Talen Energy (TLN) FY2025 results: revenue $2.6 billion, up 22.0% on the year

Talen Energy is an independent power producer that owns and operates approximately 13.1 GW of power generation in the United States, including 2.2 GW of nuclear power. It sells electricity, capacity and ancillary services into wholesale U.S. power markets, and its fleet is mainly in the Mid-Atlantic, Ohio and Montana. It is a Delaware corporation with its principal executive office in Houston, Texas.

The fleet

Its baseload generation, over 5.7 GW, includes a 90% interest in the 2.5 GW Susquehanna nuclear facility, which the filing describes as the seventh largest nuclear-powered generation facility in the United States. In 2025 Susquehanna produced approximately 17 TWh of power, and it has typically made up approximately half of the company's annual generation. The company added 2.8 GW of combined-cycle natural gas generation by acquiring the Freedom and Guernsey facilities. Its 4.6 GW intermediate and peaking fleet runs on natural gas, with some units able to use more than one fuel, and includes the Brunner Island and Montour plants, which it converted from coal along with Unit 3 of its H.A. Wagner facility. It runs the H.A. Wagner and Brandon Shores facilities, 2.0 GW in total, under RMR agreements that keep them operating until May 31, 2029 to support the grid in the Baltimore area, and it owns minority interests totaling approximately 800 MW in three coal-fired facilities.

Markets and contracts

Most of its generating capacity sits in PJM, which operates wholesale electricity markets in all or parts of 13 states and the District of Columbia. Approximately 13 GW of its capacity is in the MAAC, BGE and AEP regions of PJM, and the rest is the Colstrip facility in WECC. It sells capacity and energy through forward auctions, future contracts and spot market sales. In June 2025 it signed an expanded power purchase agreement with AWS under which, at the full contract quantity, Susquehanna supplies 1,920 MW of nuclear power to the AWS data campus next to the plant through 2042, with a delivery schedule that ramps up over time. Under the RMR agreements, Brandon Shores and H.A. Wagner receive fixed payments plus reimbursement of certain costs.

Fuel

Its plants can run on nuclear fuel, natural gas, coal and oil, and its gas plants sit near the Marcellus and Utica shale regions of Pennsylvania and Ohio. Susquehanna's fuel supply is fully contracted through the 2028 fuel load, more than 50% contracted through 2029 and over 20% contracted through 2030, and the company states it has no fuel exposure to Russian-affiliated counterparties. Susquehanna stores spent nuclear fuel on site in dry casks and spent fuel pools, because the U.S. government has not yet provided for its permanent disposal.

Pending acquisition

On January 15, 2026 it agreed to acquire, from affiliates of Energy Capital Partners, the 875 MW Waterford Energy Center and the 456 MW Darby Generating Station in Ohio and the 1,120 MW Lawrenceburg Power Plant in Indiana, for cash and Talen common stock. At the time of the filing that acquisition had not closed.

People

At December 31, 2025 it had approximately 1,880 full-time employees, approximately 43% of them represented by labor unions. Its collective bargaining agreements are with IBEW Local 1638 and Teamsters Local 190 for Talen Montana employees and with IBEW Local 1600 for 624 Pennsylvania employees. In 2025 it recorded eleven OSHA recordable incidents.

From Talen Energy's annual report on Form 10-K for the year ended 31 December 2025. The filing

Written from the 10-K filed 26 February 2026: read the full 10-K.