I can’t decide if $VST is undervalued or a little risky here. The AI/data center electricity demand story sounds super bullish, especially with those long-term $META and AWS deals plus Texas demand exploding.

But at the same time, they’re becoming even more dependent on natural gas after the Cogentrix deal, and the FERC ruling next year feels like a huge wildcard. Earnings volatility also worries me a bit.

Feels cheap for the growth, but maybe the market sees risks I’m missing. Curious what other people think.