James Burke on acquisitions
From Nuclear has to be part of the low-carbon power equation, says Vistra CEO Jim Burke · · CNBCTelevision
“We just completed in March the acquisition of two nuclear sites. We have a large fleet of nuclear and a very large fleet of natural gas–fired units — those are flexible units; we've focused on dispatchable power that meets the needs when they need it.”
On , James Burke, President, Chief Executive Officer & Director at Vistra, spoke about acquisitions during Nuclear has to be part of the low-carbon power equation, says Vistra CEO Jim Burke on CNBCTelevision.
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.