Talen Energy
34 named things its latest annual report says its results depend on, each in the company's own words. 16 of them are also named by other companies we've read.
Customers
Amazon Web Services (AWS)
earns from · up to 1,920 MW of power annuallynamed as a riskIn June 2025, we and AWS entered into an expanded power purchase agreement for the long-term, fixed-price supply of up to 1,920 MW of power annually from Susquehanna to the adjacent AWS data center campus through 2042.Business (Item 1)
Also named by AAON, ABNB, ADSK, AIOT, BLK, CARR, CG, COF and 56 more
Data center demand
earns from · approximately 66 GW by 2036named as a riskFundamental demand growth in PJM is expected to come from multiple sources, most notably high-performance computing and data center demand, continued re-shoring in the wake of the COVID-19 pandemic and associated supply chain disruptions, and continued electrification of the U.S. economy.Business (Item 1)
Suppliers
Nuclear fuel suppliers
depends onnamed as a riskIn addition, the costs associated with the nuclear fuel cycle are substantial, and suppliers of certain components and other materials required to produce nuclear fuel are limited.Risk factors (Item 1A)
Partners and platforms
PJM Interconnection
concentrated in · approximately 13 GW of our generation capacitynamed as a riskThe substantial majority of our generation capacity is located in, and accordingly the majority of our revenues are derived from, PJM.Business (Item 1)
Conemaugh and Keystone co-owners
depends onnamed as a riskWe often depend on our co-owners to fulfill obligations important to the success of these joint operations, such as funding their share of capital and operating costs and, in the case of Conemaugh and Keystone, operating the facilities, and their ability to meet these obligations is outside our control.Risk factors (Item 1A)
Other companies
Cornerstone Acquisition (Energy Capital Partners)
$3.45 billionnamed as a riskOn January 15, 2026, we entered into the Cornerstone Merger Agreement to acquire from affiliates of Energy Capital Partners (“ECP”) the 875 MW Waterford Energy Center and 456 MW Darby Generating Station, both located in Ohio, and the 1,120 MW Lawrenceburg Power Plant located in Indiana, for an aggregate purchase price of $3.45 billion, consisting of $2.55 billion in cash, subject to working capital and other customary adjustments, and 2,400,000 shares of Talen common stock, valued at approximately $900 million at the time of the entry into the Cornerstone Merger Agreement.Business (Item 1)
IBEW Local 1600
624 Pennsylvania employeesnamed as a riskOur collective bargaining agreements (“CBA”) include: (i) a CBA with IBEW Local 1638, covering 186 Talen Montana employees, which is in effect until April 2026; (ii) a CBA with Teamsters Local 190, covering six Talen Montana employees, which is in effect until August 2027; and (iii) a CBA with IBEW Local 1600, covering 624 Pennsylvania employees, which is in effect until August 2030.Business (Item 1)
Nuclear Decommissioning Trust
exposed to its price · $(117)named as a riskHowever, the equity securities included in the NDT are exposed to price fluctuation in equity markets, and the values of fixed-rate, fixed-income securities are primarily exposed to changes in interest rates.Market risk (Item 7A)
Freedom and Guernsey Acquisitions
$3.8 billionIn November 2025, the Company consummated the Freedom and Guernsey Acquisitions for an aggregate $3.8 billion which is subject to certain post-closing adjustments for net working capital and other customary items.Business (Item 1)
Places
Susquehanna nuclear facility
concentrated in · approximately half of our total annual generationnamed as a riskBecause Susquehanna accounts for a substantial amount of our generation and associated earnings, any adverse development in Susquehanna's operations, such as an unplanned outage or catastrophic event, could have a significant impact on our business.Risk factors (Item 1A)
Mid-Atlantic United States
concentrated innamed as a riskFurthermore, as a significant portion of our power generation facilities are geographically concentrated in the mid-Atlantic area of the United States, we face increased risk that a natural or man-made disaster in that area could adversely affect a large part of our operations.Risk factors (Item 1A)
Also named by AGX
Colstrip facility (Montana)
operates innamed as a riskAmong others, we currently have surety bonds posted to the State of Montana on behalf of our proportional share of remediation and closure activities at Colstrip and LCs posted to AWS to support our obligations under the AWS PPA.Risk factors (Item 1A)
Marcellus and Utica shale regions
depends onFurther, our natural gas generation assets are situated near the Marcellus and Utica shale regions of Pennsylvania and Ohio, which provide access to fuel from some of the largest producing natural gas regions in the U.S.Business (Item 1)
Hazards
Mild weather in the Mid-Atlantic
concentrated innamed as a riskConversely, mild winter or summer temperatures in the Mid-Atlantic tend to suppress electric demand and may result in lower overall settled prices that reduce our energy margin.Risk factors (Item 1A)
Commodities and inputs
Uranium / nuclear fuel
depends on · fully contracted through the 2028 fuel load, more than 50% contracted through 2029, and over 20% contracted through 2030named as a riskOur nuclear fuel cycle is fully contracted through the 2028 fuel load, more than 50% contracted through 2029, and over 20% contracted through 2030.Business (Item 1)
Wholesale power prices
exposed to its price · $(185) / $185 2027 margin effect per $5/MWhnamed as a riskThe table below displays sensitivities for changes in projected margins based upon consistent changes in power prices across our entire portfolio.Market risk (Item 7A)
Natural gas
exposed to its pricenamed as a riskA decline, or significant volatility, in the price of natural gas or other fuels could negatively impact energy margin and energy revenues.Risk factors (Item 1A)
Also named by AA, ADM, AEE, AEP, AES, AESI, AGX, ALB and 132 more
Coal (Central and Northern Appalachia)
depends onnamed as a riskWe actively manage our coal requirements by purchasing coal from central and northern Appalachia for our PJM facilities and from a mine adjacent to Colstrip for that facility.Business (Item 1)
Also named by AA, AEE, AEP, AES, ARLP, BKH, BRK/B, CNP and 19 more
Emission allowances (SO2, NOx, CO2)
exposed to its pricenamed as a riskIf our operational needs require more than our allocated or otherwise acquired allowances, we may be forced to purchase additional allowances on the open market, which could be costly, if available at all.Risk factors (Item 1A)
Also named by AEP
Regulators
Pension Benefit Guaranty Corporation (PBGC)
subject to · underfunded by an estimated $212 millionnamed as a riskAs of December 31, 2025, our defined benefit pension plans, which cover certain of our retirees and employees, were underfunded by an estimated $212 million, with a total benefit liability of an estimated $1.2 billion, and we expect to continue incurring significant costs under these plans.Risk factors (Item 1A)
Also named by CCK
Federal Energy Regulatory Commission (FERC)
subject tonamed as a riskThe FERC retains the authority to modify or withdraw our market-based rate authority and impose cost-based rates if it determines that the market is not competitive, we possess market power in one or more markets, we are not charging just and reasonable and not unduly discriminatory rates, or we have violated the FERC's market behavior rules or engaged in market manipulation.Risk factors (Item 1A)
Also named by AA, AEE, AEP, AM, AMRC, AR, ARES, ATO and 62 more
Nuclear Regulatory Commission (NRC)
subject tonamed as a riskThe NRC could temporarily or permanently shut down Susquehanna, require it to modify its operations, or refuse to permit a unit to restart after any planned or unplanned outage.Risk factors (Item 1A)
Also named by AEE, AEP, BRK/B, BWXT, CAH, CDRE, CEG, CW and 20 more
Indiana Utility Regulatory Commission
subject tonamed as a riskCompletion of the Cornerstone Acquisition is subject to the satisfaction or waiver of a number of conditions, including: (i) receipt of approval from the FERC under Section 203 of the Federal Power Act; (ii) expiration or termination of the applicable waiting period under the HSR Act; (iii) receipt of approval from the Indiana Utility Regulatory Commission, and (iv) other customary closing conditions, including but not limited to the absence of certain “material adverse events.”Risk factors (Item 1A)
Laws and programs
PJM Base Residual Auction
earns from · 8,745 MW at a price of $333.44/MWdnamed as a riskTalen cleared 8,745 MW at a price of $333.44/MWd.Business (Item 1)
Brandon Shores and H.A. Wagner RMR agreements
earns from · $145 million ($312/MWd) for Brandon Shores and $35 million ($137/MWd) for H.A. WagnerBeginning June 1, 2025, the RMR arrangements provide an annual fixed-cost payment of $145 million ($312/MWd) for Brandon Shores and $35 million ($137/MWd) for H.A. Wagner, which includes a performance “hold back” of $5 million per year for Brandon Shores and $2.5 million per year for H.A. Wagner, each to be paid out based on unit performance.Business (Item 1)
Price-Anderson Act
subject tonamed as a riskWhile Susquehanna maintains property and liability insurance and is subject to NRC insurance requirements and the Price-Anderson Act scheme, there may be limitations on the amounts and types of insurance commercially available to us or we may have insufficient coverage with respect to any losses.Risk factors (Item 1A)
Also named by BWXT, CDRE, CEG, CW, DUK, ETR, FLR, J and 5 more
EPA Good Neighbor Plan
subject tonamed as a riskKey air matters currently affecting our business include, but are not limited to, nitrogen oxides requirements (including potential implementation of the EPA's Good Neighbor Plan or similar requirements) as well as the revised 2024 GHG Rule, which could significantly impact certain facilities, including our Colstrip facility.Business (Item 1)
Nuclear Waste Policy Act of 1982 (U.S. Department of Energy)
subject tonamed as a riskIn addition, Susquehanna will be obligated to continue storing SNF if the Department of Energy continues to fail to meet its contractual obligations under the Nuclear Waste Policy Act of 1982 to accept and dispose of Susquehanna's SNF.Risk factors (Item 1A)
Nuclear Production Tax Credit (Inflation Reduction Act)
earns fromnamed as a riskFor example, the Inflation Reduction Act includes amendments to the Internal Revenue Code of 1986, as amended (the “Code”) to, among other things, create the Nuclear PTC program which, if eliminated, could negatively impact our business.Risk factors (Item 1A)
Also named by CEG
PJM Capacity Performance model
subject tonamed as a riskFor example, certain of our generation facilities incurred Capacity Performance penalties for failing to meet PJM's Capacity Performance requirements during Winter Storm Elliott in 2022.Risk factors (Item 1A)
EPA GHG Rule
subject tonamed as a riskThese regulations primarily affect baseload units in the national power fleet, including our coal-fired generation facilities that have not set near-term retirement dates (e.g., Colstrip).Risk factors (Item 1A)
EPA ELG Rule
subject tonamed as a riskOne of the most impactful CWA programs currently affecting our business is the 2024 EPA ELG Rule, under which certain of our generation facilities have incurred operating restrictions and committed to prematurely end the use of certain fuels.Business (Item 1)
EPA CCR Rule
subject tonamed as a riskThe EPA's regulation of CCRs under the RCRA is a currently evolving regulatory program under which we may incur significant costs impacting AROs.Business (Item 1)