Talen Energy Reports PJM Auction Results for the 2027/2028 Planning Year

Talen Energy (NASDAQ: TLN) reported results from the PJM Base Residual Auction for the 2027/2028 planning year (June 1, 2027–May 31, 2028).

Rhea-AI Summary

Talen Energy (NASDAQ: TLN) reported results from the PJM Base Residual Auction for the 2027/2028 planning year (June 1, 2027–May 31, 2028). Talen cleared 8,745 megawatts across the PJM Interconnection at a clearing price of $333.44 per megawatt-day, which the company said equates to approximately $1,067 million in capacity revenues for the planning year.

This outcome secures capacity revenue visibility for TLN for the 2027/2028 planning year under PJM auctioned contracts.

Positive

• 8,745 MW of capacity cleared in PJM
• $333.44/MW-day clearing price secured
• Approximately $1,067 million in capacity revenues locked for 2027/2028

Negative

• None.

Argus Dec 18 session

+5.61% close to close Open Argus

Details

News Market Reaction – TLN

On Dec 18, the first trading day after this news, TLN closed 5.61% above the previous close.

Data tracked by StockTitan Argus for the Dec 18 session.

Market Context

On Dec 18, the first trading day after this news, the stock closed 5.6% above the previous close. A ...

Analysis

On Dec 18, the first trading day after this news, the stock closed 5.6% above the previous close. A strong positive reaction aligns with pre-existing momentum, as TLN was trading above its 200-day MA of 314.66 and has recently benefited from PJM-focused acquisitions. The reported 8,745 MW cleared at $333.44 per megawatt-day, implying about $1,067M in capacity revenues for 2027/2028, adds long-dated revenue visibility. However, an active shelf registration through 2028-08-07 means future capital raises remain a consideration.

Key Figures

Capacity cleared: 8,745 megawatts Clearing price: $333.44 per megawatt-day Capacity revenues: $1,067 million +1 more

Capacity cleared

8,745 megawatts

PJM Base Residual Auction 2027/2028 planning year

Clearing price

$333.44 per megawatt-day

PJM Base Residual Auction 2027/2028 planning year

Capacity revenues

$1,067 million

Expected for PJM 2027/2028 planning year

Planning year period

June 1, 2027 – May 31, 2028

PJM 2027/2028 planning year

Historical Context

5 past events · Latest: Dec 15

5 events

1. Dec 15

   Management realignment

   24h Move

   +0.4%

   Executive team restructuring with extended contracts and revised incentives.

2. Nov 25

   Asset acquisitions

   24h Move

   +3.5%

   Closing Freedom and Guernsey acquisitions adding baseload capacity in PJM.

3. Nov 18

   Regulatory clearance

   24h Move

   +1.7%

   FERC and DOJ approvals enabling completion of PJM asset purchases.

4. Nov 05

   Earnings and guidance

   24h Move

   -4.3%

   Q3 2025 results and narrowed 2025 guidance with financing updates.

5. Oct 27

   Debt offering

   24h Move

   -0.2%

   Senior notes issuance to fund Freedom and Guernsey power plant deals.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

pjm base residual auction, pjm interconnection regional transmission organization, megawatt-day, capacity revenues

4 terms

pjm base residual auction technical

"reported its results from the PJM Base Residual Auction for the 2027/2028"

The PJM Base Residual Auction is the main forward capacity auction run by PJM Interconnection to secure how much electricity-generating capability will be available to meet demand several years ahead. Think of it as booking hotel rooms in advance so the grid has enough rooms (generation) when guests (consumers) arrive; the results affect the predictable revenue streams for power plants and capacity providers and therefore influence investment decisions and valuations in the electricity sector.

pjm interconnection regional transmission organization technical

"across the PJM Interconnection Regional Transmission Organization, equating to"

PJM Interconnection is a nonprofit regional transmission organization that runs the high-voltage electric grid and wholesale power markets across a large multi-state area. It acts like an air-traffic controller and marketplace for electricity, coordinating which generators run, managing reliability, and setting wholesale prices. Investors care because PJM’s rules and market outcomes influence utility and generator revenues, power price volatility, project economics, and regulatory risk for energy-related assets.

megawatt-day technical

"at a clearing price of $333.44 per megawatt-day across the PJM"

A megawatt-day measures energy equal to running one megawatt of power continuously for 24 hours, which equals 24 megawatt-hours. Investors use it to compare generation, storage and consumption over a day—similar to saying how many buckets of water flow from a faucet at a steady rate for a full day—so it helps translate plant capacity, contract volumes and revenue potential into a common, time-based unit.

capacity revenues financial

"equating to approximately $1,067 million in capacity revenues for the"

Capacity revenues are payments a business receives for keeping production or service capability available, regardless of how much of that capacity is actually used. Like being paid to keep a rental car ready even if no one drives it, these payments help cover large fixed costs, smooth cash flow and reduce revenue volatility, so investors view them as a sign of predictable income and lower operating risk.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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HOUSTON, Dec. 17, 2025 (GLOBE NEWSWIRE) -- Talen Energy Corporation (“Talen,” “we,” or “our”) (NASDAQ: TLN), a leading independent power producer, today reported its results from the PJM Base Residual Auction for the 2027/2028 planning year. Talen cleared a total of 8,745 megawatts at a clearing price of $333.44 per megawatt-day across the PJM Interconnection Regional Transmission Organization, equating to approximately $1,067 million in capacity revenues for the 2027/2028 planning year. The planning year runs from June 1, 2027, through May 31, 2028.

About Talen

Talen Energy (NASDAQ: TLN) is a leading independent power producer and energy infrastructure company dedicated to powering the future. We own and operate approximately 13.2 gigawatts of power infrastructure in the United States, including 2.2 gigawatts of nuclear power and a significant dispatchable fossil fleet. We produce and sell electricity, capacity, and ancillary services into wholesale U.S. power markets, with our generation fleet located in the Mid-Atlantic, Ohio and Montana. Our team is committed to generating power safely and reliably, delivering the most value per megawatt produced. Talen is also powering the digital infrastructure revolution. We are well-positioned to serve this growing industry, as artificial intelligence data centers increasingly demand more reliable, clean power. Talen is headquartered in Houston, Texas. For more information, visit https://www.talenenergy.com/.

Investor Relations:

Sergio Castro

Vice President & Treasurer
InvestorRelations@talenenergy.com

Media:

Taryne Williams
Director, Corporate Communications
Taryne.Williams@talenenergy.com

Forward-Looking Statements

This communication contains forward-looking statements within the meaning of the federal securities laws, which statements are subject to substantial risks and uncertainties. These forward-looking statements are intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact included in this communication, or incorporated by reference into this communication, are forward-looking statements. Throughout this communication, we have attempted to identify forward-looking statements by using words such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “forecasts,” “goal,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “seek,” “should,” “will,” or other forms of these words or similar words or expressions or the negative thereof, although not all forward-looking statements contain these terms. Forward-looking statements address future events and conditions concerning, among other things, the integration of the Company’s acquisitions, including the Freedom and Guernsey acquisitions, and the anticipated performance of the combined company; capital expenditures, earnings, litigation, regulatory matters, hedging, liquidity and capital resources, accounting matters, expectations, beliefs, plans, objectives, goals, strategies, future events or performance, shareholder returns and underlying assumptions. Forward-looking statements are subject to substantial risks and uncertainties that could cause our future business, financial condition, results of operations or performance to differ materially from our historical results or those expressed or implied in any forward-looking statement contained in this communication. All of our forward-looking statements include assumptions underlying or relating to such statements that may cause actual results to differ materially from expectations and are subject to numerous factors that present considerable risks and uncertainties.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What did Talen (TLN) report for the PJM 2027/2028 auction results?

Talen reported clearing 8,745 MW at a $333.44/MW-day clearing price, equating to about $1,067 million in capacity revenues for 2027/2028.

How much capacity revenue did TLN expect from the PJM 2027/2028 planning year?

Talen reported approximately $1,067 million in capacity revenues for the 2027/2028 planning year.

What is the PJM planning year covered by Talen's 2027/2028 auction results?

The planning year runs from June 1, 2027 through May 31, 2028.

What clearing price did TLN secure in the PJM Base Residual Auction for 2027/2028?

Talen secured a clearing price of $333.44 per megawatt-day.

How many megawatts did TLN clear in the PJM 2027/2028 auction?

Talen cleared 8,745 megawatts across the PJM Interconnection.