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Talen Energy (NASDAQ: TLN) has increased its share repurchase program capacity to $1.25 billion through Q4 2026. This expansion follows the company's previous $1 billion program, under which Talen has already repurchased about 14% of outstanding shares for $931 million. The upsized program demonstrates Talen's commitment to disciplined capital allocation and prioritizing shareholder returns. Funding will come from cash on hand and operational cash flow. The repurchases may occur through open market transactions, negotiated deals, or other means, with timing, volume, and value at management's discretion. The program can be suspended, modified, or discontinued at any time.
Talen Energy (NASDAQ: TLN) has announced a significant milestone in its agreement with Amazon Web Services (AWS) for the Cumulus data center campus transaction. Cumulus Digital, a Talen subsidiary, has received $300 million previously held in escrow after meeting development planning milestones. This payment follows the completion of steps allowing for the development of the AWS campus to 960 MW of power consumption.
Cole Muller, General Manager of Cumulus Digital, expressed satisfaction with the progress and anticipation for executing power sales under the Power Purchase Agreement (PPA). This development marks a important step in Talen's collaboration with AWS and its strategy in the data center sector.
Talen Energy (NASDAQ: TLN) reported strong Q2 2024 results and raised its 2024 guidance. Key highlights include:
- Q2 2024 Adjusted EBITDA: $87 million
- Q2 2024 Adjusted Free Cash Flow: $(29) million
- H1 2024 Adjusted EBITDA: $376 million
- H1 2024 Adjusted Free Cash Flow: $165 million
- Updated 2024 Guidance: Adjusted EBITDA $720-$780 million, Adjusted Free Cash Flow $245-$285 million
- PJM Capacity Auction: Cleared 6,820 MW at $269.92 per megawatt-day
- Share Repurchases: $931 million to date (14% of outstanding shares)
- NASDAQ Listing: Started trading on July 10, 2024
Talen's fleet performed well during high temperatures in PJM, with a 2.2% EFOF and 0.2 OSHA TRIR in Q2 2024.
Talen Energy (NASDAQ: TLN) has responded to two actions by the Federal Energy Regulatory Commission (FERC). First, FERC issued a deficiency letter regarding the Susquehanna Interconnection Service Agreement (ISA). Talen plans to work with PJM and PPL to quickly address FERC's questions, expressing optimism that the Commission will ultimately affirm the ISA amendments' lack of negative impact on system-wide reliability.
Secondly, FERC opened a new proceeding for a Commissioner-led technical conference in Fall 2024 to discuss issues related to the co-location of large loads. Talen intends to participate fully, emphasizing the need for quick decisions to avoid chilling investment and growth in the sector. The company views its co-location arrangement with AWS as part of the solution, highlighting benefits such as rapid service to new customer loads and support for the existing power generation fleet through long-term agreements.
Talen Energy (NASDAQ: TLN) has announced its results from the PJM Base Residual Auction for the 2025/2026 planning year. The company successfully cleared 6,820 megawatts at a clearing price of $269.92 per megawatt-day across three Locational Deliverability Areas: MAAC, PPL, and PSEG. This outcome translates to approximately $670 million in capacity revenues for Talen during the planning year, which runs from June 1, 2025, through May 31, 2026.
The auction results indicate a strong performance for Talen in securing capacity commitments and associated revenues in the PJM market, potentially providing a significant boost to the company's future financial outlook.
Talen Energy (NASDAQ: TLN) has announced it will release its second quarter 2024 financial results on Tuesday, August 13, 2024, before the market opens. The company will host an earnings call at 10:00 a.m. EDT on the same day, featuring President and CEO Mac McFarland and CFO Terry Nutt. Investors and analysts can participate in the webcast by registering in advance. Those joining via phone need to register separately to receive dial-in information. For those unable to attend the live event, a digital replay of the earnings call will be available for approximately one year on Talen's Investor Relations website.
Talen Energy (OTCQX: TLNE) has announced its anticipated move to the NASDAQ Global Select Market. The company's common stock is expected to commence trading under the new symbol 'TLN' on July 10, 2024, following the final trading day on the OTCQX Best Market on July 9, 2024.
Talen has filed an acceleration request with the SEC for its registration statement on Form S-1, which is not yet effective and does not pertain to any imminent financing activities. The company cannot guarantee that the SEC will approve the Form S-1 or the NASDAQ listing application.
Currently, Talen's common stock is not registered under the Securities Act of 1933 and cannot be offered or sold in the U.S. without registration or an exemption. This press release does not constitute an offer to sell or buy securities. All offers and sales will comply with the Securities Act's registration requirements.
For further information, contact Ellen Liu, Senior Director of Investor Relations, or Taryne Williams, Director of Corporate Communications.
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