Thermal power plants more competitive than clean energy when considering reliability: Vistra CEO

AI generated summary

Vistra President and CEO Jim Burke emphasized the competitive edge of thermal power plants over clean energy sources in terms of reliability during an energy forum at Tulane University. He highlighted that while wind, solar, and storage may offer cheaper electricity, the reliability of 1 GW of coal, gas, or nuclear generation is equivalent to 9 GW of renewable resources. Burke expressed skepticism about the ability of renewables to fully replace gas and nuclear, especially as thermal power plants retire, which could pose risks to grid reliability.

Burke noted that reliability is the primary concern for consumers, followed by price and sustainability. He mentioned Vistra's strategy to focus on assets that provide 24/7 power, leading to a significant acquisition of gas-fired generation. Looking ahead, he predicted a continued decline in the coal-fired fleet and potential growth in gas-fired capacity, particularly with advancements in carbon capture technology. Burke also suggested that the utility sector will evolve towards more dynamic pricing models, allowing consumers to respond to changes in electricity prices.