and related charges) (28) 114 Net gain (loss) $ 346 $ (621)
Offsetting assets and liabilities	The following tables reconcile our derivative assets and liabilities on a contract basis to net amounts after taking into consideration netting arrangements with counterparties and financial collateral: March 31, 2023 December 31, 2022 Derivative Assets Offsetting Instruments (a) Cash Collateral (Received) Pledged (b) Net Amounts Derivative Assets Offsetting Instruments (a) Cash Collateral (Received) Pledged (b) Net Amounts Derivative assets: Commodity contracts $ 5,214 $ (4,608) $ (30) $ 576 $ 5,092 $ (4,480) $ (20) $ 592 Interest rate swaps 87 (47) — 40 135 (64) — 71 Total derivative assets 5,301 (4,655) (30) 616 5,227 (4,544) (20) 663 Derivative liabilities: Commodity contracts (7,313) 4,608 1,038 (1,667) (8,240) 4,480 1,675 (2,085) Interest rate swaps (76) 47 — (29) (83) 64 — (19) Total derivative liabilities (7,389) 4,655 1,038 (1,696) (8,323) 4,544 1,675 (2,104) Net amounts $ (2,088) $ — $ 1,008 $ (1,080) $ (3,096) $ — $ 1,655 $ (1,441) ____________ (a) Amounts presented exclude trade accounts receivable and payable related to settled financial instruments. (b) Represents cash amounts received or pledged pursuant to a master netting arrangement, including fair value-based margin requirements, and to a lesser extent, initial margin requirements.
Schedule of gross notional amounts of derivative volumes	The following table presents the gross notional amounts of derivative volumes at March 31, 2023 and December 31, 2022: March 31, 2023 December 31, 2022 Derivative type Notional Volume Unit of Measure Natural gas (a) 6,477 6,007 Million MMBtu Electricity 818,519 754,762 GWh Financial transmission rights (b) 213,784 225,845 GWh Coal 47 48 Million U.S. tons Fuel oil 67 105 Million gallons Emissions 43 40 Million tons Renewable energy certificates 31 31 Million certificates Interest rate swaps – variable/fixed (c) $ 7,470 $ 6,720 Million U.S. dollars Interest rate swaps – fixed/variable (c) $ 2,120 $ 2,120 Million U.S. dollars ____________ (a) Represents gross notional forward sales, purchases and options transactions, locational basis swaps and other natural gas transactions. (b) Represents gross forward purchases associated with instruments used to hedge electricity price differences between settlement points within regions. (c) Includes notional amounts of interest rate swaps with maturity dates through December 2030.
Credit risk-related contingent features of derivatives	The following table presents the commodity derivative liabilities subject to credit risk-related contingent features that are not fully collateralized: March 31, December 31, Fair value of derivative contract liabilities (a) $ (1,515) $ (1,934) Offsetting fair value under netting arrangements (b) 866 899 Cash collateral and letters of credit 328 253 Liquidity exposure $ (321) $ (782) ____________ (a) Excludes fair value of contracts that contain contingent features that do not provide specific amounts to be posted if features are triggered, including provisions that generally provide the right to request additional collateral (material adverse change, performance assurance and other clauses). (b) Amounts include the offsetting fair value of in-the-money derivative contracts and net accounts receivable under master netting arrangements.

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Mar. 31, 2023
Segment Reporting [Abstract]
Schedule of segment reporting information, by segment	Three Months ended Retail Texas East West Sunset Asset Closure Corporate and Other (b) Eliminations Consolidated Operating revenues (a): March 31, 2023 $ 2,350 $ 1,353 $ 1,809 $ 231 $ 828 $ — $ — $ (2,146) $ 4,425 March 31, 2022 1,825 (1,095) 955 72 (118) 85 — 1,401 3,125 Depreciation and amortization: March 31, 2023 $ (29) $ (130) $ (161) $ (15) $ (14) $ — $ (17) $ — $ (366) March 31, 2022 (36) (123) (179) (42) (16) (17) (17) — (430) Operating income (loss): March 31, 2023 $ (588) $ 569 $ 744 $ 47 $ 425 $ (29) $ (37) $ — $ 1,131 March 31, 2022 2,432 (1,977) (126) (61) (400) (113) (43) — (288) Net income (loss) (b): March 31, 2023 $ (595) $ 584 $ 745 $ 52 $ 424 $ (27) $ (485) $ — $ 698 March 31, 2022 2,428 (1,972) (128) (61) (400) (112) (39) — (284) Capital expenditures, including nuclear fuel and excluding LTSA prepayments and development and growth expenditures: March 31, 2023 $ 1 $ 102 $ 23 $ 2 $ 15 $ — $ 14 $ — $ 157 March 31, 2022 — 139 5 19 3 — 14 — 180 __________________ (a) The following unrealized net gains (losses) from mark-to-market valuations of commodity positions are included in operating revenues: Three Months ended Retail (1) Texas East West Sunset Asset Closure Corporate and Other Eliminations (2) Consolidated March 31, 2023 $ 140 $ 368 $ 943 $ 12 $ 477 $ 17 $ — $ (680) $ 1,277 March 31, 2022 (369) (1,973) (200) (47) (386) (56) — 2,673 $ (358) ___________________ (1) For the three months ended March 31, 2023, Retail segment includes unrealized net gains of $153 million due to the discontinuance of NPNS accounting on a retail electric contract portfolio in the second quarter of 2022 where physical settlement is no longer considered probable throughout the contract term. (2) Amounts attributable to generation segments offset in fuel, purchased power costs and delivery fees in the Retail segment, with no impact to consolidated results. (b) Income tax (expense) benefit is generally not reflected in net income (loss) of the segments but is reflected almost entirely in Corporate and Other net income (loss).

Supplementary Financial Infor_2

Supplementary Financial Information (Tables)	3 Months Ended
	Mar. 31, 2023
Supplementary Financial Information [Abstract]
Schedule of interest expense and related charges	Interest Expense and Related Charges Three Months Ended March 31, 2023 2022 Interest paid/accrued $ 156 $ 126 Unrealized mark-to-market net (gains) losses on interest rate swaps 41 (126) Amortization of debt issuance costs, discounts and premiums 6 6 Capitalized interest (10) (6) Other 14 7 Total interest expense and related charges $ 207 $ 7
Schedule of other income and deductions	Other Income and Deductions Three Months Ended March 31, 2023 2022 Other income: Insurance settlements (a) $ 1 $ 1 Interest income 14 — All other 5 4 Total other income $ 20 $ 5 Other deductions: All other 3 4 Total other deductions $ 3 $ 4 ____________ (a) For the three months ended March 31, 2023, reported in the West segment. For the three months ended March 31, 2022, reported in the Corporate and Other non-segment.
Schedule of restricted cash	Restricted Cash March 31, 2023 December 31, 2022 Current Assets Noncurrent Assets Current Assets Noncurrent Assets Amounts related to remediation escrow accounts $ 23 $ 32 $ 37 $ 33 Total restricted cash $ 23 $ 32 $ 37 $ 33
Schedule of accounts, notes, loans and financing receivable	Trade Accounts Receivable March 31, December 31, Wholesale and retail trade accounts receivable $ 1,517 $ 2,124 Allowance for uncollectible accounts (53) (65) Trade accounts receivable — net $ 1,464 $ 2,059 Gross trade accounts receivable at March 31, 2023 and December 31, 2022 included unbilled retail revenues of $474 million and $607 million, respectively. Allowance for Uncollectible Accounts Receivable Three Months Ended March 31, 2023 2022 Allowance for uncollectible accounts receivable at beginning of period $ 65 $ 45 Increase for bad debt expense 35 29 Decrease for account write-offs (47) (25) Allowance for uncollectible accounts receivable at end of period $ 53 $ 49
Schedule of inventories by major category	Inventories by Major Category March 31, December 31, Materials and supplies $ 277 $ 274 Fuel stock 328 252 Natural gas in storage 24 44 Total inventories $ 629 $ 570
Summary of other investments	Investments March 31, December 31, Nuclear plant decommissioning trust $ 1,750 $ 1,648 Assets related to employee benefit plans 30 30 Land 41 41 Miscellaneous other 11 10 Total investments $ 1,832 $ 1,729
Summary of fair value of investments in the Nuclear Decommissioning Trust fund	A summary of the fair market value of investments in the fund follows: March 31, December 31, 2022 Debt securities (a) $ 687 $ 658 Equity securities (b) 1,063 990 Total $ 1,750 $ 1,648 ____________ (a) The investment objective for debt securities is to invest in a diversified tax efficient portfolio with an overall portfolio rating of AA or above as graded by S&P or Aa2 by Moody's. The debt securities are heavily weighted with government and municipal bonds and investment grade corporate bonds. The debt securities had an average coupon rate of 2.69% and 2.64% at March 31, 2023 and December 31, 2022, respectively, and an average maturity of 11 years at both March 31, 2023 and December 31, 2022. (b) The investment objective for equity securities is to invest tax efficiently and to match the performance of the S&P 500 Index for U.S. equity investments and the MSCI EAFE Index for non-U.S. equity investments.
Summary of proceeds from sales of available-for-sale securities	The following table summarizes proceeds from sales of securities and investments in new securities. Three Months Ended March 31, 2023 2022 Proceeds from sales of securities $ 119 $ 98 Investments in securities $ (125) $ (103)
Schedule of property, plant and equipment	Property, Plant and Equipment March 31, December 31, Power generation and structures $ 16,647 $ 16,597 Land 584 584 Office and other equipment 160 163 Total 17,391 17,344 Less accumulated depreciation (6,019) (5,753) Net of accumulated depreciation 11,372 11,591 Finance lease right-of-use assets (net of accumulated depreciation) 169 173 Nuclear fuel (net of accumulated amortization of $175 million and $152 million) 285 268 Construction work in progress 785 522 Property, plant and equipment — net $ 12,611 $ 12,554 Depreciation expenses totaled $323 million and $378 million for three months ended March 31, 2023 and 2022, respectively.
Schedule of asset retirement and mining reclamation obligations	The following table summarizes the changes to these obligations, reported as AROs (current and noncurrent liabilities) in our condensed consolidated balance sheets, for the three months ended March 31, 2023 and 2022. Three Months Ended March 31, 2023 Three Months Ended March 31, 2022 Nuclear Plant Decom- Mining Land Reclamation Coal Ash and Other Total Nuclear Plant Decom- Mining Land Reclamation Coal Ash and Other Total Liability at beginning of period $ 1,688 $ 284 $ 465 $ 2,437 $ 1,635 $ 320 $ 495 $ 2,450 Additions: Accretion 13 3 6 22 13 3 6 22 Adjustment for change in estimates — 2 4 6 — — 2 2 Reductions: Payments — (16) (2) (18) — (18) (5) (23) Liability at end of period 1,701 273 473 2,447 1,648 305 498 2,451 Less amounts due currently — (111) (28) (139) — (88) (16) (104) Noncurrent liability at end of period $ 1,701 $ 162 $ 445 $ 2,308 1,648 217 482 2,347
Schedule of other noncurrent liabilities and deferred credits	Other Noncurrent Liabilities and Deferred Credits The balance of other noncurrent liabilities and deferred credits consists of the following: March 31, December 31, Retirement and other employee benefits $ 237 $ 237 Winter Storm Uri impact (a) 29 35 Identifiable intangible liabilities (Note 6) 139 140 Regulatory liability (b) 49 — Finance lease liabilities 235 237 Uncertain tax positions, including accrued interest 15 13 Liability for third-party remediation 36 37 Accrued severance costs 34 36 Other accrued expenses 309 269 Total other noncurrent liabilities and deferred credits $ 1,083 $ 1,004 ____________ (a) Includes future bill credits related to large commercial and industrial customers that curtailed during Winter Storm Uri. (b) As of March 31, 2023, the fair value of the assets contained in the nuclear decommissioning trust was higher than the carrying value of our ARO related to our nuclear generation plant decommissioning and recorded as a regulatory liability of $49 million in other noncurrent liabilities and deferred credits. As of December 31, 2022, the carrying value of our ARO related to our nuclear generation plant decommissioning was higher than the fair value of the assets contained in the nuclear decommissioning trust and recorded as a regulatory asset of $40 million in other noncurrent assets.
Schedule of fair value of debt	Fair Value of Debt March 31, 2023 December 31, 2022 Long-term debt (see Note 11): Fair Value Hierarchy Carrying Amount Fair Carrying Amount Fair Long-term debt under the Vistra Operations Credit Facilities Level 2 $ 2,511 $ 2,492 $ 2,519 $ 2,486 Vistra Operations Senior Notes Level 2 9,382 8,926 9,378 8,830 Equipment Financing Agreements Level 3 75 71 74 72
Schedule of cash, cash equivalents and restricted cash	The following table reconciles cash, cash equivalents and restricted cash reported in our condensed consolidated statements of cash flows to the amounts reported in our condensed consolidated balance sheets at March 31, 2023 and December 31, 2022: March 31, December 31, Cash and cash equivalents $ 518 $ 455 Restricted cash included in current assets 23 37 Restricted cash included in noncurrent assets 32 33 Total cash, cash equivalents and restricted cash $ 573 $ 525
Schedule of supplemental cash flow information	The following table summarizes our supplemental cash flow information for the three months ended March 31, 2023 and 2022: Three Months Ended March 31, 2023 2022 Cash payments related to: Interest paid $ 212 $ 190 Capitalized interest (10) (6) Interest paid (net of capitalized interest) $ 202 $ 184 For the three months ended March 31, 2023 and 2022, we paid state income taxes of $1 million and $1 million, respectively, and received state income tax refunds of $7 million and zero, respectively.

Business And Significant Acco_3

Business And Significant Accounting Policies (Narrative) (Details) $ / shares in Units, $ in Millions	1 Months Ended	3 Months Ended
	Jun. 30, 2023 $ / shares	Mar. 31, 2023 Reportable_segment	Jun. 30, 2022 USD ($)	Oct. 31, 2021 USD ($)
Number of reportable segments (in reportable segments) | Reportable_segment		6
Electric Reliability Council of Texas [Member] | Public Utility Commission of Texas
Securitization of cost allocated to load-serving entities during Winter Storm Uri, total authorized | $				$ 2,100
Securitization of costs allocated to load-serving entities during Winter Storm Uri, amounts received by Vistra Corp. | $			$ 544
Subsequent Event
Common stock, dividends, per share, declared | $ / shares	$ 0.204
Subsequent Event | Series B Preferred Stock
Preferred stock, dividends per share, declared | $ / shares	$ 35

Business Combination and Asset

Business Combination and Asset Acquisition (Details) - USD ($) $ in Millions		3 Months Ended
	Mar. 06, 2023	Mar. 31, 2023
Business Acquisition [Line Items]
Debt fees and expenses, recorded as interest expense		$ 6
Interest Rate Swap, Swapped To Fixed, Effective From December 2023 To December 2030
Business Acquisition [Line Items]
Effective interest rate, debt based on derivative contracts		3.16%
Maximum | Interest Rate Swap, Swapped To Fixed, Effective From December 2023 To December 2030
Business Acquisition [Line Items]
Effective interest rate, debt based on derivative contracts		3.17%
Vistra Operations Company LLC
Business Acquisition [Line Items]
Line of credit facility, maximum borrowing capacity		$ 7,232
Vistra Operations Company LLC | Acquisition Bridge Facility
Business Acquisition [Line Items]
Bridge loan	$ 3,000
Vistra Operations Company LLC | Acquisition Bridge Facility | Other Noncurrent Liabilities
Business Acquisition [Line Items]
Debt fees and expenses, capitalized		$ 14
Vistra Operations Company LLC | Term Loan B (TLB) Refinancing Bridge Facility
Business Acquisition [Line Items]
Bridge loan	2,500
Vistra Operations Company LLC | Refinancing Commodity-Linked Revolving Credit Facility
Business Acquisition [Line Items]
Line of credit facility, maximum borrowing capacity	300
Transaction Agreement
Business Acquisition [Line Items]
Business Combination, cash consideration value to be transferred	3,000
Business Combination, estimated aggregate equity value to be transferred	$ 3,333
Transaction Agreement | Vistra Vision
Business Acquisition [Line Items]
Equity method investment, ownership percentage	15%
Transaction Agreement | Vistra Operations Company LLC | Energy Harbor Corp. [Member] | Maximum
Business Acquisition [Line Items]
Business Combination, transactions expenses to be reimbursed	$ 100

Development of Generation Fac_2

Development of Generation Facilities (Texas Segment Solar Generation and Energy Storage Projects) (Details) $ in Millions	Mar. 31, 2023 USD ($) MW	Dec. 31, 2022 USD ($)
Construction work in progress | $	$ 785	$ 522
Vistra Corp. | Texas Segment [Member]
Planned electricity generation facility capacity	768
Planned battery energy storage system capacity	260
Electricity generation facility capacity	158
Vistra Corp. | Texas Segment [Member] | Solar generation and battery energy storage projects
Construction work in progress | $	$ 49

Development of Generation Fac_3

Development of Generation Facilities (East Segment Solar Generation and Energy Storage Projects) (Details) $ in Millions	Mar. 31, 2023 USD ($) MW	Dec. 31, 2022 USD ($)
Construction work in progress | $	$ 785	$ 522
Vistra Corp. | East Segment [Member]
Planned electricity generation facility capacity | MW	300
Planned battery energy storage system capacity | MW	150
Vistra Corp. | East Segment [Member] | Solar generation and battery energy storage projects
Construction work in progress | $	$ 19

Development of Generation Fac_4

Development of Generation Facilities (West Segment Energy Storage Projects) (Details) $ in Millions	1 Months Ended
	Jan. 31, 2022 MW	May 31, 2020 MW	Jun. 30, 2018 MW	Mar. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Construction work in progress | $				$ 785	$ 522
Vistra Corp. | West Segment [Member] | Moss Landing Power Plant (Battery Storage Project) [Member] | Moss Landing Battery Energy Storage System Phase I [Member]
Contract, duration, number of years			20 years
Battery energy storage system capacity			300
Vistra Corp. | West Segment [Member] | Moss Landing Power Plant (Battery Storage Project) [Member] | Moss Landing Battery Energy Storage System Phase II [Member]
Contract, duration, number of years		10 years
Battery energy storage system capacity		100
Vistra Corp. | West Segment [Member] | Moss Landing Power Plant (Battery Storage Project) [Member] | Moss Landing Battery Energy Storage System Phase III [Member]
Proposed contract, duration, number of years	15 years
Planned battery energy storage system capacity	350
Construction work in progress | $				$ 466

Retirement of Generation Faci_3

Retirement of Generation Facilities (Narrative) (Details)	Mar. 31, 2023 power_plant MW generating_unit
Baldwin Generating Center [Member] | Sunset Segment [Member]
Electric generation facility capacity announced retirement	1,185
Coleto Creek Power Station [Member] | Sunset Segment [Member]
Electric generation facility capacity announced retirement	650
Number of electric generation plants announced retirement | generating_unit	1
Edwards Power Station [Member] | Asset Closure Segment [Member]
Electric generation facility capacity announced retirement	585
Joppa Steam Plant (Coal) [Member] | Asset Closure Segment [Member]
Electric generation facility capacity announced retirement	802
Joppa Plant (Natural Gas) [Member] | Asset Closure Segment [Member]
Electric generation facility capacity announced retirement	221
Number of electric generation plants announced retirement | power_plant	1
Kincaid Generation [Member] | Sunset Segment [Member]
Electric generation facility capacity announced retirement	1,108
Miami Fort Power Station [Member] | Sunset Segment [Member]
Electric generation facility capacity announced retirement	1,020
Newton Power Plant [Member] | Sunset Segment [Member]
Electric generation facility capacity announced retirement	615
William H. Zimmer Power Station [Member] | Asset Closure Segment [Member]
Electric generation facility capacity announced retirement	1,300
Baldwin Gen Center, Coleto Creek Power Station, Edwards, Joppa Steam Plant (Coal), Joppa Plant (NG), Kincaid Gen, Miami Fort Power Station, Newton Power Plant and William H. Zimmer Power Station
Electric generation facility capacity announced retirement	7,486

Revenue (Revenue Disaggregated

Revenue (Revenue Disaggregated By Major Source) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	$ 3,107	$ 3,461
Revenues	4,425	3,125
Unrealized net gain (loss) due to discontinuance of Normal Purchase and Normal Sale accounting	153
Retail energy charge in ERCOT [Member]
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	1,568	1,405
Retail energy charge in Northeast/Midwest [Member]
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	427	639
Wholesale generation revenue from ISO/RTO [Member]
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	530	916
Capacity revenue from ISO/RTO [Member]
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	27	43
Revenue from other wholesale contracts [Member]
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	555	458
Intangible amortization [Member]
Disaggregation of Revenue [Line Items]
Revenues	(3)	(2)
Transferable Production Tax Credit (PTC) revenues
Disaggregation of Revenue [Line Items]
Revenues	2
Hedging and other revenues [Member]
Disaggregation of Revenue [Line Items]
Revenues	1,319	(334)
Affiliate sales [Member]
Disaggregation of Revenue [Line Items]
Revenues	0	0
Total other revenues [Member]
Disaggregation of Revenue [Line Items]
Revenues	1,318	(336)
Operating revenues [Member]
Disaggregation of Revenue [Line Items]
Unrealized gain (loss) on derivatives	1,277	(358)
Eliminations
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	0	0
Revenues	(2,146)	1,401
Eliminations | Retail energy charge in ERCOT [Member]
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	0	0
Eliminations | Retail energy charge in Northeast/Midwest [Member]
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	0	0
Eliminations | Wholesale generation revenue from ISO/RTO [Member]
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	0	0
Eliminations | Capacity revenue from ISO/RTO [Member]
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	0	0
Eliminations | Revenue from other wholesale contracts [Member]
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	0	0
Eliminations | Intangible amortization [Member]
Disaggregation of Revenue [Line Items]
Revenues	0	0
Eliminations | Transferable Production Tax Credit (PTC) revenues
Disaggregation of Revenue [Line Items]
Revenues	0
Eliminations | Hedging and other revenues [Member]
Disaggregation of Revenue [Line Items]
Revenues	0	0
Eliminations | Affiliate sales [Member]
Disaggregation of Revenue [Line Items]
Revenues	(2,146)	1,401
Eliminations | Total other revenues [Member]
Disaggregation of Revenue [Line Items]
Revenues	(2,146)	1,401
Retail Segment [Member]
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	1,995	2,044
Revenues	2,350	1,825
Retail Segment [Member] | Retail energy charge in ERCOT [Member]
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	1,568	1,405
Retail Segment [Member] | Retail energy charge in Northeast/Midwest [Member]
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	427	639
Retail Segment [Member] | Wholesale generation revenue from ISO/RTO [Member]
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	0	0
Retail Segment [Member] | Capacity revenue from ISO/RTO [Member]
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	0	0
Retail Segment [Member] | Revenue from other wholesale contracts [Member]
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	0	0
Retail Segment [Member] | Intangible amortization [Member]
Disaggregation of Revenue [Line Items]
Revenues	(1)	0
Retail Segment [Member] | Transferable Production Tax Credit (PTC) revenues
Disaggregation of Revenue [Line Items]
Revenues	0
Retail Segment [Member] | Hedging and other revenues [Member]
Disaggregation of Revenue [Line Items]
Revenues	356	(219)
Retail Segment [Member] | Affiliate sales [Member]
Disaggregation of Revenue [Line Items]
Revenues	0	0
Retail Segment [Member] | Total other revenues [Member]
Disaggregation of Revenue [Line Items]
Revenues	355	(219)
Retail Segment [Member] | Operating revenues [Member]
Disaggregation of Revenue [Line Items]
Unrealized gain (loss) on derivatives	140	(369)
Texas Segment [Member]
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	157	271
Revenues	1,353	(1,095)
Texas Segment [Member] | Retail energy charge in ERCOT [Member]
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	0	0
Texas Segment [Member] | Retail energy charge in Northeast/Midwest [Member]
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	0	0
Texas Segment [Member] | Wholesale generation revenue from ISO/RTO [Member]
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	50	151
Texas Segment [Member] | Capacity revenue from ISO/RTO [Member]
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	0	0
Texas Segment [Member] | Revenue from other wholesale contracts [Member]
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	107	120
Texas Segment [Member] | Intangible amortization [Member]
Disaggregation of Revenue [Line Items]
Revenues	0	0
Texas Segment [Member] | Transferable Production Tax Credit (PTC) revenues
Disaggregation of Revenue [Line Items]
Revenues	2
Texas Segment [Member] | Hedging and other revenues [Member]
Disaggregation of Revenue [Line Items]
Revenues	112	0
Texas Segment [Member] | Affiliate sales [Member]
Disaggregation of Revenue [Line Items]
Revenues	1,082	(1,366)
Texas Segment [Member] | Total other revenues [Member]
Disaggregation of Revenue [Line Items]
Revenues	1,196	(1,366)
Texas Segment [Member] | Operating revenues [Member]
Disaggregation of Revenue [Line Items]
Unrealized gain (loss) on derivatives	368	(1,973)
Unrealized gain (loss) on derivatives affiliated	185	(2,011)
East Segment [Member]
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	559	639
Revenues	1,809	955
East Segment [Member] | Retail energy charge in ERCOT [Member]
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	0	0
East Segment [Member] | Retail energy charge in Northeast/Midwest [Member]
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	0	0
East Segment [Member] | Wholesale generation revenue from ISO/RTO [Member]
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	220	402
East Segment [Member] | Capacity revenue from ISO/RTO [Member]
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	8	(6)
Net capacity purchased	(34)	(136)
Net capacity sold	42	130
East Segment [Member] | Revenue from other wholesale contracts [Member]
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	331	243
East Segment [Member] | Intangible amortization [Member]
Disaggregation of Revenue [Line Items]
Revenues	(1)	0
East Segment [Member] | Transferable Production Tax Credit (PTC) revenues
Disaggregation of Revenue [Line Items]
Revenues	0
East Segment [Member] | Hedging and other revenues [Member]
Disaggregation of Revenue [Line Items]
Revenues	386	309
East Segment [Member] | Affiliate sales [Member]
Disaggregation of Revenue [Line Items]
Revenues	865	7
East Segment [Member] | Total other revenues [Member]
Disaggregation of Revenue [Line Items]
Revenues	1,250	316
East Segment [Member] | Operating revenues [Member]
Disaggregation of Revenue [Line Items]
Unrealized gain (loss) on derivatives	943	(200)
Unrealized gain (loss) on derivatives affiliated	394	(509)
West Segment [Member]
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	234	97
Revenues	231	72
West Segment [Member] | Retail energy charge in ERCOT [Member]
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	0	0
West Segment [Member] | Retail energy charge in Northeast/Midwest [Member]
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	0	0
West Segment [Member] | Wholesale generation revenue from ISO/RTO [Member]
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	193	58
West Segment [Member] | Capacity revenue from ISO/RTO [Member]
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	0	0
West Segment [Member] | Revenue from other wholesale contracts [Member]
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	41	39
West Segment [Member] | Intangible amortization [Member]
Disaggregation of Revenue [Line Items]
Revenues	0	0
West Segment [Member] | Transferable Production Tax Credit (PTC) revenues
Disaggregation of Revenue [Line Items]
Revenues	0
West Segment [Member] | Hedging and other revenues [Member]
Disaggregation of Revenue [Line Items]
Revenues	(7)	(28)
West Segment [Member] | Affiliate sales [Member]
Disaggregation of Revenue [Line Items]
Revenues	4	3
West Segment [Member] | Total other revenues [Member]
Disaggregation of Revenue [Line Items]
Revenues	(3)	(25)
West Segment [Member] | Operating revenues [Member]
Disaggregation of Revenue [Line Items]
Unrealized gain (loss) on derivatives	12	(47)
Sunset Segment [Member]
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	162	218
Revenues	828	(118)
Sunset Segment [Member] | Retail energy charge in ERCOT [Member]
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	0	0
Sunset Segment [Member] | Retail energy charge in Northeast/Midwest [Member]
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	0	0
Sunset Segment [Member] | Wholesale generation revenue from ISO/RTO [Member]
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	67	141
Sunset Segment [Member] | Capacity revenue from ISO/RTO [Member]
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	19	33
Net capacity purchased	(27)	(2)
Net capacity sold	46	35
Sunset Segment [Member] | Revenue from other wholesale contracts [Member]
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	76	44
Sunset Segment [Member] | Intangible amortization [Member]
Disaggregation of Revenue [Line Items]
Revenues	(1)	(2)
Sunset Segment [Member] | Transferable Production Tax Credit (PTC) revenues
Disaggregation of Revenue [Line Items]
Revenues	0
Sunset Segment [Member] | Hedging and other revenues [Member]
Disaggregation of Revenue [Line Items]
Revenues	472	(306)
Sunset Segment [Member] | Affiliate sales [Member]
Disaggregation of Revenue [Line Items]
Revenues	195	(28)
Sunset Segment [Member] | Total other revenues [Member]
Disaggregation of Revenue [Line Items]
Revenues	666	(336)
Sunset Segment [Member] | Operating revenues [Member]
Disaggregation of Revenue [Line Items]
Unrealized gain (loss) on derivatives	477	(386)
Unrealized gain (loss) on derivatives affiliated	103	(136)
Asset Closure Segment [Member]
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	0	192
Revenues	0	85
Asset Closure Segment [Member] | Retail energy charge in ERCOT [Member]
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	0	0
Asset Closure Segment [Member] | Retail energy charge in Northeast/Midwest [Member]
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	0	0
Asset Closure Segment [Member] | Wholesale generation revenue from ISO/RTO [Member]
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	0	164
Asset Closure Segment [Member] | Capacity revenue from ISO/RTO [Member]
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	0	16
Net capacity sold		16
Asset Closure Segment [Member] | Revenue from other wholesale contracts [Member]
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	0	12
Asset Closure Segment [Member] | Intangible amortization [Member]
Disaggregation of Revenue [Line Items]
Revenues	0	0
Asset Closure Segment [Member] | Transferable Production Tax Credit (PTC) revenues
Disaggregation of Revenue [Line Items]
Revenues	0
Asset Closure Segment [Member] | Hedging and other revenues [Member]
Disaggregation of Revenue [Line Items]
Revenues	0	(90)
Asset Closure Segment [Member] | Affiliate sales [Member]
Disaggregation of Revenue [Line Items]
Revenues	0	(17)
Asset Closure Segment [Member] | Total other revenues [Member]
Disaggregation of Revenue [Line Items]
Revenues	0	(107)
Asset Closure Segment [Member] | Operating revenues [Member]
Disaggregation of Revenue [Line Items]
Unrealized gain (loss) on derivatives	$ 17	(56)
Unrealized gain (loss) on derivatives affiliated		$ (17)

Revenue (Performance Obligation

Revenue (Performance Obligations) (Details) $ in Millions	Mar. 31, 2023 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-04-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, amount	$ 346
Revenue, remaining performance obligation, expected timing of satisfaction, period	9 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, amount	$ 382
Revenue, remaining performance obligation, expected timing of satisfaction, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, amount	$ 275
Revenue, remaining performance obligation, expected timing of satisfaction, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, amount	$ 167
Revenue, remaining performance obligation, expected timing of satisfaction, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, amount	$ 100
Revenue, remaining performance obligation, expected timing of satisfaction, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, amount	$ 672
Revenue, remaining performance obligation, expected timing of satisfaction, period	14 years

Revenue (Accounts Receivable) (

Revenue (Accounts Receivable) (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Trade accounts receivable — net	$ 1,464	$ 2,059
Trade accounts receivable from contracts with customers [Member]
Trade accounts receivable — net	1,152	1,644
Other trade accounts receivables [Member]
Trade accounts receivable — net	$ 312	$ 415

Goodwill and Identifiable Int_3

Goodwill and Identifiable Intangible Assets and Liabilities (Goodwill) (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Goodwill [Line Items]
Goodwill	$ 2,583	$ 2,583
Retail Reporting Unit [Member]
Goodwill [Line Items]
Goodwill	2,461	2,461
Goodwill, expected tax deductible amount	$ 1,944	$ 1,944
Business acquisition, goodwill, expected tax deductible term	15 years	15 years
Texas Generation Reporting Unit [Member]
Goodwill [Line Items]
Goodwill	$ 122	$ 122

Goodwill and Identifiable Int_4

Goodwill and Identifiable Intangible Assets and Liabilities (Identifiable Intangible Assets and Liabilities Reported in the Balance Sheet) (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Finite-Lived and Indefinite-Lived Intangible [Line Items]
Gross carrying amount	$ 2,891	$ 2,864
Accumulated amortization	2,292	2,247
Total identifiable intangible assets subject to amortization, net	599	617
Total identifiable intangible assets	1,940	1,958
Total identifiable intangible liabilities	139	140
Retail trade names (not subject to amortization) [Member]
Finite-Lived and Indefinite-Lived Intangible [Line Items]
Gross carrying amount, unamortized intangibles	1,341	1,341
Retail customer relationship [Member]
Finite-Lived and Indefinite-Lived Intangible [Line Items]
Gross carrying amount	2,088	2,088
Accumulated amortization	1,796	1,768
Total identifiable intangible assets subject to amortization, net	292	320
Software and other technology-related assets [Member]
Finite-Lived and Indefinite-Lived Intangible [Line Items]
Gross carrying amount	488	475
Accumulated amortization	271	258
Total identifiable intangible assets subject to amortization, net	217	217
Retail and wholesale contracts [Member]
Finite-Lived and Indefinite-Lived Intangible [Line Items]
Gross carrying amount	233	233
Accumulated amortization	212	209
Total identifiable intangible assets subject to amortization, net	21	24
Long Term Service Agreement (LTSA) [Member]
Finite-Lived and Indefinite-Lived Intangible [Line Items]
Gross carrying amount	18	18
Accumulated amortization	4	4
Total identifiable intangible assets subject to amortization, net	14	14
Total identifiable intangible liabilities	128	128
Other identifiable intangible assets [Member]
Finite-Lived and Indefinite-Lived Intangible [Line Items]
Gross carrying amount	64	50
Accumulated amortization	9	8
Total identifiable intangible assets subject to amortization, net	55	42
Fuel and transportation purchase contracts [Member]
Finite-Lived and Indefinite-Lived Intangible [Line Items]
Total identifiable intangible liabilities	9	9
Other identifiable intangible liabilities [Member]
Finite-Lived and Indefinite-Lived Intangible [Line Items]
Total identifiable intangible liabilities	$ 2	$ 3

Goodwill and Identifiable Int_5

Goodwill and Identifiable Intangible Assets and Liabilities (Amortization Expense Related to Identifiable Intangible Assets and Liabilities) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Finite-Lived Intangible Assets and Liabilities [Line Items]
Amortization of intangible assets and liabilities	$ 131	$ 142
Depreciation and amortization [Member]
Finite-Lived Intangible Assets and Liabilities [Line Items]
Amortization of intangible assets and liabilities	43	52
Retail customer relationship [Member] | Depreciation and amortization [Member]
Finite-Lived Intangible Assets and Liabilities [Line Items]
Amortization of intangible assets and liabilities	28	34
Software and other technology-related assets [Member] | Depreciation and amortization [Member]
Finite-Lived Intangible Assets and Liabilities [Line Items]
Amortization of intangible assets and liabilities	15	17
Retail and wholesale contracts/purchase and sale/ fuel and transportation contracts [Member] | Operating revenues, fuel, purchased power costs and delivery fees [Member]
Finite-Lived Intangible Assets and Liabilities [Line Items]
Amortization of intangible assets and liabilities	2	2
Other identifiable intangible assets [Member] | Fuel, purchased power costs and delivery fees [Member]
Finite-Lived Intangible Assets and Liabilities [Line Items]
Amortization of intangible assets and liabilities	$ 86	$ 89

Goodwill and Identifiable Int_6

Goodwill and Identifiable Intangible Assets and Liabilities (Estimated Amortization of Identifiable Intangible Assets and Liabilities) (Details) $ in Millions	Mar. 31, 2023 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2023	$ 161
2024	112
2025	84
2026	61
2027	$ 37

Income Taxes (Calculation of Ef

Income Taxes (Calculation of Effective Tax Rate) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Effective Income Tax Rate Reconciliation, Amount [Abstract]
Income (loss) before income taxes	$ 876	$ (375)
Income tax (expense) benefit	$ (178)	$ 91
Effective tax rate	20.30%	24.30%
Effective tax rate at federal statutory rate	21%	21%

Income Taxes (Inflation Reducti

Income Taxes (Inflation Reduction Act of 2022) (Details) - Domestic Tax Authority $ in Millions	3 Months Ended
	Mar. 31, 2023 USD ($)
Inflation Reduction Act of 2022, alternative minimum tax on book income of certain large corporations	15%
Inflation Reduction Act of 2022, excise tax on net stock repurchases	1%
Inflation Reduction Act of 2022, alternative minimum tax on book income of certain large corporations, three-year average annual adjusted financial statement income minimum threshold	$ 1,000

Income Taxes (Uncertain Tax Pos

Income Taxes (Uncertain Tax Positions) (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Unrecognized tax benefits	$ 35	$ 36

Tax Receivable Agreement Obli_3

Tax Receivable Agreement Obligation (Narrative) (Details) $ in Millions	1 Months Ended	3 Months Ended
	Apr. 30, 2016 facility	Mar. 31, 2023 USD ($)	Mar. 31, 2022 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Income Tax Disclosure [Abstract]
Percent of cash tax savings due Tax Receivable Agreement rights holders		85%
Number of facilities (in facilities) | facility	2
TRA obligation at the end of the period		$ 587	$ 476	$ 522	$ 395
Effective tax rate at federal statutory rate		21%	21%
Estimated undiscounted future payments under Tax Receivable Agreement		$ 1,400
Estimated future gas payments under Tax Receivables Agreement, number of years half undiscounted future payments to be made		15 years
Tax Receivable Agreement, basis points		10,000%

Tax Receivable Agreement Obli_4

Tax Receivable Agreement Obligation (Summary of Tax Receivable Agreement Obligation) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Income Tax Disclosure [Abstract]
TRA obligation at the beginning of the period	$ 522	$ 395
Accretion expense	20	15
Changes in tax assumption impacting timing of payments	45	66
Impacts of Tax Receivable Agreement	65	81
TRA obligation at the end of the period	587	476	$ 522
Less amounts due currently	(9)	(1)
Noncurrent TRA obligation at the end of the period	$ 578	$ 475	$ 514

Earnings Per Share (Earnings Pe

Earnings Per Share (Earnings Per Share) (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Net income (loss) attributable to Vistra	$ 699	$ (285)
Less cumulative dividends attributable to preferred stock	38	38
Net income (loss) attributable to common stock - basic	$ 661	$ (323)
Weighted average shares of common stock outstanding - basic	383,631,369	451,603,354
Income (loss) per weighted average share of common stock outstanding - basic	$ 1.72	$ (0.72)
Dilutive securities - stock-based incentive compensation plan	3,922,010	0
Weighted average shares of common stock outstanding - diluted	387,553,379	451,603,354
Income (loss) per weighted average share of common stock outstanding - diluted	$ 1.71	$ (0.72)
Antidilutive securities excluded from computation of earnings per share	3,859,165	9,776,484
Series A Preferred Stock
Less cumulative dividends attributable to preferred stock	$ 20	$ 20
Series B Preferred Stock
Less cumulative dividends attributable to preferred stock	$ 18	$ 18

Accounts Receivable Financing (

Accounts Receivable Financing (Details) - USD ($)	1 Months Ended
	Jul. 31, 2022	Mar. 31, 2023	Dec. 31, 2022	Nov. 30, 2022	Aug. 31, 2022
Short-term Debt [Line Items]
Accounts receivable securitization program, amounts borrowed		$ 600,000,000	$ 425,000,000
Accounts Receivable Securitization Program
Short-term Debt [Line Items]
Accounts receivable securitization program, amounts borrowed		600,000,000	425,000,000
Accounts receivable securitization program, gross trade accounts receivable held by special purpose subsidiary		842,000,000	1,013,000,000
Accounts Receivable Securitization Program, maximum borrowing capacity, July through August 2022	$ 625,000,000
Accounts Receivable Securitization, maximum borrowing capacity, August through November 2022					$ 750,000,000
Accounts Receivable Securitization Program, maximum borrowing capacity, November through December 2022				$ 625,000,000
Accounts Receivable Securitization Program, maximum borrowing capacity, December through July 2023			600,000,000
Accounts Receivable Securitization Program, maximum borrowing capacity, increase (decrease)	25,000,000
Repurchase Facility
Short-term Debt [Line Items]
Accounts receivable repurchase facility, maximum borrowing capacity	$ 125,000,000
Accounts receivable repurchase facility, amounts borrowed		$ 0	$ 0

Long-Term Debt (Long-Term Debt)

Long-Term Debt (Long-Term Debt) (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Long-term debt, including amounts due currently	$ 11,968	$ 11,971
Other long-term debt	79	79
Unamortized debt premiums, discounts and issuance costs	(68)	(72)
Less amounts due currently	(38)	(38)
Total long-term debt less amounts due currently	11,930	11,933
Short-term borrowings	0	650
Line of Credit | Vistra Operations Credit Facility [Member]
Debt Instrument [Line Items]
Long-term debt, including amounts due currently	2,507	2,514
Vistra Operations Senior Secured Notes [Member]
Debt Instrument [Line Items]
Long-term debt, including amounts due currently	$ 4,600	4,600
Vistra Operations Senior Secured Notes [Member] | 4.875% Senior Secured Notes Due 2024 [Member]
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	4.875%
Long-term debt, including amounts due currently	$ 400	400
Vistra Operations Senior Secured Notes [Member] | 3.550% Senior Secured Notes Due 2024 [Member]
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	3.55%
Long-term debt, including amounts due currently	$ 1,500	1,500
Vistra Operations Senior Secured Notes [Member] | 5.125% Senior Secured Notes Due 2025 [Member]
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	5.125%
Long-term debt, including amounts due currently	$ 1,100	1,100
Vistra Operations Senior Secured Notes [Member] | 3.700% Senior Secured Notes Due 2027 [Member]
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	3.70%
Long-term debt, including amounts due currently	$ 800	800
Vistra Operations Senior Secured Notes [Member] | 4.300% Senior Secured Notes Due 2029 [Member]
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	4.30%
Long-term debt, including amounts due currently	$ 800	800
Vistra Operations Senior Unsecured Notes [Member]
Debt Instrument [Line Items]
Long-term debt, including amounts due currently	$ 4,850	4,850
Vistra Operations Senior Unsecured Notes [Member] | 5.50% Senior Unsecured Notes Due 2026 [Member]
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	5.50%
Long-term debt, including amounts due currently	$ 1,000	1,000
Vistra Operations Senior Unsecured Notes [Member] | 5.625% Senior Unsecured Notes Due 2027 [Member]
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	5.625%
Long-term debt, including amounts due currently	$ 1,300	1,300
Vistra Operations Senior Unsecured Notes [Member] | 5.000% Senior Unsecured Notes due 2027 [Member]
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	5%
Long-term debt, including amounts due currently	$ 1,300	1,300
Vistra Operations Senior Unsecured Notes [Member] | 4.375% Senior Unsecured Notes Due 2029
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	4.375%
Long-term debt, including amounts due currently	$ 1,250	1,250
Unsecured Debt [Member] | Equipment Financing Agreements [Member]
Debt Instrument [Line Items]
Long-term debt, including amounts due currently	$ 79	$ 79

Long-Term Debt (Vistra Operatio

Long-Term Debt (Vistra Operations Credit Facilities and Commodity-Linked Revolving Credit Facility) (Details) - Vistra Operations Company LLC - USD ($) $ in Millions	1 Months Ended			3 Months Ended
	Dec. 31, 2022	Jul. 31, 2022	May 31, 2022	Mar. 31, 2023	Oct. 21, 2022	Jul. 18, 2022	Jun. 09, 2022	May 05, 2022	Apr. 29, 2022	Feb. 04, 2022
Line of Credit Facility [Line Items]
Line of credit facility, maximum borrowing capacity				$ 7,232
Line of credit facility, borrowings outstanding				2,507
Line of credit facility, letters of credit outstanding				1,383
Line of credit facility, remaining borrowing capacity				2,161
Line of Credit
Line of Credit Facility [Line Items]
Line of credit facility, maximum borrowing capacity				5,882
Line of credit facility, borrowings outstanding				2,507
Line of credit facility, letters of credit outstanding				1,383
Line of credit facility, remaining borrowing capacity				$ 1,992
Collateral suspension provision effective date, grace period, number of days				60 days
Line of Credit | Senior Secured Revolving Credit Facility [Member]
Line of Credit Facility [Line Items]
Line of credit facility, maximum borrowing capacity				$ 3,375
Debt covenant, outstanding borrowings to outstanding commitments threshold, amount of letters of credit excluded				$ 300
Debt covenant, outstanding borrowings to outstanding commitments threshold, percent				30%
Line of Credit | Senior Secured Revolving Credit Facility [Member] | Maximum
Line of Credit Facility [Line Items]
Debt covenant, net first lien debt to EBITDA threshold				4.25
Debt covenant, net leverage ratio threshold, collateral suspension period				5.50
Line of Credit | Senior Secured Extended Revolving Credit Facility
Line of Credit Facility [Line Items]
Line of credit facility, maximum borrowing capacity				$ 3,175		$ 725			$ 2,800
Line of credit facility, borrowings outstanding				0
Line of credit facility, letters of credit outstanding				1,301
Line of credit facility, remaining borrowing capacity				$ 1,874
Line of Credit Facility, partial termination provision		$ 350
Line of credit facility, increase (decrease), net	$ 350
Debt instrument, interest rate, stated percentage				1.75%
Line of Credit | Senior Secured Extended Revolving Credit Facility | Minimum
Line of Credit Facility [Line Items]
Debt instrument, basis spread on variable rate				1.25%
Debt instrument, fee on undrawn amounts				17.5
Line of Credit | Senior Secured Extended Revolving Credit Facility | Maximum
Line of Credit Facility [Line Items]
Debt instrument, basis spread on variable rate				2%
Debt instrument, fee on undrawn amounts				35
Line of Credit | Senior Secured Non-Extended Revolving Credit Facility
Line of Credit Facility [Line Items]
Line of credit facility, maximum borrowing capacity				$ 200
Line of credit facility, borrowings outstanding				0
Line of credit facility, letters of credit outstanding				82
Line of credit facility, remaining borrowing capacity				$ 118
Debt instrument, basis spread on variable rate				1.75%
Debt instrument, interest rate, stated percentage				1.75%
Line of Credit | Senior Secured Term Loan B-3 Facility [Member]
Line of Credit Facility [Line Items]
Line of credit facility, maximum borrowing capacity				$ 2,507
Line of credit facility, borrowings outstanding				2,507
Line of credit facility, letters of credit outstanding				0
Line of credit facility, remaining borrowing capacity				$ 0
Line of credit facility percentage of debt required to be repaid annually				1%
Debt instrument, basis spread on variable rate				1.75%
Line of credit facility, interest rate at period end				6.56%
Line of Credit | Senior Secured Revolving Credit Facility Letter Of Credit Sub-Facility [Member]
Line of Credit Facility [Line Items]
Line of credit facility, maximum borrowing capacity						$ 3,245
Revolving Credit Facility [Member] | Senior Secured Commodity-Linked Revolving Credit Facility
Line of Credit Facility [Line Items]
Line of credit facility, maximum borrowing capacity				$ 1,350	$ 1,350		$ 2,250	$ 2,000		$ 1,000
Line of credit facility, borrowings outstanding				0
Line of credit facility, letters of credit outstanding				0
Line of credit facility, remaining borrowing capacity				$ 169
Line of credit facility, increase (decrease) in potential borrowing capacity, subject to ability to obtain additional commitments			$ 1,000
Revolving Credit Facility [Member] | Senior Secured Commodity-Linked Revolving Credit Facility | Maximum
Line of Credit Facility [Line Items]
Line of credit facility, potential borrowing capacity, subject to ability to obtain additional commitments								$ 3,000

Long-Term Debt (Interest Rate S

Long-Term Debt (Interest Rate Swaps) (Details) $ in Millions	Mar. 31, 2023 USD ($)
Long-term debt, amount of variable interest debt hedged	$ 2,300
Interest Rate Swap, Swapped To Fixed, Effective Through July 2023 [Member]
Derivative, notional amount	3,000
Interest Rate Swap, Swapped To Variable, Effective Through July 2023 [Member]
Derivative, notional amount	700
Interest Rate Swap, Swapped To Fixed, Legacy Swap Effective Through February 2024 [Member]
Derivative, notional amount	720
Interest Rate Swap, Swapped To Variable, Legacy Swap Effective Through February 2024 [Member]
Derivative, notional amount	720
Interest Rate Swap, Swapped To Fixed, Effective From July 2023 To July 2026 [Member]
Derivative, notional amount	3,000
Interest Rate Swap, Swapped To Variable, Effective From July 2023 To July 2026 [Member]
Derivative, notional amount	700
Interest Rate Swap, Swapped To Fixed, Effective From December 2023 To December 2030
Derivative, notional amount	$ 750
Effective interest rate, debt based on derivative contracts	3.16%
Interest Rate Swap, Swapped To Variable [Member]
Derivative, notional amount	$ 2,120
Minimum | Interest Rate Swap, Swapped To Fixed, Effective Through July 2023 [Member]
Effective interest rate, debt based on derivative contracts	3.67%
Minimum | Interest Rate Swap, Swapped To Variable, Effective Through July 2023 [Member]
Effective interest rate, debt based on derivative contracts	3.20%
Minimum | Interest Rate Swap, Swapped To Fixed, Legacy Swap Effective Through February 2024 [Member]
Effective interest rate, debt based on derivative contracts	3.71%
Minimum | Interest Rate Swap, Swapped To Variable, Legacy Swap Effective Through February 2024 [Member]
Effective interest rate, debt based on derivative contracts	3.20%
Minimum | Interest Rate Swap, Swapped To Fixed, Effective From July 2023 To July 2026 [Member]
Effective interest rate, debt based on derivative contracts	4.72%
Minimum | Interest Rate Swap, Swapped To Variable, Effective From July 2023 To July 2026 [Member]
Effective interest rate, debt based on derivative contracts	3.28%
Minimum | Interest Rate Swap, Swapped To Fixed, Effective From December 2023 To December 2030
Effective interest rate, debt based on derivative contracts	3.16%
Maximum | Interest Rate Swap, Swapped To Fixed, Effective Through July 2023 [Member]
Effective interest rate, debt based on derivative contracts	3.91%
Maximum | Interest Rate Swap, Swapped To Variable, Effective Through July 2023 [Member]
Effective interest rate, debt based on derivative contracts	3.23%
Maximum | Interest Rate Swap, Swapped To Fixed, Legacy Swap Effective Through February 2024 [Member]
Effective interest rate, debt based on derivative contracts	3.72%
Maximum | Interest Rate Swap, Swapped To Variable, Legacy Swap Effective Through February 2024 [Member]
Effective interest rate, debt based on derivative contracts	3.20%
Maximum | Interest Rate Swap, Swapped To Fixed, Effective From July 2023 To July 2026 [Member]
Effective interest rate, debt based on derivative contracts	4.79%
Maximum | Interest Rate Swap, Swapped To Variable, Effective From July 2023 To July 2026 [Member]
Effective interest rate, debt based on derivative contracts	3.33%
Maximum | Interest Rate Swap, Swapped To Fixed, Effective From December 2023 To December 2030
Effective interest rate, debt based on derivative contracts	3.17%

Long-Term Debt (Vistra Operat_2

Long-Term Debt (Vistra Operations Senior Secured Notes) (Details) - Vistra Operations Senior Secured Notes [Member] $ in Millions	3 Months Ended	51 Months Ended
	Mar. 31, 2023 USD ($)	Mar. 31, 2023 USD ($)
Debt Instrument [Line Items]
Proceeds from issuance of senior long-term debt	$ 1,500	$ 4,600
Proceeds from debt, net of issuance costs	1,485
4.875% Senior Secured Notes Due 2024 [Member]
Debt Instrument [Line Items]
Proceeds from issuance of senior long-term debt	$ 400
Debt instrument, interest rate, stated percentage	4.875%	4.875%
5.125% Senior Secured Notes Due 2025 [Member]
Debt Instrument [Line Items]
Proceeds from issuance of senior long-term debt	$ 1,100
Debt instrument, interest rate, stated percentage	5.125%	5.125%
3.550% Senior Secured Notes Due 2024 [Member]
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	3.55%	3.55%
3.700% Senior Secured Notes Due 2027 [Member]
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	3.70%	3.70%
4.300% Senior Secured Notes Due 2029 [Member]
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	4.30%	4.30%

Long-Term Debt (Vistra Operat_3

Long-Term Debt (Vistra Operations Senior Unsecured Notes) (Details) - Vistra Operations Senior Unsecured Notes [Member] $ in Millions	63 Months Ended
	Mar. 31, 2023 USD ($)
Proceeds from issuance of unsecured debt	$ 4,850
5.50% Senior Unsecured Notes Due 2026 [Member]
Debt instrument, interest rate, stated percentage	5.50%
5.625% Senior Unsecured Notes Due 2027 [Member]
Debt instrument, interest rate, stated percentage	5.625%
5.000% Senior Unsecured Notes due 2027 [Member]
Debt instrument, interest rate, stated percentage	5%
4.375% Senior Unsecured Notes Due 2029
Debt instrument, interest rate, stated percentage	4.375%

Long-Term Debt (Other Long-Term

Long-Term Debt (Other Long-Term Debt) (Details) $ in Millions	6 Months Ended	19 Months Ended
	Mar. 31, 2023 USD ($)	Sep. 30, 2022 USD ($)	Oct. 31, 2022 USD ($)	Mar. 31, 2021 USD ($)
Bond Repurchase Program Authorized March 2021 [Member]
Bond Repurchase Program, authorized amount		$ 1,800
Repayment/repurchases of debt		$ 0
Bond Repurchase Program Authorized October 2022 [Member]
Bond Repurchase Program, authorized amount			$ 1,800
Repayment/repurchases of debt	$ 0
Secured Debt [Member] | Forward Capacity Agreement [Member] | PJM Capacity Sold For Planning Years 2021-2022 [Member]
Forward Capacity Agreement, future capacity receipts sold				$ 515
Vistra Operations Company LLC | Letter of Credit [Member] | Secured Letter of Credit Facilities [Member]
Letters of credit outstanding	$ 780
Vistra Operations Company LLC | Letter of Credit [Member] | Secured Letter of Credit Facilities [Member] | Maximum
Debt covenant, net first lien debt to EBITDA threshold	4.25
Debt covenant, net leverage ratio threshold, collateral suspension period	5.50

Long-Term Debt (Maturities) (De

Long-Term Debt (Maturities) (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Debt Disclosure [Abstract]
Remainder of 2023	$ 33
2024	1,940
2025	3,567
2026	1,006
2027	3,402
Thereafter	2,088
Unamortized premiums, discounts and debt issuance costs	(68)
Total long-term debt, including amounts due currently	$ 11,968	$ 11,971

Commitment and Contingencies (G

Commitment and Contingencies (Guarantees, Letters of Credit and Surety Bonds) (Details) - Vistra Operations Company LLC $ in Millions	Mar. 31, 2023 USD ($)
Letters of Credit [Member]
Commitments and Contingencies [Line Items]
Letters of credit outstanding	$ 2,163
Letters of Credit [Member] | Support risk management and trading margin requirements, including over the counter hedging transactions and collateral postings with independent system operators and regional transmission organizations [Member]
Commitments and Contingencies [Line Items]
Letters of credit outstanding	1,826
Letters of Credit [Member] | Support battery and solar development projects [Member]
Commitments and Contingencies [Line Items]
Letters of credit outstanding	177
Letters of Credit [Member] | Support executory contracts and insurance agreements [Member]
Commitments and Contingencies [Line Items]
Letters of credit outstanding	27
Letters of Credit [Member] | Support retail electric provider's financial requirements with the Public Utility Commission of Texas [Member]
Commitments and Contingencies [Line Items]
Letters of credit outstanding	87
Letters of Credit [Member] | Miscellaneous credit support requirements [Member]
Commitments and Contingencies [Line Items]
Letters of credit outstanding	46
Surety Bonds [Member]
Commitments and Contingencies [Line Items]
Surety bonds outstanding	$ 933

Commitments and Contingencies (

Commitments and Contingencies (Litigation, Regulatory and Environmental Proceedings) (Details) $ in Millions	1 Months Ended			3 Months Ended	12 Months Ended
	Jul. 31, 2022 numberOfApplications	Jan. 31, 2022 numberOfApplications	Feb. 28, 2021 USD ($)	Mar. 31, 2023 numberOfApplications Businesses claimant power_plant	Dec. 31, 2023 numberOfApplications	Dec. 31, 2022 USD ($)	Sep. 30, 2022 USD ($)	Mar. 31, 2021 USD ($)
Commitments and Contingencies [Line Items]
Loss Contingency, number of plaintiffs | claimant				100
Demand Report Submission Period				90 days
Coleto Creek Power Station [Member] | Maximum
Commitments and Contingencies [Line Items]
Clean Air Act, Regional Haze Program, Best Available Retrofit Technology Alternative, Sulfur Dioxide Emissions, number of years remaining before generation unit is subject to program				5
Martin Lake Steam Electric Station | Maximum
Commitments and Contingencies [Line Items]
Clean Air Act, Regional Haze Program, Best Available Retrofit Technology Alternative, Sulfur Dioxide Emissions, number of years remaining before generation unit is subject to program				3
Gas Index Pricing Litigation [Member] | Wisconsin
Commitments and Contingencies [Line Items]
Loss contingency, pending claims, number				1
MISO 2015-2016 Planning Resource Auction [Member]
Commitments and Contingencies [Line Items]
Loss contingency, pending claims, number				3
Vermilion Facility Old East And North Sites [Member]
Commitments and Contingencies [Line Items]
Site contingency, number of sites with regulatory violations				2
United States Environmental Protection Agency [Member]
Commitments and Contingencies [Line Items]
Cross-State Air Pollution Rule, states revised rule applied beginning 2023 ozone season, number				22
Clean Air Act, Regional Haze Program, Best Available Retrofit Technology Alternative, Sulfur Dioxide Emissions, number of units in Texas subject to rule, total				39
Clean Air Act, Regional Haze Program, Best Available Retrofit Technology Alternative, Sulfur Dioxide Emissions, number of electricity generation units in Texas subject to Program | power_plant				6
Utility Solid Waste Activities Group, member entities, number | Businesses				130
Illinois Environmental Protection Agency [Member]
Commitments and Contingencies [Line Items]
Coal Combustion Residuals, rules for closure of coal ash ponds in Illinois, number of operating permit applications filed | numberOfApplications				18
Coal Combustion Residuals, rules for closure of coal ash ponds In Illinois, number of construction permit application filed | numberOfApplications	5	3
Illinois Environmental Protection Agency [Member] | Forecast
Commitments and Contingencies [Line Items]
Coal Combustion Residuals, rules for closure of coal ash ponds In Illinois, number of construction permit application filed | numberOfApplications					1
Dynegy Inc. [Member] | MISO 2015-2016 Planning Resource Auction [Member]
Commitments and Contingencies [Line Items]
Loss contingency, pending claims, number				1
Electric Reliability Council of Texas [Member] | Brazos Electric Cooperative Inc.
Commitments and Contingencies [Line Items]
ISO Claim for Recovery from Nonaffiliated Counterparty in Bankruptcy | $						$ 1,900
Electric Reliability Council of Texas [Member] | Winter Storm Uri
Commitments and Contingencies [Line Items]
ISO Short-Paid by Nonaffiliated Companies, total | $			$ 2,900
Electric Reliability Council of Texas [Member] | Winter Storm Uri | Default Uplift Liability
Commitments and Contingencies [Line Items]
Liability from Catastrophes, Default Uplift, noncurrent | $							$ 124	$ 189

Equity (Narrative) (Details)

Equity (Narrative) (Details) - $ / shares	Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2022	Dec. 31, 2021	Apr. 09, 2018
Warrants
Class of Warrant or Right, exercise price of warrants or rights	$ 34				$ 35
Class of Warrant or Right, number of securities called by each warrant or right					0.652
Class of Warrant or Right, effective exercise price of warrants or rights	$ 52.15				$ 53.68
Class of Warrant or Right, outstanding	9,000,000
Shares of Common and Preferred Stock Authorized and Outstanding
Preferred stock, shares authorized	100,000,000		100,000,000
Common stock, shares authorized	1,800,000,000		1,800,000,000
Common stock, shares, outstanding	378,648,599	389,754,870	438,694,982	469,072,597
Treasury stock, held in treasury	160,425,501	147,424,202	95,887,643	63,856,879
Series A Preferred Stock
Shares of Common and Preferred Stock Authorized and Outstanding
Preferred stock, shares outstanding	1,000,000	1,000,000	1,000,000	1,000,000
Series B Preferred Stock
Shares of Common and Preferred Stock Authorized and Outstanding
Preferred stock, shares outstanding	1,000,000	1,000,000	1,000,000	1,000,000

Equity (Share Repurchase Progra

Equity (Share Repurchase Program) (Details) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended	3 Months Ended		4 Months Ended
	May 04, 2023	Mar. 31, 2023	Mar. 31, 2022	May 04, 2023
Treasury stock, value, acquired, cost method		$ 311	$ 612
Share Repurchase Program approved by the Board of Directors in October 2021
Stock Repurchase Program, authorized amount		2,000
Incremental Share Repurchase Program Approved by the Board of Directors in August 2022
Stock Repurchase Program, authorized amount		1,250
Incremental Share Repurchase Program Approved by the Board of Directors in March 2023
Stock Repurchase Program, authorized amount		1,000
Share Repurchase Program Approved by the Board of Directors in October 2021, August 2022 and March 2023
Stock Repurchase Program, authorized amount		$ 4,250
Treasury stock, shares, acquired		13,308,465
Treasury stock acquired, average cost per share		$ 23.11
Treasury stock, value, acquired, cost method		$ 308
Stock Repurchase Program, remaining authorized repurchase amount		$ 1,697
Treasury stock, shares, acquired, accrued		385,253
Treasury stock, value, acquired, accrued, cost method		$ 9
Subsequent Event | Share Repurchase Program Approved by the Board of Directors in October 2021, August 2022 and March 2023
Treasury stock, shares, acquired	5,555,721			18,864,186
Treasury stock acquired, average cost per share	$ 24.04			$ 23.38
Treasury stock, value, acquired, cost method	$ 133			$ 441
Stock Repurchase Program, remaining authorized repurchase amount	$ 1,564			$ 1,564

Equity (Dividends and Dividend

Equity (Dividends and Dividend Restrictions) (Details) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended									3 Months Ended
	Jun. 30, 2023	Apr. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Oct. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Apr. 30, 2022	Mar. 31, 2022	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2021
Common stock, dividends, per share, cash paid			$ 0.1975	$ 0.193		$ 0.184	$ 0.177		$ 0.170
Series A Preferred Stock
Preferred stock, shares outstanding			1,000,000	1,000,000					1,000,000	1,000,000	1,000,000	1,000,000
Preferred sock, dividend rate, percentage										8%
Preferred stock, dividend rate, first reset date and thereafter, rate floor, percentage										1.07%
Preferred stock, dividend rate, first reset date, basis spread on variable rate										6.93%
Preferred stock, liquidation preference per share			$ 1,000							$ 1,000
Preferred stock, dividends per share, paid					$ 40			$ 40
Series B Preferred Stock
Preferred stock, shares outstanding			1,000,000	1,000,000					1,000,000	1,000,000	1,000,000	1,000,000
Preferred sock, dividend rate, percentage										7%
Preferred stock, dividend rate, first reset date and thereafter, rate floor, percentage										1.26%
Preferred stock, dividend rate, first reset date, basis spread on variable rate										5.74%
Preferred stock, liquidation preference per share			$ 1,000							$ 1,000
Preferred stock, dividends per share, paid				$ 35			$ 35.97
Vistra Operations Company LLC | Vistra Corp.
Maximum allowable distribution to Parent Company by consolidated subsidiary without consent			$ 4,400							$ 4,400
Dividends paid										$ 350	$ 600
Subsequent Event
Common stock, dividends, per share, declared	$ 0.204
Subsequent Event | Series A Preferred Stock
Preferred stock, dividends per share, paid		$ 40
Subsequent Event | Series B Preferred Stock
Preferred stock, dividends per share, declared	$ 35

Equity (Changes to Equity) (Det

Equity (Changes to Equity) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at beginning of period	$ 4,918	$ 8,292
Stock repurchase	(311)	(612)
Dividends declared on common stock	(77)	(77)
Dividends declared on preferred stock	(37)	(37)
Effects of stock-based incentive compensation plans	24	18
Net income (loss)	698	(284)
Change in accumulated other comprehensive income (loss)	1
Other		2
Balance at end of period	5,216	7,302
Preferred Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at beginning of period	2,000	2,000
Balance at end of period	2,000	2,000
Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at beginning of period	5	5
Balance at end of period	5	5
Treasury Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at beginning of period	(3,395)	(1,558)
Stock repurchase	(311)	(612)
Balance at end of period	(3,706)	(2,170)
Additional Paid-in Capital
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at beginning of period	9,928	9,824
Effects of stock-based incentive compensation plans	24	18
Other		2
Balance at end of period	9,952	9,844
Retained Earnings (Deficit)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at beginning of period	(3,643)	(1,964)
Dividends declared on common stock	(77)	(77)
Dividends declared on preferred stock	(37)	(37)
Net income (loss)	699	(285)
Other		0
Balance at end of period	(3,058)	(2,363)
Accumulated Other Comprehensive Income (Loss)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at beginning of period	7	(16)
Change in accumulated other comprehensive income (loss)	1
Balance at end of period	8	(16)
Total Stockholders' Equity
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at beginning of period	4,902	8,291
Stock repurchase	(311)	(612)
Dividends declared on common stock	(77)	(77)
Dividends declared on preferred stock	(37)	(37)
Effects of stock-based incentive compensation plans	24	18
Net income (loss)	699	(285)
Change in accumulated other comprehensive income (loss)	1
Other		2
Balance at end of period	5,201	7,300
Noncontrolling Interest
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at beginning of period	16	1
Net income (loss)	(1)	1
Other		0
Balance at end of period	$ 15	$ 2

Fair Value Measurements (Assets

Fair Value Measurements (Assets and Liabilities Measured at Fair Value on a Recurring Basis) (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Assets:
Nuclear decommissioning trust, fair value	$ 1,750	$ 1,648
Equity securities [Member]
Assets:
Nuclear decommissioning trust, fair value	1,063	990
Debt securities [Member]
Assets:
Nuclear decommissioning trust, fair value	687	658
Fair Value, Recurring [Member]
Assets:
Sub-total	51	13
Liabilities:
Total liabilities	51	13
Fair Value, Recurring [Member] | Equity securities [Member]
Assets:
Assets measured at net asset value	492	458
Fair Value, Recurring [Member] | Commodity contracts [Member]
Assets:
Derivative Assets	49	13
Liabilities:
Derivative Liabilities	49	13
Fair Value, Recurring [Member] | Interest rate swap [Member]
Assets:
Derivative Assets	2	0
Liabilities:
Derivative Liabilities	2	0
Fair Value, Recurring [Member] | Total [Member]
Assets:
Sub-total	6,610	6,430
Total assets	7,102	6,888
Liabilities:
Total liabilities	7,440	8,336
Fair Value, Recurring [Member] | Total [Member] | Equity securities [Member]
Assets:
Nuclear decommissioning trust, fair value	571	532
Fair Value, Recurring [Member] | Total [Member] | Debt securities [Member]
Assets:
Nuclear decommissioning trust, fair value	687	658
Fair Value, Recurring [Member] | Total [Member] | Commodity contracts [Member]
Assets:
Derivative Assets	5,263	5,105
Liabilities:
Derivative Liabilities	7,362	8,253
Fair Value, Recurring [Member] | Total [Member] | Interest rate swap [Member]
Assets:
Derivative Assets	89	135
Liabilities:
Derivative Liabilities	78	83
Level 1 [Member] | Fair Value, Recurring [Member]
Assets:
Sub-total	4,209	4,044
Liabilities:
Total liabilities	4,803	5,297
Level 1 [Member] | Fair Value, Recurring [Member] | Equity securities [Member]
Assets:
Nuclear decommissioning trust, fair value	571	532
Level 1 [Member] | Fair Value, Recurring [Member] | Commodity contracts [Member]
Assets:
Derivative Assets	3,638	3,512
Liabilities:
Derivative Liabilities	4,803	5,297
Level 2 [Member] | Fair Value, Recurring [Member]
Assets:
Sub-total	1,571	1,582
Liabilities:
Total liabilities	582	1,016
Level 2 [Member] | Fair Value, Recurring [Member] | Debt securities [Member]
Assets:
Nuclear decommissioning trust, fair value	687	658
Level 2 [Member] | Fair Value, Recurring [Member] | Commodity contracts [Member]
Assets:
Derivative Assets	797	789
Liabilities:
Derivative Liabilities	506	933
Level 2 [Member] | Fair Value, Recurring [Member] | Interest rate swap [Member]
Assets:
Derivative Assets	87	135
Liabilities:
Derivative Liabilities	76	83
Level 3 [Member]
Assets:
Sub-total	779	791
Liabilities:
Total liabilities	2,004	2,010
Level 3 [Member] | Fair Value, Recurring [Member]
Assets:
Sub-total	779	791
Liabilities:
Total liabilities	2,004	2,010
Level 3 [Member] | Fair Value, Recurring [Member] | Commodity contracts [Member]
Assets:
Derivative Assets	779	791
Liabilities:
Derivative Liabilities	$ 2,004	$ 2,010

Fair Value Measurements (Fair V

Fair Value Measurements (Fair Value of the Level 3 Assets and Liabilities by Major Contract Type (All Related to Commodity Contracts) and the Significant Unobservable Inputs Used in the Valuations) (Details) - Level 3 [Member] - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]
Assets	$ 779,000,000	$ 791,000,000
Liabilities	(2,004,000,000)	(2,010,000,000)
Derivative assets (liabilities), at fair value, net	(1,225,000,000)	(1,219,000,000)
Electricity purchases and sales [Member] | Income Approach [Member]
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]
Assets	611,000,000	603,000,000
Liabilities	(1,435,000,000)	(1,332,000,000)
Derivative assets (liabilities), at fair value, net	(824,000,000)	(729,000,000)
Electricity purchases and sales [Member] | Minimum | Income Approach [Member]
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]
Fair Value Inputs, Hourly price curve shape	0	0
Fair Value Inputs, Illiquid delivery periods for hub power prices and heat rates	40	25
Electricity purchases and sales [Member] | Maximum | Income Approach [Member]
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]
Fair Value Inputs, Hourly price curve shape	80	80
Fair Value Inputs, Illiquid delivery periods for hub power prices and heat rates	80	95
Electricity purchases and sales [Member] | Arithmetic Average | Income Approach [Member]
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]
Fair Value Inputs, Hourly price curve shape	40	38
Fair Value Inputs, Illiquid delivery periods for hub power prices and heat rates	59	60
Options [Member] | Option Pricing Model Valuation Technique [Member]
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]
Assets	0	0
Liabilities	(415,000,000)	(483,000,000)
Derivative assets (liabilities), at fair value, net	$ (415,000,000)	$ (483,000,000)
Options [Member] | Minimum | Option Pricing Model Valuation Technique [Member]
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]
Fair Value Inputs, Gas to power correlation	10%	10%
Fair Value Inputs, Power and gas volatility	5%	5%
Options [Member] | Maximum | Option Pricing Model Valuation Technique [Member]
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]
Fair Value Inputs, Gas to power correlation	100%	100%
Fair Value Inputs, Power and gas volatility	620%	620%
Options [Member] | Arithmetic Average | Option Pricing Model Valuation Technique [Member]
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]
Fair Value Inputs, Gas to power correlation	57%	56%
Fair Value Inputs, Power and gas volatility	314%	313%
Financial transmission rights [Member] | Market Approach [Member]
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]
Assets	$ 135,000,000	$ 132,000,000
Liabilities	(27,000,000)	(31,000,000)
Derivative assets (liabilities), at fair value, net	108,000,000	101,000,000
Financial transmission rights [Member] | Minimum | Market Approach [Member]
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]
Fair Value Inputs, Illiquid price differences between settlement points	(35)	(35)
Financial transmission rights [Member] | Maximum | Market Approach [Member]
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]
Fair Value Inputs, Illiquid price differences between settlement points	10	10
Financial transmission rights [Member] | Arithmetic Average | Market Approach [Member]
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]
Fair Value Inputs, Illiquid price differences between settlement points	(11)	(11)
Natural gas [Member] | Income Approach [Member]
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]
Assets	13,000,000	20,000,000
Liabilities	(112,000,000)	(155,000,000)
Derivative assets (liabilities), at fair value, net	(99,000,000)	(135,000,000)
Natural gas [Member] | Minimum | Income Approach [Member]
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]
Fair Value Inputs, Gas basis	0	0
Natural gas [Member] | Maximum | Income Approach [Member]
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]
Fair Value Inputs, Gas basis	30	30
Natural gas [Member] | Arithmetic Average | Income Approach [Member]
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]
Fair Value Inputs, Gas basis	13	13
Other [Member]
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items]
Assets	20,000,000	36,000,000
Liabilities	(15,000,000)	(9,000,000)
Derivative assets (liabilities), at fair value, net	$ 5,000,000	$ 27,000,000

Fair Value Measurements (Change

Fair Value Measurements (Changes in Fair Value of the Level 3 Assets and Liabilities (All Related to Commodity Contracts)) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Purchases, issuances and settlements
Unrealized net loss due to discontinuance of Normal Purchase and Normal Sale accounting	$ 153
Level 3 [Member] | Commodity Contract [Member]
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Net liability balance at beginning of period	(1,219)	$ (360)
Total unrealized valuation losses	(76)	(449)
Purchases, issuances and settlements
Purchases	49	37
Issuances	(5)	(10)
Settlements	17	97
Transfers into Level 3	(14)	1
Transfers out of Level 3	23	55
Net change	(6)	(269)
Net liability balance at end of period	(1,225)	(629)
Unrealized valuation losses relating to instruments held at end of period	(159)	$ (354)
Unrealized net loss due to discontinuance of Normal Purchase and Normal Sale accounting	$ 84

Commodity and Other Derivativ_3

Commodity and Other Derivative Contractual Assets and Liabilities (Narrative) (Details) $ in Millions	Mar. 31, 2023 USD ($)
Derivative [Line Items]
Long-term debt, amount of variable interest debt hedged	$ 2,300
Interest Rate Swap, Swapped To Variable [Member]
Derivative [Line Items]
Derivative, notional amount	2,120
Interest Rate Swap, Swapped To Fixed, Effective From December 2023 To December 2030
Derivative [Line Items]
Derivative, notional amount	$ 750

Commodity and Other Derivativ_4

Commodity and Other Derivative Contractual Assets and Liabilities (Financial Statement Effects of Derivatives) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Derivatives, Fair Value [Line Items]
Derivative assets, far value, gross asset	$ 5,301	$ 5,227
Derivative liabilities, fair value, gross asset	4,655	4,544
Derivative assets, fair value, gross liability	(4,655)	(4,544)
Derivative liabilities, fair value, gross liability	(7,389)	(8,323)
Derivative, fair value, net	(2,088)	(3,096)
Unrealized net gain (loss) due to discontinuance of Normal Purchase and Normal Sale accounting	153
Current assets [Member]
Derivatives, Fair Value [Line Items]
Derivative assets and liabilities, fair value, gross asset	4,589	4,538
Noncurrent assets [Member]
Derivatives, Fair Value [Line Items]
Derivative assets and liabilities, fair value, gross asset	763	702
Current liabilities [Member]
Derivatives, Fair Value [Line Items]
Derivative assets and liabilities, fair value, gross liability	(5,646)	(6,610)
Noncurrent liabilities [Member]
Derivatives, Fair Value [Line Items]
Derivative assets and liabilities, fair value, gross liability	(1,794)	(1,726)
Commodity contracts [Member]
Derivatives, Fair Value [Line Items]
Derivative assets, far value, gross asset	5,214	5,092
Derivative liabilities, fair value, gross asset	4,608	4,480
Derivative assets, fair value, gross liability	(4,608)	(4,480)
Derivative liabilities, fair value, gross liability	(7,313)	(8,240)
Derivative asset, fair value, net	5,214	5,092
Derivative liabilities, fair value, net	(7,313)	(8,240)
Commodity contracts [Member] | Current assets [Member]
Derivatives, Fair Value [Line Items]
Derivative assets, far value, gross asset	4,493	4,442
Derivative liabilities, fair value, gross asset	16	4
Commodity contracts [Member] | Noncurrent assets [Member]
Derivatives, Fair Value [Line Items]
Derivative assets, far value, gross asset	745	656
Derivative liabilities, fair value, gross asset	9	3
Commodity contracts [Member] | Current liabilities [Member]
Derivatives, Fair Value [Line Items]
Derivative assets, fair value, gross liability	(23)	(1)
Derivative liabilities, fair value, gross liability	(5,580)	(6,562)
Commodity contracts [Member] | Noncurrent liabilities [Member]
Derivatives, Fair Value [Line Items]
Derivative assets, fair value, gross liability	(1)	(5)
Derivative liabilities, fair value, gross liability	(1,758)	(1,685)
Interest rate swap [Member]
Derivatives, Fair Value [Line Items]
Derivative assets, far value, gross asset	87	135
Derivative liabilities, fair value, gross asset	47	64
Derivative assets, fair value, gross liability	(47)	(64)
Derivative liabilities, fair value, gross liability	(76)	(83)
Derivative asset, fair value, net	87	135
Derivative liabilities, fair value, net	(76)	(83)
Interest rate swap [Member] | Current assets [Member]
Derivatives, Fair Value [Line Items]
Derivative assets, far value, gross asset	78	92
Derivative liabilities, fair value, gross asset	2	0
Interest rate swap [Member] | Noncurrent assets [Member]
Derivatives, Fair Value [Line Items]
Derivative assets, far value, gross asset	9	43
Derivative liabilities, fair value, gross asset	0	0
Interest rate swap [Member] | Current liabilities [Member]
Derivatives, Fair Value [Line Items]
Derivative assets, fair value, gross liability	0	0
Derivative liabilities, fair value, gross liability	(43)	(47)
Interest rate swap [Member] | Noncurrent liabilities [Member]
Derivatives, Fair Value [Line Items]
Derivative assets, fair value, gross liability	0	0
Derivative liabilities, fair value, gross liability	$ (35)	$ (36)

Commodity and Other Derivativ_5

Commodity and Other Derivative Contractual Assets and Liabilities (Derivative (Income Statement Presentation)) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Derivative Instruments, Gain (Loss) [Line Items]
Net gain (loss)	$ 346	$ (621)
Interest rate swap [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Net gain (loss)	(28)	114
Operating revenues [Member] | Commodity contracts [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Net gain (loss)	669	(827)
Fuel, purchased power costs and delivery fees [Member] | Commodity contracts [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Net gain (loss)	$ (295)	$ 92

Commodity and Other Derivativ_6

Commodity and Other Derivative Contractual Assets and Liabilities (Derivative Assets and Liabilities From Balance Sheet to Net Amounts After Consideration Netting Arrangements with Counterparties and Financial Collateral) (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Derivatives, Fair Value [Line Items]
Derivative assets: Derivative Assets and Liabilities	$ 5,301	$ 5,227
Derivative assets: Offsetting Instruments	(4,655)	(4,544)
Derivative assets: Cash Collateral (Received) Pledged	(30)	(20)
Derivative assets: Net Amounts	616	663
Derivative liabilities: Derivative Assets and Liabilities	(7,389)	(8,323)
Derivative liabilities: Offsetting Instruments	4,655	4,544
Derivative liabilities: Cash Collateral (Received) Pledged	1,038	1,675
Derivative Liabilities: Net Amounts	(1,696)	(2,104)
Derivative assets (liabilities): Derivative Assets and Liabilities	(2,088)	(3,096)
Derivative assets (liabilities): Offsetting Instruments	0	0
Derivative assets (liabilities): Cash Collateral (Received) Pledged	1,008	1,655
Derivative assets (liabilities): Net Amounts	(1,080)	(1,441)
Commodity contracts [Member]
Derivatives, Fair Value [Line Items]
Derivative assets: Derivative Assets and Liabilities	5,214	5,092
Derivative assets: Offsetting Instruments	(4,608)	(4,480)
Derivative assets: Cash Collateral (Received) Pledged	(30)	(20)
Derivative assets: Net Amounts	576	592
Derivative liabilities: Derivative Assets and Liabilities	(7,313)	(8,240)
Derivative liabilities: Offsetting Instruments	4,608	4,480
Derivative liabilities: Cash Collateral (Received) Pledged	1,038	1,675
Derivative Liabilities: Net Amounts	(1,667)	(2,085)
Interest rate swap [Member]
Derivatives, Fair Value [Line Items]
Derivative assets: Derivative Assets and Liabilities	87	135
Derivative assets: Offsetting Instruments	(47)	(64)
Derivative assets: Cash Collateral (Received) Pledged	0	0
Derivative assets: Net Amounts	40	71
Derivative liabilities: Derivative Assets and Liabilities	(76)	(83)
Derivative liabilities: Offsetting Instruments	47	64
Derivative liabilities: Cash Collateral (Received) Pledged	0	0
Derivative Liabilities: Net Amounts	$ (29)	$ (19)

Commodity and Other Derivativ_7

Commodity and Other Derivative Contractual Assets and Liabilities (Derivative Volumes) (Details) number in Millions, gal in Millions, T in Millions, MMBTU in Millions, $ in Millions	Mar. 31, 2023 USD ($) GWh gal MMBTU T	Dec. 31, 2022 USD ($) GWh T MMBTU gal
Natural Gas Derivative [Member]
Derivatives, Fair Value [Line Items]
Nonmonetary Notional Volume | MMBTU	6,477	6,007
Electricity (in GWh) [Member]
Derivatives, Fair Value [Line Items]
Nonmonetary Notional Volume | GWh	818,519	754,762
Financial transmission rights [Member]
Derivatives, Fair Value [Line Items]
Nonmonetary Notional Volume | GWh	213,784	225,845
Coal (in tons) [Member]
Derivatives, Fair Value [Line Items]
Nonmonetary Notional Volume | T	47	48
Fuel oil (in gallons) [Member]
Derivatives, Fair Value [Line Items]
Nonmonetary Notional Volume | gal	67	105
Emissions [Member]
Derivatives, Fair Value [Line Items]
Nonmonetary Notional Volume | T	43	40
Renewable Energy Certificates [Member]
Derivatives, Fair Value [Line Items]
Nonmonetary Notional Volume	31	31
Interest rate swaps, variable to fixed [Member]
Derivatives, Fair Value [Line Items]
Derivative, notional amount | $	$ 7,470	$ 6,720
Interest rate swaps, fixed to variable [Member]
Derivatives, Fair Value [Line Items]
Derivative, notional amount | $	$ 2,120	$ 2,120

Commodity and Other Derivativ_8

Commodity and Other Derivative Contractual Assets and Liabilities (Credit Risk-Related Contingent Features of Derivatives) (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Credit Derivatives [Line Items]
Derivative liabilities, fair value, gross liability	$ (7,389)	$ (8,323)
Derivative liabilities, fair value, gross asset	4,655	4,544
Cash collateral and letters of credit	1,038	1,675
Derivative Liabilities: Net Amounts	(1,696)	(2,104)
Credit Risk Contract [Member]
Credit Derivatives [Line Items]
Derivative liabilities, fair value, gross liability	(1,515)	(1,934)
Derivative liabilities, fair value, gross asset	866	899
Cash collateral and letters of credit	328	253
Derivative Liabilities: Net Amounts	$ (321)	$ (782)

Commodity and Other Derivativ_9

Commodity and Other Derivative Contractual Assets and Liabilities (Concentrations of Credit Risk Related to Derivatives) (Details) - Credit Risk Contract [Member] $ in Millions	3 Months Ended
	Mar. 31, 2023 USD ($)
Derivative [Line Items]
Total credit risk exposure to all counterparties related to derivative contracts	$ 5,610
Net exposure to those counterparties after taking into effect master netting arrangements, setoff provisions and collateral	711
Largest net exposure to single counterparty	$ 172
Credit risk exposure to banking and financial sector percentage	82%
Net exposure to banking and financial sector percentage	38%

Segment Information (Segment In

Segment Information (Segment Information) (Details) $ in Millions	3 Months Ended
	Mar. 31, 2023 USD ($) Reportable_segment	Mar. 31, 2022 USD ($)
Segment Reporting Information [Line Items]
Number of reportable segments (in reportable segments) | Reportable_segment	6
Operating revenues	$ 4,425	$ 3,125
Depreciation and amortization	(366)	(430)
Operating income (loss)	1,131	(288)
Net income (loss)	698	(284)
Capital expenditures, including nuclear fuel and excluding LTSA prepayments and development and growth expenditures	$ 157	180
Numbers of states in which entity operates	19
Unrealized net gain (loss) due to discontinuance of Normal Purchase and Normal Sale accounting	$ 153
Operating revenues [Member]
Segment Reporting Information [Line Items]
Unrealized mark-to-market net gains (losses) on commodity positions	1,277	(358)
Corporate, Non-Segment [Member]
Segment Reporting Information [Line Items]
Operating revenues	0	0
Depreciation and amortization	(17)	(17)
Operating income (loss)	(37)	(43)
Net income (loss)	(485)	(39)
Capital expenditures, including nuclear fuel and excluding LTSA prepayments and development and growth expenditures	14	14
Corporate, Non-Segment [Member] | Operating revenues [Member]
Segment Reporting Information [Line Items]
Unrealized mark-to-market net gains (losses) on commodity positions	0	0
Intersegment Eliminations [Member]
Segment Reporting Information [Line Items]
Operating revenues	(2,146)	1,401
Depreciation and amortization	0	0
Operating income (loss)	0	0
Net income (loss)	0	0
Capital expenditures, including nuclear fuel and excluding LTSA prepayments and development and growth expenditures	0	0
Intersegment Eliminations [Member] | Operating revenues [Member]
Segment Reporting Information [Line Items]
Unrealized mark-to-market net gains (losses) on commodity positions	(680)	2,673
Retail Segment [Member]
Segment Reporting Information [Line Items]
Operating revenues	2,350	1,825
Depreciation and amortization	(29)	(36)
Operating income (loss)	(588)	2,432
Net income (loss)	(595)	2,428
Capital expenditures, including nuclear fuel and excluding LTSA prepayments and development and growth expenditures	1	0
Retail Segment [Member] | Operating revenues [Member]
Segment Reporting Information [Line Items]
Unrealized mark-to-market net gains (losses) on commodity positions	140	(369)
Texas Segment [Member]
Segment Reporting Information [Line Items]
Operating revenues	1,353	(1,095)
Depreciation and amortization	(130)	(123)
Operating income (loss)	569	(1,977)
Net income (loss)	584	(1,972)
Capital expenditures, including nuclear fuel and excluding LTSA prepayments and development and growth expenditures	102	139
Texas Segment [Member] | Operating revenues [Member]
Segment Reporting Information [Line Items]
Unrealized mark-to-market net gains (losses) on commodity positions	$ 368	(1,973)
East Segment [Member]
Segment Reporting Information [Line Items]
Number of reportable segments (in reportable segments) | Reportable_segment	1
Operating revenues	$ 1,809	955
Depreciation and amortization	(161)	(179)
Operating income (loss)	744	(126)
Net income (loss)	745	(128)
Capital expenditures, including nuclear fuel and excluding LTSA prepayments and development and growth expenditures	23	5
East Segment [Member] | Operating revenues [Member]
Segment Reporting Information [Line Items]
Unrealized mark-to-market net gains (losses) on commodity positions	943	(200)
West Segment [Member]
Segment Reporting Information [Line Items]
Operating revenues	231	72
Depreciation and amortization	(15)	(42)
Operating income (loss)	47	(61)
Net income (loss)	52	(61)
Capital expenditures, including nuclear fuel and excluding LTSA prepayments and development and growth expenditures	2	19
West Segment [Member] | Operating revenues [Member]
Segment Reporting Information [Line Items]
Unrealized mark-to-market net gains (losses) on commodity positions	12	(47)
Sunset Segment [Member]
Segment Reporting Information [Line Items]
Operating revenues	828	(118)
Depreciation and amortization	(14)	(16)
Operating income (loss)	425	(400)
Net income (loss)	424	(400)
Capital expenditures, including nuclear fuel and excluding LTSA prepayments and development and growth expenditures	15	3
Sunset Segment [Member] | Operating revenues [Member]
Segment Reporting Information [Line Items]
Unrealized mark-to-market net gains (losses) on commodity positions	477	(386)
Asset Closure Segment [Member]
Segment Reporting Information [Line Items]
Operating revenues	0	85
Depreciation and amortization	0	(17)
Operating income (loss)	(29)	(113)
Net income (loss)	(27)	(112)
Capital expenditures, including nuclear fuel and excluding LTSA prepayments and development and growth expenditures	0	0
Asset Closure Segment [Member] | Operating revenues [Member]
Segment Reporting Information [Line Items]
Unrealized mark-to-market net gains (losses) on commodity positions	$ 17	$ (56)

Supplementary Financial Infor_3

Supplementary Financial Information (Impairment of Long-Lived Assets) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Impaired Long-Lived Assets Held and Used [Line Items]
Impairment of long-lived assets	$ 49	$ 0
Sunset Segment [Member] | Kincaid Generation [Member]
Impaired Long-Lived Assets Held and Used [Line Items]
Impairment of long-lived assets	49
Sunset Segment [Member] | Kincaid Generation, Property, Plant And Equipment
Impaired Long-Lived Assets Held and Used [Line Items]
Impairment of long-lived assets	45
Sunset Segment [Member] | Kincaid Generation, Inventory
Impaired Long-Lived Assets Held and Used [Line Items]
Impairment of long-lived assets	2
Sunset Segment [Member] | Kincaid Generation, Operating Lease Right-Of-Use Assets
Impaired Long-Lived Assets Held and Used [Line Items]
Impairment of long-lived assets	$ 2

Supplementary Financial Infor_4

Supplementary Financial Information (Interest Expense and Related Charges) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Interest Expense and Related Charges [Line Items]
Interest paid/accrued	$ 156	$ 126
Unrealized mark-to-market (gains) losses on interest rate swaps	41	(126)
Amortization of debt issuance costs, discounts and premiums	6	6
Capitalized interest	(10)	(6)
Other	14	7
Total interest expense and related charges	$ 207	$ 7
Vistra Operations Company LLC | Line of Credit
Interest Expense and Related Charges [Line Items]
Debt instrument, interest rate during period	4.70%	3.94%

Supplementary Financial Infor_5

Supplementary Financial Information (Other Income and Deductions) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Other income:
Interest income	$ 14	$ 0
All other	5	4
Total other income	20	5
Other deductions:
All other	3	4
Total other deductions	3	4
Corporate and Other [Member]
Other income:
Insurance settlement		$ 1
West Segment [Member]
Other income:
Insurance settlement	$ 1

Supplementary Financial Infor_6

Supplementary Financial Information (Restricted Cash) (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Restricted cash included in current assets	$ 23	$ 37
Restricted cash included in noncurrent assets	32	33
Amounts related to remediation escrow accounts
Restricted cash included in current assets	23	37
Restricted cash included in noncurrent assets	$ 32	$ 33

Supplementary Financial Infor_7

Supplementary Financial Information (Trade Accounts Receivable and Allowance for Doubtful Accounts) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022	Jan. 01, 2020	Jan. 01, 2019
Supplementary Financial Information [Abstract]
Wholesale and retail trade accounts receivable	$ 1,517		$ 2,124
Allowance for uncollectible accounts	(53)	$ (49)	(65)	$ (65)	$ (45)
Trade accounts receivable — net	1,464		2,059
Unbilled receivables, current	474		$ 607
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Allowance for uncollectible accounts receivable at beginning of period	65
Increase for bad debt expense	35	29
Decrease for account write-offs	(47)	(25)
Allowance for uncollectible accounts receivable at end of period	$ 53	$ 49

Supplementary Financial Infor_8

Supplementary Financial Information (Inventories by Major Category and Investments) (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Inventories by Major Category
Materials and supplies	$ 277	$ 274
Fuel stock	328	252
Natural gas in storage	24	44
Total inventories	629	570
Investments
Nuclear plant decommissioning trust	1,750	1,648
Assets related to employee benefit plans	30	30
Land	41	41
Miscellaneous other	11	10
Total investments	$ 1,832	$ 1,729

Supplementary Financial Infor_9

Supplementary Financial Information (Nuclear Decommissioning Trust) (Details) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Schedule of Schedule of Decommissioning Fund Investments [Line Items]
Nuclear decommissioning trust, fair value	$ 1,750		$ 1,648
Proceeds from sales of securities	119	$ 98
Investments in securities	(125)	$ (103)
Debt securities [Member]
Schedule of Schedule of Decommissioning Fund Investments [Line Items]
Nuclear decommissioning trust, fair value	$ 687		$ 658
Debt, weighted average interest rate	2.69%		2.64%
Decommissioning fund investments, debt securities average maturities	11 years		11 years
Decommissioning fund investments, debt maturities, one through five years, fair value	$ 260
Decommissioning fund investments, debt maturities, five through ten years, fair value	148
Decommissioning fund investments, debt maturities, after ten years, fair value	279
Equity securities [Member]
Schedule of Schedule of Decommissioning Fund Investments [Line Items]
Nuclear decommissioning trust, fair value	$ 1,063		$ 990

Supplementary Financial Info_10

Supplementary Financial Information (Property, Plant and Equipment) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Total	$ 17,391		$ 17,344
Less accumulated depreciation	(6,019)		(5,753)
Net of accumulated depreciation	11,372		11,591
Finance lease right-of-use assets (net of accumulated depreciation)	169		173
Nuclear fuel (net of accumulated amortization)	285		268
Construction work in progress	785		522
Property, plant and equipment — net	12,611		12,554
Depreciation expense	323	$ 378
Power generation and structures
Property, Plant and Equipment [Line Items]
Total	16,647		16,597
Land
Property, Plant and Equipment [Line Items]
Total	584		584
Office and other equipment
Property, Plant and Equipment [Line Items]
Total	160		163
Nuclear fuel
Property, Plant and Equipment [Line Items]
Less accumulated depreciation	$ (175)		$ (152)

Supplementary Financial Info_11

Supplementary Financial Information (Asset Retirement and Mining Reclamation Obligations) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Asset Retirement Obligations [Line Items]
Regulatory liability	$ 49		$ 0
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]
Liability at beginning of period	2,437	$ 2,450
Additions:
Accretion	22	22
Adjustment for change in estimate	6	2
Reductions:
Payments	(18)	(23)
Liability at end of period	2,447	2,451
Less amounts due currently	(139)	(104)	(128)
Noncurrent liability at end of period	2,308	2,347
Nuclear Plant Decommissioning [Member]
Asset Retirement Obligations [Line Items]
Regulatory liability	49
Regulatory asset			$ 40
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]
Liability at beginning of period	1,688	1,635
Additions:
Accretion	13	13
Adjustment for change in estimate	0	0
Reductions:
Payments	0	0
Liability at end of period	1,701	1,648
Less amounts due currently	0	0
Noncurrent liability at end of period	1,701	1,648
Mining Land Reclamation [Member]
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]
Liability at beginning of period	284	320
Additions:
Accretion	3	3
Adjustment for change in estimate	2	0
Reductions:
Payments	(16)	(18)
Liability at end of period	273	305
Less amounts due currently	(111)	(88)
Noncurrent liability at end of period	162	217
Coal Ash and Other [Member]
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]
Liability at beginning of period	465	495
Additions:
Accretion	6	6
Adjustment for change in estimate	4	2
Reductions:
Payments	(2)	(5)
Liability at end of period	473	498
Less amounts due currently	(28)	(16)
Noncurrent liability at end of period	$ 445	$ 482

Supplementary Financial Info_12

Supplementary Financial Information (Other Noncurrent Liabilities and Deferred Credits) (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Supplementary Financial Information [Abstract]
Retirement and other employee benefits	$ 237	$ 237
Winter Storm Uri impact	29	35
Identifiable intangible liabilities	139	140
Regulatory liabilities	49	0
Finance lease liabilities	235	237
Uncertain tax positions, including accrued interest	15	13
Liability for third-party remediation	36	37
Accrued severance costs	34	36
Other accrued expenses	309	269
Other noncurrent liabilities and deferred credits	$ 1,083	$ 1,004

Supplementary Financial Info_13

Supplementary Financial Information (Fair Value of Debt) (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Vistra Operations Credit Facility [Member] | Reported Value Measurement [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt Instrument, Fair Value Disclosure	$ 2,511	$ 2,519
Vistra Operations Senior Secured and Unsecured Notes | Reported Value Measurement [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt Instrument, Fair Value Disclosure	9,382	9,378
Unsecured Debt [Member] | Reported Value Measurement [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt Instrument, Fair Value Disclosure	75	74
Fair Value, Inputs, Level 2 [Member] | Vistra Operations Credit Facility [Member] | Estimate of Fair Value Measurement [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt Instrument, Fair Value Disclosure	2,492	2,486
Fair Value, Inputs, Level 2 [Member] | Vistra Operations Senior Secured and Unsecured Notes | Estimate of Fair Value Measurement [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt Instrument, Fair Value Disclosure	8,926	8,830
Level 3 [Member] | Unsecured Debt [Member] | Estimate of Fair Value Measurement [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt Instrument, Fair Value Disclosure	$ 71	$ 72

Supplementary Financial Info_14

Supplementary Financial Information (Supplemental Cash Flow Information) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022	Dec. 31, 2021
Supplementary Financial Information [Abstract]
Cash and cash equivalents	$ 518		$ 455
Restricted cash included in current assets	23		37
Restricted cash included in noncurrent assets	32		33
Total cash, cash equivalents and restricted cash	573	$ 1,057	$ 525	$ 1,359
Cash payments related to:
Interest paid	212	190
Capitalized interest	(10)	(6)
Interest paid (net of capitalized interest)	202	184
State and Local Jurisdiction
Income Tax Contingency [Line Items]
Income taxes paid	1	1
Income tax refunds	$ 7	$ 0