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| NASDAQ: TLN | |
| Industry | Energy |
| Founded | June 1, 2015; 9 years ago (2015-06-01) |
| Headquarters | Houston, Texas, U.S. |
Key people | Mark "Mac" McFarland (Chief Executive Officer) Terry Nutt, Chief Financial Officer John Wander, General Counsel and Corporate Secretary |
Number of employees | 1900 |
| Subsidiaries | Cumulus Growth |
| Website | www |
Talen Energy is anindependent power producer and energy infrastructure company. Talen owns and operates approximately 10.7 gigawatts of power infrastructure in the United States, including 2.2 gigawatts of carbon-free nuclear power and a significant dispatchable natural gas fleet.
Talen Energy was founded in 2015. The company was formed when the competitive power generation business ofPPL Corporation was spun off and immediately combined with competitive generation businesses owned byprivate equity firmRiverstone Holdings. Following these transactions, PPL shareholders owned 65% of Talen's common stock and affiliates of Riverstone owned 35%, with shares trading on theNYSE under the symbol "TLN".[1]
On December 6, 2016, Riverstone Holdings completed the purchase of the remaining 65% of Talen's common stock, making it a privately owned company.
On November 10, 2020, Talen announced its commitment to transform for a clean energy future. As part of itstransformation announcement Talen noted that it will decarbonize its fleet and invest in developing renewable energy, battery storage and digital infrastructure primarily on owned land within its footprint. It also introduced its "Force for Good" philosophy, which includes maintaining its commitment to the communities in which it operates, by converting, rather than retiring its fossil generation facilities and creating new opportunities for these stakeholders through its transformation.
On May 9, 2022, Talen filed for bankruptcy under Chapter 11 of the U.S. Bankruptcy Code as part of a strategic restructuring transaction aimed at reducing $4.5 billion of debt.[2] Its plan of reorganization was approved[3] by the US Bankruptcy Court for the Southern District of Texas on December 15, 2022. The company completed its restructuring and emerged from bankruptcy[4] on May 17, 2023. Upon its emergence, ownership of Talen Energy was transferred to a majority of its unsecured creditors, which consisted of several large financial institutions. Mark "Mac" McFarland assumed the role of President, CEO, and member of the Board, and a new independent board of directors was seated. In June 2023, Talen announced senior leadership changes, including the appointment of Terry Nutt to the role of Chief Financial Officer and John Wander as General Counsel and Corporate Secretary. On June 23, 2023, Talen Energy Corporation stock began to trade on the OTC Market under the ticker "TLNE".
In March 2024, the company announced the sale of its Cumulus data center campus toAmazon Web Services for $650 million. As part of the transaction, Talen’s Susquehanna plant will provide power to the campus under a power purchase agreement (PPA).
On July 10, 2024, Talen stock began trading on the NASDAQ Global Select Market under the symbol “TLN” after it ceased trading on the OTCQX Best Market at market close on July 9. [1]
[1] Talen Energy Corporation Announces Expected Listing on the NASDAQ Global Select Market | Mon, 07/08/2024 - 16:00
Talen's generation facilities include nuclear, coal, natural gas, and oil-fired power plants.
Carbon-free nuclear
The largest plant is theSusquehanna Steam Electric Station, a 2.5 gigawattnuclear power plant, located on theSusquehanna River seven miles (11 km) northeast ofBerwick, Pennsylvania. Talen operates and owns a 90% interest in the Susquehanna facility, the sixth largest nuclear-powered generation facility in the U.S. Susquehanna’s generation typically accounts for approximately half of Talen’s total annual megawatts generated.
Dispatchable natural gas and oil intermediate and peaking units
Talen’s 6.3 GW natural gas and oil fleet (of which 3.2 gigawatts is from Brunner Island, Montour, and H.A Wagner Unit 3 after conversion, as discussed below) includes seven technologically diverse natural gas and oil generation facilities across the generation stack (including intermediate and peaking dispatch). Certain units are capable of utilizing multiple fuel sources, providing meaningful operational flexibility. These strategically located assets include significant generation in attractive wholesale markets (primarily PJM), allowing them to generate predictable revenues on cleared capacity while also benefiting from varying market dynamics.
Reliability assets and carbon deleveraging.
Talen’s coal-fired generation assets continue to be impacted by changing environmental regulations and power market economics. The company has already completed the conversion of approximately 3.2 gigawatts of its legacy coal fleet to lower-carbon fuels, including the Brunner Island (dual fuel) and Montour facilities, which together represent over 25% of its total generation capacity, and Unit 3 of the H.A. Wagner facility which was converted from coal, and aligns with all other units at the facility.
The following is a list of Talen's current generation facilities owned by subsidiaries of Talen: