Talen Energy Corp

Overview

Talen Energy Corp is a U.S. independent power producer and energy-infrastructure company focused on generating and selling electricity, capacity, and ancillary services in wholesale power markets. The company describes its mission as “dedicated to powering the future.” Its fleet includes nuclear and dispatchable fossil-fuel generation, with approximately 15.7 GW of infrastructure reported in Q2 2026.[1]

Talen’s generation assets are concentrated in the Mid-Atlantic, Ohio, Indiana, and Montana, and its headquarters are in Houston, Texas. The company reports approximately 2,000 employees.[1]+2 It reported operating revenues of $2.581 billion for FY2025.[4] Talen was formed in 2015 through the spin-off of PPL’s competitive energy business and its combination with Riverstone generation assets.[5] [1]+4

Products & services

Talen Energy’s wholesale products are electricity, capacity, and ancillary services, sold through U.S. power markets and bilateral contracts. Its generation portfolio includes nuclear baseload power, natural-gas combined-cycle and peaking generation, and coal-fired generation. The company describes its Freedom and Guernsey plants as efficient H-class combined-cycle gas facilities.[6]+2

In PJM, Talen offers Capacity Performance, the capacity product used to meet provider obligations; providers are required to perform during system emergencies and may face penalties for non-performance. Nuclear generation is a significant low- and zero-carbon offering: Talen reports more than 5.7 GW of such baseload generation, including its 90% interest in the 2.5 GW Susquehanna plant. Susquehanna generated approximately 17 TWh in 2025.[9]+2 [6]+4

Geographic presence

Talen’s generation footprint is concentrated in the United States, principally in the Mid-Atlantic and Ohio, with an additional asset in Montana. Its year-end 2025 fleet included plants in Pennsylvania, Ohio and Maryland, as well as a 222 MW ownership share of Colstrip Unit 3 in Montana; the fleet table reports 13,108 MW owned in total.[6]+2 The company’s primary wholesale market is PJM, which coordinates electricity movement across parts of Pennsylvania, New Jersey, Maryland and other states, as well as Washington, D.C. Colstrip is listed in the WECC market area.[13]+3

For 2025, Talen reported operating revenue of $2,477 million in its PJM segment and $161 million in “Other,” alongside $(57) million for Corporate and Eliminations. These are segment figures, not a country-by-country geographic revenue breakdown.[15] Talen lists offices in Allentown, Pennsylvania, Houston and The Woodlands, Texas; the cited company information does not provide employee distribution by location.[16][17] [6]+10

Business segments

Talen Energy reports **PJM** as its reportable segment. It encompasses electricity generation and related marketing, commodity-risk management, and fuel-management activities in the PJM market, including the Susquehanna nuclear facility and the company’s PJM gas- and coal-fired generation.[18][19]

**Other** groups operating segments that are not separately reportable and other operating activities; these include Talen Montana’s share of the Colstrip plant in the WECC market and other non-material operating and development activities. **Corporate and Eliminations** is presented separately to reconcile segment results with consolidated results, rather than as a reportable operating segment.[20]+2

By revenue, PJM contributed approximately **96%** and Other **6%** of FY2025 consolidated revenue, with corporate and elimination items reducing the total by about **2%**. For the six months ended June 30, 2026, PJM contributed approximately **99%** and Other **2%**, offset by corporate and elimination items of about **1%**. Percentages are approximate and calculated from reported segment revenue; they may not sum to 100% before rounding because corporate and elimination amounts are negative.[15][22] [18]+5

Company history

Talen Energy was formed in June 2014 as a vehicle combining PPL’s competitive generation business with Riverstone’s RJS Power. It began operating as an independent, publicly traded company on June 1, 2015, when PPL spun it off to shareholders and Riverstone contributed RJS Power.[23][24] In December 2016, Riverstone affiliates completed a merger with Talen, and its shares ceased trading on the New York Stock Exchange.[25][26]

Talen’s reorganization plan was confirmed in December 2022 and took effect on May 17, 2023, when the company emerged from Chapter 11 and adopted fresh-start accounting.[27][28] In 2024, it sold its Texas generation portfolio to CPS Energy and divested substantially all of its Cumulus data-campus assets; the latter transaction was accompanied by a power-purchase agreement linked to Susquehanna generation.[29]+2 Talen’s shares returned to public trading on Nasdaq on July 10, 2024, under the symbol TLN.[32][33]

In January 2026, Talen announced an agreement to acquire three gas-generation assets from Energy Capital Partners for $3.45 billion, marking a further expansion of its generation portfolio.[34][35] [23]+12

Sources

• Talen Energy Corp — Full financial report (2026 Q 2)
  4 citations

  [1][7][22][34]
• www.talenenergy.com[2]
• www.talenenergy.com[3]
• Talen Energy Corp — Full financial report (2025 Y)
  17 citations

  [4][6][8][9][10][11][12][13][14][15][18][19][20][21][27][30][32]
• news.pplweb.com[5]
• www.talenenergy.com[16]
• www.talenenergy.com[17]
• Talen Energy Corp — Full financial report (2015 Y)[23][24]
• Talen Energy Corp — Full financial report (2016 Q 3)[25]
• www.sec.gov[26]
• cases.ra.kroll.com[28]
• www.cpsenergyinvestorrelations.com[29]
• ir.talenenergy.com[31]
• ir.talenenergy.com[33]
• ir.talenenergy.com[35]