Analysis Group Supports Energy Harbor’s Successful Merger with Vistra
March 12, 2024
Analysis Group was retained on behalf of Energy Harbor in its $6.3 billion merger with Vistra. The energy companies proposed adding Energy Harbor’s nuclear and retail businesses to Vistra Vision, a new subsidiary holding company of Vistra Corp. The transaction would create the second-largest competitive nuclear fleet in the US, producing enough electricity to power 3.2 million US homes. The proposed retail business would serve about 5 million customers in 18 states.
An Analysis Group team led by Principal Eric Korman and including Vice Presidents Megan Accordino and Joseph Cavicchi and Manager Zack Campbell helped Energy Harbor secure approval for the merger from both the Department of Justice (DOJ) and the Federal Energy Regulatory Commission (FERC). The team evaluated competition issues in the retail and wholesale electric power markets, including conducting FERC delivered price test analyses. They also assisted with the DOJ’s voluntary information request and Second Request, responded to the DOJ’s concerns, and addressed intervenors’ protests before FERC.
FERC authorized the merger after extending its review amid competition concerns from the DOJ and state consumer advocates. FERC stated in its order that additional information provided by the companies, as well as Vistra’s commitment to divest two generation facilities, addressed market power concerns raised by the proposed transaction.