The companies making up Vistra Energy have a rich heritage of serving Texas’s power needs in a history that stretches all the way back to 1882, when the first electric light brightened the North Texas night. We are proud of our commitment to service and the role we have played in the economic, civic and cultural development of the state. Here is a brief historical timeline of how Vistra Energy came to be.
- In January and February, Vistra retires three coal plants and their supporting mines as announced the previous fall: Monticello Power Plant, Big Brown Plant and Mine, and Sandow Power Plant and Three Oaks Mine.
- Vistra initiates trading on the New York Stock Exchange under the ticker symbol VST on May 10, 2017.
- On May 17, 2017, Vistra acquires the 180 megawatt Upton 2 Solar Power Plant project adding renewables to its already diverse portfolio. Luminant will operate and be the qualified scheduling entity for the solar plant once it is completed in 2018.
- In July, Vistra announces agreement to purchase the Odessa-Ector Power Plant from Koch Ag & Energy Solutions. The transaction closed on Aug. 1, making the 1,054-megawatt combined-cycle gas plant the third CCGT added to the Luminant fleet in 16 months.
- In October, Vistra announces the closure of three coal facilities due to challenging plant and market economics. Monticello Power Plant, Big Brown Plant and Mine, and Sandow Power Plant and Three Oaks Mine scheduled for retirement in early 2018.
- Vistra and Dynegy announce merger agreement to create the leading integrated power company across the key competitive power markets in the nation on Oct. 30, 2017. Vistra to own 79 percent of the integrated company.
- In April, Luminant acquires two combined-cycle natural gas plants from NextEra totaling nearly 3,000 megawatts of capacity – the Forney Power Plant (1,912 MW) in Paris, Texas, and the Lamar Power Plant (1,076 MW) in Paris, Texas.
- On Oct. 3, TCEH Corp., parent company of TXU Energy and Luminant, emerges from Chapter 11 as a competitive, well-capitalized, standalone company, effectuated by a tax-free spinoff from Energy Future Holdings, Corp. Curt Morgan is formally named the company’s CEO, and its common stock is publicly traded on the OTCQX market under the ticker symbol THHH.
- On Nov. 4, TCEH is renamed and rebranded Vistra Energy.
- Energy Future Holdings Corp. files for Chapter 11 bankruptcy protection due to unsustainable debt and persistently low wholesale power prices. Oncor, which is “ring-fenced,” is not a part of the Chapter 11 filing.
- Luminant announces the second and final unit at the new Oak Grove Power Plant in Robertson County has achieved substantial completion
- Luminant announces new Oak Grove Power Plant near Franklin, Texas, features first-of-its-kind environmental controls
- John Young becomes first president and CEO of Energy Future Holdings Corp.
- TXU to set new direction as a private company with execution of a definitive merger agreement with an investor group led by Kohlberg Kravis Roberts & Co., TPG and Goldman Sachs Capital Partners
- TXU Electric Delivery rebranded as “Oncor,” as implementation of a plan to further separate the subsidiaries into three distinct businesses
- TXU’s power generation and related businesses adopt “Luminant” as new brand
- TXU enters a new era as Energy Future Holdings Corp. with completion of the private-equity acquisition
- TXU common stock de-listed from the NYSE and other exchanges
- TXU and CURRENT Communications agree to create the nation’s first multipurpose smart grid
- First external chief executive in TXU’s history hired to turn around the company
- TXU exits telecommunications business
- Turnaround plan announced, including reshaping to focus on core Texas electric businesses
- TXU Australia, TXU Fuel and TXU Gas sold
- Investment in communities enhanced, with fourfold, $15 million increase in TXU Energy Aid
- Texas electricity markets open to competition on Jan. 1
- TXU Europe fails, U.K. business sold, TXU Europe becomes discontinued operation as TXU Corp. exits Europe
- TXU begins survival plan: board cuts dividend 80 percent, financing actions completed to shore up liquidity, strengthen credit and cut debt
- TXU completes its transition to competitive electricity markets on three continents, fully implementing its strategy and business model
- Structural separation of the energy delivery and competitive energy businesses complete
- Texas energy delivery business renamed and rebranded as “Oncor” (becoming “TXU Electric Delivery” in 2004)
- TXU structurally separates the energy delivery and competitive energy businesses, consistent with regional regulatory environment
- TXU becomes the new name and brand identity for the enterprise, positioning it as a multinational energy company
- Texas legislature passes landmark electricity industry restructuring bill
- The Energy Group acquired as the UK begins privatizing its electric and natural gas utilities; it becomes TXU Europe
- Acquisition of ENSERCH Corp., natural gas transmission and distribution company, completed
- Texas legislature enacts wholesale competition for electric utilities
- Texas Utilities Company celebrates 50 years as a corporation
- Southwestern Electric Service Company (SESCO), electric distribution company in East Texas, acquired
- Federal Energy Policy Act passed, making competition at the wholesale level inevitable by giving the Federal Energy Regulatory Commission the authority to require transmission-system access, or wheeling, for wholesale transactions
- Texas Utilities Electric Company, still the legal name, becomes known to the public as TU Electric
- DP&L, TESCO, TP&L and the generating company merge as divisions of a new principal subsidiary, Texas Utilities Electric Company
- System begins Energy Aid program for those needing assistance paying energy bills
- Federal Public Utility Regulatory Policies Act passed, opening the door to competition in the electric utility industry from cogenerators and other nonutility producers
- System receives Edison Award, the industry’s highest tribute, for its lignite program
- System begins A-OK Program, first cash-incentive program in the nation to encourage energy efficiency
- Texas Public Regulatory Act passed, creating the Public Utility Commission of Texas, bringing rates and service under state regulation
- Three companies’ common stock consolidation completed
- Texas Utilities Company forms on Sept. 4, 1945, formalizing the historic and traditional bonds connecting TP&L, DP&L and TESCO in a new holding company for the three utilities
- Wheeler-Rayburn Public Utility Holding Company Act passed, allowing utilities serving integrated, contiguous territories to form a holding company
- Electric Bond and Share Company forms Texas Electric Service Company; TESCO serves Fort Worth and areas west of Abilene
- Electric Bond and Share Company forms Dallas Power & Light Company; DP&L serves the city of Dallas area
- Texas Power & Light Company forms from the consolidation of 13 electric companies brought together by Electric Bond and Share Company, a subsidiary of General Electric Company; TP&L serves much of North Central and East Texas and several counties west of Fort Worth
- Fort Worth gets electric lights, provided by Fort Worth Electric Light and Power Company
- Dallas gets electric lights, provided by the new Dallas Electric Lighting Company