Curt Morgan, President and CEO, Vistra Energy, President and CEO, Vistra Energy

Curt Morgan

President and CEO

Vistra Energy

Curt Morgan, a 35-year industry veteran, has served as president and chief executive officer of Vistra Energy since October 2016. In less than two years as CEO, Morgan has led the restructuring of Vistra, resulting in approximately $400 million per year of EBITDA enhancements, and led the company through the acquisition of Dynegy, doubling the size of the company and more importantly identifying approximately $500 million in annual EBITDA improvements, nearly $300 million per year of additional cash savings, and approximately $1.7 billion in tax savings. In addition, Morgan has led Vistra’s transformation of its generating fleet from approximately two-thirds coal to more than fifty percent gas and renewables, while also announcing the development of the largest battery storage project in the world in California. Under Morgan’s leadership, Vistra’s stock price has more than doubled since October 2016.


Prior to joining Vistra Energy, Morgan was an operating partner at Energy Capital Partners (“ECP”), a private equity firm focused on investing in North America’s energy infrastructure. He joined the firm in 2015 and was involved in all areas of the firm’s investment activities, with a particular emphasis on origination, diligence, and portfolio company governance and oversight across all of ECP’s sectors of investments.


While at ECP, Morgan served as President and CEO of First Light Power, which was later sold to GDF Suez for $1.95 billion, a transaction generating a very high double-digit internal rate of return for ECP. ECP credited the high returns to Morgan’s leadership, noting the opportunity for value that can be created when acquiring high-quality assets and leveraging the skills of a proven management team to bring commercial and operating discipline to the business.


Also while at ECP, Morgan served as President and CEO of EquiPower Resources where he built portfolio companies of more than 9,500 MW over a 4-year period. Once again under Morgan’s leadership, EquiPower achieved targeted financial results and ECP monetized three portfolio companies at very high double-digit internal rates of return.


Prior to joining ECP, Morgan held leadership positions at NRG Energy, Mirant Corporation, Reliant Energy, and BP Amoco. At Mirant, Morgan was appointed Chief Operating Officer shortly after Mirant filed for bankruptcy in 2003, and was instrumental in restructuring the Mirant operations in support of Mirant’s emergence from bankruptcy. Specifically, Morgan instituted a company-wide performance management process enabling Mirant to achieve EBITDA results superior to plan of $100 million in 2004 and $50 million in 2005. Morgan also initiated and led an operations performance initiative and overhead cost reduction program resulting in more than $225 million per year in cash enhancements. At Reliant, Morgan had significant involvement in the process of creating a competitive electricity market in ERCOT in his role as SVP, Corporate Planning and Development.


Morgan has served on the board of directors of the Summit Midstream General Partner at Summit Midstream Partners, the Electric Power Supply Association, and Prevent Child Abuse Georgia.


A certified public accountant, Morgan received a bachelor’s degree in accounting from Western Illinois University and a master’s of business administration in finance and economics from the University of Chicago.