Texas-based electricity producer Vistra has agreed to acquire Cogentrix Energy in a $4.7 billion (€4.3 billion) transaction, significantly expanding its natural gas-fired generation portfolio as business energy demand accelerates across the United States.

The deal will see Vistra purchase 10 gas-fired power plants from Quantum Capital Group, adding approximately 5,500 megawatts of net generating capacity across key US power markets. The assets are spread across PJM, ISO New England and ERCOT, regions that underpin electricity supply for major industrial, commercial and digital infrastructure users.

Vistra said the acquisition includes $2.3 billion (€2.1 billion) in cash, $900 million (€830 million) in Vistra stock and the assumption of $1.5 billion (€1.4 billion) in debt, partly offset by expected tax benefits. The transaction is expected to close in mid-to-late 2026.

The move follows Vistra’s $1.9 billion (€1.75 billion) acquisition in May 2025 of seven gas-fired plants with nearly 2,600 megawatts of capacity from Lotus Infrastructure Partners, underlining a clear expansion strategy focused on dispatchable power.

The US Energy Information Administration has forecast electricity consumption will reach record levels in 2026, driven largely by rapid growth in data centres supporting artificial intelligence, cloud computing and digital services. Natural gas remains central to meeting this demand due to its flexibility and ability to provide reliable baseload and peak power.

“The addition of this natural gas portfolio is a great way to start another year of growth for Vistra as we've completed, acquired, or developed projects in each of the competitive power regions where we operate,” said Jim Burke, CEO of Vistra.

The acquisition strengthens Vistra’s geographic footprint while positioning the business to respond to sustained growth in energy demand from large commercial and industrial customers.

See the details on what it means for the global business energy landscape.

(Photo Credits to REUTERS/Gary Cameron)