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1. 1Wholesale power and fuel prices can change sharply, and hedges may not fully protect Vistra from price changes or counterparty defaults; commodity contracts can also make reported results move as market prices change.
2. 2Extreme heat, cold, or other operating problems can raise demand or reduce available generation. Nuclear, coal, and gas plants require ongoing maintenance, and a major incident such as the Moss Landing battery fire can bring cleanup costs and lost operations.
3. 3Environmental rules and cleanup requirements could require costly equipment changes, ash or groundwater remediation, or earlier plant retirements; the company says some future closure obligations cannot yet be fully determined.