TLN on Nasdaq

Talen Energy

Energy company in Texas, US

Talen Energy Corporation is an independent power producer and energy infrastructure company.³ It is headquartered in Allentown.¹ Its shares trade on Nasdaq under the symbol TLN.¹ Wikipedia text CC BY-SA 4.0

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Last updated Oct 21, 2026.

Overview

2015Founded¹

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TickerTLN on Nasdaq¹
Industryenergy industry¹
HeadquartersAllentown¹
Websitewww.talenenergy.com
Legal formpublic company¹
Incorporated inDE⁵
Business address2929 Allen Pkwy, Suite 2200, Houston, Tx 77019⁵
Filer categoryLarge accelerated filer⁵
LEI2549000RIT3BBR7QM395⁴
StatusActive⁴
LEI statusIssued and current⁴
Registered addressC/O Corporation Service Company, 19808 Wilmington, United States⁴
Registered withDivision of Corporations, Department of State, 5534886⁴

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Talen Energy Corporation is an independent power producer and energy infrastructure company.³

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

-3.6%Operating margin⁸

-8.7%Net margin⁸

60.0%Revenue growth, 2025⁸

-20.0%Return on equity⁸

6.20×Debt to equity⁸

$606.0MFree cash flow⁸

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Products and services

Energy And Other brought in 46% of the revenue Talen Energy broke down this way in fiscal 2025.

Energy And Other$2.1B⁸46%up 14% from 2024
Electricity Sales And Ancillary Services$1.9B⁸42%up 70% from 2024
Operating Revenue, Capacity$485.0M⁸10%up 153% from 2024
Physical Electricity Sales, Bilateral Contracts, Other$93.0M⁸2%down 37% from 2024

Products and services by year

Products and services	2024	2025
Energy And Other	$1.9B	$2.1B
Electricity Sales And Ancillary Services	$1.1B	$1.9B
Operating Revenue, Capacity	$192.0M	$485.0M
Physical Electricity Sales, Bilateral Contracts, Other	$147.0M	$93.0M

Business segments

PJM brought in 94% of the revenue Talen Energy broke down this way in fiscal 2025.

PJM$2.5B⁸94%up 33% from 2024
Other Operating$161.0M⁸6%down 56% from 2024

Business segments by year

Business segments	2024	2025
PJM	$1.9B	$2.5B
Other Operating	$367.0M	$161.0M

Where the money goes

Where each dollar of revenue went, fiscal 2025

Other costs

Other costs98¢$2.5B
Income tax2¢$53.0M

Out of $2.5B in revenue.⁸ The company lost money this year.

Where each dollar of operating cash went, fiscal 2025

Capital spendingShare buybacksKept or used elsewhere

Capital spending14¢$98.0M
Share buybacks15¢$103.0M
Kept or used elsewhere71¢$503.0M

Out of $704.0M of cash from operations.⁸

Financial statements

Revenue⁹⁸$2.5B in 2025−22% since 2022

Operating income¹⁰⁹⁸-$90.0M in 2025+131% since 2015

Net income¹⁰⁹⁸-$219.0M in 2025−36% since 2015

Every line of the income statement as filed: the last 3 fiscal years (annual) or 1 quarters (quarterly), latest first.⁸

Period ending	2025-12-31	2024-12-31	2022-12-31
Operating revenues	$2.6B	$2.1B
Fuel and energy purchases	-$908.0M	-$694.0M
Nuclear fuel amortization	-$97.0M	-$123.0M
Unrealized gain (loss) on derivative instruments (Note 2)	-$61.0M	$20.0M
Energy Expenses	-$1.1B	-$797.0M
Operation, maintenance and development	-$620.0M	-$592.0M
General and administrative	-$624.0M	-$163.0M
Depreciation, amortization and accretion (Note 7)	-$279.0M	-$298.0M
Impairments (Note 7)	$0	-$1.0M
Other operating income (expense), net	-$82.0M	-$38.0M
Operating Income (Loss)	-$90.0M	$226.0M
Nuclear decommissioning trust funds gain (loss), net (Note 6)	$182.0M	$178.0M
Interest expense and other finance charges (Note 10)	-$302.0M	-$238.0M
Reorganization income (expense), net (Note 20)	$0	$0	-$812.0M
Gain (loss) on sale of assets, net (Note 17)	$34.0M	$884.0M
Other non-operating income (expense), net	$10.0M	$61.0M
Income (Loss) Before Income Taxes	-$166.0M	$1.1B
Income tax benefit (expense) (Note 4)	-$53.0M	-$98.0M
Income (Loss) Before Income Taxes	-$219.0M	$1.0B
Less: Net income (loss) attributable to noncontrolling interest	$0	$15.0M
Net Income (Loss) Attributable to Stockholders (Successor) / Member (Predecessor)	-$219.0M	$998.0M
Net Income (Loss) Attributable to Stockholders - Basic (in dollars per share)	-$4.79	$18.40
Net Income (Loss) Attributable to Stockholders - Diluted (in dollars per share)	-$4.79	$17.67
Weighted-Average Number of Common Shares Outstanding - Basic (in shares)	45.7M shares	54.3M shares
Weighted-Average Number of Common Shares Outstanding - Diluted (in shares)	45.7M shares	56.5M shares
Stock-based compensation expense, equity-classified awards	-$526.0M	-$33.0M

Period ending	2023-05-31
Operating revenues	$1.2B
Fuel and energy purchases	-$176.0M
Nuclear fuel amortization	-$33.0M
Unrealized gain (loss) on derivative instruments (Note 2)	-$123.0M
Energy Expenses	-$332.0M
Operation, maintenance and development	-$285.0M
General and administrative	-$51.0M
Depreciation, amortization and accretion (Note 7)	-$200.0M
Impairments (Note 7)	-$381.0M
Other operating income (expense), net	-$37.0M
Operating Income (Loss)	-$76.0M
Nuclear decommissioning trust funds gain (loss), net (Note 6)	$57.0M
Interest expense and other finance charges (Note 10)	-$163.0M
Reorganization income (expense), net (Note 20)	$799.0M
Gain (loss) on sale of assets, net (Note 17)	$50.0M
Other non-operating income (expense), net	$10.0M
Income (Loss) Before Income Taxes	$677.0M
Income tax benefit (expense) (Note 4)	-$212.0M
Income (Loss) Before Income Taxes	$465.0M
Less: Net income (loss) attributable to noncontrolling interest	-$14.0M
Net Income (Loss) Attributable to Stockholders (Successor) / Member (Predecessor)	$479.0M
Weighted-Average Number of Common Shares Outstanding - Basic (in shares)	0 shares
Weighted-Average Number of Common Shares Outstanding - Diluted (in shares)	0 shares
Stock-based compensation expense, equity-classified awards	$0

Total assets¹⁰⁹⁸$10.9B in 2025−15% since 2015

Total liabilities⁹⁸$9.8B in 2025+114% since 2023

Shareholders’ equity¹⁰⁸⁹$1.1B in 2025−75% since 2015

Cash¹⁰⁹⁸$689.0M in 2025+389% since 2015

Long-term debt¹⁰⁹⁸$6.8B in 2025+78% since 2015

Every line of the balance sheet as filed: the last 3 fiscal years (annual) or 3 quarters (quarterly), latest first.⁸

Period ending	2025-12-31	2024-12-31	2023-05-31
Cash and cash equivalents	$689.0M	$328.0M	$169.0M
Restricted cash and cash equivalents (Note 16)	$63.0M	$37.0M	$585.0M
Accounts receivable (Note 3)	$196.0M	$123.0M	$145.0M
Inventory, net (Note 5)	$278.0M	$302.0M	$307.0M
Derivative instruments (Notes 2 and 11)	$56.0M	$66.0M	$186.0M
Other current assets	$67.0M	$184.0M	$130.0M
Total current assets	$1.3B	$1.0B	$1.5B
Property, plant and equipment, net (Note 7)	$7.5B	$3.2B	$3.9B
Nuclear decommissioning trust funds (Notes 6 and 11)	$1.9B	$1.7B	$1.5B
Derivative instruments (Notes 2 and 11)	$4.0M	$5.0M	$0
Other noncurrent assets	$106.0M	$183.0M	$208.0M
Total Assets	$10.9B	$6.1B	$7.1B
Long-term debt, due within one year (Notes 10 and 11)	$29.0M	$17.0M	$5.0M
Accrued interest	$60.0M	$18.0M	$4.0M
Accounts payable and other accrued liabilities	$281.0M	$266.0M	$385.0M
Derivative instruments (Notes 2 and 11)	$101.0M	$0	$57.0M
Stock-based compensation liabilities (Note 13)	$501.0M	$0
Other current liabilities	$78.0M	$154.0M	$68.0M
Total current liabilities	$1.1B	$455.0M	$519.0M
Long-term debt (Notes 10 and 11)	$6.8B	$3.0B	$2.8B
Derivative instruments (Notes 2 and 11)	$67.0M	$7.0M	$42.0M
Postretirement benefit obligations (Note 12)	$229.0M	$305.0M	$335.0M
Asset retirement obligations and accrued environmental costs (Note 8)	$494.0M	$468.0M	$442.0M
Deferred income taxes (Note 4)	$486.0M	$362.0M	$357.0M
Acquired fuel supply contract liabilities (Note 17)	$662.0M	$0
Other noncurrent liabilities	$42.0M	$135.0M	$93.0M
Total Liabilities	$9.8B	$4.7B	$4.6B
Common stock	$0	$0
Additional paid-in capital	$1.7B	$1.7B
Accumulated retained earnings (deficit)	-$612.0M	-$326.0M
Accumulated other comprehensive income (loss)	-$4.0M	-$12.0M
Total Stockholders' Equity	$1.1B	$1.4B	$2.3B
Total Liabilities and Stockholders' Equity	$10.9B	$6.1B	$7.1B
Common stock, par value (in dollars per share)	$0.00	$0.00
Common stock, shares authorized (in shares)	350.0M shares	350.0M shares
Shares issued (in shares)	45.7M shares	46.0M shares
Shares outstanding (in shares)	45.7M shares	46.0M shares	59.0M shares

Period ending	2025-12-31	2024-12-31	2023-05-31
Cash and cash equivalents	$689.0M	$328.0M	$169.0M
Restricted cash and cash equivalents (Note 16)	$63.0M	$37.0M	$585.0M
Accounts receivable (Note 3)	$196.0M	$123.0M	$145.0M
Inventory, net (Note 5)	$278.0M	$302.0M	$307.0M
Derivative instruments (Notes 2 and 11)	$56.0M	$66.0M	$186.0M
Other current assets	$67.0M	$184.0M	$130.0M
Total current assets	$1.3B	$1.0B	$1.5B
Property, plant and equipment, net (Note 7)	$7.5B	$3.2B	$3.9B
Nuclear decommissioning trust funds (Notes 6 and 11)	$1.9B	$1.7B	$1.5B
Derivative instruments (Notes 2 and 11)	$4.0M	$5.0M	$0
Other noncurrent assets	$106.0M	$183.0M	$208.0M
Total Assets	$10.9B	$6.1B	$7.1B
Long-term debt, due within one year (Notes 10 and 11)	$29.0M	$17.0M	$5.0M
Accrued interest	$60.0M	$18.0M	$4.0M
Accounts payable and other accrued liabilities	$281.0M	$266.0M	$385.0M
Derivative instruments (Notes 2 and 11)	$101.0M	$0	$57.0M
Stock-based compensation liabilities (Note 13)	$501.0M	$0
Other current liabilities	$78.0M	$154.0M	$68.0M
Total current liabilities	$1.1B	$455.0M	$519.0M
Long-term debt (Notes 10 and 11)	$6.8B	$3.0B	$2.8B
Derivative instruments (Notes 2 and 11)	$67.0M	$7.0M	$42.0M
Postretirement benefit obligations (Note 12)	$229.0M	$305.0M	$335.0M
Asset retirement obligations and accrued environmental costs (Note 8)	$494.0M	$468.0M	$442.0M
Deferred income taxes (Note 4)	$486.0M	$362.0M	$357.0M
Acquired fuel supply contract liabilities (Note 17)	$662.0M	$0
Other noncurrent liabilities	$42.0M	$135.0M	$93.0M
Total Liabilities	$9.8B	$4.7B	$4.6B
Common stock	$0	$0
Additional paid-in capital	$1.7B	$1.7B
Accumulated retained earnings (deficit)	-$612.0M	-$326.0M
Accumulated other comprehensive income (loss)	-$4.0M	-$12.0M
Total Stockholders' Equity	$1.1B	$1.4B	$2.3B
Total Liabilities and Stockholders' Equity	$10.9B	$6.1B	$7.1B
Common stock, par value (in dollars per share)	$0.00	$0.00
Common stock, shares authorized (in shares)	350.0M shares	350.0M shares
Shares issued (in shares)	45.7M shares	46.0M shares
Shares outstanding (in shares)	45.7M shares	46.0M shares	59.0M shares

Cash from operations¹⁰⁹⁸$704.0M in 2025−8% since 2015

Capital spending¹⁰⁹⁸$98.0M in 2025−78% since 2015

Free cash flow¹⁰⁹⁸$606.0M in 2025+91% since 2015

Share buybacks⁹⁸$103.0M in 2025

Every line of the cash flow as filed: the last 2 fiscal years (annual) or 1 quarters (quarterly), latest first.⁸

Period ending	2025-12-31	2024-12-31
Net income (loss)	-$219.0M	$1.0B
Stock-based compensation (Note 13)	$526.0M	$33.0M
Depreciation, amortization and accretion (Note 16)	$279.0M	$285.0M
Nuclear decommissioning trust funds (gain) loss, net (excluding interest and fees) (Note 6)	-$132.0M	-$130.0M
Unrealized (gains) losses on derivative instruments (Note 2)	$121.0M	-$69.0M
Deferred income taxes	$120.0M	-$46.0M
Nuclear fuel amortization (Note 7)	$97.0M	$123.0M
(Gain) loss on sales of assets, net (Note 17)	-$36.0M	$0
(Gain) loss on AWS Data Campus Sale and ERCOT Sale (Note 17)	$0	-$886.0M
Reorganization (income) expense, net (Note 20)	$0	$0
Impairments (Note 7)	$0	$1.0M
Other (Note 16)	$51.0M	-$59.0M
Accounts receivable	-$44.0M	$14.0M
Inventory, net	$29.0M	$67.0M
Other assets	$182.0M	-$61.0M
Accounts payable and accrued liabilities	-$48.0M	-$69.0M
Accrued interest	$42.0M	-$15.0M
Collateral received (posted), net	-$33.0M	$46.0M
Other liabilities	-$231.0M	$9.0M
Net cash provided by (used in) operating activities	$704.0M	$256.0M
Freedom and Guernsey Acquisitions, net (Note 17)	-$3.8B	$0
Nuclear decommissioning trust funds investment purchases (Note 6)	-$2.0B	-$2.3B
Nuclear decommissioning trust funds investment sale proceeds (Note 6)	$1.9B	$2.3B
Nuclear fuel expenditures (Note 7)	-$108.0M	-$104.0M
Property, plant and equipment expenditures (Note 7)	-$98.0M	-$85.0M
Proceeds from AWS Data Campus Sale and ERCOT Sale (Note 17)	$0	$1.4B
Proceeds from the sale of assets	$40.0M	$2.0M
Other	-$9.0M	-$8.0M
Net cash provided by (used in) investing activities	-$4.0B	$1.2B
Debt issuances (Note 10)	$3.9B	$849.0M
Share repurchases (Note 15)	-$103.0M	-$2.0B
Deferred financing costs	-$89.0M	-$13.0M
Revolving credit facility borrowings (Note 10)	$75.0M	$0
Revolving credit facility repayments (Note 10)	-$75.0M	$0
Debt repayments (Note 10)	-$17.0M	-$479.0M
Cumulus Digital TLF repayment	$0	-$182.0M
Repurchase of noncontrolling interest	$0	-$125.0M
Cash settlement of restricted stock units	$0	-$32.0M
Exercise or repurchase of warrants	$0	-$16.0M
LMBE-MC TLB payments	$0	$0
TLB-1 proceeds, net	$0	$0
Repayment of prepetition secured indebtedness	$0	$0
Financing proceeds at Emergence, net of discount	$0	$0
Contributions from member	$0	$0
Payment of claims under other prepetition secured indebtedness	$0	$0
Derivatives with financing elements	$0	$0
Other	$5.0M	-$7.0M
Net cash provided by (used in) financing activities	$3.7B	-$2.0B
Net increase (decrease) in cash and cash equivalents and restricted cash and cash equivalents	$387.0M	-$536.0M

Period ending	2023-05-31
Net income (loss)	$465.0M
Stock-based compensation (Note 13)	$0
Depreciation, amortization and accretion (Note 16)	$208.0M
Nuclear decommissioning trust funds (gain) loss, net (excluding interest and fees) (Note 6)	-$43.0M
Unrealized (gains) losses on derivative instruments (Note 2)	$65.0M
Deferred income taxes	$195.0M
Nuclear fuel amortization (Note 7)	$33.0M
(Gain) loss on sales of assets, net (Note 17)	-$50.0M
(Gain) loss on AWS Data Campus Sale and ERCOT Sale (Note 17)	$0
Reorganization (income) expense, net (Note 20)	-$933.0M
Impairments (Note 7)	$381.0M
Other (Note 16)	$7.0M
Accounts receivable	$261.0M
Inventory, net	$10.0M
Other assets	$98.0M
Accounts payable and accrued liabilities	-$69.0M
Accrued interest	-$124.0M
Collateral received (posted), net	-$83.0M
Other liabilities	$41.0M
Net cash provided by (used in) operating activities	$462.0M
Freedom and Guernsey Acquisitions, net (Note 17)	$0
Nuclear decommissioning trust funds investment purchases (Note 6)	-$959.0M
Nuclear decommissioning trust funds investment sale proceeds (Note 6)	$949.0M
Nuclear fuel expenditures (Note 7)	-$49.0M
Property, plant and equipment expenditures (Note 7)	-$138.0M
Proceeds from AWS Data Campus Sale and ERCOT Sale (Note 17)	$0
Proceeds from the sale of assets	$46.0M
Other	-$6.0M
Net cash provided by (used in) investing activities	-$157.0M
Debt issuances (Note 10)	$0
Share repurchases (Note 15)	$0
Deferred financing costs	-$74.0M
Revolving credit facility borrowings (Note 10)	$0
Revolving credit facility repayments (Note 10)	$0
Debt repayments (Note 10)	$0
Cumulus Digital TLF repayment	$0
Repurchase of noncontrolling interest	$0
Cash settlement of restricted stock units	$0
Exercise or repurchase of warrants	$0
LMBE-MC TLB payments	-$7.0M
TLB-1 proceeds, net	$0
Repayment of prepetition secured indebtedness	-$3.9B
Financing proceeds at Emergence, net of discount	$2.2B
Contributions from member	$1.4B
Payment of claims under other prepetition secured indebtedness	-$152.0M
Derivatives with financing elements	-$20.0M
Other	$0
Net cash provided by (used in) financing activities	-$539.0M
Net increase (decrease) in cash and cash equivalents and restricted cash and cash equivalents	-$234.0M

Compare Talen Energy with another company

Corporate structure

Talen Energy sits at the top of its group. 56 entities, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of Talen Energy

ECP ControlCo, LLC Filed SCHEDULE 13G on Talen Energy, latest Jun 23, 2026
VANGUARD CAPITAL MANAGEMENT LLC Filed SCHEDULE 13G on Talen Energy, latest Apr 30, 2026
VANGUARD GROUP INC Filed SCHEDULE 13G/A on Talen Energy, latest Mar 27, 2026 (4 filings since Nov 4, 2024)
Rubric Capital Management LP Filed SCHEDULE 13G/A on Talen Energy, latest Nov 14, 2025 (4 filings since Nov 13, 2024)
BlackRock Filed SCHEDULE 13G on Talen Energy, latest Oct 17, 2025
MFN Partners, LP Filed SC 13G on Talen Energy, latest Aug 5, 2024

Talen Energy Houston, Texas, United States
- Brandon Shores LLC Subsidiary · Delaware, United States
- Brunner Island, LLC Subsidiary · Delaware, United States
- Buckeye CG Holdings, LLC Subsidiary · Delaware, United States
- Colstrip Comm Serv, LLC Subsidiary · Delaware, United States
- Cumulus Coin LLC Subsidiary · Delaware, United States
- Cumulus Data LLC Subsidiary · Delaware, United States
- Cumulus Digital Holdings LLC Subsidiary · Delaware, United States
- Cumulus Digital LLC Subsidiary · Delaware, United States
- Cumulus Growth Holdings LLC Subsidiary · Delaware, United States
- Cumulus Real Estate Holdings LLC Subsidiary · Delaware, United States
- Cumulus Renewables Holdings LLC Subsidiary · Delaware, United States
- Fort Armistead Road – Lot 15 Landfill, LLC Subsidiary · Delaware, United States
- Guernsey Power Station LLC Subsidiary · Delaware, United States
- H.A. Wagner LLC Subsidiary · Delaware, United States
- Holtwood, LLC Subsidiary · Delaware, United States
- Liberty View Power, L.L.C. Subsidiary · Delaware, United States
- LMBE Project Company LLC Subsidiary · Delaware, United States
- MC OpCo LLC Subsidiary · Delaware, United States
- MC Project Company LLC Subsidiary · Delaware, United States
- Montana Growth Holdings LLC Subsidiary · Delaware, United States
- Montour CT Project LLC Subsidiary · Delaware, United States
- Montour, LLC Subsidiary · Delaware, United States
- Morris Energy Operations Company, LLC Subsidiary · Delaware, United States
- Moxie Freedom LLC Subsidiary · Delaware, United States
- Nautilus Cryptomine LLC Subsidiary · Delaware, United States
- and 30 more

Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What Talen Energy reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

Item	Latest	A year before	Change
Property and equipment, before depreciation	$8.3B⁸ Dec 31, 2025	$3.6B⁸ Dec 31, 2024	+128.1%
Accumulated depreciation	$710.0M⁸ Dec 31, 2025	$465.0M⁸ Dec 31, 2024	+52.7%
Property and equipment, net	$7.5B⁸ Dec 31, 2025	$3.2B⁸ Dec 31, 2024	+139.3%

Investments

Item	Latest	A year before	Change
Cash and cash equivalents	$689.0M⁸ Dec 31, 2025	$328.0M⁸ Dec 31, 2024	+110.1%
Debt securities available for sale	$777.0M⁸ Dec 31, 2025	$611.0M⁸ Dec 31, 2024	+27.2%

Inventory

Item	Latest	A year before	Change
Inventory, total	$278.0M⁸ Dec 31, 2025	$302.0M⁸ Dec 31, 2024	−7.9%

Properties, in its own words

GENERATION FLEET AS OF DECEMBER 31, 2025

Generation Facility · MW Capacity (a) · Percentage Ownership · MW Ownership · Fuel Type · Plant Type · State

The rest of Item 2

PJM

Susquehanna (b) · 2,494 · 90 · 2,245 · Nuclear · Baseload · PA

Guernsey · 1,771 · 100 · 1,771 · Natural Gas · Baseload · OH

Martins Creek · 1,710 · 100 · 1,710 · Natural Gas/Fuel Oil · Peaker · PA

Montour · 1,505 · 100 · 1,505 · Natural Gas · Peaker · PA

Brunner Island (c) (d) · 1,419 · 100 · 1,419 · Natural Gas/Coal · Intermediate · PA

Brandon Shores (e) · 1,273 · 100 · 1,273 · Coal · RMR · MD

Freedom · 1,049 · 100 · 1,049 · Natural Gas · Baseload · PA

H.A. Wagner (e) · 702 · 100 · 702 · Fuel Oil · RMR · MD

Lower Mt. Bethel · 607 · 100 · 607 · Natural Gas · Baseload · PA

Conemaugh (b) (d) · 1,763 · 22.22 · 392 · Coal · Intermediate · PA

Keystone (b) (d) · 1,724 · 12.34 · 213 · Coal · Intermediate · PA

Total · 16,017 · 12,886

WECC

Colstrip Unit 3 (b) · 740 · 30 · 222 · Coal · Baseload · MT

Total · 740 · 222

Generation Fleet · 16,757 · 13,108

(a)Generation capacity (summer rating, where applicable) is based on factors, among others, such as operating experience and physical conditions, which may be subject to revision.

(b)See Note 7 to the Annual Financial Statements for additional information on jointly owned facilities.

(c)Coal-fired electric generation is restricted during the EPA Ozone Season, which is May 1 to September 30 of each year.

(d)Coal-fired electric generation is required to cease at Brunner Island by December 31, 2028 and at Keystone and Conemaugh by December 31, 2034.

(e)See Note 3 to the Annual Financial Statements for additional information on the Brandon Shores and H.A. Wagner RMR arrangements.

Item 2 of the 10-K filed Feb 26, 2026.¹³

The story

Talen Energy was founded in 2015. The company was formed when the competitive power generation business of PPL Corporation was spun off and immediately combined with competitive generation businesses owned by private equity firm Riverstone Holdings. Following these transactions, PPL shareholders owned 65% of Talen's common stock and affiliates of Riverstone owned 35%, with shares trading on the NYSE under the symbol "TLN".

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 its transformation announcement Talen noted that it would 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. Its plan of reorganization was approved by the US Bankruptcy Court for the Southern District of Texas on December 15, 2022. The company completed its restructuring and emerged from bankruptcy 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 to Amazon 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.

Talen's current leadership team includes CEO Mac McFarland, President Terry Nutt, CFO Cole Muller and General Counsel and Corporate Secretary Dan Kelly.

From Wikipedia’s article on Talen Energy, shared under CC BY-SA 4.0.⁶

Leadership

Who has led Talen Energy, and when. Pick a name to see everywhere that person has worked.

Chief executive

President

Chief financial officer

Chief operating officer

Brad Berryman2026–now

20202025

Chief executive officerMark Allen McFarland Jul 9, 2024 to now¹⁴
Chief executive officerPaul A. Farr Jun 10, 2015 to Dec 6, 2016¹⁵
PresidentTerry L. Nutt Mar 2, 2026 to now¹⁶
PresidentMark Allen McFarland Jul 9, 2024 to Mar 2, 2026¹⁴
PresidentWilliam H. Spence May 13, 2015 to May 13, 2015¹⁷
PresidentPaul A. Farr Jun 10, 2015 to Dec 6, 2016¹⁵
Chief financial officerCole Muller Mar 2, 2026 to now¹⁸
Chief financial officerTerry L. Nutt Jul 9, 2024 to Mar 2, 2026¹⁹
Chief financial officerJeremy R. McGuire Jun 8, 2015 to Dec 6, 2016²⁰
Chief operating officerBrad Berryman Mar 2, 2026 to now²¹

Board members and other officers (30)

SVP & Chief Nuclear OfficerEdward T. Casulli Dec 29, 2025 to now²²
Chief Administrative OfficerAndrew M. Wright Jul 9, 2024 to now²³
SVP & Chief Accounting OfficerAnthony J. Plagens Jul 9, 2024 to now²⁴
SVP & Chief Nuclear OfficerBrad Berryman Jul 9, 2024 to now²⁵
Chief Commercial OfficerChristopher E. Morice Jul 9, 2024 to now²⁶
EVP & GM, Cumulus GrowthCole Muller Jul 9, 2024 to now²⁷
Chief Fossil OfficerDale E. Lebsack Jr. Jul 9, 2024 to now²⁸
Gen. Counsel & Corp. SecretaryJohn C. Wander Jul 9, 2024 to now²⁹
Chief Development OfficerDarren J. Olagues Oct 2, 2024 to now³⁰
Executive Vice PresidentPaul A. Farr May 13, 2015 to May 13, 2015³¹
Executive Vice PresidentRobert J. Grey May 13, 2015 to May 13, 2015³²
OfficerClarence J. Hopf Jr. Jun 8, 2015 to Dec 6, 2016³³
OfficerJames E. Schinski Jun 8, 2015 to Dec 6, 2016³⁴
OfficerJerry Matthews Simmons Jr. Jun 8, 2015 to Jun 10, 2015³⁵
VP, GC & Corporate SecretaryPaul M. Breme Jun 8, 2015 to Dec 6, 2016³⁶
SVP & Chief Nuclear OfficerTimothy S. Rausch Jun 8, 2015 to Dec 6, 2016³⁷
Board memberAnthony R. Horton Jul 9, 2024 to now³⁸
Board memberChristine Benson Schwartzstein Jul 9, 2024 to now³⁹
Board memberGizman I. Abbas Jul 9, 2024 to now⁴⁰
Board memberJoseph Nigro Jul 9, 2024 to now⁴¹
Board memberKaren T. Hyde Jul 9, 2024 to now⁴²
Board memberMark Allen McFarland Jul 9, 2024 to now¹⁴
Board memberPaul A. Farr May 13, 2015 to Dec 6, 2016³¹
Board memberRobert J. Grey May 13, 2015 to May 13, 2015³²
Board memberWilliam H. Spence May 13, 2015 to May 13, 2015¹⁷
Board memberPhilip G. Cox May 28, 2015 to Dec 6, 2016⁴³
Board memberFrederick M. Bernthal Jun 8, 2015 to Dec 6, 2016⁴⁴
Board memberLouise K. Goeser Jun 8, 2015 to Dec 6, 2016⁴⁵
Board memberMichael B. Hoffman Jun 8, 2015 to Jun 8, 2015⁴⁶
Board memberRalph Alexander Jun 8, 2015 to Jun 8, 2015⁴⁷

Named in SEC Form D filings

People the company listed in its private-offering notices.

Executive OfficerJohn Chesser named May 26, 2023⁴⁸
Executive OfficerRajat Prakash named May 26, 2023⁴⁸
DirectorGisman Abbas named May 26, 2023⁴⁸
DirectorStephen Schaefer named May 26, 2023⁴⁸

Products and brands

Talen's generation facilities include nuclear, coal, natural gas, and oil-fired power plants.

The largest plant is the Susquehanna Steam Electric Station, a 2.5 gigawatt nuclear power plant, located on the Susquehanna River seven miles (11 km) northeast of Berwick, 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.

Talen's 9.9-GW natural gas and oil fleet includes technologically diverse natural gas and oil generation facilities across the generation stack (including intermediate and peaking dispatch). Certain units are capable of using multiple fuel sources, providing operational flexibility. These assets include significant generation in wholesale markets (primarily PJM), allowing them to generate predictable revenues on cleared capacity while also benefiting from varying market dynamics.

The following is a list of Talen's current generation facilities owned by subsidiaries of Talen:

Read the full text

Nuclear

Susquehanna Steam Electric Station – Salem Township, PA

Coal

Brandon Shores Generating Station – Pasadena, MD

Brunner Island Steam Electric Station (also burns natural gas)- York Haven, PA

Colstrip Power Plant – Colstrip, MT

Conemaugh Generating Station – New Florence, PA

Keystone Generating Station – Schelocta, PA

Natural Gas

Darby Generating Station - Mount Sterling, OH

Freedom Generating Station - Salem Township, PA

Guernsey Power Station - Byesville, OH

Lawrenceburg Power Plant - Lawrenceburg, IN

Lower Mount Bethel Power Plant -Bangor, PA

Martins Creek Power Plant – Bangor, PA

Montour Power Plant – Washingtonville, PA

Waterford Energy Center - Waterford, OH

Oil

Herbert A. Wagner Generating Station – Pasadena, MD

From Wikipedia’s article on Talen Energy, shared under CC BY-SA 4.0.⁶

Subsidiaries and ownership

Subsidiaries (Exhibit 21)

Brandon Shores LLC Delaware⁷
Brunner Island, LLC Delaware⁷
Buckeye CG Holdings, LLC Delaware⁷
Colstrip Comm Serv, LLC Delaware⁷
Cumulus Coin LLC Delaware⁷
Cumulus Data LLC Delaware⁷
Cumulus Digital Holdings LLC Delaware⁷
Cumulus Digital LLC Delaware⁷
Cumulus Growth Holdings LLC Delaware⁷
Cumulus Real Estate Holdings LLC Delaware⁷
Cumulus Renewables Holdings LLC Delaware⁷
Fort Armistead Road – Lot 15 Landfill, LLC Delaware⁷
Guernsey Power Station LLC Delaware⁷
H.A. Wagner LLC Delaware⁷
Holtwood, LLC Delaware⁷
LMBE Project Company LLC Delaware⁷
Liberty View Power, L.L.C. Delaware⁷
MC OpCo LLC Delaware⁷
MC Project Company LLC Delaware⁷
Montana Growth Holdings LLC Delaware⁷
Montour CT Project LLC Delaware⁷
Montour, LLC Delaware⁷
Morris Energy Operations Company, LLC Delaware⁷
Moxie Freedom LLC Delaware⁷

All 55 listed subsidiaries

Nautilus Cryptomine LLC Delaware⁷
Newark Bay Cogeneration Partnership, L.P. New Jersey⁷
Newark Bay Holding Company, L.L.C. Delaware⁷
NorthEast Gas Generation Holdings, LLC Delaware⁷
Pennsylvania Mines, LLC Delaware⁷
RMGL Holdings LLC Delaware⁷
Raven FS Property Holdings LLC Delaware⁷
Raven Lot 15 LLC Delaware⁷
Raven Power Finance LLC Delaware⁷
Raven Power Fort Smallwood LLC Delaware⁷
Raven Power Generation Holdings LLC Delaware⁷
Raven Power Group LLC Delaware⁷
Raven Power Property LLC Delaware⁷
Sapphire Power Generation Holdings LLC Delaware⁷
Silverthorn Solar LLC Delaware⁷
Susquehanna Nuclear, LLC Delaware⁷
Talen Conemaugh LLC Delaware⁷
Talen Energy Marketing, LLC Pennsylvania⁷
Talen Energy Services Group, LLC Delaware⁷
Talen Energy Services Holdings, LLC Delaware⁷
Talen Energy Supply, LLC Delaware⁷
Talen Generation, LLC Delaware⁷
Talen KeyCon Holdings LLC Delaware⁷
Talen Keystone LLC Delaware⁷
Talen Land Holdings, LLC Pennsylvania⁷
Talen MCR Holdings LLC Delaware⁷
Talen Montana Holdings, LLC Delaware⁷
Talen Montana, LLC Delaware⁷
Talen NE LLC Delaware⁷
Talen Technology Ventures LLC Delaware⁷
The Riverlands Recreation Area LLC Delaware⁷

The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.

Timeline

Sep 29, 20268-K Executive or director change; Regulation FD disclosure; Other events⁴⁹
Aug 12, 20268-K Financial statements and exhibits⁵⁰
Aug 5, 20268-K Results of operations⁵¹
Jul 14, 20268-K Regulation FD disclosure⁵²
Jun 18, 20268-K Financial statements and exhibits⁵³
Jun 15, 20268-K Entered a material agreement; Completed an acquisition or sale; New debt or obligation⁵⁴
May 21, 20268-K Entered a material agreement⁵⁵
May 7, 20268-K Shareholder vote⁵⁶
May 5, 20268-K Results of operations⁵⁷
Apr 17, 20268-K Other events⁵⁸
Feb 26, 20268-K Results of operations⁵⁹
Feb 9, 20268-K Financial statements and exhibits⁶⁰
Jul 9, 2024New chief executive Mark Allen McFarland becomes CEO¹⁴
Jun 10, 2015New chief executive Paul A. Farr becomes CEO¹⁵
2015Founded Founded¹

Calendar

Coming up

Nov 3, 2026 · Before the openReports results for the quarter ending Sep/2026 A year earlier it reported $2.38 a share, on Nov 5, 2025.⁶¹

When it reported results

Aug 5, 2026Reported quarterly or annual results⁵¹
May 5, 2026Reported quarterly or annual results⁵⁷
Feb 26, 2026Reported quarterly or annual results⁵⁹
Nov 5, 2025Reported quarterly or annual results⁶²
Aug 7, 2025Reported quarterly or annual results⁶³
May 8, 2025Reported quarterly or annual results⁶⁴
Feb 27, 2025Reported quarterly or annual results⁶⁵
Nov 14, 2024Reported quarterly or annual results⁶⁶

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

207 filings to the SEC since October 2021: 2 annual reports, 7 quarterly reports, 44 major events, 90 insider forms, 12 large holders, 1 private raises, 51 other. The latest 20:

Sep 29, 20268-K EDGAR
Aug 12, 20268-K/A EDGAR
Aug 5, 202610-Q EDGAR
Aug 5, 20268-K EDGAR
Jul 15, 20264 EDGAR
Jul 14, 20268-K EDGAR
Jun 23, 2026SCHEDULE 13G EDGAR
Jun 18, 2026S-3ASR EDGAR
Jun 18, 20268-K/A 8-K EDGAR
Jun 17, 20264 EDGAR
Jun 15, 2026144 EDGAR
Jun 15, 2026144 EDGAR
Jun 15, 20268-K EDGAR
Jun 8, 20264 EDGAR
May 28, 20263 EDGAR
May 27, 20264 EDGAR
May 27, 20264 EDGAR
May 27, 20264 EDGAR
May 27, 20264 EDGAR
May 27, 20264 EDGAR

The 207 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

6 open-market trades by officers, directors and large owners since October 2021: 1 buys and 5 sales. Grants, option exercises and gifts are left out.

Date	Who	Trade	Shares	Price	Value	Filing
Jun 15, 2026	ABBAS GIZMAN IDirector	Sale	2,600	$380.00	$988.0K	Form 4
Jun 27, 2025	Rubric Capital Management LP10% owner	Sale	178,000	$296.04	$52.7M	Form 4
Jun 26, 2025	Rubric Capital Management LP10% owner	Sale	102,217	$291.98	$29.8M	Form 4
Jun 25, 2025	Rubric Capital Management LP10% owner	Sale	108,313	$291.29	$31.6M	Form 4
Mar 6, 2025	Horton Anthony RDirector	Buy	1,000	$190.59	$190.6K	Form 4
Dec 13, 2024	Rosen David Efraim10% owner	Sale	4,893,507	$204.35	$1.0B	Form 4

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

ECP ControlCo, LLCSCHEDULE 13G, 1 filing Jun 23, 2026⁶⁷
VANGUARD CAPITAL MANAGEMENT LLCSCHEDULE 13G, 1 filing Apr 30, 2026⁶⁸
VANGUARD GROUP INCSCHEDULE 13G/A, 4 filings Nov 4, 2024 to Mar 27, 2026⁶⁹
Rubric Capital Management LPSCHEDULE 13G/A, 4 filings Nov 13, 2024 to Nov 14, 2025⁷⁰
BlackRockSCHEDULE 13G, 1 filing Oct 17, 2025⁷¹
MFN Partners, LPSC 13G, 1 filing Aug 5, 2024⁷²

Executive pay

What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.

Year	Executive	Age	Salary	Total pay
2025	Mark McFarlandChief Executive Officer (former President)	56	$1.1M	$18.7M⁷³
2025	Terry NuttPresident (former Chief Financial Officer)	49	$670.6K	$6.8M⁷³
2025	Brad BerrymanChief Operating Officer (former Senior Vice President and Chief Nuclear Officer)	57	$551.2K	$5.4M⁷³
2025	Andrew WrightChief Administrative Officer	58	$546.5K	$5.4M⁷³
2025	John WanderGeneral Counsel and Corporate Secretary	58	$550.0K	$5.4M⁷³
2024	Mark McFarlandChief Executive Officer (former President)	56	$1.1M	$6.3M⁷³
2024	John WanderGeneral Counsel and Corporate Secretary	58	$550.0K	$2.3M⁷³
2024	Brad BerrymanChief Operating Officer (former Senior Vice President and Chief Nuclear Officer)	57	$550.0K	$2.1M⁷³
2024	Terry NuttPresident (former Chief Financial Officer)	49	$550.0K	$2.1M⁷³
2024	Andrew WrightChief Administrative Officer	58	$530.0K	$2.0M⁷³
2023	Mark McFarlandChief Executive Officer (former President)	56	$683.7K	$29.6M⁷³
2023	Terry NuttPresident (former Chief Financial Officer)	49	$253.8K	$10.8M⁷³
2023	Brad BerrymanChief Operating Officer (former Senior Vice President and Chief Nuclear Officer)	57	$541.7K	$10.2M⁷³
2023	Andrew WrightChief Administrative Officer	58	$529.6K	$9.8M⁷³
2023	John WanderGeneral Counsel and Corporate Secretary	58	$285.6K	$9.0M⁷³

Money raised

Private offerings the company reported to the SEC on Form D.

May 17, 2023Raised $1.4 billion in a private offering of equity Form D: 173 investors so far Form D

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.

Fund	Shares	Value	Share of the fund	Change
BlackRock, Inc.	4,355,914	$1.7B	0.0%	+265,417
Rubric Capital Management LP	3,602,171	$1.4B	12.7%	No change
MFN Partners Management, LP	3,000,000	$1.2B	23.8%	No change
ECP ControlCo, LLC	2,399,998	$922.2M	19.8%	New
Vanguard Portfolio Management LLC	2,166,978	$832.7M	0.0%	+70,779
Vanguard Capital Management LLC	2,053,489	$789.1M	0.0%	+7,124
Fred Alger Management, LLC	1,546,473	$594.2M	2.0%	+360,520
Reaves W H & Co Inc	1,476,664	$567.4M	8.6%	−34,033
State Street Corp	1,379,899	$530.2M	0.0%	+36,884
Sachem Head Capital Management LP	1,370,000	$526.4M	10.9%	−177,500
Geode Capital Management, LLC	953,572	$366.5M	0.0%	+43,662
Assenagon Asset Management S.A.	869,456	$334.1M	0.2%	+716,019
Carronade Capital Management, LP	795,514	$305.7M	5.3%	+151,030
Millennium Management LLC	781,457	$300.3M	0.2%	−5,704
Capital World Investors	757,999	$291.3M	0.0%	−17,000
Invesco Ltd.	588,573	$226.2M	0.0%	−374,999
Attestor Capital Ltd	587,470	$225.7M	64.5%	+107,534
Norges Bank	579,885	$222.8M	0.0%	New
Two Seas Capital LP	507,208	$194.9M	7.4%	−71,921
William Blair Investment Management, LLC	497,660	$191.2M	0.6%	−27,554
Goldman Sachs Group Inc	482,998	$185.6M	0.0%	+203,929
Jane Street Group, LLC	456,043	$175.2M	0.1%	+449,380
Capital Research Global Investors	435,592	$167.4M	0.0%	+113,095
American Century Companies Inc	428,122	$164.5M	0.1%	−15,699
Charles Schwab Investment Management Inc	427,146	$164.1M	0.0%	+31,089

13F reports cover disclosed long positions in U.S. stocks only.

SEC filer profile

How Talen Energy is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

Name on EDGARTalen Energy Corp²
CIK0001622536
Employer ID (EIN)47-1197305¹³
Filer statusLarge accelerated filer not an emerging growth company; not a smaller reporting company; not a shell company¹³
Incorporated inDelaware¹³
Fiscal year endsDecember 31²
Industry code (SIC)4911 Electric Services²
SEC reviewing officeOffice of Energy & Transportation, Division of Corporation Finance²
Business address2929 Allen Pkwy, Suite 2200, Houston, TX 77019²
Phone281-203-5300²
Shares outstanding47,914,259 as of Aug 5, 2026¹²
Public float$13.3B as of Jun 30, 2025¹³
AuditorPricewaterhouseCoopers LLP, Houston, Texas PCAOB ID 238; it also attests to the company’s internal control over financial reporting¹³
On EDGAR sinceNov 5, 2014²
Filings432 in all: 4 (143), 8-K (87), 3 (38), UPLOAD (14), 10-Q (13), 424B3 (11), CORRESP (11), DEFA14A (8)²
All 42 form types
SC 13G (8), 4/A (7), 424B4 (7), S-1/A (7), DRS/A (6), DRSLTR (6), EFFECT (5), S-8 (5), 8-K/A (4), SC 13E3/A (4), SCHEDULE 13G (4), SCHEDULE 13G/A (4), 10-K (3), 3/A (3), DEF 14A (3), S-1 (3), S-8 POS (3), SC 13G/A (3), 144 (2), 8-A12B (2), ARS (2), POS AM (2), PRER14A (2), S-3ASR (2), 15-12B (1), 25-NSE (1), CERT (1), CERTNYS (1), CT ORDER (1), D (1), DEFM14A (1), DRS (1), PREM14A (1), SC 13E3 (1)
Latest filingsAnnual report (10-K) Feb 26, 2026
Quarterly report (10-Q) Aug 5, 2026
Proxy statement (DEF 14A) Mar 19, 2026
Latest 8-K (8-K) Sep 29, 2026

Securities registered for trading

Class	Symbol	Exchange
Common stock, par value $0.001 per share	TLN	The Nasdaq Global Select Market

From the cover page of the 10-K filed Feb 26, 2026 (Section 12(b) of the Exchange Act).¹³

Risk factors and legal proceedings

The risks Talen Energy names in Item 1A of its 10-K filed Feb 26, 2026: 37 risks under these headings, as written.¹³

Industry and Market Risks
We may be adversely impacted by changes in the market prices, availability, and transmission of electricity, fuel, and other commodities.
Expected demand growth from the technology sector, manufacturing, and other uses of electricity, which has driven recent improvements in the outlook for the competitive wholesale power generation market, may not actually occur or be sustained.
We face intense competition in the competitive power generation market.
Our business could be adversely affected by events outside of our control, including armed conflicts, war, terrorist attacks or threats, government shutdowns, pandemics, natural disasters, cyber-based attacks, or other significant events.
Commercial and Operational Risks
Operation of power generation facilities involves significant risks and hazards customary to the power industry, which we cannot assure our insurance will be adequate to cover.
Our activities related to hedging and asset management may result in economic losses and (or) volatility in our financial results.
We may experience unplanned interruptions or periods of reduced output, which could result in lower energy margin, lost opportunities, monetary penalties, contractual damages, and (or) other losses.
Because our generation facilities are part of interconnected regional grids, we face the risk of congestion and other interruptions that could impact our operations.
Our ownership and operation of Susquehanna subjects us to substantial risks associated with nuclear generation.
Our commercial and operational activities may constrain our liquidity or require excessive levels of financial support.

The other 27 risks

We are exposed to credit risk, concentrations of credit risk, and counterparty risk from RTOs and ISOs, other customers, commercial counterparties, financial institutions, suppliers, and other parties.
Completed, pending, and potential retirements of our coal assets could result in additional costs and adverse effects on our operating results.
The carrying value of our property, plant and equipment is subject to impairment charges.
Because we are minority owners in certain of our generation facilities, we cannot exercise complete control over their businesses or operations and are exposed to business, operational, and financial risks associated with co-owners.
Our success depends on our ability to attract and retain an appropriately qualified workforce.
We could be affected by increases in our labor and benefit expenses, including healthcare and pension costs.
Acquisitions, divestitures, mergers, or other corporate transactions may expose us to additional risks.
Regulatory, Environmental, and Legal Risks
We could be impacted by changes in, or state interference with, the structure or operation of the markets in which we operate, including ongoing market restructuring in PJM.
There is uncertainty related to the future profitability of our fossil fuel-fired power generation business and the amount and timing of associated environmental costs.
Existing and emerging legal and regulatory requirements related to coal-fired generation operations and CCR could adversely affect our business.
Our ownership and operation of a nuclear power facility subjects us to regulations, costs, and liabilities uniquely associated with these types of facilities.
We may be affected by changes in applicable laws and regulations.
The availability and cost of emission allowances could negatively impact our operating costs.
Changes in tax law, the implementation regulations of certain tax provisions, adverse decisions by tax authorities, or changes to (and uncertainty surrounding) U.S. and international tariffs and trade may adversely affect our business.
Our ability to utilize our tax attributes, including net operating loss and interest carryforwards, if any, may be limited.
We are subject to the risk of litigation and similar legal proceedings.
Financial and Equity Risks
We may not have sufficient access to financing for our business.
Our historical financial information may not be indicative of our future financial performance.
The amount and terms of our indebtedness could adversely affect our financial condition and impair our ability to operate our business.
TEC is a holding company; its ability to obtain funds from its subsidiaries is structurally subordinated to existing and future liabilities and preferred equity of its subsidiaries, and the agreements governing TES’s indebtedness contain certain restrictions on distributions to TEC.
We may not pay any dividends on our common stock in the future.
A number of factors could adversely affect the market price or trading volume of our common stock, even if our business is doing well, including but not limited to substantial sales of our common stock by existing stockholders, future issuances of equity or debt securities by us, and (or) research or reports published by financial analysts.
Stockholders may have a limited ability to influence our business and affairs due to a number of factors.
The requirements of being a public company may require significant resources, and we may be unable to comply with these requirements in a timely or cost-effective manner.
Risks Related to the Cornerstone Acquisition
The proposed Cornerstone Acquisition is subject to a number of conditions which, if not satisfied or waived, could delay or impair our ability to complete the transactions on the agreed terms or at all. Failure to consummate the Cornerstone Acquisition as contemplated or at all could adversely affect us and the price of our common stock.
If completed, the proposed Cornerstone Acquisition may not achieve its intended results.
We expect to incur a significant amount of indebtedness to finance a portion of the Cornerstone Acquisition. However, we are obligated to complete the transaction whether or not we have obtained the necessary funding.

Legal proceedings

Susquehanna ISA Amendment. As previously disclosed, in November 2024, the FERC issued an order denying an Amended Interconnection Service Agreement (the “ISA Amendment”) between PJM, a subsidiary of PPL Corporation, and Susquehanna that would have permitted Susquehanna to decrease by up to 480 MW the amount of power it would have otherwise supplied to the grid and instead supply that power directly to AWS in a co-located “behind-the-meter” arrangement. Talen promptly filed a motion for rehearing of the denial and the FERC subsequently stated, in an order issued in December 2024 and reaffirmed in April 2025, that it would address our request for rehearing in a future order. We subsequently filed an appeal in the U.S. Court of Appeals for the Fifth Circuit, which was transferred to the Third Circuit in November 2025.

Meanwhile, in June 2025, we entered into an amended AWS PPA to, among other things, transition to a “front-of-the-meter” arrangement with AWS. See “—Our Key Markets and Revenue Streams—Contracted Revenues—AWS PPA” for additional information. Following this revision, the load that was previously behind-the-meter was moved into PJM’s load forecast and, as a result, in October 2025, PJM filed a waiver request at the FERC to restore 148 MW of capacity interconnection rights (“CIRs”) to Susquehanna and add the corresponding generation back into the capacity auction. The FERC approved the request and the additional CIRs were available for the 2027/2028 BRA in December 2025 and should continue to be available for future auctions. In January 2026, following approval of the CIR waiver request, the ISA Amendment appeal was voluntarily dismissed by Talen. This matter is now closed.

The opening of Item 3, Legal Proceedings.¹³

Sources

The numbers on this page point here. Each one links to the record it came from.

1
WikidataTalen Energy on Wikidata
2
SEC EDGARTalen Energy filings on SEC EDGAR
3
WikipediaTalen Energy on Wikipedia
4
GLEIFTalen Energy LEI record (2549000RIT3BBR7QM395)
5
SEC EDGARTalen Energy filings on SEC EDGAR
6
WikipediaTalen Energy on Wikipedia (revision used)
7
SEC EDGARTalen Energy annual report, Exhibit 21 (subsidiaries)
8
SEC EDGARTalen Energy 10-K for fiscal 2025
9
SEC EDGARTalen Energy 10-K for fiscal 2022
10
SEC EDGARTalen Energy 10-K for fiscal 2015
11
SEC EDGARTalen Energy 10-Q for fiscal 2026
12
SEC EDGARTalen Energy 10-Q for fiscal 2026
13
SEC EDGARTalen Energy 10-K filed Feb 26, 2026: Item 2, Properties
14
SEC EDGARMark Allen McFarland, Chief executive officer
15
SEC EDGARPaul A. Farr, Chief executive officer
16
SEC EDGARTerry L. Nutt, President
17
SEC EDGARWilliam H. Spence, President
18
SEC EDGARCole Muller, Chief financial officer
19
SEC EDGARTerry L. Nutt, Chief financial officer
20
SEC EDGARJeremy R. McGuire, Chief financial officer
21
SEC EDGARBrad Berryman, Chief operating officer
22
SEC EDGAREdward T. Casulli, SVP & Chief Nuclear Officer
23
SEC EDGARAndrew M. Wright, Chief Administrative Officer
24
SEC EDGARAnthony J. Plagens, SVP & Chief Accounting Officer
25
SEC EDGARBrad Berryman, SVP & Chief Nuclear Officer
26
SEC EDGARChristopher E. Morice, Chief Commercial Officer
27
SEC EDGARCole Muller, EVP & GM, Cumulus Growth
28
SEC EDGARDale E. Lebsack Jr., Chief Fossil Officer
29
SEC EDGARJohn C. Wander, Gen. Counsel & Corp. Secretary
30
SEC EDGARDarren J. Olagues, Chief Development Officer
31
SEC EDGARPaul A. Farr, Executive Vice President
32
SEC EDGARRobert J. Grey, Executive Vice President
33
SEC EDGARClarence J. Hopf Jr., Officer
34
SEC EDGARJames E. Schinski, Officer
35
SEC EDGARJerry Matthews Simmons Jr., Officer
36
SEC EDGARPaul M. Breme, VP, GC & Corporate Secretary
37
SEC EDGARTimothy S. Rausch, SVP & Chief Nuclear Officer
38
SEC EDGARAnthony R. Horton, Board member
39
SEC EDGARChristine Benson Schwartzstein, Board member
40
SEC EDGARGizman I. Abbas, Board member
41
SEC EDGARJoseph Nigro, Board member
42
SEC EDGARKaren T. Hyde, Board member
43
SEC EDGARPhilip G. Cox, Board member
44
SEC EDGARFrederick M. Bernthal, Board member
45
SEC EDGARLouise K. Goeser, Board member
46
SEC EDGARMichael B. Hoffman, Board member
47
SEC EDGARRalph Alexander, Board member
48
SEC EDGARTalen Energy Form D naming John Chesser
49
SEC EDGARExecutive or director change; Regulation FD disclosure; Other events
50
SEC EDGARFinancial statements and exhibits
51
SEC EDGARResults of operations
52
SEC EDGARRegulation FD disclosure
53
SEC EDGARFinancial statements and exhibits
54
SEC EDGAREntered a material agreement; Completed an acquisition or sale; New debt or obligation
55
SEC EDGAREntered a material agreement
56
SEC EDGARShareholder vote
57
SEC EDGARResults of operations
58
SEC EDGAROther events
59
SEC EDGARResults of operations
60
SEC EDGARFinancial statements and exhibits
61
NasdaqNasdaq calendar
62
SEC EDGARTalen Energy 8-K, Item 2.02 (results of operations)
63
SEC EDGARTalen Energy 8-K, Item 2.02 (results of operations)
64
SEC EDGARTalen Energy 8-K, Item 2.02 (results of operations)
65
SEC EDGARTalen Energy 8-K, Item 2.02 (results of operations)
66
SEC EDGARTalen Energy 8-K, Item 2.02 (results of operations)
67
SEC EDGARECP ControlCo, LLC SCHEDULE 13G on Talen Energy
68
SEC EDGARVANGUARD CAPITAL MANAGEMENT LLC SCHEDULE 13G on Talen Energy
69
SEC EDGARVANGUARD GROUP INC SCHEDULE 13G/A on Talen Energy
70
SEC EDGARRubric Capital Management LP SCHEDULE 13G/A on Talen Energy
71
SEC EDGARBlackRock SCHEDULE 13G on Talen Energy
72
SEC EDGARMFN Partners, LP SC 13G on Talen Energy
73
SEC EDGARTalen Energy proxy statement (DEF 14A), 2025 pay