Talen Energy Corporation
Utilities · Independent Power Producers & Energy Traders
Pure-play nuclear-to-hyperscaler PPA story. 92GW. FERC initially rejected the ISA amendment April 2025; settlement structure approved March 2026 cleared the path for full ramp.
- 1.92GW contracted nuclear capacity to $AMZN at premium fixed pricing - multi-year cash-flow visibility rare in IPP space
- Susquehanna license runs through 2042/2044 - long-dated asset against 15-25yr hyperscaler PPA demand
- Net-short capacity position in PJM as AI datacenter load tightens reserve margins through 2027
- ~$3B+ buyback authorization deployed aggressively - share count down ~10% since 2024 IPO
- Optionality on second behind-the-meter deal (Montour / additional Cumulus phases) repeatedly flagged on calls
- FERC / PJM precedent on co-located load remains contested - any reversal compresses the premium PPA economics
- ~80% of EBITDA still merchant-exposed once you strip the AWS contract - gas/power curve sensitivity is real
- Nuclear operational tail risk: unplanned Susquehanna outage = direct PPA delivery shortfall
- Multiple has re-rated from ~6x to ~14x EV/EBITDA on the AI-power narrative - priced for execution
- Insider + sponsor (post-bankruptcy holders) selling pressure as lockups roll off
No key levels recorded for this ticker.