About James Burke
In July 2024, Burke discussed Vistra's performance and strategy on CNBC's "Closing Bell Overtime." He stated that the company's recent stock gains were built on seven years of growth tied to an electrification theme, during which Vistra tripled revenue and earning power. Burke said a significant portion of his day involves conversations with large customers, noting that Vistra has 41,000 megawatts of capacity, enough to power 20 million homes. He described the company's focus on dispatchable power from its nuclear and natural gas fleets, and mentioned the March 2024 acquisition of two nuclear sites. Burke said that customers, including large technology companies, are approaching Vistra for large-scale data center power needs, and that the company can move quickly due to its competitive position. He added that nuclear energy must be part of the low-carbon power equation, as renewables alone do not provide 24/7 power, and expressed openness to partnering with nuclear technology developers if customer arrangements can be secured.
In a 2018 interview on "Mad Money," Burke, then president and CEO of Vistra Energy, discussed the company's financial position and growth strategy. He said that Vistra generates about $3 billion in EBIT and converts about 60% of that to free cash flow, and that a dividend was likely in 2019 or 2020. He described the company as a value play focused on distributing value to shareholders through dividends or stock buybacks while reinvesting in its retail business. Burke also discussed a 300-megawatt battery storage project in California, noting that the state has an oversupply of solar power during peak daytime hours, requiring conventional generation to be backed off. He explained that customer acquisition in retail markets typically costs $100 to $150 per customer, often requiring an initial lower-cost offer, and that organic customer growth is cheaper than acquiring an existing company.
Source: AI-verified profile updated from James Burke's recent appearances.
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Transcript (10 segments)
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Interviewer0:12
Increased demand for energy. Only two S&P 500 companies, Super Micro and NVIDIA, are outpacing Vistra. Joining us is Byrne.
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James Burke0:34
Thank you for having me. You know, I think we're always surprised when we see a move the size we have seen, but I think it's been a long time building. For seven years, we've been growing our company with this electrification theme in mind. We've tripled revenue and earnings. It's been on people's radar screens, but our people have been working on this a long time.
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Interviewer1:21
Hyperscalers, AI startups—are these the companies you're working with right now?
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James Burke1:31
A good chunk of my day is to have conversations with our large customers. They all have a choice of provider, so they're talking to us. They're talking to other people. They need their needs met. We have assets. We have 41,000 megawatts. What that means is we have enough power to power 20 million homes across the United States. So folks are coming to Vistra. Everybody, but our people are excited about that.
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Interviewer2:12
How do you capitalize on this moment and the currency of your stock to make this expand beyond the moment? Is it through acquisitions, spinning up new businesses, or other areas that allow you to grow?
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James Burke2:28
It's a great question. We just completed in March the acquisition of two nuclear sites. We have a large fleet of nuclear. We have a very large fleet of natural gas-fired units. Those are attracting interest as well. Those are flexible units. We have focused on dispatchable power that meets the needs when they need it. We're always open to new acquisitions. Everyday life, people are electrifying everything. It's not just about AI. That's the last burst of activity. Whether we build organically or acquire, or use our existing assets, will depend on the customer need.
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Interviewer3:27
You're unique being three-quarters nuclear and natural gas. How much, given the constraints out there regulation-wise, will you be able to expand?
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James Burke3:39
I think nuclear is about how fast does the technology evolve. What the markets have learned over time is 24/7 power is not provided by the current technology. You have to get to a proof of concept that investors are willing to bet on that technology. If we can find the customer arrangements, particularly these large technology companies, we would love to partner with a nuclear technology partner, to put a package together, to meet immediate long-term needs.
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Interviewer4:31
The fact we're coming out of a high-inflation cycle that cast a light on energy and power generation and the costs associated with that, or even just national security implications—you think about Russia invading Ukraine, what that did to energy prices globally. How quickly can you bring power online, whether it's nuclear or other? And have you found there's more resources at the same time, particularly coal resources? The environmental regulations are suggesting there's even more coal to retire, so not only do we have to meet the growth of demand, we have to meet the replacement of some of these sources.
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James Burke5:28
We have over 80 sites already connected to the transmission system. Those are the first places to start.
