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Commodities

Talen Energy Gets Regulatory Approvals to Acquire Power Plants in Indiana, Ohio

Independent power producer Talen Energy (TLN) said Monday it has received all regulatory approvals required for the $3.45 billion acquisition of Waterford Energy Center and Darby Generating Station in Ohio and Lawrenceburg Power Plant in Indiana.The company recently received clearances from the Federal Energy Regulatory Commission and the Indiana Utility Regulatory Commission to acquire the power plants from Energy Capital Partners, the statement said.Once the transaction is finalized in the coming weeks, Talen's natural gas generation capacity will expand by 2.6 gigawatts, according to the company.

$TLN
Commodities

Update: US DOE Issues Order to Keep Pennsylvania Power Plant Units Online to Support Mid-Atlantic Grid

(Adds information from DOE's emergency order related to Wagner Generating Station from paragraphs 9 to 13)The US Department of Energy on Thursday said it has renewed an emergency order requiring a fossil-fired power plant in Pennsylvania to remain operational to address grid reliability issues in the Mid-Atlantic region.Energy Secretary Chris Wright ordered PJM Interconnection, in coordination with Constellation Energy (CEG), to keep Units 3 and 4 of the Eddystone Generating Station available beyond their planned retirements and to use economic dispatch to limit consumer costs, the Department said in a statement.Eddystone Units 3 and 4, each with 380 megawatt capacity, are subcritical steam boiler-turbine generator units that can run on either natural gas or oil, depending on market conditions, according to a document on the DOE website, which added that these units were installed between 1967 and 1970.These units were initially scheduled to shut down on May 31, 2025.Wright first issued an emergency order on May 30 last year to keep the units online past their planned retirement, with subsequent orders issued later in 2025 and 2026."Keeping these units operational over the past year strengthened energy security in the PJM region, as demonstrated when PJM called on the units to generate electricity during heat waves that hit the region in the summer and during Winter Storm Fern," the statement said.The units generated 26,971 megawatt-hours between June and December last year, the statement said, citing US Environmental Protection Agency data.The order is effective from May 25 through Aug. 22.In a separate statement on Thursday, the DOE said Wright issued an emergency order permitting PJM Interconnection to operate specified units at Talen Energy's (TLN) Wagner Generating Station in Anne Arundel County, Maryland, to meet anticipated electricity demand, following a request from PJM.The order will enhance grid stability and reduce the risk of energy shortfalls in 13 states and the District of Columbia, the statement said."Due to the need to rely on Wagner Unit 4 during the atypically high seasonal temperatures and generator outages, PJM assessed that in such circumstances, there are insufficient generation run hours remaining due to the Operating Limits on Wagner Unit 4," the statement said.This order, issued under Section 202(c) of the Federal Power Act, is effective from May 22 through to Aug. 19.The DOE had previously permitted PJM to allow the dispatch and operation of Unit 4 in excess of its operating limit."The 'growing resource adequacy concern' that PJM cited in its July 2025 request still exists today," the DOE said in the statement.Price: $290.93, Change: $+5.10, Percent Change: +1.78%

$CEG$TLN
Wire

NextEra, Dominion Merger Reinforces Power Infrastructure Supercycle Thesis, Wedbush Says

NextEra Energy (NEE) and Dominion Energy's (D) merger shows that the "AI-driven power demand supercycle is not a cyclical trade but a decades-long infrastructure build," Wedbush said in a note Monday.In the grid infrastructure and data center space, Quanta Services (PWR) and Willdan (WLDN) will be direct beneficiaries of the deal, Wedbush said, adding that a combined NextEra and Dominion spanning Florida, Virginia, North Carolina, and South Carolina will need a "sustained acceleration in transmission, substation, and distribution buildout."In the equipment and power management sector, Vertiv (VRT) and Eaton (ETN) are poised to benefit from scale procurement, the note said, adding the combined company's emphasis on "supply chain scale and procurement efficiency points directly to accelerating orders for thermal management, power conversion, and switchgear."In the power generation and fuel supply space, Constellation Energy (CEG), Vistra (VST), and Talen Energy (TLN) will likely also benefit from "demand confirmation," Wedbush said, adding the deal's "explicit framing of surging large-load demand" will support independent power producers serving the same Mid-Atlantic and Southeast regions.Meanwhile, for the materials and enabling technologies sector, the "nuclear infrastructure thesis" will likely be boosted, Wedbush said, as the combined company's position as the second largest in US nuclear generation will back the "long-term investment case for the nuclear supply chain."Cameco (CCJ), BWX Technologies (BWXT), and NuScale Power (SMR) are the companies most directly linked to nuclear fuel, services, and reactor deployment, the note said.Price: $88.37, Change: $-5.00, Percent Change: -5.35%

$BWXT$CCJ$CEG$D$ETN$NEE$PWR$SMR$TLN$VRT$VST$WLDN
Research

Research Alert: CFRA Maintains Buy Opinion On Shares Of Talen Energy Corporation

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:We increase our 12-month target by $3 to $453, valuing shares at an EV/EBITDA of 11.0x our 2027 EBITDA estimate, roughly in-line with peers. We raise our 2026 EPS view by $2.58 to $23.02 and raise our 2027 EPS view by $5.87 to $34.61. In 2026, we anticipate operating sales growth of 64% to $4.23B and 10% to $4.67B in 2027 from $2.58B in 2025, supported by the ramp-up of the long-term PPA with AWS at the Susquehanna nuclear plant. We also see recent gas plant acquisitions supporting growth. We anticipate significant adjusted EBITDA margin expansion with support from strong revenue growth due to recent acquisitions and contracted power sales. We forecast the margin to reach approximately 48% in 2026, up from ~40% in 2025, followed by further expansion to around 53% in 2027. TLN repurchased 300k shares for $100M during the quarter, with $1.9B remaining under its authorization through year-end 2028, supporting the company's disciplined capital allocation framework while maintaining net leverage of 3.1x.

$TLN
Research

Research Alert: Talen Energy Q1: Operating Revenue Jumps 189% Y/y To $1.1b, Ebitda Up 137%

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:TLN reported exceptional Q1 results with operating revenues of $1,129M (+189% Y/Y) and adjusted EBITDA of $473M (+137% Y/Y), driven by higher PJM capacity prices, AWS PPA ramp, and improved spark spreads. Adjusted free cash flow surged 302% to $350M, benefiting from strong operating performance and favorable working capital dynamics. The Cornerstone Acquisition of 2,451 MW remains on track for H2 2026 close, with $4B financing secured at attractive rates generating over $40M in annual interest savings. TLN reaffirmed 2026 guidance of $1.75B-$2.05B adjusted EBITDA and $980M-$1,180M adjusted free cash flow, while providing preliminary 2027-2028 outlooks showing adjusted FCF per share growing to ~$34 and ~$36 respectively. We believe the company's disciplined capital allocation framework, including $1.9B remaining share repurchase authorization through 2028, positions TLN well for continued strong FCF growth with a >20% base case CAGR trajectory.

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