0001628280-24-047751 | 10-Q | XBRL Viewer

Property, Plant, and Equipment

9 Months Ended

Sep. 30, 2024

Property, Plant and Equipment [Abstract]

8. Property, Plant and Equipment


		Successor
		September 30, 2024						December 31, 2023
	Estimated Useful Life (years)	Gross Value		Accumulated Provision		Carrying Value		Gross Value		Accumulated Provision		Carrying Value
Electric generation	3-27	$	3,020	$	(246)	$	2,774	$	3,178	$	(109)	$	3,069
Nuclear fuel	1-6	322		(129)		193		228		(55)		173
Other property and equipment	1-26	148		(36)		112		358		(21)		337

Capitalized software	1-5	9		(3)		6		6		(1)		5
Construction work in progress		143		—		143		255		—		255
Property, plant and equipment, net		$	3,642	$	(414)	$	3,228	$	4,025	$	(186)	$	3,839

The components of “Depreciation, amortization and accretion” presented on the Consolidated Statements of Operations for the periods were:


	Successor								Predecessor
	Three Months Ended September 30, 2024		Three Months Ended September 30, 2023		Nine Months Ended September 30, 2024		May 18 through September 30, 2023		January 1 through May 17, 2023
Depreciation expense (a)	$	56	$	53	$	172	$	76	$	173
Amortization expense (b)	5		—		11		1		4
Accretion expense (c)	14		13		42		17		24
Other	—		—		—		—		(1)
Depreciation, amortization, and accretion	$	75	$	66	$	225	$	94	$	200

__________________

(a)Electric generation and other property and equipment.

(b)Intangible assets and capitalized software.

(c)ARO and accrued environmental cost accretion. See Note 9 for additional information.

The cost of nuclear fuel is presented as “Nuclear fuel amortization” on the Consolidated Statements of Operations.

Reliability Impact Assessments

PJM RMR Assessments. In 2023, Talen provided notifications to PJM it intends to deactivate electric generation at both Brandon Shores and H.A. Wagner on June 1, 2025. PJM has notified Talen that the generation units at each facility are needed for reliability. In April 2024, cost-of-service rate schedules covering the period of June 1, 2025 through December 31, 2028 were filed at FERC for the continued operation and provision of service from Brandon Shores Units 1 and 2 and H.A Wagner Units 3 and 4. Each of the filed rate schedules sets forth the terms, conditions, and cost-based rates under which the applicable generation facility will agree to continue to operate its generation units. In June 2024: (i) FERC accepted each rate schedule, subject to refund; (ii) an administrative settlement judge was appointed; and (iii) settlement proceedings commenced. No assurance can be provided as to when, if at all, final rate schedules for each generation facility will be approved by FERC or how the rate schedules and resulting revenues may ultimately be modified in the course of settlement judge procedures, or, should they be necessary, in the course of any subsequent evidentiary hearing procedures.

2023 Impairment

Brandon Shores Asset Group. Brandon Shores is required by contract and permit to cease coal combustion by December 31, 2025. In the first quarter 2023, Talen canceled its plan to convert Brandon Shores to an oil combustion facility due to an increase in expected conversion costs. This decision triggered a recoverability assessment of the carrying value of the Brandon Shores asset group.

The recoverability analysis indicated that the Brandon Shores asset group carrying value exceeded its future estimated undiscounted cash flows, which required an impairment charge to amend the asset group’s carrying value of its property, plant and equipment to its estimated fair value. Accordingly, for the period from January 1 through May 17, 2023 (Predecessor), a $361 million non-cash pre-tax impairment charge on the asset group’s undepreciated property, plant and equipment is presented as “Impairments” on the Consolidated Statements of Operations.

Supplemental Cash Flow Information - Cash and Restricted Cash (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023	Sep. 30, 2023	May 17, 2023	Dec. 31, 2022
Restricted Cash and Cash Equivalents Items [Line Items]
Cash and cash equivalents	$ 648	$ 400
Restricted cash and cash equivalents:
Restricted cash and cash equivalents	484	501
Total	1,132	901	$ 764	$ 754	$ 988
Restricted Deposits \| TLC
Restricted cash and cash equivalents:
Restricted cash and cash equivalents	472	472
Restricted Deposits \| Nautilus Cryptomine LLC
Restricted cash and cash equivalents:
Restricted cash and cash equivalents	9	10
Restricted Deposits \| Cumulus Digital Holdings LLC
Restricted cash and cash equivalents:
Restricted cash and cash equivalents	0	19
Margin Deposits
Restricted cash and cash equivalents:
Restricted cash and cash equivalents	$ 3	$ 0

Acquisitions and Divestitures	9 Months Ended
Acquisitions and Divestitures	Sep. 30, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]
Acquisitions and Divestitures	17. Acquisitions and Divestitures 2024 Activities ERCOT Sale. In March 2024, the Company and CPS Energy entered into an agreement for CPS Energy to acquire the Company’s 1,710 MW Texas generation portfolio located within the ERCOT market for $785 million, subject to customary net working capital adjustments. The sale closed in May 2024. A gain on sale of $564 million is presented as “Gain (loss) on sale of assets, net” on the Consolidated Statements of Operations for the nine months ended September 30, 2024 (Successor). Cumulus Data Campus Sale. In March 2024, AWS purchased substantially all the assets related to the Cumulus Data Campus and certain other assets for gross proceeds of $650 million, of which $350 million were received at closing with the remaining $300 million held in escrow pending achievement of certain development milestones. In August 2024, the milestones were met and the Company received the remaining consideration. For the nine months ended September 30, 2024 (Successor), a $324 million gain on sale is presented as “Gain (loss) on sale of assets, net” on the Consolidated Statements of Operations. In connection with the Cumulus Data Campus Sale, the Company entered into the AWS PPA. See Note 10 for additional information on the AWS PPA and the Amended ISA. 2023 Activities Western Gas Book Divestiture. In April 2023, Talen sold certain contracts relating to the transportation of natural gas in the southwestern United States for approximately $15 million. For the period from January 1 through May 17, 2023 (Predecessor), a $15 million gain was presented as “Gain (loss) on sale of assets, net” on the Condensed Consolidated Statements of Operations. Pennsylvania Minerals Divestiture. In March 2023, Talen sold certain mineral interests located in Pennsylvania for $29 million, while preserving the right to certain royalty payments from existing and future producing natural gas wells. For the period from January 1 through May 17, 2023 (Predecessor), a $29 million gain was presented as “Gain (loss) on sale of assets, net” on the Consolidated Statements of Operations.

Income Taxes - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		4 Months Ended	5 Months Ended	9 Months Ended
Income Taxes - Narrative (Details) - USD ($) $ in Millions	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2023	May 17, 2023	Sep. 30, 2024
Income Tax Disclosure [Abstract]
Change in valuation allowance	$ 29	$ (12)	$ (10)	$ 129	$ 63

Property, Plant, and Equipment - Schedule of Property, Plant and Equipment (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Finite-Lived Assets
Gross Value	$ 3,642	$ 4,025
Accumulated Provision	(414)	(186)
Carrying Value	3,228	3,839
Electric generation
Finite-Lived Assets
Gross Value	3,020	3,178
Accumulated Provision	(246)	(109)
Carrying Value	2,774	3,069
Nuclear fuel
Finite-Lived Assets
Gross Value	322	228
Accumulated Provision	(129)	(55)
Carrying Value	193	173
Other property and equipment
Finite-Lived Assets
Gross Value	148	358
Accumulated Provision	(36)	(21)
Carrying Value	112	337
Capitalized software
Finite-Lived Assets
Gross Value	9	6
Accumulated Provision	(3)	(1)
Carrying Value	6	5
Construction work in progress
Finite-Lived Assets
Gross Value	143	255
Carrying Value	$ 143	$ 255
Minimum \| Electric generation
Finite-Lived Assets
Estimated Useful Life (years)	3 years
Minimum \| Nuclear fuel
Finite-Lived Assets
Estimated Useful Life (years)	1 year
Minimum \| Other property and equipment
Finite-Lived Assets
Estimated Useful Life (years)	1 year
Minimum \| Capitalized software
Finite-Lived Assets
Estimated Useful Life (years)	1 year
Maximum \| Electric generation
Finite-Lived Assets
Estimated Useful Life (years)	27 years
Maximum \| Nuclear fuel
Finite-Lived Assets
Estimated Useful Life (years)	6 years
Maximum \| Other property and equipment
Finite-Lived Assets
Estimated Useful Life (years)	26 years
Maximum \| Capitalized software
Finite-Lived Assets
Estimated Useful Life (years)	5 years

Postretirement Benefit Obligations - Narrative (Details) - USD ($) $ in Millions	1 Months Ended			3 Months Ended		4 Months Ended	5 Months Ended	9 Months Ended
	Oct. 31, 2024	Sep. 30, 2024	Mar. 31, 2024	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2023	May 17, 2023	Sep. 30, 2024
Defined Benefit Plan Disclosure [Line Items]
Excess assets from PA Mines UMWA Plan VEBA			$ 10
Gain on transfer of excess assets			$ 10
Contributions by employer		$ 38
Postretirement benefit prior service (credits) costs, net		$ 21		$ 21	$ 0	$ 0	$ 0	$ 21
Subsequent Event
Defined Benefit Plan Disclosure [Line Items]
Contributions by employer	$ 6

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	4 Months Ended	5 Months Ended	9 Months Ended
	Sep. 30, 2023	May 17, 2023	Sep. 30, 2024
Operating Activities
Net Income (Loss)	$ (45)	$ 465	$ 945
Non-cash reconciliation adjustments:
Unrealized (gains) losses on derivative instruments	49	65	(59)
(Gain) loss on Cumulus Data Campus Sale and ERCOT Sale	0	0	(886)
(Gain) loss on sales of assets, net	0	(50)	0
Nuclear fuel amortization	72	33	93
Nuclear fuel amortization	71
Depreciation, amortization and accretion	89	208	216
Impairments	2	381	0
NDT funds (gain) loss, net (excluding interest and fees)	1	(43)	(135)
Deferred income taxes	(4)	195	39
Reorganization (income) expense, net	0	(933)	0
Other	23	7	(58)
Changes in assets and liabilities:
Accounts receivable, net	(23)	261	41
Inventory, net	9	10	73
Other assets	45	98	28
Accounts payable and accrued liabilities	(89)	(69)	(115)
Accrued interest	65	(124)	22
Other liabilities	(13)	(42)	42
Net cash provided by (used in) operating activities	180	462	246
Investing Activities
Property, plant and equipment expenditures	(60)	(138)	(58)
Nuclear fuel expenditures	(43)	(49)	(89)
NDT funds investment sale proceeds	768	949	1,646
NDT funds investment purchases	(780)	(959)	(1,670)
Equity investments in affiliates	(3)	(8)	(6)
Proceeds from Cumulus Data Campus Sale and ERCOT Sale (Note 17)	0	0	1,398
Proceeds from the sale of assets	0	46	1
Other investing activities	10	2	3
Net cash provided by (used in) investing activities	(108)	(157)	1,225
Financing Activities
Contributions from member	0	1,393	0
Financing proceeds at Emergence, net of discount	0	2,219	0
Repayment of Prepetition Secured Indebtedness	0	(3,898)	0
Payment of make-whole premiums on Prepetition Secured Indebtedness	0	(152)	0
TLB proceeds, net	289	0	0
LMBE-MC TLB payments	(294)	(7)	0
Cumulus Digital TLF repayment	0	0	(182)
Share repurchases (Note 15)	0	0	(956)
Repurchase of noncontrolling interest	(19)	0	(39)
Cash settlement of restricted stock units	0	0	(31)
Deferred finance costs	(4)	(74)	0
Repurchase of warrants	(40)	0	0
Derivatives with financing elements	0	(20)	0
Other	6	0	(32)
Net cash provided by (used in) financing activities	(62)	(539)	(1,240)
Net Increase (Decrease) in Cash and Cash Equivalents and Restricted Cash and Cash Equivalents	10	(234)	231
Beginning of period cash and cash equivalents and restricted cash and cash equivalents	754	988	901
End of period cash and cash equivalents and restricted cash and cash equivalents	$ 764	$ 754	$ 1,132

Earnings Per Share

9 Months Ended

Sep. 30, 2024

Earnings Per Share [Abstract]

Earnings Per Share

14. Earnings Per Share

Basic EPS is computed by dividing net income (loss) by the weighted average number of shares of common stock outstanding during the applicable period. Diluted EPS is computed by dividing income by the weighted-average number of shares of common stock outstanding, increased by incremental shares that would be outstanding if potentially dilutive non-participating securities were converted to common stock as calculated using the treasury stock method. EPS for the periods were:


	Successor								Predecessor
	Three Months Ended September 30, 2024		Three Months Ended September 30, 2023		Nine Months Ended September 30, 2024		May 18 through September 30, 2023		January 1 through May 17, 2023

Numerator: (Millions of Dollars)
Net Income (Loss)	$	168	$	(76)	$	945	$	(45)	$	465
Less:
Net income (loss) attributable to noncontrolling interest	—		1		29		3		(14)
Net Income (Loss) Attributable to Stockholders (Successor) / Member (Predecessor)	$	168	$	(77)	$	916	$	(48)	$	479

Denominator: (Thousands)
Weighted-Average Number of Common Shares Outstanding - Basic	50,924		59,029		55,703		59,029		—

Restricted stock units	376		—		292		—		—
Performance stock units	1,869		—		1,761		—		—
Weighted-Average Number of Common Shares Outstanding - Diluted	53,169		59,029		57,756		59,029		—

Earnings per Share - Basic	$	3.30	$	(1.30)	$	16.44	$	(0.81)	N/A
Earnings per Share - Diluted	3.16		(1.30)		15.86		(0.81)		N/A

Inventory - Schedule of Inventory (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Inventory Disclosure [Abstract]
Coal	$ 104	$ 152
Oil products	69	75
Fuel inventory for electric generation	173	227
Materials and supplies, net	83	72
Environmental products	41	76
Inventory, net	$ 297	$ 375

Asset Retirement Obligations and Accrued Environmental Costs (Tables)

9 Months Ended

Sep. 30, 2024

Asset Retirement Obligation Disclosure [Abstract]

Summary of Asset Retirement Obligations and Accrued Environmental Costs


	Successor
	September 30, 2024		December 31, 2023
Asset retirement obligations	$	495	$	464
Accrued environmental costs	22		23
Total asset retirement obligations and accrued environmental costs	517		487
Less: asset retirement obligations and accrued environmental costs due within one year (a)	42		18

Asset retirement obligations and accrued environmental costs due after one year	$	475	$	469

__________________

(a)Presented as “Other current liabilities” on the Consolidated Balance Sheets.

Schedule of Changes in Asset Retirement Obligations

The changes of the ARO carrying value were:


	ARO Rollforward














Carrying value, December 31, 2023 (Successor)	$	464

Obligations settled	(9)
Accretion expense	40
Carrying value, September 30, 2024 (Successor)	$	495

Schedule of Asset Retirement Obligations

Supplemental information for the ARO:


	Successor
	September 30, 2024		December 31, 2023
Supplemental Information
Nuclear (a)	$	234	$	214
Non-Nuclear (b)	261		250
Carrying value	$	495	$	464

__________________

(a)Obligations are expected to be settled with available funds in the NDT at the time of decommissioning. See Note 12 for additional information on the NDT.

(b)Certain obligations are: (i) partially supported by surety bonds, some of which have been collateralized with cash and (or) LCs; or (ii) partially prefunded under phased installment agreements.

Commitment and Contingencies - Regulatory Matters (Details)		1 Months Ended		37 Months Ended
	May 31, 2024 MW	Oct. 31, 2024 MWh	Sep. 30, 2024 MW	Jun. 30, 2024 MW
Other Commitments [Line Items]
Allowable decrease to power grid \| MW	300		960	480
Subsequent Event
Other Commitments [Line Items]
Requested delay duration		6 months
Number of scheduled auctions \| MWh		4

Asset Retirement Obligations and Accrued Environmental Costs - Schedule of Changes in Asset Retirement Obligations (Details) $ in Millions	9 Months Ended
	Sep. 30, 2024 USD ($)
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]
Carrying value, December 31, 2023 (Successor)	$ 464
Obligations settled	(9)
Accretion expense	40
Carrying value, September 30, 2024 (Successor)	$ 495

Long-Term Debt and Other Credit Facilities

9 Months Ended

Sep. 30, 2024

Debt Disclosure [Abstract]

Long-Term Debt and Other Credit Facilities

11. Long-Term Debt and Other Credit Facilities

Long-Term Debt


		Successor
	Interest Rate (a)	September 30, 2024		December 31, 2023
TLB	8.60 %	$	859	$	866
TLC	8.60 %	470		470
Secured Notes	8.63 %	1,200		1,200
PEDFA 2009B Bonds	5.25 %	50		50
PEDFA 2009C Bonds	5.25 %	81		81
Cumulus Digital TLF, including paid-in-kind interest (b)	— %	—		182







Total principal		2,660		2,849
Unamortized deferred finance costs and original issuance discounts		(35)		(29)
Total carrying value		2,625		2,820
Less: long-term debt, due within one year		9		9

Long-term debt		$	2,616	$	2,811

__________________

(a)Computed interest rate as of September 30, 2024 (Successor).

(b)The Cumulus Digital TLF was repaid and extinguished in March 2024. See “2024 Transactions – Cumulus Digital TLF Repayment” below for additional information.

The aggregate long-term debt maturities, including amortization and early redemption provisions, as of September 30, 2024 (Successor) were:


	2024 (a)		2025		2026		2027		2028		Thereafter		Total
Total maturities	$	2	$	9	$	9	$	9	$	9	$	2,623	$	2,660

__________________

(a) For the period from October 1 through December 31, 2024.

Revolving Credit and Other Facilities


		Successor
		September 30, 2024								December 31, 2023
	Expiration	Committed Capacity		Direct Cash Borrowings		LCs Issued		Unused Capacity		Direct Cash Borrowings		LCs Issued
RCF (a)	May 2028	$	700	$	—	$	—	$	700	$	—	$	62
TLC LCF (b)(c)	May 2030	470		—		311		159		—		404
Bilateral LCF (b)	May 2028	75		—		18		57		—		74





Total		$	1,245	$	—	$	329	$	916	$	—	$	540

__________________

(a)RCF committed capacity can be used for direct cash borrowings and (or) LCs, subject to a $475 million LC sublimit.

(b)Direct cash borrowings are not permitted under the facility.

(c)LCs are collateralized by $472 million of cash as of September 30, 2024 (Successor) and December 31, 2023 (Successor), which is presented as “Restricted cash and cash equivalents” on the Consolidated Balance Sheets.

2024 Transactions

Remarketing of PEDFA Bonds. In June 2024, the Company completed the remarketing of $50 million in aggregate principal amount of its PEDFA 2009B and $81 million in aggregate principal amount of its PEDFA 2009C Bonds. The remarketed bonds bear interest at 5.25% until the end of the new term rate period on June 1, 2027. In connection with the remarketing, $133 million of LCs issued under the TLC LCF that had previously supported the bonds were terminated, providing the Company with increased LC capacity under the TLC LCF. The remarketing transaction is excluded from the Consolidated Statements of Cash Flows as a non-cash item.

Long-Term Debt Repricing. In May 2024, the Company completed a repricing transaction with respect to the TLB and TLC. The new rate applicable to the TLB and TLC is the Standard Overnight Financing Rate (SOFR) plus 350 basis points, which reduces the interest rate margin by 100 basis points. The applicable SOFR floor was reduced from 50 to 0 basis points. Additionally, in connection with the repricing, the lenders under the TLB and TLC agreed to: (i) waive any mandatory prepayment obligations in connection with the ERCOT Sale; and (ii) certain other amendments permitting Talen additional capacity for dispositions, restricted payments, and investments under the Credit Agreement. See Note 17 for additional information on the ERCOT Sale. The repricing transaction is excluded from the Consolidated Statements of Cash Flows as a non-cash item.

Cumulus Digital TLF Repayment. In connection with the Cumulus Data Campus Sale, the Cumulus Digital TLF was paid in full in March 2024, together with all accrued interest and other outstanding amounts. See “Non-Recourse Debt and Other Credit Facilities – Cumulus Digital TLF” in Note 13 in Notes to the Annual Financial Statements for additional information on the related release of liens, termination of guarantees, and cancellation of LCs. See Note 17 for additional information on the Cumulus Data Campus Sale.

Talen Energy Supply Long-Term Debt, Revolving Credit, and Other Facilities

As of September 30, 2024 (Successor), Talen was not in default under any of its debt agreements.

See “Talen Energy Supply Post-Emergence Long-Term Debt, Revolving Credit and Other Facilities” in Note 13 in Notes to the Annual Financial Statements for a description of the material terms of our Credit Facilities, Secured Notes, PEDFA Bonds, and Secured ISDAs.

See “Security Interests, Guarantees, and Cross-Defaults on TES Post-Emergence Obligations” in Note 13 in Notes to the Annual Financial Statements for additional information on the security interests and guarantees supporting these obligations. In addition to the obligations outlined under “Long-Term Debt” and “Revolving Credit and Other Facilities” above, secured obligations included approximately $18 million under Secured ISDAs as of September 30, 2024 (Successor).

Segments (Tables)

9 Months Ended

Sep. 30, 2024

Segment Reporting [Abstract]

Schedule of Consolidated Segment and Reconciliation

Financial data for the segments and reconciliation to consolidated results are:



	PJM		Other		Corporate and Eliminations		Total
Three Months Ended September 30, 2024 (Successor)
Operating revenues	$	575	$	96	$	(21)	$	650
Interest expense	—		—		66		66
Capital expenditures	54		3		1		58
Adjusted EBITDA	217		28				245

Three Months Ended September 30, 2023 (Successor)
Operating revenues	$	343	$	243	$	(70)	$	516
Interest expense	—		—		68		68
Capital expenditures	50		16		3		69
Adjusted EBITDA	168		83				251



	PJM		Other		Corporate and Eliminations		Total
Nine Months Ended September 30, 2024 (Successor)
Operating revenues	$	1,446	$	304	$	(102)	$	1,648
Interest expense	—		—		187		187
Capital expenditures	123		23		1		147
Adjusted EBITDA	592		71				663

May 18 through September 30, 2023 (Successor)
Operating revenues	$	698	$	213	$	(94)	$	817
Interest expense	—		—		101		101
Capital expenditures	73		26		4		103
Adjusted EBITDA	240		104				344


January 1 through May 17, 2023 (Predecessor)
Operating revenues	$	1,054	$	193	$	(37)	$	1,210
Interest expense	—		—		163		163
Capital expenditures	132		53		2		187
Adjusted EBITDA	688		37				725


	Successor								Predecessor
	Three Months Ended September 30, 2024		Three Months Ended September 30, 2023		Nine Months Ended September 30, 2024		May 18 through September 30, 2023		January 1 through May 17, 2023
Adjusted EBITDA:
PJM	$	217	$	168	$	592	$	240	$	688
Other	28		83		71		104		37
Total Segment Adjusted EBITDA	$	245	$	251	$	663	$	344	$	725
Reconciling Items:
Interest expense and other finance charges	(66)		(68)		(187)		(101)		(163)
Income tax benefit (expense)	(11)		16		(192)		(3)		(212)
Depreciation, amortization and accretion	(75)		(66)		(225)		(94)		(200)
Nuclear fuel amortization	(30)		(47)		(93)		(72)		(33)
Reorganization gain (loss), net	—		—		—		—		799
Unrealized (gain) loss on commodity derivative contracts	102		(84)		58		(43)		(63)
Nuclear decommissioning trust funds gain (loss), net	67		(24)		169		15		57
Stock-based compensation expense	(8)		(9)		(24)		(11)		—
Long-term incentive compensation expense	(3)		—		(19)		—		—
Gain (loss) on asset sales, net	—		—		885		—		50
Non-cash impairments	—		(2)		—		(2)		(381)



Operational and other restructuring activities	(40)		(4)		(61)		(30)		(17)
Development expenses	(1)		(5)		(1)		(7)		(10)
Non-cash inventory net realizable value, obsolescence, and other charges	(2)		2		(5)		(1)		(56)
Noncontrolling interest	3		14		21		22		14
Other items	2		(23)		13		(21)		(15)
Corporate and Eliminations	(15)		(27)		(57)		(41)		(30)
Net Income (Loss)	$	168	$	(76)	$	945	$	(45)	$	465

Asset Retirement Obligations and Accrued Environmental Costs - Schedule of Asset Retirement Obligations (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Asset Retirement Obligation [Line Items]
Asset retirement obligations	$ 495	$ 464
Nuclear fuel
Asset Retirement Obligation [Line Items]
Asset retirement obligations	234	214
Non-Nuclear
Asset Retirement Obligation [Line Items]
Asset retirement obligations	$ 261	$ 250

Nuclear Decommissioning Trust Funds

9 Months Ended

Sep. 30, 2024

Investments, Debt and Equity Securities [Abstract]

Nuclear Decommissioning Trust Funds

7. Nuclear Decommissioning Trust Funds


	Successor
	September 30, 2024								December 31, 2023
	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value		Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
Cash equivalents	$	8	$	—	$	—	$	8	$	9	$	—	$	—	$	9
Equity securities	504		672		44		1,132		491		575		53		1,013
Debt securities	581		12		—		593		570		10		1		579
Receivables (payables), net	4		—		—		4		(26)		—		—		(26)
NDT funds	$	1,097	$	684	$	44	$	1,737	$	1,044	$	585	$	54	$	1,575

See Note 12 for additional information on the NDT fair value. There were no available-for-sale debt securities with credit losses as of September 30, 2024 (Successor) and December 31, 2023 (Successor).

The contractual maturities for available-for-sale debt securities presented on the Consolidated Balance Sheets were:


	Successor
	September 30, 2024		December 31, 2023
Maturities within one year	$	63	$	105
Maturities within two to five years	185		194
Maturities thereafter	345		280
Debt securities, fair value	$	593	$	579

The sales proceeds, gains, and losses for available-for-sale debt securities for the periods were:



	Successor								Predecessor
	Three Months Ended September 30, 2024		Three Months Ended September 30, 2023		Nine Months Ended September 30, 2024		May 18 through September 30, 2023		January 1 through May 17, 2023
Sales proceeds of NDT funds investments (a)	$	545	$	492	$	1,578	$	763	$	839
Gross realized gains	4		1		9		1		7
Gross realized losses	(2)		(5)		(8)		(7)		(12)

__________________

(a)Sales proceeds are used to pay income taxes and trust management fees. Remaining proceeds are reinvested in the NDT.

- Definition

The entire disclosure for investments owned by investment company.

+ References + Details

Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Millions	3 Months Ended		4 Months Ended	5 Months Ended	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2023	May 17, 2023	Sep. 30, 2024
Income Tax Disclosure [Abstract]
Income (loss) before income taxes	$ 179	$ (92)	$ (42)	$ 677	$ 1,137
Income tax benefit (expense)	$ (11)	$ 16	$ (3)	$ (212)	$ (192)
Effective tax rate	6.10%	17.40%	(7.10%)	31.30%	16.90%
Federal income tax statutory tax rate	21.00%	21.00%	21.00%	21.00%	21.00%
Income tax benefit (expense) computed at the federal income tax statutory tax rate	$ (38)	$ 19	$ 9	$ (143)	$ (239)
Income tax increase (decrease) due to:
State income taxes, net of federal benefit	(5)	3	1	(34)	(34)
Change in valuation allowance	29	(12)	(10)	129	63
Production tax credits	16	0	0	0	34
Other permanent differences	(3)	3	0	(16)	10
Nuclear decommissioning trust taxes	(10)	3	(3)	(9)	(26)
Reorganization adjustments	0	0	0	(138)	0
Other	0	0	0	(1)	0
Income tax benefit (expense)	$ (11)	$ 16	$ (3)	$ (212)	$ (192)

Income Taxes (Tables)

9 Months Ended

Sep. 30, 2024

Income Tax Disclosure [Abstract]

Schedule of Effective Income Tax Rate Reconciliation

The reconciliations of the effective tax rate for the periods were:


	Successor												Predecessor
	Three Months Ended September 30, 2024			Three Months Ended September 30, 2023			Nine Months Ended September 30, 2024			May 18 through September 30, 2023			January 1 through May 17, 2023
Income (loss) before income taxes	$	179		$	(92)		$	1,137		$	(42)		$	677
Income tax benefit (expense)	(11)			16			(192)			(3)			(212)
Effective tax rate	6.1		%	17.4		%	16.9		%	(7.1		%)	31.3		%
Federal income tax statutory tax rate	21		%	21		%	21		%	21		%	21		%
Income tax benefit (expense) computed at the federal income tax statutory tax rate	(38)			19			(239)			9			(143)
Income tax increase (decrease) due to:
State income taxes, net of federal benefit	(5)			3			(34)			1			(34)
Change in valuation allowance	29			(12)			63			(10)			129
Production tax credits	16			—			34			—			—
Other permanent differences	(3)			3			10			—			(16)
Nuclear decommissioning trust taxes	(10)			3			(26)			(3)			(9)

Reorganization adjustments	—			—			—			—			(138)

Other	—			—			—			—			(1)
Income tax benefit (expense)	$	(11)		$	16		$	(192)		$	(3)		$	(212)

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Our Interim Financial Statements, which are prepared in accordance with GAAP and pursuant to the rules and regulations of the SEC for Quarterly Reports on Form 10-Q, include: (i) the accounts of all controlled subsidiaries; (ii) elimination adjustments for intercompany transactions between controlled subsidiaries; (iii) any undivided interests in jointly owned facilities consolidated on a proportionate basis; and (iv) all adjustments considered necessary for a fair statement of the information set forth. All adjustments are of a normal recurring nature except as otherwise disclosed. Certain information and note disclosures have been condensed or omitted from the Interim Financial Statements in accordance with GAAP. The Consolidated Balance Sheet as of December 31, 2023 (Successor) is derived from the 2023 Consolidated Balance Sheet in the Annual Financial Statements. The Interim Financial Statements and Notes thereto should be read in conjunction with the Annual Financial Statements and Notes thereto. The results of operations presented in our Interim Financial Statements are not necessarily indicative of the results to be expected for the full year or for other future periods because interim period results can be disproportionately influenced by operational developments, seasonality, and various other factors.
Principles of Consolidation	Our Interim Financial Statements, which are prepared in accordance with GAAP and pursuant to the rules and regulations of the SEC for Quarterly Reports on Form 10-Q, include: (i) the accounts of all controlled subsidiaries; (ii) elimination adjustments for intercompany transactions between controlled subsidiaries; (iii) any undivided interests in jointly owned facilities consolidated on a proportionate basis; and (iv) all adjustments considered necessary for a fair statement of the information set forth. All adjustments are of a normal recurring nature except as otherwise disclosed. Certain information and note disclosures have been condensed or omitted from the Interim Financial Statements in accordance with GAAP. The Consolidated Balance Sheet as of December 31, 2023 (Successor) is derived from the 2023 Consolidated Balance Sheet in the Annual Financial Statements. The Interim Financial Statements and Notes thereto should be read in conjunction with the Annual Financial Statements and Notes thereto. The results of operations presented in our Interim Financial Statements are not necessarily indicative of the results to be expected for the full year or for other future periods because interim period results can be disproportionately influenced by operational developments, seasonality, and various other factors.
Emergence from Restructuring, Fresh Start Accounting, and Reverse Acquisition	In May 2022, TES and 71 of its subsidiaries filed voluntary petitions seeking relief under Chapter 11 of the U.S. Bankruptcy Code. In December 2022, TEC became a debtor in the Restructuring in order to facilitate certain transactions contemplated by the Plan of Reorganization. The Plan of Reorganization was approved by the requisite parties in November 2022, was confirmed by the U.S. Bankruptcy Court in December 2022, and became effective in May 2023, when TEC, TES, and the other debtors emerged from the Restructuring. Upon commencement of the Restructuring, TES was deconsolidated from TEC for financial reporting purposes because TEC no longer controlled TES. TEC regained control of TES at Emergence, which resulted in TEC’s reconsolidation of TES. The combination was accounted for as a reverse acquisition in which TEC was the legal acquirer and TES was the accounting acquirer. Accordingly, our Interim Financial Statements are issued under the name of TEC, the legal parent of TES and accounting acquiree, but represent the continuation of the financial statements of TES, the accounting acquirer. After Emergence, TES applied fresh start accounting, which resulted in a new basis of accounting as the Company became a new financial reporting entity. As a result of the application of fresh start accounting and the implementation of the Plan of Reorganization, our financial position and results of operations beginning after Emergence are not comparable to our financial position or results of operations prior to that date. The financial results are presented for: (i) the Predecessor period from January 1 through May 17, 2023; and (ii) the Successor periods from May 18 through September 30, 2023, and from January 1 through September 30, 2024. The Interim Financial Statements and Notes thereto have been presented with a black line division to delineate the lack of comparability between the Predecessor and Successor.
Reclassification	Certain amounts in the prior period financial statements were reclassified to conform to the current period’s presentation. The reclassifications did not affect operating income, net income, total assets, total liabilities, net equity, or cash flows.
Use of Estimates	The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Treasury Stock and Retirement of Treasury Shares	Share repurchases are accounted for under the cost method, which recognizes the entire cost of the acquired stock, including transaction costs and excise tax, as a reduction in additional paid-in-capital and are presented as “Treasury stock” on the Consolidated Balance Sheets. Share repurchases are recognized on a trade date basis when we are contractually obligated to purchase the shares. At retirement, the common stock balance is reduced for the par value of the shares. The excess of the acquisition cost of repurchased shares over the par value is recognized in additional paid-in capital (up to the amount credited to additional paid-in capital upon original issuance of the shares), with any remaining cost deducted from retained earnings.

Basis of Presentation and Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation and Summary of Significant Accounting Policies	2. Basis of Presentation and Summary of Significant Accounting Policies Basis of Presentation and Principles of Consolidation Our Interim Financial Statements, which are prepared in accordance with GAAP and pursuant to the rules and regulations of the SEC for Quarterly Reports on Form 10-Q, include: (i) the accounts of all controlled subsidiaries; (ii) elimination adjustments for intercompany transactions between controlled subsidiaries; (iii) any undivided interests in jointly owned facilities consolidated on a proportionate basis; and (iv) all adjustments considered necessary for a fair statement of the information set forth. All adjustments are of a normal recurring nature except as otherwise disclosed. Certain information and note disclosures have been condensed or omitted from the Interim Financial Statements in accordance with GAAP. The Consolidated Balance Sheet as of December 31, 2023 (Successor) is derived from the 2023 Consolidated Balance Sheet in the Annual Financial Statements. The Interim Financial Statements and Notes thereto should be read in conjunction with the Annual Financial Statements and Notes thereto. The results of operations presented in our Interim Financial Statements are not necessarily indicative of the results to be expected for the full year or for other future periods because interim period results can be disproportionately influenced by operational developments, seasonality, and various other factors. Emergence from Restructuring, Fresh Start Accounting, and Reverse Acquisition. In May 2022, TES and 71 of its subsidiaries filed voluntary petitions seeking relief under Chapter 11 of the U.S. Bankruptcy Code. In December 2022, TEC became a debtor in the Restructuring in order to facilitate certain transactions contemplated by the Plan of Reorganization. The Plan of Reorganization was approved by the requisite parties in November 2022, was confirmed by the U.S. Bankruptcy Court in December 2022, and became effective in May 2023, when TEC, TES, and the other debtors emerged from the Restructuring. Upon commencement of the Restructuring, TES was deconsolidated from TEC for financial reporting purposes because TEC no longer controlled TES. TEC regained control of TES at Emergence, which resulted in TEC’s reconsolidation of TES. The combination was accounted for as a reverse acquisition in which TEC was the legal acquirer and TES was the accounting acquirer. Accordingly, our Interim Financial Statements are issued under the name of TEC, the legal parent of TES and accounting acquiree, but represent the continuation of the financial statements of TES, the accounting acquirer. After Emergence, TES applied fresh start accounting, which resulted in a new basis of accounting as the Company became a new financial reporting entity. As a result of the application of fresh start accounting and the implementation of the Plan of Reorganization, our financial position and results of operations beginning after Emergence are not comparable to our financial position or results of operations prior to that date. The financial results are presented for: (i) the Predecessor period from January 1 through May 17, 2023; and (ii) the Successor periods from May 18 through September 30, 2023, and from January 1 through September 30, 2024. The Interim Financial Statements and Notes thereto have been presented with a black line division to delineate the lack of comparability between the Predecessor and Successor. See Notes 2, 3 and 4 in Notes to the Annual Financial Statements for additional information on the reverse acquisition, the legal structure of the Restructuring transactions, and the impacts of fresh start accounting. Summary of Significant Accounting Policies Reclassifications. Certain amounts in the prior period financial statements were reclassified to conform to the current period’s presentation. The reclassifications did not affect operating income, net income, total assets, total liabilities, net equity, or cash flows. Use of Estimates. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Treasury Stock and Retirement of Treasury Shares. Share repurchases are accounted for under the cost method, which recognizes the entire cost of the acquired stock, including transaction costs and excise tax, as a reduction in additional paid-in-capital and are presented as “Treasury stock” on the Consolidated Balance Sheets. Share repurchases are recognized on a trade date basis when we are contractually obligated to purchase the shares. At retirement, the common stock balance is reduced for the par value of the shares. The excess of the acquisition cost of repurchased shares over the par value is recognized in additional paid-in capital (up to the amount credited to additional paid-in capital upon original issuance of the shares), with any remaining cost deducted from retained earnings. Nuclear PTCs. The Nuclear PTC program provides qualified nuclear power generation facilities with transferable credits for electricity produced and sold to an unrelated party during each tax year. These credits, which are accounted for by analogy to income-based grants under international accounting standards for government grants and disclosure of government assistance, are recognized when there is reasonable assurance that the Company will comply with the applicable conditions and that the credit will be received, which is generally over the period of production. As the credits that are generated each tax year are based on annual gross receipts and production volumes, the measurement of the credit value is estimated at each period until the final value can be determined at the end of the year, which may be different than the estimated amount. The credit value includes a five-times multiplier (up to $15 per MWh) for meeting prevailing wage requirements. Accordingly, Nuclear PTCs are recognized based on production volumes generated during the period and measured at the credit value for the tax year. See Note 4 for amounts recognized, which are presented as “Energy and other revenues” on the Consolidated Statements of Operations and “Other current assets” on the Consolidated Balance Sheets. Credits that are utilized to reduce federal income taxes payable are presented as a reduction of “Other current liabilities” on the Consolidated Balance Sheets. There have been no transfers of Nuclear PTCs to third parties during the nine months ended September 30, 2024 (Successor). Additional guidance expected to be issued from the U.S. Treasury and IRS may impact the credit value recognized. See Note 2 in Notes to the Annual Financial Statements for additional information on significant accounting policies.

Stockholder's Equity - Narrative (Details) $ in Millions	1 Months Ended			4 Months Ended	5 Months Ended	9 Months Ended
Stockholder's Equity - Narrative (Details) $ in Millions	Oct. 31, 2024 USD ($)	Jul. 31, 2024 shares	Mar. 31, 2024 USD ($) member Rate	Sep. 30, 2023 USD ($)	May 17, 2023 USD ($)	Sep. 30, 2024 USD ($) Rate shares	Dec. 31, 2023 shares
Equity, Class of Treasury Stock [Line Items]
Share repurchase program, remaining authorized amount						$ 1,250
Percentage of common stock purchased \| Rate						14.00%
Warrants exercised (in shares) \| shares		457,142
Stock issued (in shares) \| shares		160,289
Shares outstanding (in shares) \| shares						50,855,417	59,028,843
Repurchase of noncontrolling interest				$ 19	$ 0	$ 39
Number of former members, equity units acquired \| member			2
Nautilus Cryptomine LLC \| Subsequent Event
Equity, Class of Treasury Stock [Line Items]
Repurchase of noncontrolling interest	$ 85
Ownership percentage	100.00%
Nautilus Cryptomine LLC \| TeraWulf \| Subsequent Event
Equity, Class of Treasury Stock [Line Items]
Ownership percentage, noncontrolling owner	25.00%
Cumulus Digital Holdings LLC
Equity, Class of Treasury Stock [Line Items]
Repurchase of noncontrolling interest			$ 39
Ownership percentage \| Rate			100.00%

Risk Management, Derivative Instruments and Hedging Activities - Schedule of Net Notional Volumes of Open Commodity Derivatives and Interest Rate Derivatives (Details) $ in Millions	9 Months Ended	12 Months Ended
	Sep. 30, 2024 USD ($) MWh MMBTU T	Dec. 31, 2023 USD ($) MWh MMBTU T
Commodity derivatives \| Short
Derivative [Line Items]
Commodity purchase (sales) derivatives, power and natural gas \| MWh	(32,222,671)	(27,557,871)
Commodity derivatives \| Long
Derivative [Line Items]
Commodity purchase (sales) derivatives, power and natural gas \| MMBTU	(37,757,360)	(8,314,060)
Commodity purchase (sales) derivatives, emission allowances \| T	346,000	500,000
Interest rate derivatives
Derivative [Line Items]
Interest rate (in millions) \| $	$ 290	$ 290

Property, Plant, and Equipment - Summary of Depreciation, Amortization, and Accretion Expense (Details) - USD ($) $ in Millions	3 Months Ended		4 Months Ended	5 Months Ended	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2023	May 17, 2023	Sep. 30, 2024
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 56	$ 53	$ 76	$ 173	$ 172
Amortization expense	5	0	1	4	11
Accretion expense	14	13	17	24	42
Other	0	0	0	(1)	0
Depreciation, amortization, and accretion	$ 75	$ 66	$ 94	$ 200	$ 225

Long-Term Debt and Other Credit Facilities (Tables)

9 Months Ended

Sep. 30, 2024

Debt Disclosure [Abstract]

Schedule of Long-Term Debt


		Successor
	Interest Rate (a)	September 30, 2024		December 31, 2023
TLB	8.60 %	$	859	$	866
TLC	8.60 %	470		470
Secured Notes	8.63 %	1,200		1,200
PEDFA 2009B Bonds	5.25 %	50		50
PEDFA 2009C Bonds	5.25 %	81		81
Cumulus Digital TLF, including paid-in-kind interest (b)	— %	—		182







Total principal		2,660		2,849
Unamortized deferred finance costs and original issuance discounts		(35)		(29)
Total carrying value		2,625		2,820
Less: long-term debt, due within one year		9		9

Long-term debt		$	2,616	$	2,811

__________________

(a)Computed interest rate as of September 30, 2024 (Successor).

(b)The Cumulus Digital TLF was repaid and extinguished in March 2024. See “2024 Transactions – Cumulus Digital TLF Repayment” below for additional information.

Schedule of Maturities of Long-Term Debt

The aggregate long-term debt maturities, including amortization and early redemption provisions, as of September 30, 2024 (Successor) were:


	2024 (a)		2025		2026		2027		2028		Thereafter		Total
Total maturities	$	2	$	9	$	9	$	9	$	9	$	2,623	$	2,660

__________________

(a) For the period from October 1 through December 31, 2024.

Schedule of Line of Credit Facilities


		Successor
		September 30, 2024								December 31, 2023
	Expiration	Committed Capacity		Direct Cash Borrowings		LCs Issued		Unused Capacity		Direct Cash Borrowings		LCs Issued
RCF (a)	May 2028	$	700	$	—	$	—	$	700	$	—	$	62
TLC LCF (b)(c)	May 2030	470		—		311		159		—		404
Bilateral LCF (b)	May 2028	75		—		18		57		—		74





Total		$	1,245	$	—	$	329	$	916	$	—	$	540

__________________

(a)RCF committed capacity can be used for direct cash borrowings and (or) LCs, subject to a $475 million LC sublimit.

(b)Direct cash borrowings are not permitted under the facility.

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(22))
-SubTopic 10
-Topic 210
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69B

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69E

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-3

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-3

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477734/942-470-50-3

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-8

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
-Paragraph 6
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-6

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-7

+ Details

Organization and Operations (Details)	Sep. 30, 2024 MW
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Generation capacity	10,676

Risk Management, Derivative Instruments and Hedging Activities (Tables)

9 Months Ended

Sep. 30, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Net Notional Volumes of Open Commodity Derivatives and Interest Rate Derivatives

The net notional volumes of open commodity derivatives were:


	Successor
	September 30, 2024 (a)	December 31, 2023 (a)
Power (MWh)	(32,222,671)	(27,557,871)
Natural gas (MMBtu)	37,757,360	8,314,060
Emission allowances (tons)	346,000	500,000

__________________

(a)The volumes may be less than the contractual volumes, as the probability that option contracts will be exercised is considered in the volumes displayed.

Open interest rate derivatives are related to the TLB indebtedness and mature in 2026. The net notional volumes of open interest rate derivatives were:


	Successor
	September 30, 2024		December 31, 2023
Interest rate (in millions)	$	290	$	290

Schedule of Derivative Instruments in Statement of Financial Position, Fair Value

The fair value of derivative instruments presented within assets and liabilities on the Consolidated Balance Sheets were:


	Successor
	September 30, 2024				December 31, 2023
	Assets		Liabilities		Assets		Liabilities
Commodity contracts	$	50	$	6	$	88	$	32
Interest rate contracts	—		—		1		—

Total current derivative instruments	50		6		89		32
Commodity contracts	22		1		6		5
Interest rate contracts	—		3		—		6
Total non-current derivative instruments	$	22	$	4	$	6	$	11

Effect of Netting, Offsetting Assets

The net amounts of “Derivative instruments” presented as assets and liabilities on the Consolidated Balance Sheets considering the effect of permitted netting and where cash collateral is pledged in accordance with the underlying agreement were:


	Gross Derivative Instruments		Eligible for Offset		Net Derivative Instruments		Collateral (Posted) Received		Net Amounts
September 30, 2024 (Successor)
Assets	$	211	$	(139)	$	72	$	—	$	72
Liabilities	172		(139)		33		(23)		10
December 31, 2023 (Successor)
Assets	$	295	$	(198)	$	97	$	(2)	$	95
Liabilities	300		(198)		102		(59)		43

Effect of Netting, Offsetting Liabilities


	Gross Derivative Instruments		Eligible for Offset		Net Derivative Instruments		Collateral (Posted) Received		Net Amounts
September 30, 2024 (Successor)
Assets	$	211	$	(139)	$	72	$	—	$	72
Liabilities	172		(139)		33		(23)		10
December 31, 2023 (Successor)
Assets	$	295	$	(198)	$	97	$	(2)	$	95
Liabilities	300		(198)		102		(59)		43

Derivative Instruments, Gain (Loss)

The location and pre-tax effect of “Derivative instruments” presented on the Consolidated Statements of Operations for the periods were:



	Successor								Predecessor
	Three Months Ended September 30, 2024		Three Months Ended September 30, 2023		Nine Months Ended September 30, 2024		May 18 through September 30, 2023		January 1 through May 17, 2023
Realized gain (loss) on commodity contracts
Energy revenues (a)	$	60	$	177	$	256	$	247	$	644
Fuel and energy purchases (a)	(24)		(49)		(31)		(70)		(34)
Unrealized gain (loss) on commodity contracts
Operating revenues (b)	95		(128)		63		(41)		60
Energy expenses (b)	7		44		(5)		(2)		(123)
Realized and unrealized gain (loss) on interest rate contracts
Interest expense and other finance charges	(6)		—		3		1		—

__________________

(a)Does not include those derivative instruments that settle through physical delivery.

(b)Presented as “Unrealized gain (loss) on derivative instruments” on the Consolidated Statements of Operations.

Income Taxes

9 Months Ended

Sep. 30, 2024

Income Tax Disclosure [Abstract]

Income Taxes

5. Income Taxes

Effective Tax Rate Reconciliations

The reconciliations of the effective tax rate for the periods were:


	Successor												Predecessor
	Three Months Ended September 30, 2024			Three Months Ended September 30, 2023			Nine Months Ended September 30, 2024			May 18 through September 30, 2023			January 1 through May 17, 2023
Income (loss) before income taxes	$	179		$	(92)		$	1,137		$	(42)		$	677
Income tax benefit (expense)	(11)			16			(192)			(3)			(212)
Effective tax rate	6.1		%	17.4		%	16.9		%	(7.1		%)	31.3		%
Federal income tax statutory tax rate	21		%	21		%	21		%	21		%	21		%
Income tax benefit (expense) computed at the federal income tax statutory tax rate	(38)			19			(239)			9			(143)
Income tax increase (decrease) due to:
State income taxes, net of federal benefit	(5)			3			(34)			1			(34)
Change in valuation allowance	29			(12)			63			(10)			129
Production tax credits	16			—			34			—			—
Other permanent differences	(3)			3			10			—			(16)
Nuclear decommissioning trust taxes	(10)			3			(26)			(3)			(9)

Reorganization adjustments	—			—			—			—			(138)

Other	—			—			—			—			(1)
Income tax benefit (expense)	$	(11)		$	16		$	(192)		$	(3)		$	(212)

Valuation Allowance

Management assesses the available positive and negative evidence to estimate whether it is more likely than not that sufficient future taxable income will be generated to permit use of existing deferred tax assets. The assessment of future taxable income includes the scheduled reversal of taxable temporary differences, projected future taxable income, tax planning strategies, and results of recent operations. For the nine months ended September 30, 2024 (Successor), Talen recognized a $63 million tax benefit for the reduction in federal and state valuation allowances, primarily related to year-to-date divestitures and year-to-date income which increase the amount of tax attributes that can be utilized. See Note 17 for information on divestitures. At each period, management will continue to assess the available positive and negative evidence to determine the need for a valuation allowance. We believe that there is a reasonable possibility that within the next 12 months, sufficient positive evidence may become available to allow us to reach a conclusion that a significant portion of the valuation allowance may no longer be needed.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-13

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/740/tableOfContent

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-14

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-17

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 2
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

Inventory (Tables)

9 Months Ended

Sep. 30, 2024

Inventory Disclosure [Abstract]

Schedule of Inventory


	Successor
	September 30, 2024		December 31, 2023
Coal	$	104	$	152
Oil products	69		75
Fuel inventory for electric generation	173		227
Materials and supplies, net	83		72
Environmental products	41		76
Inventory, net	$	297	$	375

Risk Management, Derivative Instruments and Hedging Activities - Statements of Operations Presentation (Details) - USD ($) $ in Millions	3 Months Ended		4 Months Ended		5 Months Ended	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	May 17, 2023	Sep. 30, 2024
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Unrealized gain (loss) on commodity contracts	$ 102	$ (84)		$ (43)	$ (63)	$ 58
Realized and unrealized gain (loss) on interest rate contracts	119	(150)		$ (26)	732	276
Interest rate derivatives
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Realized and unrealized gain (loss) on interest rate contracts	(6)	0	$ 1		0	3
Energy Revenues
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Realized gain (loss) on commodity contracts	60	177	247		644	256
Fuel and Energy Purchases
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Realized gain (loss) on commodity contracts	(24)	(49)	(70)		(34)	(31)
Operating Revenues
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Unrealized gain (loss) on commodity contracts	95	(128)	(41)		60	63
Energy Expenses
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Unrealized gain (loss) on commodity contracts	$ 7	$ 44	$ (2)		$ (123)	$ (5)

Nuclear Decommissioning Trust Funds - Summary of the Sale Proceeds, Gains, and Losses for Available-for-Sale Debt Securities (Details) - USD ($) $ in Millions	3 Months Ended		4 Months Ended	5 Months Ended	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2023	May 17, 2023	Sep. 30, 2024
Investments, Debt and Equity Securities [Abstract]
Sales proceeds of NDT funds investments	$ 545	$ 492	$ 763	$ 839	$ 1,578
Gross realized gains	4	1	1	7	9
Gross realized losses	$ (2)	$ (5)	$ (7)	$ (12)	$ (8)

Stockholders' Equity

9 Months Ended

Sep. 30, 2024

Equity [Abstract]

Stockholders' Equity

15. Stockholders' Equity

Common Stock Transactions

In September 2024, the Board of Directors approved an increase of the remaining capacity under the Company’s share repurchase program to $1.25 billion through December 31, 2026. See Note 16 in Notes to the Annual Financial Statement for more information on the Company’s share repurchase program.

The shares repurchased during nine months ended September 30, 2024 (Successor) represent 14% of the Company’s outstanding common stock. Summary of activity under the Company’s share repurchase program:


	Successor
	Three Months Ended September 30, 2024					Nine Months Ended September 30, 2024
	Number of Shares (a)	Share Price (b)		Total Amount		Number of Shares (a) (c)	Share Price (b)		Total Amount
Share repurchases	2,559,826	$	118.82	$	304	8,333,715	$	115.87	$	966
Share retirements	(2,564,853)	118.81		(304)		(8,333,715)	115.87		(966)

_____________

(a)Includes 2,413,793 shares repurchased from affiliates of Rubric Capital Management LP in July 2024 at a weighted average price of $116.00 per share.

(b)Weighted average price per share, including transaction costs and excise taxes.

(c)Includes 5,275,862 shares repurchased as result of a tender offer in June 2024.

In July 2024, a former executive exercised equity-classified warrants to 457,142 shares of the Company’s common stock in a non-cash transaction. After giving effect to the non-cash exercise and related tax withholding, the Company issued 160,289 shares of the Company’s common stock.

As of September 30, 2024 (Successor), the Company had 50,855,417 shares of common stock outstanding.

Acquisition of Noncontrolling Interests

Purchase of Equity in Nautilus. In October 2024, the Company acquired TeraWulf’s 25% equity interest in in Nautilus in exchange for $85 million in cash and the distribution by Nautilus of its Bitcoin mining equipment to TeraWulf. As a result of the transaction, the Company owns 100% of the equity of Nautilus.

Purchase of Equity in Cumulus Digital Holdings. In March 2024, TES acquired all of the equity of Cumulus Digital Holdings held by affiliates of Orion and two former members of Talen senior management in exchange for an aggregate of $39 million. Following these transactions, TES owns 100% of the equity of Cumulus Digital Holdings.

Accumulated Other Comprehensive Income

Changes in AOCI for the periods were:


	Successor				Predecessor
	Nine Months Ended September 30, 2024		May 18 through September 30, 2023		January 1 through May 17, 2023
Beginning balance	$	(23)	$	—	$	(167)
Gains (losses) arising during the period (a)	26		(26)		6
Reclassifications to Consolidated Statements of Operations	(1)		7		5
Income tax benefit (expense)	(7)		7		(5)
Other comprehensive income (loss)	18		(12)		6
Cancellation of equity at Emergence	—		—		161
Accumulated other comprehensive income (loss)	$	(5)	$	(12)	$	—

_____________

(a)Primarily related to “Postretirement benefit prior service (credits) costs, net” for the nine months ended September 30, 2024 (Successor) and “Available-for-sale securities unrealized gain (loss), net” for the period from May 18 through September 30, 2023 (Successor).

The components of AOCI, net of tax, at September 30 were:


	Successor
	2024		2023
Available-for-sale securities unrealized gain (loss), net	$	7	$	(12)

Postretirement benefit prior service credits (costs), net	16		—
Postretirement benefit actuarial gain (loss), net	(28)		—
Accumulated other comprehensive income (loss)	$	(5)	$	(12)

The postretirement obligations components of AOCI are not presented in their entirety on the Consolidated Statements of Operations during the periods; rather, they are included in the computation of net periodic defined benefit costs (credits). See Note 13 for additional information.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 505
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478448/946-505-50-6

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480237/815-40-50-6

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Section 50
-Paragraph 13
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 13
-Subparagraph (i)
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Paragraph 18
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

+ Details

Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Millions	3 Months Ended		4 Months Ended	5 Months Ended	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2023	May 17, 2023	Sep. 30, 2024
Statement of Comprehensive Income [Abstract]
Net Income (Loss)	$ 168	$ (76)	$ (45)	$ 465	$ 945
Other Comprehensive Income (Loss)
Available-for-sale securities unrealized gain (loss), net	17	(20)	(26)	6	5
Postretirement benefit prior service (credits) costs, net	21	0	0	0	21
Income tax benefit (expense)	(7)	7	9	(2)	(2)
Gains (losses) arising during the period, net of tax	31	(13)	(17)	4	24
Available-for-sale securities unrealized (gain) loss, net	(2)	6	7	4	(1)
Qualifying derivatives unrealized (gain) loss, net	0	0	0	(1)	0
Postretirement benefit actuarial (gain) loss, net	0	0	0	2	0
Income tax benefit (expense)	(5)	(2)	(2)	(3)	(5)
Reclassifications from AOCI, net of tax	(7)	4	5	2	(6)
Other comprehensive income (loss)	24	(9)	(12)	6	18
Comprehensive Income (Loss)	192	(85)	(57)	471	963
Less: Comprehensive income (loss) attributable to noncontrolling interest	0	1	3	(14)	29
Comprehensive Income (Loss) Attributable to Stockholders (Successor) / Member (Predecessor)	$ 192	$ (86)	$ (60)	$ 485	$ 934

Revenue - Narrative (Details)	1 Months Ended
Revenue - Narrative (Details)	Jul. 31, 2024 USD ($) MW
Revenue from Contract with Customer [Abstract]
Megawatts cleared \| MW	6,820
Clearing price (dollars per MW-day) \| $	$ 269.92

Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Millions

Sep. 30, 2024

Dec. 31, 2023

Assets

Cash and cash equivalents

$ 648

$ 400

Restricted cash and cash equivalents (Note 16)

484

501

Accounts receivable (Note 4)

137

Inventory, net (Note 6)

297

375

Derivative instruments (Notes 3 and 12)

Other current assets

Total current assets

1,673

1,554

Property, plant and equipment, net (Note 8)

3,228

3,839

Nuclear decommissioning trust funds (Notes 7 and 12)

1,737

1,575

Derivative instruments (Notes 3 and 12)

Other noncurrent assets

188

147

Total Assets

6,848

7,121

Liabilities and Equity

Long-term debt, due within one year (Notes 11 and 12)

Accrued interest

Accounts payable and other accrued liabilities

210

344

Derivative instruments (Notes 3 and 12)

Other current liabilities

129

Total current liabilities

408

486

Long-term debt (Notes 11 and 12)

2,616

2,811

Derivative instruments (Notes 3 and 12)

Postretirement benefit obligations (Note 13)

318

368

Asset retirement obligations and accrued environmental costs (Note 9)

475

469

Deferred income taxes (Note 5)

452

407

Other noncurrent liabilities

130

Total Liabilities

4,403

4,587

Commitments and Contingencies (Note 10)

Stockholders’ Equity

Common stock ($0.001 par value 350,000,000 shares authorized)

^[1],[2]

Additional paid-in capital

1,980

2,346

Accumulated retained earnings (deficit)

412

134

Accumulated other comprehensive income (loss)

(5)

(23)

Total Stockholders’ Equity

2,387

2,457

Noncontrolling interests

Total Equity

2,445

2,534

Total Liabilities and Equity

$ 6,848

$ 7,121

[1]	As of December 31, 2023 (Successor): 59,028,843 shares issued and outstanding.
[2]	As of September 30, 2024 (Successor): 50,855,417 shares issued and outstanding,

Risk Management, Derivative Instruments and Hedging Activities - Effect of Netting (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Assets, Gross Derivative Instruments	$ 211	$ 295
Assets, Eligible for Offset	(139)	(198)
Assets, Net Derivative Instruments	72	97
Assets, Collateral (Posted) Received	0	(2)
Assets, Net Amounts	72	95
Liabilities, Gross Derivative Instruments	172	300
Liabilities, Eligible for Offset	(139)	(198)
Liabilities, Net Derivative Instruments	33	102
Liabilities, Collateral (Posted) Received	(23)	(59)
Liabilities, Net Amounts	$ 10	$ 43

Nuclear Decommissioning Trust Funds (Tables)

9 Months Ended

Sep. 30, 2024

Investments, Debt and Equity Securities [Abstract]

Schedule of Unrealized Gain (Loss) on Nuclear Decommissioning Trust Funds


	Successor
	September 30, 2024								December 31, 2023
	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value		Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
Cash equivalents	$	8	$	—	$	—	$	8	$	9	$	—	$	—	$	9
Equity securities	504		672		44		1,132		491		575		53		1,013
Debt securities	581		12		—		593		570		10		1		579
Receivables (payables), net	4		—		—		4		(26)		—		—		(26)
NDT funds	$	1,097	$	684	$	44	$	1,737	$	1,044	$	585	$	54	$	1,575

Summary of Maturities for Available-for-sale Debt Securities

The contractual maturities for available-for-sale debt securities presented on the Consolidated Balance Sheets were:


	Successor
	September 30, 2024		December 31, 2023
Maturities within one year	$	63	$	105
Maturities within two to five years	185		194
Maturities thereafter	345		280
Debt securities, fair value	$	593	$	579

Summary of Maturities for Available-for-sale Debt Securities

The sales proceeds, gains, and losses for available-for-sale debt securities for the periods were:



	Successor								Predecessor
	Three Months Ended September 30, 2024		Three Months Ended September 30, 2023		Nine Months Ended September 30, 2024		May 18 through September 30, 2023		January 1 through May 17, 2023
Sales proceeds of NDT funds investments (a)	$	545	$	492	$	1,578	$	763	$	839
Gross realized gains	4		1		9		1		7
Gross realized losses	(2)		(5)		(8)		(7)		(12)

__________________

(a)Sales proceeds are used to pay income taxes and trust management fees. Remaining proceeds are reinvested in the NDT.

Asset Retirement Obligations and Accrued Environmental Costs - Summary of Asset Retirement Obligations and Accrued Environmental Costs (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Asset Retirement Obligation Disclosure [Abstract]
Asset retirement obligations	$ 495	$ 464
Accrued environmental costs	22	23
Total asset retirement obligations and accrued environmental costs	517	487
Less: asset retirement obligations and accrued environmental costs due within one year	42	18
Asset retirement obligations and accrued environmental costs due after one year	$ 475	$ 469

Postretirement Benefit Obligations (Tables)

9 Months Ended

Sep. 30, 2024

Postemployment Benefits [Abstract]

Schedule of Net Benefit Costs

The components of net periodic benefit costs for the periods were:


	Successor								Predecessor
	Three Months Ended September 30, 2024		Three Months Ended September 30, 2023		Nine Months Ended September 30, 2024		May 18 through September 30, 2023		January 1 through May 17, 2023
Postretirement benefits service cost (a)	$	—	$	—	$	2	$	1	$	1
Interest cost	17		17		50		25		27
Expected return on plan assets	(17)		(18)		(52)		(26)		(33)
Resolved litigation settlement	15		—		15		—		—
Amortization of:
Net loss	—		—		—		—		2
Postretirement benefit (gain) loss, net (b)	15		(1)		13		(1)		(4)
Net periodic defined benefit cost (credit)	$	15	$	(1)	$	15	$	—	$	(3)

_____________

(a)Activity presented as “Operation, maintenance and development” on the Consolidated Statements of Operations.

(b)Activity presented as “Other non-operating income (expense), net” on the Consolidated Statements of Operations.

Commitment and Contingencies - Guarantees and Other Assurances (Details) - Surety Bond - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Other Commitments [Line Items]
Surety bonds	$ 234	$ 240
Subsidiary, TES
Other Commitments [Line Items]
Surety bonds	$ 125	$ 115

Long-Term Debt and Other Credit Facilities - Schedule of Line of Credit Facilities (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Committed Capacity	$ 1,245
Unused Capacity	916
Line of Credit \| RCF
Debt Instrument [Line Items]
Committed Capacity	700
Unused Capacity	700
Line of Credit \| TLC
Debt Instrument [Line Items]
Committed Capacity	470
Unused Capacity	159
Line of Credit \| Bilateral LCF
Debt Instrument [Line Items]
Committed Capacity	75
Unused Capacity	57
Letter of Credit \| RCF
Debt Instrument [Line Items]
Committed Capacity	475
Revolving Credit Facility
Debt Instrument [Line Items]
LCs Issued	0	$ 0
Revolving Credit Facility \| Line of Credit \| RCF
Debt Instrument [Line Items]
LCs Issued	0	0
Letter of Credit
Debt Instrument [Line Items]
LCs Issued	329	540
Letter of Credit \| Line of Credit \| RCF
Debt Instrument [Line Items]
LCs Issued	0	62
Letter of Credit \| Line of Credit \| TLC
Debt Instrument [Line Items]
LCs Issued	311	404
Collateral amount	472	472
Letter of Credit \| Line of Credit \| Bilateral LCF
Debt Instrument [Line Items]
LCs Issued	$ 18	$ 74

Revenue - Summary of Accounts Receivable, Net (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Customer accounts receivable	$ 50	$ 52
Other accounts receivable	47	85
Accounts receivable, net	$ 97	$ 137

Cover Page - shares	9 Months Ended
Cover Page - shares	Sep. 30, 2024	Nov. 14, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2024
Document Transition Report	false
Entity File Number	001-37388
Entity Registrant Name	Talen Energy Corporation
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	47-1197305
Entity Address, Address Line One	2929 Allen Pkwy, Suite 2200
Entity Address, City or Town	Houston
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	77019
City Area Code	888
Local Phone Number	211-6011
Title of 12(b) Security	Common stock, par value $0.001 per share
Trading Symbol	TLN
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		50,855,417
Entity Central Index Key	0001622536
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Amendment Flag	false

Postretirement Benefit Obligations

9 Months Ended

Sep. 30, 2024

Postemployment Benefits [Abstract]

Postretirement Benefit Obligations

13. Postretirement Benefit Obligations

TES and certain subsidiaries sponsor postemployment benefits which include defined benefit pension plans, health and welfare postretirement plans (other postretirement benefit plans), and defined contribution plans.

The components of net periodic benefit costs for the periods were:


	Successor								Predecessor
	Three Months Ended September 30, 2024		Three Months Ended September 30, 2023		Nine Months Ended September 30, 2024		May 18 through September 30, 2023		January 1 through May 17, 2023
Postretirement benefits service cost (a)	$	—	$	—	$	2	$	1	$	1
Interest cost	17		17		50		25		27
Expected return on plan assets	(17)		(18)		(52)		(26)		(33)
Resolved litigation settlement	15		—		15		—		—
Amortization of:
Net loss	—		—		—		—		2
Postretirement benefit (gain) loss, net (b)	15		(1)		13		(1)		(4)
Net periodic defined benefit cost (credit)	$	15	$	(1)	$	15	$	—	$	(3)

_____________

(a)Activity presented as “Operation, maintenance and development” on the Consolidated Statements of Operations.

(b)Activity presented as “Other non-operating income (expense), net” on the Consolidated Statements of Operations.

See Note 10 for additional information on recently resolved litigation regarding certain of our defined benefit pension obligations.

In March 2024, $10 million of excess assets from the PA Mines UMWA Plan VEBA were transferred to a separate VEBA, which provides benefits for participants in Talen’s health and welfare “wrap plan.” As such assets were not presented on the Consolidated Balance Sheets prior to the transfer of the assets from the VEBA, a transfer gain of $10 million was recognized for the nine months ended September 30, 2024 (Successor) and presented as “Other non-operating income (expense), net” on the Consolidated Statements of Operations.

In September 2024, the Company contributed $38 million to the TERP that is presented as “Postretirement benefit obligations” on the Consolidated Balance Sheets as of September 30, 2024 (Successor). In October 2024, the Company contributed an additional $6 million to the TERP.

In September 2024, the Company approved a plan amendment for certain other postretirement benefit plans, resulting in the recognition of prior service credits of $21 million and presented as “Postretirement benefit prior service (credits) costs, net” on the Consolidated Statements of Comprehensive Income (Loss).

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 70
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480794/715-70-50-1

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480482/715-20-55-17

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(iv)(03)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (q)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (l)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/715/tableOfContent

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(iii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (o)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (p)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (r)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (r)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480126/715-20-S99-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 60
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480266/715-60-50-3

+ Details

Commitment and Contingencies - Other Commitments and Contingencies (Details)	9 Months Ended
	Sep. 30, 2024 lawsuit
Commitments and Contingencies Disclosure [Abstract]
Number Of lawsuits	2

Asset Retirement Obligations and Accrued Environmental Costs

9 Months Ended

Sep. 30, 2024

Asset Retirement Obligation Disclosure [Abstract]

Asset Retirement Obligations and Accrued Environmental Costs

9. Asset Retirement Obligations and Accrued Environmental Costs


	Successor
	September 30, 2024		December 31, 2023
Asset retirement obligations	$	495	$	464
Accrued environmental costs	22		23
Total asset retirement obligations and accrued environmental costs	517		487
Less: asset retirement obligations and accrued environmental costs due within one year (a)	42		18

Asset retirement obligations and accrued environmental costs due after one year	$	475	$	469

__________________

(a)Presented as “Other current liabilities” on the Consolidated Balance Sheets.

Asset Retirement Obligations

The changes of the ARO carrying value were:


	ARO Rollforward














Carrying value, December 31, 2023 (Successor)	$	464

Obligations settled	(9)
Accretion expense	40
Carrying value, September 30, 2024 (Successor)	$	495

Supplemental information for the ARO:


	Successor
	September 30, 2024		December 31, 2023
Supplemental Information
Nuclear (a)	$	234	$	214
Non-Nuclear (b)	261		250
Carrying value	$	495	$	464

__________________

(a)Obligations are expected to be settled with available funds in the NDT at the time of decommissioning. See Note 12 for additional information on the NDT.

(b)Certain obligations are: (i) partially supported by surety bonds, some of which have been collateralized with cash and (or) LCs; or (ii) partially prefunded under phased installment agreements.

As a result of environmental regulations issued by the EPA or other rule-making entities, the Company may be required to revise and (or) recognize new AROs. See “Environmental Matters” in Note 10 for additional information. See “Talen Montana Financial Assurance” in Note 10 for information on Talen Montana’s requirement to provide financial assurance for certain environmental decommissioning and remediation liabilities related to Colstrip.

Supplemental Cash Flow Information

9 Months Ended

Sep. 30, 2024

Supplemental Cash Flow Elements [Abstract]

Supplemental Cash Flow Information

16. Supplemental Cash Flow Information

Supplemental information for the Consolidated Statements of Cash Flows for the periods was:


	Successor				Predecessor
	Nine Months Ended September 30, 2024		May 18 through September 30, 2023		January 1 through May 17, 2023
Cash paid during the period
Interest and other finance charges, net of capitalized interest (a)	$	159	$	30	$	283
Income taxes, net	14		9		7

Unrealized (gain) loss on derivative instruments included on the Statements of Cash Flows
Commodity contracts	$	(58)	$	43	$	63
Interest rate swap contracts (interest expense)	(1)		6		2
Unrealized (gain) loss on derivative instruments	$	(59)	$	49	$	65

Depreciation, amortization and accretion included on the Statements of Cash Flows
Depreciation, amortization and accretion	$	225	$	94	$	200

Other	(9)		(5)		8
Depreciation, amortization and accretion	$	216	$	89	$	208

Reconciliation of other non-cash operating activities

Stock-based compensation	$	24	$	11	$	—
Derivative option premium amortization	16		31		29
Bitcoin revenue	(91)		(44)		(27)







Debt restructuring (gain) loss, net	(9)		—		—
Other	2		25		5
Total	$	(58)	$	23	$	7

Non-cash investing activities
Capital expenditure accrual increase (decrease)	$	(16)	$	(8)	$	(28)

Non-cash financing activities
Non-cash increase to PP&E and decrease to other current assets for contribution of Bitcoin miners to Nautilus (b)	$	—	$	—	$	14
Non-cash decrease to PP&E and decrease to noncontrolling interest for distribution of Bitcoin miners to TeraWulf	—		—		3
Non-cash increase to PP&E and increase to noncontrolling interest for contribution of Bitcoin miners by TeraWulf (b)	—		—		38

__________________

(a)Capitalized interest totaled $3 million for the nine months ended September 30, 2024 (Successor); $7 million for May 18 through September 30, 2023 (Successor); and $12 million for January 1 through May 17, 2023 (Predecessor).

(b)In 2023, each of the joint venture partners of Nautilus made non-cash contributions to Nautilus of Bitcoin miners that increased PP&E.

Cash and Restricted Cash

The following provides a reconciliation of “Cash and cash equivalents” and “Restricted cash and cash equivalents” presented on the Consolidated Statements of Cash Flows to line items within the Consolidated Balance Sheets:


	Successor
	September 30, 2024		December 31, 2023
Cash and cash equivalents	$	648	$	400

Restricted cash and cash equivalents:
TES TLC debt restricted deposits	472		472
Nautilus project restricted deposits	9		10
Commodity exchange margin deposits	3		—
Cumulus Digital Holdings restricted deposits	—		19
Restricted cash and cash equivalents	484		501
Total	$	1,132	$	901

Postretirement Benefit Obligations - Schedule of Net Benefit Costs (Details) - USD ($) $ in Millions	3 Months Ended		4 Months Ended	5 Months Ended	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2023	May 17, 2023	Sep. 30, 2024
Postemployment Benefits [Abstract]
Postretirement benefits service cost	$ 0	$ 0	$ 1	$ 1	$ 2
Interest cost	17	17	25	27	50
Expected return on plan assets	(17)	(18)	(26)	(33)	(52)
Resolved litigation settlement	15	0	0	0	15
Amortization of:
Net loss	0	0	0	2	0
Postretirement benefit (gain) loss, net	15	(1)	(1)	(4)	13
Net periodic defined benefit cost (credit)	$ 15	$ (1)	$ 0	$ (3)	$ 15

Inventory - Narrative (Details) - USD ($) $ in Millions	4 Months Ended	5 Months Ended	9 Months Ended
Inventory - Narrative (Details) - USD ($) $ in Millions	Sep. 30, 2023	May 17, 2023	Sep. 30, 2024
Inventory [Line Items]
Net realizable value and obsolescence charges	$ 0	$ 37	$ 0
Brandon Shores Inventory
Inventory [Line Items]
Net realizable value and obsolescence charges		$ 24

Commitment and Contingencies - Pending Legal Matters (Details) - ERCOT Weather Event (Winter Storm Uri) - Pending Litigation	1 Months Ended	9 Months Ended
	Dec. 31, 2023 MWh	Sep. 30, 2024 case
Other Commitments [Line Items]
Number of claims on appeal \| case		58
Number of suits \| MWh	5

Condensed Consolidated Statements of Equity (Unaudited) - USD ($)
$ in Millions

Total

Cumulus Digital Holdings

^[7]

TeraWulf

^[8]

Common stock shares

Additional paid-in capital

Accumulated earnings (deficit)

Accumulated other comprehensive income (loss)

Treasury Stock

Member's Equity

Non controlling Interest

Cumulus Digital Holdings

^[7]

Non controlling Interest

TeraWulf

^[8]

Beginning balance at Dec. 31, 2022

$ (167)

Member's Equity, Beginning balance at Dec. 31, 2022

$ (482)

$ (573)

$ 91

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Net income (loss)

(2)

Other comprehensive income (loss)

Non-cash contributions

^[1]

Non-cash distributions

^[2]

(2)

Member's Equity, Ending balance at Mar. 31, 2023

(391)

(516)

125

Beginning balance at Dec. 31, 2022

(167)

Member's Equity, Beginning balance at Dec. 31, 2022

(482)

(573)

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Net income (loss)

465

Other comprehensive income (loss)

Cancellation of equity at Emergence

161

Ending balance at May. 17, 2023

2,431

$ 2,321

$ 0

110

Ending balance (in shares) at May. 17, 2023

^[3]

59,029,000

Member's Equity, Beginning balance at Mar. 31, 2023

(391)

(516)

125

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Net income (loss)

419

431

(12)

Other comprehensive income (loss)

(3)

Non-cash distributions

^[4]

(3)

Cancellation of equity at Emergence

^[4]

Issuance of member's equity

^[4]

2,313

Issuance of warrants

^[4]

Common equity from member's equity exchange (in shares)

^[3]

59,029,000

Common equity from member's equity exchange

2,321

$ (2,321)

Ending balance at May. 17, 2023

2,431

2,321

110

Ending balance (in shares) at May. 17, 2023

^[3]

59,029,000

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Net income (loss)

(45)

Other comprehensive income (loss)

(12)

Cancellation of equity at Emergence

Ending balance at Sep. 30, 2023

2,358

2,337

(48)

(12)

Ending balance (in shares) at Sep. 30, 2023

^[3]

59,029,000

Beginning balance at May. 18, 2023

2,431

2,321

110

Beginning balance (in shares) at May. 18, 2023

^[3]

59,029,000

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Net income (loss)

Other comprehensive income (loss)

(3)

Non-cash distributions

^[2]

(3)

Other

Ending balance at Jun. 30, 2023

2,460

2,325

(3)

109

Ending balance (in shares) at Jun. 30, 2023

^[3]

59,029,000

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Net income (loss)

(76)

(77)

Other comprehensive income (loss)

(9)

Purchase of noncontrolling interest

(19)

(24)

Non-cash distributions

^[2]

(5)

Other

Ending balance at Sep. 30, 2023

2,358

2,337

(48)

(12)

Ending balance (in shares) at Sep. 30, 2023

^[3]

59,029,000

Beginning balance at Dec. 31, 2023

$ 2,534

2,346

134

(23)

$ 0

Beginning balance (in shares) at Dec. 31, 2023

59,028,843

59,029,000

^[5]

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Net income (loss)

$ 319

294

Other comprehensive income (loss)

(4)

Share repurchase (in shares)

^[5]

(493,000)

Share repurchases

(39)

Purchase of noncontrolling interest

^[6]

(39)

(15)

(24)

Non-cash distributions

$ (1)

$ (12)

$ (1)

$ (12)

Stock-based compensation

Ending balance at Mar. 31, 2024

2,766

2,339

428

(27)

(39)

Ending balance (in shares) at Mar. 31, 2024

^[5]

58,536,000

Beginning balance at Dec. 31, 2023

$ 2,534

2,346

134

(23)

Beginning balance (in shares) at Dec. 31, 2023

59,028,843

59,029,000

^[5]

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Net income (loss)

$ 945

Other comprehensive income (loss)

$ 18

Share repurchase (in shares)

(8,333,715)

Share repurchases

$ (966)

Cancellation of equity at Emergence

Ending balance at Sep. 30, 2024

$ 2,445

1,980

412

(5)

Ending balance (in shares) at Sep. 30, 2024

50,855,417

50,855,000

^[5]

Beginning balance at Mar. 31, 2024

$ 2,766

2,339

428

(27)

(39)

Beginning balance (in shares) at Mar. 31, 2024

^[5]

58,536,000

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Net income (loss)

458

454

Other comprehensive income (loss)

(2)

Share repurchase (in shares)

^[5]

(5,281,000)

Share repurchases

(622)

Non-cash distributions

^[8]

(8)

Retirement of treasury stock

(227)

(434)

661

Cash settlement of restricted stock units

(28)

Stock-based compensation

Ending balance at Jun. 30, 2024

2,572

2,092

448

(29)

Ending balance (in shares) at Jun. 30, 2024

^[5]

53,255,000

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Net income (loss)

168

Other comprehensive income (loss)

$ 24

Share repurchase (in shares)

(2,559,826)

(2,560,000)

^[5]

Share repurchases

$ (304)

(304)

Non-cash distributions

^[8]

(3)

Retirement of treasury stock

(100)

(204)

304

Exercise of warrants (in shares)

^[5]

160,000

Exercise of warrants

(16)

Cash settlement of restricted stock units

(3)

Stock-based compensation

Ending balance at Sep. 30, 2024

$ 2,445

$ 1,980

$ 412

$ (5)

$ 0

$ 58

Ending balance (in shares) at Sep. 30, 2024

50,855,417

50,855,000

^[5]

[1]	Relates to contributions of cryptocurrency mining machines by TeraWulf to Nautilus.
[2]	Relates primarily to distributions of cryptocurrency mining machines or Bitcoin to TeraWulf.
[3]	Shares in thousands.
[4]	Pursuant to the Plan of Reorganization: (i) existing equity interests were canceled; and (ii) new equity interests and equity-classified warrants were issued.
[5]	Shares in thousands.
[6]	TES acquisition of remaining noncontrolling interests in Cumulus Digital Holdings. See Note 15 for additional information.
[7]	Distributions to noncontrolling interest owners of Cumulus Digital Holdings.
[8]	Related primarily to distributions of Bitcoin to TeraWulf.

Fair Value - Summary of Recurring Fair Value Measurements (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Assets
Cash equivalents	$ 8	$ 9
Equity securities, Fair Value	1,132	1,013
Debt securities	593	579
Receivables (payables), net	4	(26)
NDT funds	1,737	1,575
Derivative assets, netting	(139)	(200)
Total assets	1,809	1,670
Liabilities
Derivative liabilities, netting	(162)	(257)
Total liabilities	10	43
Commodity derivatives
Assets
Derivative assets, netting	(139)	(200)
Derivative assets, total	72	94
Liabilities
Derivative liabilities, netting	(162)	(257)
Derivative liabilities, total	7	37
Interest rate derivatives
Assets
Derivative assets, total	0	1
Liabilities
Derivative liabilities, total	3	6
U.S. Government debt securities
Assets
Debt securities	328	337
Municipal debt securities
Assets
Debt securities	88	86
Corporate debt securities
Assets
Debt securities	177	156
Level 1
Assets
Cash equivalents	0	0
Equity securities, Fair Value	755	629
NDT funds	1,083	966
Total assets	1,191	1,064
Liabilities
Total liabilities	131	155
Level 1 \| Commodity derivatives
Assets
Derivative assets	108	98
Liabilities
Derivative liabilities	131	155
Level 1 \| Interest rate derivatives
Assets
Derivative assets, total	0	0
Liabilities
Derivative liabilities	0	0
Level 1 \| U.S. Government debt securities
Assets
Debt securities	328	337
Level 1 \| Municipal debt securities
Assets
Debt securities	0	0
Level 1 \| Corporate debt securities
Assets
Debt securities	0	0
Level 2
Assets
Cash equivalents	0	0
Equity securities, Fair Value	0	0
NDT funds	265	242
Total assets	368	439
Liabilities
Total liabilities	41	145
Level 2 \| Commodity derivatives
Assets
Derivative assets	103	196
Liabilities
Derivative liabilities	38	139
Level 2 \| Interest rate derivatives
Assets
Derivative assets, total	0	1
Liabilities
Derivative liabilities	3	6
Level 2 \| U.S. Government debt securities
Assets
Debt securities	0	0
Level 2 \| Municipal debt securities
Assets
Debt securities	88	86
Level 2 \| Corporate debt securities
Assets
Debt securities	177	156
NAV
Assets
Cash equivalents	8	9
Equity securities, Fair Value	377	384
NDT funds	385	393
Total assets	385	393
Liabilities
Total liabilities	0	0
NAV \| Commodity derivatives
Assets
Derivative assets	0	0
Liabilities
Derivative liabilities	0	0
NAV \| Interest rate derivatives
Assets
Derivative assets, total	0	0
Liabilities
Derivative liabilities	0	0
NAV \| U.S. Government debt securities
Assets
Debt securities	0	0
NAV \| Municipal debt securities
Assets
Debt securities	0	0
NAV \| Corporate debt securities
Assets
Debt securities	$ 0	$ 0

Revenue - Summary of Disaggregation of Operating Revenues (Details) - USD ($) $ in Millions	3 Months Ended		4 Months Ended	5 Months Ended	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2023	May 17, 2023	Sep. 30, 2024
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	$ 459	$ 666	$ 843	$ 478	$ 1,221
Realized and unrealized gain (loss) on derivative instruments	119	(150)	(26)	732	276
Nuclear PTC and other revenue	72	0	0	0	151
Operating revenues	650	516	817	1,210	1,648
Amount of PTC revenue utilized as a credit against Federal Income Taxes payable					90
Capacity revenues
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	50	44	70	108	141
Operating revenues	50	44	70	108	141
Electricity sales and ancillary services, ISO/RTO
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	351	558	688	281	865
Physical electricity sales, bilateral contracts, other
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	38	35	41	62	124
Other revenue from customers
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	$ 20	$ 29	$ 44	$ 27	$ 91

Nuclear Decommissioning Trust Funds - Schedule of Unrealized Gain (Loss) on Nuclear Decommissioning Trust Funds (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items]
Cash equivalents, Amortized Cost	$ 648	$ 400
Cash equivalents, Fair Value	8	9
Equity securities, Amortized Cost	504	491
Equity securities, Unrealized Gains	672	575
Equity securities, Unrealized Losses	44	53
Equity securities, Fair Value	1,132	1,013
Debt securities, Amortized Cost	581	570
Debt securities, Unrealized Gains	12	10
Debt securities, Unrealized Losses	0	1
Debt securities	593	579
Receivables (payables), net, Amortized Cost	4	(26)
Receivables (payables), net, Fair Value	4	(26)
Amortized Cost	1,097	1,044
Unrealized Gains	684	585
Unrealized Losses	44	54
NDT funds	1,737	1,575
Cash equivalents
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items]
Cash equivalents, Amortized Cost	8	9
Cash equivalents, Fair Value	$ 8	$ 9

Risk Management, Derivative Instruments and Hedging Activities - Narrative (Details) $ in Millions	9 Months Ended
	Sep. 30, 2024 USD ($)
Derivative [Line Items]
Aggregate credit exposure	$ 309
Credit exposure, net	$ 68
Total Net Credit Exposure \| Credit Concentration Risk \| Ten Largest Single Net Credit Exposures Account
Derivative [Line Items]
Concentration risk percentage	66.00%

Fair Value (Tables)

9 Months Ended

Sep. 30, 2024

Fair Value Disclosures [Abstract]

Summary of Recurring Fair Value Measurements

The classifications of recurring fair value measurements within the fair value hierarchy were:


	Successor
	September 30, 2024								December 31, 2023
	Level 1		Level 2		NAV		Netting (a)		Total		Level 1		Level 2		NAV		Netting (a)		Total
Assets
Cash equivalents	$	—	$	—	$	8	$	—	$	8	$	—	$	—	$	9	$	—	$	9
Equity securities (b)	755		—		377		—		1,132		629		—		384		—		1,013
U.S. Government debt securities	328		—		—		—		328		337		—		—		—		337
Municipal debt securities	—		88		—		—		88		—		86		—		—		86
Corporate debt securities	—		177		—		—		177		—		156		—		—		156

Receivables (payables), net (c)	—		—		—		—		4		—		—		—		—		(26)
NDT funds	1,083		265		385		—		1,737		966		242		393		—		1,575

Commodity derivatives	108		103		—		(139)		72		98		196		—		(200)		94
Interest rate derivatives	—		—		—		—		—		—		1		—		—		1
Total assets	$	1,191	$	368	$	385	$	(139)	$	1,809	$	1,064	$	439	$	393	$	(200)	$	1,670

Liabilities
Commodity derivatives	$	131	$	38	$	—	$	(162)	$	7	$	155	$	139	$	—	$	(257)	$	37
Interest rate derivatives	—		3		—		—		3		—		6		—		—		6

Total liabilities	$	131	$	41	$	—	$	(162)	$	10	$	155	$	145	$	—	$	(257)	$	43

__________________

(a)Amounts represent netting pursuant to master netting arrangements and cash collateral held or placed with the same counterparty.

(b)Includes commingled equity and fixed income funds and real estate investment trusts.

(c)Represents: (i) interest and dividends earned but not received; and (ii) net sold or purchased investments, but not settled.

Summary of Carrying Value and Fair Value of Indebtedness

The carrying value and fair value of indebtedness presented on the Consolidated Balance Sheets were:


	Successor
	September 30, 2024				December 31, 2023
	Carrying Value		Fair Value		Carrying Value		Fair Value

Long-term debt (a)	$	2,625	$	2,769	$	2,820	$	2,934
Other short-term indebtedness (b)	—		—		6		6

______________

(a)Aggregate value of “Long-term debt” and “Long-term debt, due within one year” presented on the Consolidated Balance Sheets.

(b)Presented as “Other current liabilities” on the Consolidated Balance Sheets.

Property, Plant, and Equipment (Tables)

9 Months Ended

Sep. 30, 2024

Property, Plant and Equipment [Abstract]

Summary of Depreciation, Amortization, and Accretion Expense


		Successor
		September 30, 2024						December 31, 2023
	Estimated Useful Life (years)	Gross Value		Accumulated Provision		Carrying Value		Gross Value		Accumulated Provision		Carrying Value
Electric generation	3-27	$	3,020	$	(246)	$	2,774	$	3,178	$	(109)	$	3,069
Nuclear fuel	1-6	322		(129)		193		228		(55)		173
Other property and equipment	1-26	148		(36)		112		358		(21)		337

Capitalized software	1-5	9		(3)		6		6		(1)		5
Construction work in progress		143		—		143		255		—		255
Property, plant and equipment, net		$	3,642	$	(414)	$	3,228	$	4,025	$	(186)	$	3,839

The components of “Depreciation, amortization and accretion” presented on the Consolidated Statements of Operations for the periods were:


	Successor								Predecessor
	Three Months Ended September 30, 2024		Three Months Ended September 30, 2023		Nine Months Ended September 30, 2024		May 18 through September 30, 2023		January 1 through May 17, 2023
Depreciation expense (a)	$	56	$	53	$	172	$	76	$	173
Amortization expense (b)	5		—		11		1		4
Accretion expense (c)	14		13		42		17		24
Other	—		—		—		—		(1)
Depreciation, amortization, and accretion	$	75	$	66	$	225	$	94	$	200

__________________

(a)Electric generation and other property and equipment.

(b)Intangible assets and capitalized software.

(c)ARO and accrued environmental cost accretion. See Note 9 for additional information.

Condensed Consolidated Statements Of Operations (Unaudited) - USD ($) shares in Thousands, $ in Millions	3 Months Ended		4 Months Ended	5 Months Ended	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2023	May 17, 2023	Sep. 30, 2024
Operating revenues	$ 650	$ 516	$ 817	$ 1,210	$ 1,648
Fuel and energy purchases	(222)	(253)	(310)	(176)	(535)
Nuclear fuel amortization	(30)	(47)	(72)	(33)	(93)
Unrealized gain (loss) on derivative instruments (Note 3)	7	44	(2)	(123)	(5)
Energy Expenses	(245)	(256)	(384)	(332)	(633)
Operating Expenses
Operation, maintenance and development	(127)	(140)	(209)	(285)	(445)
General and administrative	(38)	(37)	(55)	(51)	(121)
Depreciation, amortization and accretion (Note 8)	(75)	(66)	(94)	(200)	(225)
Impairments	0	(2)	(2)	(381)	0
Other operating income (expense), net	(7)	(8)	(11)	(37)	(14)
Operating Income (Loss)	158	7	62	(76)	210
Nuclear decommissioning trust funds gain (loss), net	67	(24)	15	57	169
Interest expense and other finance charges (Note 11)	(66)	(68)	(101)	(163)	(187)
Reorganization income (expense), net	0	0	0	799	0
Gain (loss) on sale of assets, net (Note 17)	0	0	0	50	885
Other non-operating income (expense), net	20	(7)	(18)	10	60
Income (loss) before income taxes	179	(92)	(42)	677	1,137
Income tax benefit (expense)	(11)	16	(3)	(212)	(192)
Net Income (Loss)	168	(76)	(45)	465	945
Less: Net income (loss) attributable to noncontrolling interest	0	1	3	(14)	29
Net Income (Loss) Attributable to Stockholders (Successor) / Member (Predecessor)	$ 168	$ (77)	$ (48)	$ 479	$ 916
Per Common Share (Successor)
Net Income (Loss) Attributable to Stockholders - Basic (in dollars per share)	$ 3.30	$ (1.30)	$ (0.81)		$ 16.44
Net Income (Loss) Attributable to Stockholders - Diluted (in dollars per share)	$ 3.16	$ (1.30)	$ (0.81)		$ 15.86
Weighted-Average Number of Common Shares Outstanding - Basic (in shares)	50,924	59,029	59,029	0	55,703
Weighted-Average Number of Common Shares Outstanding - Diluted (in shares)	53,169	59,029	59,029	0	57,756
Capacity revenues
Operating revenues	$ 50	$ 44	$ 70	$ 108	$ 141
Energy and other revenues
Operating revenues	505	600	788	1,042	1,444
Unrealized gain (loss) on derivative instruments (Note 3)
Operating revenues	$ 95	$ (128)	$ (41)	$ 60	$ 63

Basis of Presentation and Summary of Significant Accounting Policies (Details)	1 Months Ended	9 Months Ended
	May 31, 2022 subsidiary	Sep. 30, 2024 USD ($) Rate
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of subsidiaries \| subsidiary	71
Nuclear PTC Program, multiplier \| Rate		500.00%
Nuclear PTC Program, maximum dollars per MWh \| $		$ 15

Earnings Per Share (Tables)

9 Months Ended

Sep. 30, 2024

Earnings Per Share [Abstract]

Schedule of Earnings Per Share

EPS for the periods were:


	Successor								Predecessor
	Three Months Ended September 30, 2024		Three Months Ended September 30, 2023		Nine Months Ended September 30, 2024		May 18 through September 30, 2023		January 1 through May 17, 2023

Numerator: (Millions of Dollars)
Net Income (Loss)	$	168	$	(76)	$	945	$	(45)	$	465
Less:
Net income (loss) attributable to noncontrolling interest	—		1		29		3		(14)
Net Income (Loss) Attributable to Stockholders (Successor) / Member (Predecessor)	$	168	$	(77)	$	916	$	(48)	$	479

Denominator: (Thousands)
Weighted-Average Number of Common Shares Outstanding - Basic	50,924		59,029		55,703		59,029		—

Restricted stock units	376		—		292		—		—
Performance stock units	1,869		—		1,761		—		—
Weighted-Average Number of Common Shares Outstanding - Diluted	53,169		59,029		57,756		59,029		—

Earnings per Share - Basic	$	3.30	$	(1.30)	$	16.44	$	(0.81)	N/A
Earnings per Share - Diluted	3.16		(1.30)		15.86		(0.81)		N/A

Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	1 Months Ended	2 Months Ended	3 Months Ended					4 Months Ended	5 Months Ended	9 Months Ended
	Jun. 30, 2023	May 17, 2023	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Mar. 31, 2023	Sep. 30, 2023	May 17, 2023	Sep. 30, 2024
Numerator: (Millions of Dollars)
Net Income (Loss)	$ 31	$ 419	$ 168	$ 458	$ 319	$ (76)	$ 46	$ (45)	$ 465	$ 945
Less:
Net income (loss) attributable to noncontrolling interest			0			1		3	(14)	29
Net Income (Loss) Attributable to Stockholders (Successor) / Member (Predecessor)			$ 168			$ (77)		$ (48)	$ 479	$ 916
Denominator: (Thousands)
Weighted-average shares outstanding - Basic (in shares)			50,924			59,029		59,029	0	55,703
Weighted-average shares outstanding - Diluted (in shares)			53,169			59,029		59,029	0	57,756
Earnings per Share - Basic (in dollars per share)			$ 3.30			$ (1.30)		$ (0.81)		$ 16.44
Earnings per Share - Diluted (in dollars per share)			$ 3.16			$ (1.30)		$ (0.81)		$ 15.86
Restricted stock units
Denominator: (Thousands)
Stock units (in shares)			376			0		0	0	292
Performance stock units
Denominator: (Thousands)
Stock units (in shares)			1,869			0		0	0	1,761

Commitment and Contingencies - Resolved Legal Matters (Details)	1 Months Ended
	Jul. 31, 2024 USD ($)	Jun. 30, 2021 USD ($) order
Other Commitments [Line Items]
Number of orders challenged \| order		2
Maximum energy prices		$ 9,000
Talen vs TES, TEC, the TERP, and the TERP committee \| Settled Litigation
Other Commitments [Line Items]
Amount awarded	$ 20,000,000
Administrative costs related to settlement	6,000,000
Legal settlements and litigation costs	$ 14,000,000

Segments - Segments and Reconciliation (Details) - USD ($) $ in Millions	3 Months Ended		4 Months Ended	5 Months Ended	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2023	May 17, 2023	Sep. 30, 2024
Segment Reporting Information [Line Items]
Operating revenues	$ 650	$ 516	$ 817	$ 1,210	$ 1,648
Interest expense and other finance charges (Note 11)	66	68	101	163	187
Capital expenditures	58	69	103	187	147
Adjusted EBITDA	245	251	344	725	663
Corporate and Eliminations
Segment Reporting Information [Line Items]
Operating revenues	(21)	(70)	(94)	(37)	(102)
Interest expense and other finance charges (Note 11)	66	68	101	163	187
Capital expenditures	1	3	4	2	1
PJM
Segment Reporting Information [Line Items]
Adjusted EBITDA	217	168	240	688	592
PJM \| Operating Segments
Segment Reporting Information [Line Items]
Operating revenues	575	343	698	1,054	1,446
Interest expense and other finance charges (Note 11)	0	0	0	0	0
Capital expenditures	54	50	73	132	123
Adjusted EBITDA	217	168	240	688	592
Other
Segment Reporting Information [Line Items]
Adjusted EBITDA	28	83	104	37	71
Other \| Operating Segments
Segment Reporting Information [Line Items]
Operating revenues	96	243	213	193	304
Interest expense and other finance charges (Note 11)	0	0	0	0	0
Capital expenditures	3	16	26	53	23
Adjusted EBITDA	$ 28	$ 83	$ 104	$ 37	$ 71

- Definition

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
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-Subparagraph (SX 210.5-03(1))
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-URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2

+ Details

Risk Management, Derivative Instruments and Hedging Activities - Balance Sheets Presentation (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Derivative [Line Items]
Derivative asset, current	$ 50	$ 89
Derivative liability, current	6	32
Derivative asset, noncurrent	22	6
Derivative liability, noncurrent	4	11
Commodity derivatives
Derivative [Line Items]
Derivative asset, current	50	88
Derivative liability, current	6	32
Derivative asset, noncurrent	22	6
Derivative liability, noncurrent	1	5
Interest rate derivatives
Derivative [Line Items]
Derivative asset, current	0	1
Derivative liability, current	0	0
Derivative asset, noncurrent	0	0
Derivative liability, noncurrent	$ 3	$ 6

Inventory

9 Months Ended

Sep. 30, 2024

Inventory Disclosure [Abstract]

Inventory

6. Inventory


	Successor
	September 30, 2024		December 31, 2023
Coal	$	104	$	152
Oil products	69		75
Fuel inventory for electric generation	173		227
Materials and supplies, net	83		72
Environmental products	41		76
Inventory, net	$	297	$	375

Inventory net realizable value and obsolescence charges on coal and fuel oil inventories are presented as “Other operating income (expense), net” on the Consolidated Statements of Operations. Such non-cash charges were non-material for the nine months ended September 30, 2024 (Successor), non-material for the period from May 18 through September 30, 2023 (Successor), and $37 million for the period from January 1 through May 17, 2023 (Predecessor).

Of the above charges incurred during the period from January 1 through May 17, 2023 (Predecessor), $24 million is related to Brandon Shores inventories. See Note 8 for additional information on the Brandon Shores recoverability assessment.

Stockholders' Equity - Components of AOCI (Details) - USD ($) $ in Millions	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	May 18, 2023	May 17, 2023	Dec. 31, 2022
Accumulated Other Comprehensive Income (Loss) [Line Items]
Total Equity	$ 2,445	$ 2,572	$ 2,766	$ 2,534	$ 2,358	$ 2,460	$ 2,431	$ 2,431
Accumulated other comprehensive income (loss)
Accumulated Other Comprehensive Income (Loss) [Line Items]
Total Equity	(5)	$ (29)	$ (27)	$ (23)	(12)	$ (3)	$ 0	$ 0	$ (167)
Available-for-sale securities unrealized gain (loss), net
Accumulated Other Comprehensive Income (Loss) [Line Items]
Total Equity	7				(12)
Postretirement benefit prior service credits (costs), net
Accumulated Other Comprehensive Income (Loss) [Line Items]
Total Equity	16				0
Postretirement benefit actuarial gain (loss), net
Accumulated Other Comprehensive Income (Loss) [Line Items]
Total Equity	$ (28)				$ 0

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- Definition

Amount of equity (deficit) attributable to parent and noncontrolling interest. Excludes temporary equity.

+ References

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+ Details

Stockholders' Equity - Changes in AOCI (Details) - USD ($)
$ in Millions

1 Months Ended

2 Months Ended

3 Months Ended

4 Months Ended

5 Months Ended

9 Months Ended

Jun. 30, 2023

May 17, 2023

Sep. 30, 2024

Jun. 30, 2024

Mar. 31, 2024

Sep. 30, 2023

Mar. 31, 2023

Sep. 30, 2023

May 17, 2023

Sep. 30, 2024

Accumulated Other Comprehensive Income (Loss) [Line Items]

Beginning balance

$ 2,431

$ 2,572

$ 2,766

$ 2,534

$ 2,460

$ 2,431

$ 2,534

Other comprehensive income (loss)

(3)

$ (3)

(2)

(4)

(9)

$ 9

(12)

$ 6

Cancellation of equity at Emergence

^[1]

Ending balance

2,460

2,431

2,445

2,572

2,766

2,358

2,431

2,445

Accumulated other comprehensive income (loss)

Accumulated Other Comprehensive Income (Loss) [Line Items]

Beginning balance

(29)

(27)

(23)

(3)

$ (167)

(167)

(23)

Gains (losses) arising during the period

(26)

Reclassifications to Consolidated Statements of Operations

(1)

Income tax benefit (expense)

(5)

(7)

Other comprehensive income (loss)

(3)

(2)

(4)

(9)

(12)

Cancellation of equity at Emergence

161

Ending balance

$ (3)

$ 0

$ (5)

$ (29)

$ (27)

$ (12)

$ 0

$ (5)

[1]	Pursuant to the Plan of Reorganization: (i) existing equity interests were canceled; and (ii) new equity interests and equity-classified warrants were issued.

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- Definition

Amount after tax and reclassification adjustments of other comprehensive income (loss).

+ References

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+ Details

- Definition

Amount of tax expense (benefit) allocated to other comprehensive income (loss).

+ References

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-Paragraph 17
-Publisher FASB
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-Paragraph 20
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481694/830-30-45-20

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-Paragraph 10
-Publisher FASB
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482659/740-20-45-2

+ Details

- Definition

Amount of equity (deficit) attributable to parent and noncontrolling interest. Excludes temporary equity.

+ References

+ Details

Revenue - Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction (Details) $ in Millions	Sep. 30, 2024 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-10-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Expected capacity revenues	$ 51
Remaining performance obligation period	3 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Expected capacity revenues	$ 478
Remaining performance obligation period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Expected capacity revenues	$ 280
Remaining performance obligation period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Expected capacity revenues	$ 3
Remaining performance obligation period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Expected capacity revenues	$ 1
Remaining performance obligation period	1 year

Nuclear Decommissioning Trust Funds - Summary of Maturities for Available-for-sale Debt Securities (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Investments, Debt and Equity Securities [Abstract]
Maturities within one year	$ 63	$ 105
Maturities within two to five years	185	194
Maturities thereafter	345	280
Debt securities, fair value	$ 593	$ 579

- Definition

Amount of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 103
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-103

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Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
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-Name Accounting Standards Codification
-Section 45
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481830/320-10-45-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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-Publisher FASB
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Section 45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479130/326-30-45-1

+ Details

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Stockholders' Equity (Tables)

9 Months Ended

Sep. 30, 2024

Equity [Abstract]

Schedule of Accumulated Other Comprehensive Income

Changes in AOCI for the periods were:


	Successor				Predecessor
	Nine Months Ended September 30, 2024		May 18 through September 30, 2023		January 1 through May 17, 2023
Beginning balance	$	(23)	$	—	$	(167)
Gains (losses) arising during the period (a)	26		(26)		6
Reclassifications to Consolidated Statements of Operations	(1)		7		5
Income tax benefit (expense)	(7)		7		(5)
Other comprehensive income (loss)	18		(12)		6
Cancellation of equity at Emergence	—		—		161
Accumulated other comprehensive income (loss)	$	(5)	$	(12)	$	—

_____________

The components of AOCI, net of tax, at September 30 were:


	Successor
	2024		2023
Available-for-sale securities unrealized gain (loss), net	$	7	$	(12)

Postretirement benefit prior service credits (costs), net	16		—
Postretirement benefit actuarial gain (loss), net	(28)		—
Accumulated other comprehensive income (loss)	$	(5)	$	(12)

Schedule of Share Repurchase Program

Summary of activity under the Company’s share repurchase program:


	Successor
	Three Months Ended September 30, 2024					Nine Months Ended September 30, 2024
	Number of Shares (a)	Share Price (b)		Total Amount		Number of Shares (a) (c)	Share Price (b)		Total Amount
Share repurchases	2,559,826	$	118.82	$	304	8,333,715	$	115.87	$	966
Share retirements	(2,564,853)	118.81		(304)		(8,333,715)	115.87		(966)

_____________

(a)Includes 2,413,793 shares repurchased from affiliates of Rubric Capital Management LP in July 2024 at a weighted average price of $116.00 per share.

(b)Weighted average price per share, including transaction costs and excise taxes.

(c)Includes 5,275,862 shares repurchased as result of a tender offer in June 2024.

Segments - Schedule of Adjusted EBITDA and Reconciling Items (Details) - USD ($) $ in Millions	1 Months Ended	2 Months Ended	3 Months Ended					4 Months Ended	5 Months Ended	9 Months Ended
	Jun. 30, 2023	May 17, 2023	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Mar. 31, 2023	Sep. 30, 2023	May 17, 2023	Sep. 30, 2024
Segment Reporting Information [Line Items]
Adjusted EBITDA			$ 245			$ 251		$ 344	$ 725	$ 663
Interest expense and other finance charges			(66)			(68)		(101)	(163)	(187)
Income tax benefit (expense)			(11)			16		(3)	(212)	(192)
Depreciation, amortization and accretion (Note 8)			(75)			(66)		(94)	(200)	(225)
Nuclear fuel amortization			(30)			(47)		(72)	(33)	(93)
Reorganization gain (loss), net			0			0		0	799	0
Unrealized (gain) loss on commodity derivative contracts			102			(84)		(43)	(63)	58
Nuclear decommissioning trust funds gain (loss), net			67			(24)		15	57	169
Stock-based compensation expense			(8)			(9)		(11)	0	(24)
Long-term incentive compensation expense			(3)			0		0	0	(19)
Gain (loss) on asset sales, net			0			0		0	50	885
Impairments			0			(2)		(2)	(381)	0
Operational and other restructuring activities			(40)			(4)		(30)	(17)	(61)
Development expenses			(1)			(5)		(7)	(10)	(1)
Non-cash inventory net realizable value, obsolescence, and other charges			(2)			2		(1)	(56)	(5)
Noncontrolling interest			3			14		22	14	21
Other items			2			(23)		(21)	(15)	13
Net Income (Loss)	$ 31	$ 419	168	$ 458	$ 319	(76)	$ 46	(45)	465	945
Corporate and Eliminations
Segment Reporting Information [Line Items]
Interest expense and other finance charges			(66)			(68)		(101)	(163)	(187)
Net Income (Loss)			(15)			(27)		(41)	(30)	(57)
PJM
Segment Reporting Information [Line Items]
Adjusted EBITDA			217			168		240	688	592
PJM \| Operating Segments
Segment Reporting Information [Line Items]
Adjusted EBITDA			217			168		240	688	592
Interest expense and other finance charges			0			0		0	0	0
Other
Segment Reporting Information [Line Items]
Adjusted EBITDA			28			83		104	37	71
Other \| Operating Segments
Segment Reporting Information [Line Items]
Adjusted EBITDA			28			83		104	37	71
Interest expense and other finance charges			$ 0			$ 0		$ 0	$ 0	$ 0

Supplemental Cash Flow Information (Tables)

9 Months Ended

Sep. 30, 2024

Supplemental Cash Flow Elements [Abstract]

Schedule of Supplemental Consolidated Statements of Cash Flows

Supplemental information for the Consolidated Statements of Cash Flows for the periods was:


	Successor				Predecessor
	Nine Months Ended September 30, 2024		May 18 through September 30, 2023		January 1 through May 17, 2023
Cash paid during the period
Interest and other finance charges, net of capitalized interest (a)	$	159	$	30	$	283
Income taxes, net	14		9		7

Unrealized (gain) loss on derivative instruments included on the Statements of Cash Flows
Commodity contracts	$	(58)	$	43	$	63
Interest rate swap contracts (interest expense)	(1)		6		2
Unrealized (gain) loss on derivative instruments	$	(59)	$	49	$	65

Depreciation, amortization and accretion included on the Statements of Cash Flows
Depreciation, amortization and accretion	$	225	$	94	$	200

Other	(9)		(5)		8
Depreciation, amortization and accretion	$	216	$	89	$	208

Reconciliation of other non-cash operating activities

Stock-based compensation	$	24	$	11	$	—
Derivative option premium amortization	16		31		29
Bitcoin revenue	(91)		(44)		(27)







Debt restructuring (gain) loss, net	(9)		—		—
Other	2		25		5
Total	$	(58)	$	23	$	7

Non-cash investing activities
Capital expenditure accrual increase (decrease)	$	(16)	$	(8)	$	(28)

Non-cash financing activities
Non-cash increase to PP&E and decrease to other current assets for contribution of Bitcoin miners to Nautilus (b)	$	—	$	—	$	14
Non-cash decrease to PP&E and decrease to noncontrolling interest for distribution of Bitcoin miners to TeraWulf	—		—		3
Non-cash increase to PP&E and increase to noncontrolling interest for contribution of Bitcoin miners by TeraWulf (b)	—		—		38

__________________

(b)In 2023, each of the joint venture partners of Nautilus made non-cash contributions to Nautilus of Bitcoin miners that increased PP&E.


	Successor
	September 30, 2024		December 31, 2023
Cash and cash equivalents	$	648	$	400

Restricted cash and cash equivalents:
TES TLC debt restricted deposits	472		472
Nautilus project restricted deposits	9		10
Commodity exchange margin deposits	3		—
Cumulus Digital Holdings restricted deposits	—		19
Restricted cash and cash equivalents	484		501
Total	$	1,132	$	901

Organization and Operations	9 Months Ended
Organization and Operations	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Operations	1. Organization and Operations Talen owns and operates power infrastructure in the United States. We produce and sell electricity, capacity, and ancillary services into wholesale power markets in the United States, primarily in PJM and WECC, with our generation fleet principally located in the Mid-Atlantic region of the United States and Montana. The majority of our generation is produced at our zero-carbon nuclear and lower-carbon gas-fired facilities. As of September 30, 2024 (Successor), our generation capacity was 10,676 MW (summer rating). Talen is headquartered in Houston, Texas.

Long-Term Debt and Other Credit Facilities - Summary of Long-Term Debt (Details) - USD ($) $ in Millions	Sep. 30, 2024	Jun. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Total principal	$ 2,660		$ 2,849
Unamortized deferred finance costs and original issuance discounts	(35)		(29)
Total	2,625		2,820
Less: long-term debt, due within one year	9		9
Long-term debt	$ 2,616		2,811
Secured Notes
Debt Instrument [Line Items]
Interest rate	8.63%
Total principal	$ 1,200		1,200
TLB \| Secured Debt
Debt Instrument [Line Items]
Interest rate	8.60%
Total principal	$ 859		866
TLC \| Secured Debt
Debt Instrument [Line Items]
Interest rate	8.60%
Total principal	$ 470		470
PEDFA 2009B Bonds \| Bonds
Debt Instrument [Line Items]
Interest rate	5.25%	5.25%
Total principal	$ 50	$ 50	50
PEDFA 2009C Bonds \| Bonds
Debt Instrument [Line Items]
Interest rate	5.25%	5.25%
Total principal	$ 81	$ 81	81
Cumulus Digital TLF, including PIK \| Line of Credit
Debt Instrument [Line Items]
Interest rate	0.00%
Total principal	$ 0		$ 182

Property, Plant, and Equipment - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		4 Months Ended	5 Months Ended	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2023	May 17, 2023	Sep. 30, 2024
Property, Plant and Equipment [Line Items]
Impairments	$ 0	$ 2	$ 2	$ 381	$ 0
Property, Plant, and Equipment, Brandon Shores
Property, Plant and Equipment [Line Items]
Impairments				$ 361

Long-Term Debt and Other Credit Facilities - Narrative (Details) $ in Millions		1 Months Ended
	Apr. 30, 2024	Jun. 30, 2024 USD ($)	May 31, 2024	Sep. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)
Debt Instrument [Line Items]
Total principal				$ 2,660	$ 2,849
Bonds \| PEDFA 2009B Bonds
Debt Disclosure [Abstract]
Interest rate		5.25%		5.25%
Debt Instrument [Line Items]
Total principal		$ 50		$ 50	50
Interest rate		5.25%		5.25%
Bonds \| PEDFA 2009C Bonds
Debt Disclosure [Abstract]
Interest rate		5.25%		5.25%
Debt Instrument [Line Items]
Total principal		$ 81		$ 81	81
Interest rate		5.25%		5.25%
Letter of Credit
Debt Instrument [Line Items]
Letters of credit terminated		$ 133
Secured Debt \| Secured ISDAs
Debt Instrument [Line Items]
Total principal				$ 18
Secured Debt \| TLC
Debt Disclosure [Abstract]
Interest rate				8.60%
Debt Instrument [Line Items]
Total principal				$ 470	470
Interest rate				8.60%
Interest rate			1.00%
Reduction in interest rate			3.50%
Interest rate, floor	0.0050		0
Secured Debt \| TLB
Debt Disclosure [Abstract]
Interest rate				8.60%
Debt Instrument [Line Items]
Total principal				$ 859	$ 866
Interest rate				8.60%
Interest rate			1.00%
Reduction in interest rate			3.50%
Interest rate, floor	0.0050		0

Commitment and Contingencies - Environmental Matters (Details)	1 Months Ended		12 Months Ended
	May 31, 2024 attorney_general	Apr. 30, 2015 group	Dec. 31, 2023 state
Other Commitments [Line Items]
Number of groups that challenged the EPA CCR Rule \| group		2
Environmental Matters, Air
Other Commitments [Line Items]
Number of state attorney generals	23
Environmental Matters, Federal Climate Change Actions
Other Commitments [Line Items]
Number of states represented by coalitions \| state			27
Environmental Matters, Effluent Limitation Guidelines
Other Commitments [Line Items]
Number of state attorney generals	15

Acquisitions and Divestitures - 2024 and 2023 Activities (Details) $ in Millions	1 Months Ended				4 Months Ended	5 Months Ended	9 Months Ended
	May 31, 2024 USD ($)	Mar. 31, 2024 USD ($) MW	Apr. 30, 2023 USD ($)	Mar. 31, 2023 USD ($)	Sep. 30, 2023 USD ($)	May 17, 2023 USD ($)	Sep. 30, 2024 USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from divestiture					$ 0	$ 0	$ 1,398
Gain (loss) on sale of assets, net					$ 0	0	886
ERCOT Asset Sale \| Disposal Group, Disposed of by Sale, Not Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Power generating capacity \| MW		1,710
Proceeds from divestiture	$ 785
Gain (loss) on sale of assets, net	$ 564
Cumulus Data Campus Sale \| Disposal Group, Disposed of by Sale, Not Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from divestiture		$ 350
Gain (loss) on sale of assets, net							$ 324
Divestiture consideration		650
Escrow deposit		$ 300
Western Gas Book \| Disposal Group, Disposed of by Sale, Not Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from divestiture			$ 15
Gain (loss) on sale of assets, net						15
Pennsylvania Minerals \| Disposal Group, Disposed of by Sale, Not Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from divestiture				$ 29
Gain (loss) on sale of assets, net						$ 29

Supplemental Cash Flow Information - Supplemental Consolidated Statements of Cash Flows (Details) - USD ($) $ in Millions	3 Months Ended		4 Months Ended	5 Months Ended	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2023	May 17, 2023	Sep. 30, 2024
Cash paid during the period
Interest and other finance charges, net of capitalized interest			$ 30	$ 283	$ 159
Income taxes, net			9	7	14
Unrealized (gain) loss on derivative instruments included on the Statements of Cash Flows
Unrealized gain (loss) on commodity contracts	$ (102)	$ 84	43	63	(58)
Interest rate swap contracts (interest expense)			6	2	(1)
Unrealized (gain) loss on commodity derivative contracts			49	65	(59)
Depreciation, amortization and accretion included on the Statements of Cash Flows
Depreciation, amortization and accretion (Note 8)	$ 75	$ 66	94	200	225
Other			(5)	8	(9)
Depreciation, amortization and accretion			89	208	216
Reconciliation of other non-cash operating activities
Stock-based compensation			11	0	24
Derivative option premium amortization			31	29	16
Bitcoin revenue			(44)	(27)	(91)
Debt restructuring (gain) loss, net			0	0	(9)
Other			25	5	2
Total			23	7	(58)
Non-cash investing activities
Capital expenditure accrual increase (decrease)			(8)	(28)	(16)
Non-cash financing activities
Non-cash increase to PP&E and decrease to other current assets for transfer of miners by Cumulus Coin			0	14	0
Non-cash decrease to PP&E and decrease to noncontrolling interest for distribution of Bitcoin miners to TeraWulf			0	3	0
Non-cash increase to PP&E and increase to noncontrolling interest for transfer of miners by TeraWulf (b)			0	38	0
Capitalized interests			$ 7	$ 12	$ 3

Stockholder's Equity - Summary of Share Repurchase Program (Details) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended	3 Months Ended			9 Months Ended	37 Months Ended
	Jul. 31, 2024	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2024	Jun. 30, 2024
Related Party Transaction [Line Items]
Share repurchases (in shares)		2,559,826			8,333,715
Share repurchases (in dollars per share)		$ 118.82			$ 115.87
Share repurchases		$ 304	$ 622	$ 39	$ 966
Share retirements (in shares)		(2,564,853)			(8,333,715)
Share retirements (in dollars per share)		$ 118.81			$ 115.87
Share retirements		$ (304)			$ (966)
Shares repurchased, tender offer (in shares)						5,275,862
Affiliated Entity
Related Party Transaction [Line Items]
Share repurchases (in shares)	2,413,793
Share repurchases (in dollars per share)	$ 116.00

Segments

9 Months Ended

Sep. 30, 2024

Segment Reporting [Abstract]

Segments

18. Segments

Talen’s operating segments are based on the market areas in which our generation facilities operate and reflect the manner in which our chief operating decision maker review results and allocate resources. Adjusted EBITDA is the key profit metric used to measure financial performance of each segment. Total assets or other asset metrics are not considered a key metric or reviewed by the chief operating decision makers.

“PJM” is engaged in electricity generation, marketing activities, commodity risk and fuel management within the PJM RTO or ISO markets and is comprised of Susquehanna and Talen’s natural gas and coal generation facilities.

“Other” represents a non-reportable segment that includes the operating and marketing activities of Talen Montana’s proportionate share of Colstrip in the WECC market, the operating activities of Nautilus, and other non-material operating and development activities. The “Other” segment also included the operating activities of our Texas power generation facilities in the ERCOT market prior to their disposal in May 2024. We have determined it appropriate to aggregate results of Talen’s remaining non-reportable segments and other operating activities.

“Corporate and Eliminations” represents a non-reportable segment that includes: (i) general and administrative expenses incurred by our corporate function; (ii) interest expense and other corporate activities not allocated to our operating segments; and (iii) intercompany eliminations. This grouping is presented to reconcile the reportable segments to our consolidated results.

Financial data for the segments and reconciliation to consolidated results are:



	PJM		Other		Corporate and Eliminations		Total
Three Months Ended September 30, 2024 (Successor)
Operating revenues	$	575	$	96	$	(21)	$	650
Interest expense	—		—		66		66
Capital expenditures	54		3		1		58
Adjusted EBITDA	217		28				245

Three Months Ended September 30, 2023 (Successor)
Operating revenues	$	343	$	243	$	(70)	$	516
Interest expense	—		—		68		68
Capital expenditures	50		16		3		69
Adjusted EBITDA	168		83				251



	PJM		Other		Corporate and Eliminations		Total
Nine Months Ended September 30, 2024 (Successor)
Operating revenues	$	1,446	$	304	$	(102)	$	1,648
Interest expense	—		—		187		187
Capital expenditures	123		23		1		147
Adjusted EBITDA	592		71				663

May 18 through September 30, 2023 (Successor)
Operating revenues	$	698	$	213	$	(94)	$	817
Interest expense	—		—		101		101
Capital expenditures	73		26		4		103
Adjusted EBITDA	240		104				344


January 1 through May 17, 2023 (Predecessor)
Operating revenues	$	1,054	$	193	$	(37)	$	1,210
Interest expense	—		—		163		163
Capital expenditures	132		53		2		187
Adjusted EBITDA	688		37				725


	Successor								Predecessor
	Three Months Ended September 30, 2024		Three Months Ended September 30, 2023		Nine Months Ended September 30, 2024		May 18 through September 30, 2023		January 1 through May 17, 2023
Adjusted EBITDA:
PJM	$	217	$	168	$	592	$	240	$	688
Other	28		83		71		104		37
Total Segment Adjusted EBITDA	$	245	$	251	$	663	$	344	$	725
Reconciling Items:
Interest expense and other finance charges	(66)		(68)		(187)		(101)		(163)
Income tax benefit (expense)	(11)		16		(192)		(3)		(212)
Depreciation, amortization and accretion	(75)		(66)		(225)		(94)		(200)
Nuclear fuel amortization	(30)		(47)		(93)		(72)		(33)
Reorganization gain (loss), net	—		—		—		—		799
Unrealized (gain) loss on commodity derivative contracts	102		(84)		58		(43)		(63)
Nuclear decommissioning trust funds gain (loss), net	67		(24)		169		15		57
Stock-based compensation expense	(8)		(9)		(24)		(11)		—
Long-term incentive compensation expense	(3)		—		(19)		—		—
Gain (loss) on asset sales, net	—		—		885		—		50
Non-cash impairments	—		(2)		—		(2)		(381)



Operational and other restructuring activities	(40)		(4)		(61)		(30)		(17)
Development expenses	(1)		(5)		(1)		(7)		(10)
Non-cash inventory net realizable value, obsolescence, and other charges	(2)		2		(5)		(1)		(56)
Noncontrolling interest	3		14		21		22		14
Other items	2		(23)		13		(21)		(15)
Corporate and Eliminations	(15)		(27)		(57)		(41)		(30)
Net Income (Loss)	$	168	$	(76)	$	945	$	(45)	$	465

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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+ Details

Long-Term Debt and Other Credit Facilities - Schedule of Maturities of Long-Term Debt (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Debt Disclosure [Abstract]
2024	$ 2
2025	9
2026	9
2027	9
2028	9
Thereafter	2,623
Total	$ 2,660	$ 2,849

Fair Value - Summary of Carrying Value and Fair Value of Indebtedness (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Carrying Value
Long-term debt	$ 2,625	$ 2,820
Other short-term indebtedness	0	6
Fair Value
Long-term debt	2,769	2,934
Other short-term indebtedness	$ 0	$ 6

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References + Details

Fair Value

9 Months Ended

Sep. 30, 2024

Fair Value Disclosures [Abstract]

Fair Value

12. Fair Value

Recurring Fair Value Measurements

Financial assets and liabilities reported at fair value on a recurring basis primarily include energy commodity derivatives, interest rate derivatives, and investments held within the NDT.

The classifications of recurring fair value measurements within the fair value hierarchy were:


	Successor
	September 30, 2024								December 31, 2023
	Level 1		Level 2		NAV		Netting (a)		Total		Level 1		Level 2		NAV		Netting (a)		Total
Assets
Cash equivalents	$	—	$	—	$	8	$	—	$	8	$	—	$	—	$	9	$	—	$	9
Equity securities (b)	755		—		377		—		1,132		629		—		384		—		1,013
U.S. Government debt securities	328		—		—		—		328		337		—		—		—		337
Municipal debt securities	—		88		—		—		88		—		86		—		—		86
Corporate debt securities	—		177		—		—		177		—		156		—		—		156

Receivables (payables), net (c)	—		—		—		—		4		—		—		—		—		(26)
NDT funds	1,083		265		385		—		1,737		966		242		393		—		1,575

Commodity derivatives	108		103		—		(139)		72		98		196		—		(200)		94
Interest rate derivatives	—		—		—		—		—		—		1		—		—		1
Total assets	$	1,191	$	368	$	385	$	(139)	$	1,809	$	1,064	$	439	$	393	$	(200)	$	1,670

Liabilities
Commodity derivatives	$	131	$	38	$	—	$	(162)	$	7	$	155	$	139	$	—	$	(257)	$	37
Interest rate derivatives	—		3		—		—		3		—		6		—		—		6

Total liabilities	$	131	$	41	$	—	$	(162)	$	10	$	155	$	145	$	—	$	(257)	$	43

__________________

(a)Amounts represent netting pursuant to master netting arrangements and cash collateral held or placed with the same counterparty.

(b)Includes commingled equity and fixed income funds and real estate investment trusts.

(c)Represents: (i) interest and dividends earned but not received; and (ii) net sold or purchased investments, but not settled.

There were no recurring fair value measurements classified as Level 3 as of September 30, 2024 (Successor) and December 31, 2023 (Successor).

Nonrecurring Fair Value Measurements

There were no nonrecurring fair value measurements related to impairments of long-lived assets during the nine months ended September 30, 2024 (Successor) and for the period from May 18 through September 30, 2023 (Successor). See Note 8 for information on the nonrecurring fair value measurement of Brandon Shores during the period from January 1 through May 17, 2023 (Predecessor).

Reported Fair Value

The carrying value of certain financial assets and liabilities on the Consolidated Balance Sheets, including “Cash and cash equivalents,” “Restricted cash and cash equivalents,” “Accounts receivable, net,” and “Accounts payable and other accrued liabilities” approximate fair value.

The fair value measurements of indebtedness are classified as Level 2 within the fair value hierarchy. The fair value of fixed rate debt was estimated primarily by utilizing an income approach whereby the future cash flows of the obligations are discounted at the estimated current cost of funding rates, which incorporates the credit risk associated with the obligations. The carrying value of variable rate indebtedness approximates fair value.

The carrying value and fair value of indebtedness presented on the Consolidated Balance Sheets were:


	Successor
	September 30, 2024				December 31, 2023
	Carrying Value		Fair Value		Carrying Value		Fair Value

Long-term debt (a)	$	2,625	$	2,769	$	2,820	$	2,934
Other short-term indebtedness (b)	—		—		6		6

______________

(a)Aggregate value of “Long-term debt” and “Long-term debt, due within one year” presented on the Consolidated Balance Sheets.

(b)Presented as “Other current liabilities” on the Consolidated Balance Sheets.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

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+ Details

Revenue (Tables)

9 Months Ended

Sep. 30, 2024

Revenue from Contract with Customer [Abstract]

Summary of Disaggregation of Operating Revenues

The disaggregation of our operating revenues for the periods were:


	Successor								Predecessor
	Three Months Ended September 30, 2024		Three Months Ended September 30, 2023		Nine Months Ended September 30, 2024		May 18 through September 30, 2023		January 1 through May 17, 2023
Capacity revenues	$	50	$	44	$	141	$	70	$	108
Electricity sales and ancillary services, ISO/RTO	351		558		865		688		281
Physical electricity sales, bilateral contracts, other	38		35		124		41		62
Other revenue from customers	20		29		91		44		27
Total revenue from contracts with customers	459		666		1,221		843		478
Realized and unrealized gain (loss) on derivative instruments	119		(150)		276		(26)		732
Nuclear PTC and other revenue (a)	72		—		151		—		—
Operating revenues	$	650	$	516	$	1,648	$	817	$	1,210

__________________

(a)During the nine months ended September 30, 2024, $90 million of estimated Nuclear PTCs were utilized as a credit against our federal income tax payable. See Note 5 for additional information on the tax impact of the Nuclear PTC

Summary of Accounts Receivable, Net

“Accounts receivable, net” presented on the Consolidated Balance Sheets were:


	Successor
	September 30, 2024		December 31, 2023
Customer accounts receivable	$	50	$	52
Other accounts receivable	47		85
Accounts receivable, net	$	97	$	137

Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction

As of September 30, 2024 (Successor), the expected future period capacity revenues subject to unsatisfied or partially unsatisfied performance obligations were:


	2024 (a)		2025		2026		2027		2028
Expected capacity revenues	$	51	$	478	$	280	$	3	$	1

__________________

(a)For the period from October 1 through December 31, 2024.

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Sep. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	350,000,000	350,000,000
Shares issued (in shares)	50,855,417	59,028,843
Shares outstanding (in shares)	50,855,417	59,028,843

Risk Management, Derivative Instruments and Hedging Activities

9 Months Ended

Sep. 30, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Risk Management, Derivative Instruments and Hedging Activities

3. Risk Management, Derivative Instruments and Hedging Activities

Risk Management Objectives

We are exposed to risks arising from our business, including, but not limited to, market and commodity price risk, credit and liquidity risk, and interest rate risk. The hedging strategies deployed by our commercial organization manage and (or) balance these risks within a structured risk management program in order to minimize near-term future cash flow volatility. Our risk management committee, comprised of certain senior management members across the organization, oversees the management of these risks in accordance with our risk policy. In turn, the risk management committee is overseen by the risk committee of the Board of Directors.

The Board of Directors, including the risk committee, and management have established procedures to monitor, measure, and manage hedging activities and credit risk in accordance with the risk policy.

Key risk control activities, which are designed to ensure compliance with the risk policy, include, among other activities, credit review and approval, validation of transactions and market prices, verification of risk and transaction limits, portfolio stress tests, analysis and monitoring of margin at risk, and daily portfolio reporting.

Market and Commodity Price Risk. Volatility in the wholesale power markets provides uncertainty in the future performance and cash flows of the business. The price risk Talen is exposed to includes the price variability associated with future sales and (or) purchases of power, natural gas, coal, uranium, oil products, environmental products, and other energy commodities in competitive wholesale markets. Several factors influence price volatility, including: seasonal changes in demand; weather conditions; available regional load-serving supply; regional transportation and (or) transmission availability; market liquidity; and federal, regional and state regulations.

Within the parameters of our risk policy, we generally utilize conventional first lien, exchange-traded, and over-the-counter traded derivative instruments and, in certain instances, structured products, to economically hedge the commodity price risk of the forecasted future sales and purchases of commodities associated with our generation portfolio.

Open commodity purchase (sales) derivatives as of September 30, 2024 (Successor) range in maturity through 2026. The net notional volumes of open commodity derivatives were:


	Successor
	September 30, 2024 (a)	December 31, 2023 (a)
Power (MWh)	(32,222,671)	(27,557,871)
Natural gas (MMBtu)	37,757,360	8,314,060
Emission allowances (tons)	346,000	500,000

__________________

(a)The volumes may be less than the contractual volumes, as the probability that option contracts will be exercised is considered in the volumes displayed.

Interest Rate Risk. Talen is exposed to interest rate risk from the possibility that changes in interest rates will affect future cash flows associated with existing floating rate debt issuances. To reduce interest rate risk, derivative instruments are utilized to economically hedge the interest rates for a predetermined contractual notional amount, which results in a cash settlement between counterparties. To the extent possible, first lien interest rate fixed-for-floating swaps are utilized to hedge this risk.

Open interest rate derivatives are related to the TLB indebtedness and mature in 2026. The net notional volumes of open interest rate derivatives were:


	Successor
	September 30, 2024		December 31, 2023
Interest rate (in millions)	$	290	$	290

Credit Risk. Credit risk, which is the risk of financial loss if a customer, counterparty, or financial institution is unable to perform or pay amounts due, is applicable to cash and cash equivalents, restricted cash and cash equivalents, derivative instruments, and accounts receivable. The maximum amount of credit exposure associated with financial assets is equal to the carrying value. Credit risk, which cannot be completely eliminated, is managed through a number of practices such as ongoing reviews of counterparty creditworthiness, prepayment, inclusion of termination rights in contracts which are triggered by certain events of default, and executing master netting arrangements that permit amounts between parties to be offset. Additionally, credit enhancements such as cash deposits, LCs, and credit insurance may be employed to mitigate credit risk.

Cash and cash equivalents are placed in depository accounts or high-quality, short-term investments with major international banks and financial institutions. Individual counterparty exposure from over-the-counter derivative instruments is managed within predetermined credit limits and includes the use of master netting arrangements and cash-call margins, when appropriate, to reduce credit risk. Exchange-traded commodity contracts, which are executed through futures commission merchants, have minimal credit risk because they are subject to mandatory margin requirements and are cleared with an exchange. However, Talen is exposed to the credit risk of the futures commission merchants arising from daily variation margin cash calls. Restricted cash and cash equivalents deposited to meet initial margin requirements are held by futures commission merchants in segregated accounts for the benefit of Talen.

Outstanding accounts receivable include those from sales of capacity, generated electricity, and ancillary services through contracts directly with ISOs and RTOs and realized settlements of physical and financial derivative instruments with commodity marketers. Additionally, Talen carries accounts receivable due from joint owners for their portion of operating and capital costs for certain jointly owned facilities that are operated by the Company. The majority of outstanding receivables, which are continually monitored, have customary payment terms. The allowance for doubtful accounts was a non-material amount as of September 30, 2024 (Successor) and December 31, 2023 (Successor).

As of September 30, 2024 (Successor), Talen’s aggregate credit exposure, which excludes the effects of netting arrangements, cash collateral, LCs, and any allowances for doubtful collections, was $309 million and its credit exposure net of such effects was $68 million. Excluding ISO and RTO counterparties, whose accounts receivable settlements are subject to applicable market controls, the ten largest single net credit exposures account for approximately 66% of Talen’s total net credit exposure, which are primarily with entities assigned investment grade credit ratings.

Certain derivative instruments contain credit risk-related contingent features, which may require us to provide cash collateral, LCs, or guarantees from a creditworthy entity if the fair value of a liability eclipses a certain threshold or upon a decline in Talen’s credit rating. The fair values of derivative instruments in a net liability position, and that contain credit risk-related contingent features, were non-material as of September 30, 2024 (Successor) and December 31, 2023 (Successor).

Derivative Instrument Presentation

Balance Sheets Presentation. The fair value of derivative instruments presented within assets and liabilities on the Consolidated Balance Sheets were:


	Successor
	September 30, 2024				December 31, 2023
	Assets		Liabilities		Assets		Liabilities
Commodity contracts	$	50	$	6	$	88	$	32
Interest rate contracts	—		—		1		—

Total current derivative instruments	50		6		89		32
Commodity contracts	22		1		6		5
Interest rate contracts	—		3		—		6
Total non-current derivative instruments	$	22	$	4	$	6	$	11

All commodity and interest rate derivatives are economic hedges where the changes in fair value are presented immediately in income as unrealized gains and losses. Changes in the fair value and realized settlements on commodity derivative instruments are presented as separate components of “Energy revenues” and “Fuel and energy purchases” on the Consolidated Statements of Operations. See Note 12 for additional information on fair value.

Effect of Netting. Generally, the right of setoff within master netting arrangements permits the fair value of derivative assets to be offset with derivative liabilities. As an election, derivative assets and derivative liabilities are presented on the Consolidated Balance Sheets with the effect of such permitted netting as of September 30, 2024 (Successor) and December 31, 2023 (Successor).


	Gross Derivative Instruments		Eligible for Offset		Net Derivative Instruments		Collateral (Posted) Received		Net Amounts
September 30, 2024 (Successor)
Assets	$	211	$	(139)	$	72	$	—	$	72
Liabilities	172		(139)		33		(23)		10
December 31, 2023 (Successor)
Assets	$	295	$	(198)	$	97	$	(2)	$	95
Liabilities	300		(198)		102		(59)		43

Statements of Operations Presentation. The location and pre-tax effect of “Derivative instruments” presented on the Consolidated Statements of Operations for the periods were:



	Successor								Predecessor
	Three Months Ended September 30, 2024		Three Months Ended September 30, 2023		Nine Months Ended September 30, 2024		May 18 through September 30, 2023		January 1 through May 17, 2023
Realized gain (loss) on commodity contracts
Energy revenues (a)	$	60	$	177	$	256	$	247	$	644
Fuel and energy purchases (a)	(24)		(49)		(31)		(70)		(34)
Unrealized gain (loss) on commodity contracts
Operating revenues (b)	95		(128)		63		(41)		60
Energy expenses (b)	7		44		(5)		(2)		(123)
Realized and unrealized gain (loss) on interest rate contracts
Interest expense and other finance charges	(6)		—		3		1		—

__________________

(a)Does not include those derivative instruments that settle through physical delivery.

(b)Presented as “Unrealized gain (loss) on derivative instruments” on the Consolidated Statements of Operations.

Commitment and Contingencies	9 Months Ended
Commitment and Contingencies	Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	10. Commitments and Contingencies Legal Matters Talen is involved in certain legal proceedings, claims, and litigation. While we believe that we have meritorious positions and will continue to defend our positions in these matters vigorously, we may not be successful in our efforts. If an unfavorable outcome is probable and can be reasonably estimated, a liability is recognized. In the event of an unfavorable outcome, the liability may be in excess of amounts currently accrued. Because of the inherently unpredictable nature of legal proceedings and the wide range of potential outcomes for any such matter, no estimate of the possible losses in excess of amounts accrued, if any, can be made at this time regarding the matters specifically described below. As a result, additional losses actually incurred in excess of amounts accrued could be substantial. Pending Legal Matters ERCOT Weather Event (Winter Storm Uri) Lawsuits. In May 2024, the Company closed on the ERCOT Sale but retained certain potential liabilities in connection with Winter Storm Uri (see Note 17 for information on the ERCOT Sale). In December 2023, five multi-district litigation (“MDL”) bellwether suits against Talen’s former subsidiaries and other power generation facility market participants were dismissed by the MDL court. The plaintiffs allege they suffered losses due to the defendants’ failure to provide sufficient power to the grid and have been seeking unspecified damages. The plaintiffs filed a motion for rehearing on the matter and, if unsuccessful, it’s expected the plaintiffs will petition the Texas Supreme Court to review the decision. The cases dismissed and now on appeal were selected by the MDL court as representative of all 58 cases filed in the Winter Storm Uri litigation. If affirmed by the Texas Supreme Court, Talen expects the MDL court to apply its dismissal ruling broadly to all Winter Storm Uri cases involving Talen defendants. Talen’s maximum potential damages on prepetition Winter Storm Uri claims are expressly limited to payments from the Talen defendants’ insurers pursuant to the Plan of Reorganization. However, claims filed by plaintiffs after the Restructuring commenced who did not receive effective notice of the Restructuring, if any, may not be subject to the Plan of Reorganization. Talen cannot predict the effect of an adverse outcome for any such claims. Resolved Legal Matters Pension Litigation. In July 2024, the U.S. District Court for the Eastern District of Pennsylvania approved a $20 million settlement in a class action lawsuit brought by former Talen employees who alleged they were owed enhanced benefits under the TERP. Under the terms of the settlement, Talen agreed to pay: (i) approximately $6 million for administrative costs of the settlement and for plaintiff attorneys fees, which were partially offset by insurance recoveries; and (ii) approximately $14 million to class members from the TERP. Both payment obligations were substantially completed during the three months ended September 30, 2024 (Successor). PUCT Repricing. In June 2021, Talen intervened in proceedings in which certain market participants challenged the validity of two Public Utility Commission of Texas (“PUCT”) orders directing ERCOT to price energy at the maximum of $9,000 per MWh during Winter Storm Uri. Talen opposed this relief. In June 2024, the Texas Supreme Court found the PUCT substantially complied with the Administrative Procedure Act’s procedural rulemaking requirements. Subject to any successful motion for rehearing in the Texas Supreme Court, this matter is effectively concluded in the Company’s favor. See Note 12 in Notes to the Annual Financial Statements for legal matters resolved previously. Regulatory Matters Talen is subject to regulation by federal and state agencies and other bodies that exercise regulatory authority in the various regions where we conduct business, including but not limited to, FERC; the Department of Energy; the Federal Communications Commission; the NRC; NERC; and state public utility commissions. The RTOs and ISOs in the regions in which we conduct business inherently have complex rules that are intended to balance the interests of market stakeholders. Proposed market structure modifications may lead to disputes among stakeholders that might not be resolved for a period of time as a result of regulatory and (or) legal proceedings. Accordingly, Talen is subject to uncertainty with respect to: (i) new or amended regulations issued by regulatory agencies; and (ii) changes in market design, tariff structure, capacity auctions, and (or) pricing rules. Unless otherwise discussed below, we are unable to predict the outcome of any regulatory matters or reasonably estimate the amount of any associated costs and (or) potential liabilities. Additionally, it is possible that any outcome to Talen with respect to such matters, including market modifications, could have a material impact on our capacity revenues, energy revenues, results of operations, liquidity, or financial condition. PJM Capacity Market Reform. In June 2023, FERC accepted a request by PJM to delay certain PJM BRAs in order for PJM to propose market reforms. PJM filed its market reform proposals with FERC in October 2023. In early 2024, FERC accepted portions of PJM’s proposed market changes. PJM held the PJM BRA for the 2025/2026 PJM Capacity Year in July 2024 which incorporated the FERC accepted changes. The PJM BRAs for the 2026/2027, 2027/2028, and 2028/2029 PJM Capacity Years were previously scheduled for December 2024, June 2025, and December 2025, respectively; however in September 2024, the Sierra Club and other public interest organizations filed a complaint at FERC challenging PJM’s rules establishing must-offer exceptions for PJM BRA participation by PJM RMR resources and seeking to delay the 2026/2027 PJM BRA pending resolution of its complaint. In October 2024, PJM announced it has concerns about FERC considering the Sierra Club’s complaints about PJM RMR resources in isolation and therefore intends to file a Section 205 proceeding under the Federal Power Act seeking FERC’s approval of to-be-determined market reforms not limited to potential revisions to the treatment of PJM RMR resources. As a result, in October 2024 PJM formally requested that FERC approve six-month delays in the PJM BRAs for the 2026/2027, 2027/2028, 2028/2029, and 2029/2030 PJM Capacity Years and in November 2024, FERC approved the auction delays. Talen can provide no assurance that the four scheduled auctions will be held as scheduled or at all. Susquehanna ISA Amendment. Under a prior, FERC-accepted interconnection agreement between PJM, Susquehanna, and a subsidiary of PPL Corporation (“PPL”) (collectively, the “ISA Parties”), Susquehanna is permitted to decrease by up to 300 MW the amount of power supply that it would otherwise provide to the power grid within PPL’s service area. Susquehanna currently provides that power to load via load-owned transmission directly connected to Susquehanna rather than supplying load from the power grid. In June 2024, PJM filed at FERC an Amended Interconnection Service Agreement (“Amended ISA”) executed between the ISA Parties permitting Susquehanna to decrease by up to 480 MW the amount of power supply that it would otherwise provide to the power grid and now intends to sell to AWS instead. PJM previously concluded such increase in the amount of withheld power would have no reliability impacts on the grid. In June 2024, despite the Amended ISA being applicable solely to the PPL service area, Exelon Corporation and AEP filed a protest to the Amended ISA at FERC and raised generic issues involving the direct connection of load service to generators. FERC responded by issuing a deficiency letter in August 2024 seeking more information about the arrangement described in the Amended ISA and separately setting a Technical Conference for November 2024 to discuss broader issues related to (i) co-located load connected directly to generation; and (ii) emerging reliability issues resulting from the dramatic rise in data center demand for power. In September 2024, PJM provided a response to FERC’s August 2024 deficiency letter on the Amended ISA and filed a Construction Service Agreement between the ISA Parties and Mid-Atlantic Interstate Transmission, LLC to facilitate certain network upgrades to ultimately accommodate a 960 MW decrease of power supply to the grid. Talen filed its own comments in September 2024 and written testimony in the Technical Conference proceeding in October 2024. Shortly after the conclusion of the FERC Technical Conference on November 1, 2024, FERC issued a 2-1 decision rejecting the Amended ISA. Talen may seek a rehearing of the FERC order within the 30-day deadline for such motions and, if necessary, file a subsequent appeal in a U.S. Court of Appeals. The prior FERC-accepted interconnection agreement between the ISA Parties permitting Susquehanna to decrease 300 MW of its current power supply from the power grid remains in place and facilitates the initial sale of power to AWS under the AWS PPA. The Company is evaluating its commercial and legal options to provide the most efficient path to full development of the AWS data center campus. Such options include, but are not limited to, potential submission of a revised form of Amended ISA or alternate contract structures with AWS. If the Company is unable commercially or legally to resolve the Amended ISA approval impediments and realize the full development of the AWS data center campus, there may be a material impact on our future results of operations and (or) financial condition. Environmental Matters Extensive federal, state, and local environmental laws and regulations are applicable to our business, including those related to air emissions, water discharges, and hazardous and solid waste management. From time to time, in the ordinary course of our business, Talen may be: (i) subject to environmental remediation work at its facilities; (ii) involved in other environmental matters; or (iii) become subject to other, new or revised environmental statutes, regulations, or requirements. It may be necessary for us to modify, curtail, replace, or cease operation of certain facilities or performance of certain operations to comply with statutes, regulations, and other requirements imposed by regulatory bodies, courts, or environmental groups. We may incur significant costs to comply with these requirements, including increased capital expenditures or operation and maintenance expenses, monetary fines, remediation costs, penalties, or other restrictions. Legal challenges to environmental rules or permits add to the uncertainty of estimating future compliance costs. Additionally, costs may increase significantly if the requirements or scope of environmental laws or regulations, or similar rules, are expanded or changed. Unless otherwise discussed below, we are unable to predict the outcome of any environmental matters or reasonably estimate the amount of any associated costs and (or) potential liabilities. It is possible that any adverse outcome to Talen with respect to such matters could have a material impact on our results of operations, liquidity, and (or) financial condition. EPA Cross-State Air Pollution Rule (“EPA CSAPR”) and Nitrogen Oxides (“NOx”) Requirements. Coal-fired generation facilities, including those in which Talen has ownership, have been the subject of EPA regulations and efforts by certain states and other parties to strengthen applicable NOx emission limits under the Clean Air Act. In 2015, the EPA’s 2015 revision to the 8-hour ozone National Ambient Air Quality Standards for ground-level ozone to 70 parts per billion (the “EPA 2015 Ozone Standard”) was issued, which triggered updates to state-specific compliance requirements as well as provisions that are intended to limit cross-state emissions. In June 2023, the EPA published a rule in connection with the EPA 2015 Ozone Standard updating the EPA CSAPR ozone season NOx allowance trading program for 2023 and beyond (“Good Neighbor Plan FIP”). Talen’s facilities in Maryland, Pennsylvania, and New Jersey are subject to the new rule; however, the entire rule has been challenged by multiple parties. The Good Neighbor Plan FIP was stayed in its entirety by the U.S. Supreme Court in June 2024 pending a complete review of the rule by the D.C. Circuit Court of Appeals. In the meantime, EPA has issued a direct final rule indicating it plans to provide NOx allocations and budgets from the previously applicable and less restrictive revised CSAPR rule until the Good Neighbor Plan FIP matter is resolved. EPA Mercury and Air Toxics Standards Rule (“EPA MATS Rule”). In May 2024, the EPA published a rule that requires coal-fired generation facilities to reduce particulate matter (“PM”) emissions by the middle of 2027 (or 2028, if an extension is approved). Colstrip is not expected to meet the new PM standard without substantial upgrades to its control equipment. As a result, Talen Montana and the other Colstrip co-owners face the decision either to invest in new cost-prohibitive control equipment or retire the Colstrip facility. Such decision must be evaluated in conjunction with compliance requirements under the May 2024 EPA GHG Rule due to timing and costs. Challenges to the EPA MATS Rule have been filed in the D.C. Circuit Court of Appeals, including by Talen and 23 states. After motions to stay the EPA MATS Rule during the pendency of the litigation were denied by the D.C. Circuit Court of Appeals, Talen and other parties filed emergency stay request applications with the U.S. Supreme Court in September 2024, which were denied in October 2024. The appeal on the merits of the new rule remains pending in the D.C. Circuit Court of Appeals. No assurance can be provided as to when the challenges to the EPA MATS Rule will be resolved or whether such challenges will be resolved in the Company’s favor. As the timeline for compliance with the new standards is accelerated and must be considered in tandem with the new EPA GHG Rule, it is possible the Company will need to make operating decisions about the future of Colstrip before the Company has clarity about the outcome of the litigation. EPA Greenhouse Gas Rule (“EPA GHG Rule”). In May 2024, the EPA published a rule that establishes carbon dioxide limits for new electric generating units (“EGUs”) and greenhouse gas (“GHG”) emission guidelines for certain existing EGUs. Under the guidelines, if existing coal-fired EGUs operate beyond 2031, GHG reductions, such as those achieved by the addition of carbon capture and sequestration (“CCS”), are required to be implemented by the end of 2031. Colstrip is not expected to meet the new rules without substantial technology upgrades and pipeline infrastructure build-out. As a result, Talen Montana and the other Colstrip co-owners face the decision either to invest in new cost-prohibitive controls (e.g., CCS technology) or retire the Colstrip facility by the end of 2031. Such decision must be evaluated in conjunction with compliance requirements under the May 2024 EPA MATS Rule. Petitions have been filed in the D.C. Circuit Court of Appeals, including by coalitions representing 27 states and an ad hoc coalition of power producers of which Talen is a member, requesting a review of the EPA GHG Rule. Stay motions were denied by the D.C. Circuit Court of Appeals in July 2024 and the U.S. Supreme Court in October 2024. Appeals of the EPA GHG Rule remain pending in the D.C. Circuit Court of Appeals. No assurance can be provided as to when the challenges to the EPA GHG Rule will be resolved or whether such challenges will be resolved in the Company’s favor. The EPA has also stated its intent to develop GHG regulations for existing natural gas combustion turbines; however, no rule has been proposed. As the timeline for compliance with the new standards is accelerated and must be considered in tandem with the new EPA MATS Rule, it is possible the Company will need to make operating decisions about the future of Colstrip before the Company has clarity about the outcome of the litigation. Pennsylvania RGGI. In April 2022, Pennsylvania entered the RGGI program, with compliance set to begin on July 1, 2022. However, in November 2023, the Commonwealth Court of Pennsylvania ruled RGGI was an invalid tax and voided the rulemaking. The Pennsylvania Department of Environmental Protection appealed this decision to the Pennsylvania Supreme Court and filed notice with the court that the RGGI program would not be implemented while the appeal is pending. In July 2024, the Pennsylvania Supreme Court permitted certain non-profit environmental groups to intervene in the litigation. EPA Effluent Limitation Guidelines Rule (“EPA ELG Rule”). In November 2015, the EPA revised the effluent limitation guidelines for certain power generation facilities, which imposed more stringent standards for wastewater streams as facility discharge permits are renewed. In 2020, the EPA issued changes that would exempt coal generation facility operators from meeting certain wastewater standards if the facility would commit to cease coal-fired generation by the end of 2028, which Talen elected for its wholly owned coal operations. In May 2024, the EPA published revisions to the EPA ELG Rule, which imposed additional requirements for legacy wastewater and combustion residual leachate. Such EPA ELG Rule revisions impact Talen’s active generation facilities that have both CCR units and hold National Pollutant Discharge Elimination System (“NPDES”) discharge permits. These sites include Brandon Shores, Brunner Island, Montour, and potentially Martins Creek. Talen is evaluating what: (i) potential discharge limits may apply; (ii) treatment may be required; and (iii) the implementation timeline may be. Obligations for installing any new wastewater treatment equipment, if necessary, will not be known until each applicable state where the active generation facilities operate makes their own determination with respect to NPDES permit renewals with new limits and associated timing. As a result of the future permit conditions, additional capital expenditures and (or) AROs may be required, which may have a material impact on our results of operations and (or) financial condition. Multiple challenges, including stay requests, to the EPA ELG Rule have been filed in various U.S. Courts of Appeal by parties that include 15 states, environmental groups, and industry groups, including the Utility Water Act Group (“UWAG”), of which Talen is a member. The appeals have been consolidated in the U.S. Court of Appeals for the Eighth Circuit, and in October 2024, stay requests were denied. No assurance can be provided as to when the challenges to the EPA ELG Rule merits will be resolved or whether such challenges will be resolved in the Company’s favor. EPA Coal Combustion Residuals Rule (“EPA CCR Rule”). In April 2015, the EPA established regulations under the Resource Conservation and Recovery Act to identify CCRs as nonhazardous solid waste and provided CCR management and siting requirements. The 2015 rule was modified in 2020 after a 2018 D.C. Circuit Court of Appeals ruling found that, among other things, the EPA did not adequately regulate unlined impoundments. In its 2020 rulemaking, the EPA specified procedures for owners to extend the operating timeline of certain unlined impoundments. Talen submitted an extension request under this process for an unlined impoundment at Montour, which the EPA has not yet acted upon. The 2018 D.C. Circuit Court of Appeals ruling also found that the EPA did not properly address legacy surface impoundments in the 2015 CCR rule. As a result of the finding, in May 2024, the EPA finalized additional federal CCR regulations with an effective date in November 2024, which provided new requirements for legacy CCR surface impoundments and new requirements for other CCR disposal and management areas at active power plants (“CCR Management Units” or “CCRMUs”). This rule has been challenged in the D.C. Circuit Court of Appeals by multiple parties, including two industry groups of which Talen is a member. Additionally, the EPA is being challenged by other industry parties on new regulatory interpretations that could be consequential to CCR unit closure practices and costs. No assurance can be provided at this time as to when the legal challenges to the EPA’s CCR Rule and interpretations will be resolved or whether such challenges will be decided in the Company’s favor. Talen continues to review the 2024 EPA CCR Rule provisions, perform the required applicability assessments, and await additional information and guidance from the EPA concerning the rule’s requirements. Pursuant to the regulations, initial facility evaluation reports to identify CCR areas which may become regulated and subject to the rule’s requirements are due in February 2026. Following that, site investigation may be required to further investigate applicability and a subsequent facility report is due in February 2027. The Company has initiated reviews under the facility evaluation report requirements at locations with ash impoundments that have long since ceased coal operations as well as at locations with current coal operations. No assurance can be provided as to whether any specific ash impoundments owned by the Company may or may not be within scope of the new EPA CCR Rule until the Company completes its assessments within the regulatory timeframe. As of September 30, 2024 (Successor), the Company has recognized required cost estimates in order to comply with the rule’s initial compliance requirements and deadlines. However, the Company does not yet have sufficient information available to estimate costs for the future compliance obligations under the rule. As the Company continues its applicability evaluations and site assessments to determine the scope of work on its properties imposed by the new rule, additional new AROs and (or) revisions could be required. It is expected estimates will be available, under the timeline provided for by the regulations, as described above, at the completion of the initial facility evaluation reports or at the completion of a subsequent site investigation. Such AROs or ARO changes could be material and, as a result, may have a material impact on our results of operations and (or) financial condition. Guarantees and Other Assurances In the normal course of business, the Company enters into agreements to provide financial performance assurance to third parties on behalf of certain subsidiaries. These agreements primarily support or enhance the stand-alone creditworthiness attributed to a subsidiary or facilitate the commercial activities in which these subsidiaries engage. Such agreements may include guarantees, stand-by LCs, and (or) surety bonds. Additionally, they may include customary indemnifications to third parties related to asset sales and other transactions. The probability of expected material payment and (or) performance for these assurance agreements is believed to be remote. Surety Bonds. Surety bonds provide financial performance assurance to third parties on behalf of certain Company subsidiaries for obligations including, but not limited to, environmental obligations and AROs. In the event of nonperformance by the applicable subsidiary, the beneficiary would make a claim to the surety, and the Company would be required to reimburse any payment by the surety. Talen’s liability with respect to any particular surety bond is released once the obligations secured by the surety bond are performed. Surety bond providers generally have the right to request additional collateral or request that such bonds be replaced by alternate surety providers. As of September 30, 2024 (Successor) and December 31, 2023 (Successor), the aggregate amount of surety bonds outstanding was $234 million and $240 million, respectively, including surety bonds posted on behalf of Talen Montana as discussed below. Talen Montana Financial Assurance. Pursuant to the Colstrip Administrative Order on Consent (the “Colstrip AOC”), Talen Montana, in its capacity as the Colstrip operator, is obligated to close and remediate coal ash disposal impoundments at Colstrip. The Colstrip AOC specifies an evaluation process between Talen Montana and the Montana Department of Environmental Quality (the “MDEQ”) on the scope of remediation and closure activities, requires the MDEQ to approve such scope, and requires financial assurance to be provided to the MDEQ on approved plans. Each of the co-owners of Colstrip has provided its proportionate share of financial assurance to the MDEQ for estimates of coal ash disposal impoundments remediation and closure activities approved by the MDEQ. The aggregate amount of surety bonds posted to the MDEQ on behalf of Talen Montana’s proportionate share of such activities was $125 million as of September 30, 2024 (Successor) and $115 million as of December 31, 2023 (Successor). Talen Montana’s surety bond requirements may increase due to scope changes, cost revisions, and (or) other factors when the MDEQ conducts annual reviews of approved remediation and closure plans as required under the Colstrip AOC. The surety bond requirements are expected to decrease as Colstrip’s coal ash impoundments remediation and closure activities are completed. Other Commitments and Contingencies Talen Montana Fuel Supply. Talen Montana purchases coal from a coal mine owned by Westmoreland Rosebud Mining, LLC (the “Rosebud Mine”) for its interest in Colstrip Units 3 and 4 under a full requirements contract with an unaffiliated coal mine operator. Two lawsuits have been brought against the Rosebud Mine challenging permits issued to it by the State of Montana. Talen Montana is not party to either lawsuit, but is monitoring the progress of each to assess the impact to its operations. In the first lawsuit, the Montana Supreme Court affirmed a lower court’s ruling to vacate a mining permit and require the Montana Board of Environmental Review to perform an additional review of the permit. In the second lawsuit, the Montana Federal District Court ordered a branch of the U.S. Department of the Interior to complete an updated Environmental Impact Statement (“EIS”). In April 2024, the Montana Federal District Court granted an extension to the EIS completion date to January 31, 2025. At this time, Talen cannot predict the effect of that an adverse outcome of these lawsuits to Rosebud Mine would have on: (i) Talen Montana’s ability to source fuel for its share of Colstrip operations; or (ii) Talen Montana’s operations, results of operations, or liquidity.

Revenue

9 Months Ended

Sep. 30, 2024

Revenue from Contract with Customer [Abstract]

Revenue

4. Revenue

The disaggregation of our operating revenues for the periods were:


	Successor								Predecessor
	Three Months Ended September 30, 2024		Three Months Ended September 30, 2023		Nine Months Ended September 30, 2024		May 18 through September 30, 2023		January 1 through May 17, 2023
Capacity revenues	$	50	$	44	$	141	$	70	$	108
Electricity sales and ancillary services, ISO/RTO	351		558		865		688		281
Physical electricity sales, bilateral contracts, other	38		35		124		41		62
Other revenue from customers	20		29		91		44		27
Total revenue from contracts with customers	459		666		1,221		843		478
Realized and unrealized gain (loss) on derivative instruments	119		(150)		276		(26)		732
Nuclear PTC and other revenue (a)	72		—		151		—		—
Operating revenues	$	650	$	516	$	1,648	$	817	$	1,210

__________________

Accounts Receivable

“Accounts receivable, net” presented on the Consolidated Balance Sheets were:


	Successor
	September 30, 2024		December 31, 2023
Customer accounts receivable	$	50	$	52
Other accounts receivable	47		85
Accounts receivable, net	$	97	$	137

During the nine months ended September 30, 2024 (Successor), the period from May 18 through September 30, 2023 (Successor), and the period from January 1 through May 17, 2023 (Predecessor), there were no significant changes in accounts receivable other than normal receivable recognition and collection transactions. See Note 3 for additional information on Talen’s credit risk on the carrying value of its receivables.

Future Performance Obligations

In the normal course of business, Talen has future performance obligations for capacity sales awarded through market-based capacity auctions and (or) for capacity sales under bilateral contractual arrangements.

The PJM capacity auction for the 2025/2026 PJM Capacity Year was held in July 2024. Talen cleared a total of 6,820 MW at a clearing price of $269.92 per MW-day for the MAAC, PPL, and PSEG locational deliverability areas. The PJM capacity auctions for any years thereafter have not yet been held. See Note 10 for additional information on the PJM BRAs.

As of September 30, 2024 (Successor), the expected future period capacity revenues subject to unsatisfied or partially unsatisfied performance obligations were:


	2024 (a)		2025		2026		2027		2028
Expected capacity revenues	$	51	$	478	$	280	$	3	$	1

__________________

(a)For the period from October 1 through December 31, 2024.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-10

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-15

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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