0001628280-25-023501 | 10-Q | XBRL Viewer

Earnings Per Share (Tables)

3 Months Ended

Mar. 31, 2025

EPS for the periods were:


	Three Months Ended March 31,
	2025		2024
Numerator: (Millions of Dollars)
Net Income (Loss)	$	(135)	$	319
Less:
Net income (loss) attributable to noncontrolling interest	—		25
Net Income (Loss) Attributable to Stockholders	$	(135)	$	294

Denominator: (Thousands)
Weighted-Average Number of Common Shares Outstanding - Basic	45,849		58,807
Warrants	—		184
Restricted stock units	—		427
Performance stock units	—		1,298
Weighted-Average Number of Common Shares Outstanding - Diluted	45,849		60,716

Earnings per Share - Basic	$	(2.94)	$	5.00
Earnings per Share - Diluted	(2.94)		4.84

Fair Value

3 Months Ended

Mar. 31, 2025

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.

•Level 1 derivative assets and liabilities primarily represent exchange-traded futures and options that are valued using unadjusted prices available from the underlying exchange. Level 1 financial assets also include investments in equity securities and available-for-sale U.S. government debt securities, which are valued using exchange prices.

•Level 2 derivative assets and liabilities primarily represent over-the-counter swaps, options, and forward purchase and sale contracts that are valued using adjusted exchange prices, prices provided by brokers, or pricing service companies that are all corroborated by market data. Level 2 financial assets also include investments in available-for-sale debt securities, including investments in corporate and municipal bonds, that are valued using pricing provided by brokers or pricing service companies and corroborated with market data.

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



	March 31, 2025								December 31, 2024
	Level 1		Level 2		NAV		Netting (a)		Total		Level 1		Level 2		NAV		Netting (a)		Total
Assets
Cash equivalents	$	—	$	—	$	12	$	—	$	12	$	—	$	—	$	3	$	—	$	3
Equity securities (b)	728		—		354		—		1,082		758		—		347		—		1,105
U.S. government debt securities	339		—		—		—		339		353		—		—		—		353
Municipal debt securities	—		96		—		—		96		—		85		—		—		85
Corporate debt securities	—		187		—		—		187		—		173		—		—		173

Receivables (payables), net (c)	—		—		—		—		1		—		—		—		—		5
NDT funds	1,067		283		366		—		1,717		1111		258		350		—		1,724

Commodity derivatives	267		85		—		(314)		38		134		91		—		(156)		69
Interest rate derivatives	—		—		—		—		—		—		2		—		—		2
Total assets	$	1,334	$	368	$	366	$	(314)	$	1,755	$	1,245	$	351	$	350	$	(156)	$	1,795

Liabilities
Commodity derivatives	$	345	$	169	$	—	$	(391)	$	123	$	145	$	29	$	—	$	(167)	$	7
Interest rate derivatives	—		11		—		—		11		—		—		—		—		—

Total liabilities	$	345	$	180	$	—	$	(391)	$	134	$	145	$	29	$	—	$	(167)	$	7

__________________

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

(b)Includes 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 March 31, 2025 and December 31, 2024.

Nonrecurring Fair Value Measurements

There were no nonrecurring fair value measurements related to impairments of long-lived assets during the three months ended March 31, 2025 and 2024.

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,” 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:



	March 31, 2025				December 31, 2024
	Carrying Value		Fair Value		Carrying Value		Fair Value

Long-term debt (a)	$	2,992	$	3,109	$	3,004	$	3,120

__________________

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

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+ Details

Commitments and Contingencies - Guarantees and Other Assurances (Details) - Surety Bond - USD ($) $ in Millions	Mar. 31, 2025	Dec. 31, 2024
Other Commitments [Line Items]
Surety bonds	$ 238	$ 234
Subsidiary, TES
Other Commitments [Line Items]
Surety bonds	$ 114	$ 125

Property, Plant, and Equipment

3 Months Ended

Mar. 31, 2025

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment

8. Property, Plant and Equipment



		March 31, 2025						December 31, 2024
	Estimated Useful Life (years)	Gross Value		Accumulated Depreciation		Carrying Value		Gross Value		Accumulated Depreciation		Carrying Value
Electric generation	3-27	$	3,057	$	(340)	$	2,717	$	3,030	$	(292)	$	2,738
Nuclear fuel	1-6	426		(174)		252		322		(152)		170
Other property and equipment	1-26	89		(21)		68		90		(18)		72

Capitalized software	1-5	8		(3)		5		8		(3)		5
Construction work in progress		96		—		96		169		—		169
Property, plant and equipment, net		$	3,676	$	(538)	$	3,138	$	3,619	$	(465)	$	3,154

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


	Three Months Ended March 31,
	2025		2024
Depreciation expense (a)	$	55	$	60
Amortization expense (b)	5		2
Accretion expense (c)	14		13

Depreciation, amortization and accretion	$	74	$	75

__________________

(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 and the amortization of nuclear fuel intangible assets are presented as “Nuclear fuel amortization” on the Consolidated Statements of Operations.

Reliability Impact Assessments

Brandon Shores and H.A. Wagner RMR Arrangements. In 2023, we notified PJM of our intent to deactivate electric generation at both our Brandon Shores and H.A. Wagner facilities on June 1, 2025. However, PJM subsequently notified us that both Brandon Shores and H.A. Wagner are needed past their previously planned retirement dates to maintain reliability in PJM. In January 2025, we reached a settlement with key stakeholders on the terms of an RMR arrangement and filed with FERC the resulting Joint Offers of Settlement regarding both facilities’ RMR Continuing Operations Rates Schedules (the “CORS”). On May 1, 2025, the FERC approved the terms under which Talen will operate these plants through May 31, 2029, or until such time as the necessary transmission upgrades are placed into service. Beginning June 1, 2025, the CORS will provide an annual fixed-cost payment of $145 million ($312/MWd) for Brandon Shores and $35 million ($137/MWd) for H.A. Wagner, which includes a performance “hold back” of $5 million per year for Brandon Shores and $2 million per year for H.A. Wagner, each to be paid out based on unit performance. We will also receive separate reimbursement for variable costs and approved project investments.

Postretirement Benefit Obligations

3 Months Ended

Mar. 31, 2025

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 a defined contribution plan.

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


	Three Months Ended March 31,
	2025		2024
Postretirement benefits service cost (a)	$	1	$	1

Postretirement benefit (gain) loss
Interest cost	$	17	$	17
Expected return on plan assets	(19)		(17)

Amortization of:
Postretirement prior service cost (credit)	(1)		—

Postretirement benefit (gain) loss, net (b)	$	(3)	$	—

Net periodic defined benefit cost (credit)	$	(2)	$	1

_____________

(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.

During the three months ended March 31, 2025, the Company made a contribution of $13 million to the Talen Energy Retirement Plan (Talen’s principal defined-benefit pension plan) that is presented as “Postretirement benefit obligations” on the Consolidated Balance Sheets as of March 31, 2025.

- 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

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+ Details

Revenue - Summary of Accounts Receivable (Details) - USD ($) $ in Millions	Mar. 31, 2025	Dec. 31, 2024
Revenue from Contract with Customer [Abstract]
Customer accounts receivable	$ 52	$ 66
Other accounts receivable	48	57
Accounts receivable	$ 100	$ 123

Commitments and Contingencies - Regulatory Matters (Details)	1 Months Ended
	Dec. 31, 2024 filing	Oct. 31, 2024 auction	Jan. 28, 2025 MWd
Other Commitments [Line Items]
Requested delay duration		6 months
Number of scheduled auctions \| auction		4
Number Of FERC filings \| filing	2
Number of delivery years	2 years
Minimum
Other Commitments [Line Items]
Collar on capacity price			175
Maximum
Other Commitments [Line Items]
Collar on capacity price			325

Inventory (Tables)

3 Months Ended

Mar. 31, 2025

Inventory Disclosure [Abstract]

Schedule of Inventory



	March 31, 2025		December 31, 2024
Coal	$	47	$	92
Oil products	63		65
Fuel inventory for electric generation	110		157
Materials and supplies, net	94		88
Environmental products	15		57
Inventory, net	$	219	$	302

Asset Retirement Obligations and Accrued Environmental Costs - Summary of Asset Retirement Obligations and Accrued Environmental Costs (Details) - USD ($) $ in Millions	Mar. 31, 2025	Dec. 31, 2024
Asset Retirement Obligation Disclosure [Abstract]
Asset retirement obligations	$ 508	$ 498
Accrued environmental costs	21	21
Total asset retirement obligations and accrued environmental costs	529	519
Less: asset retirement obligations and accrued environmental costs due within one year	61	51
Asset retirement obligations and accrued environmental costs due after one year	$ 468	$ 468
Environmental Loss Contingency, Current, Statement of Financial Position [Extensible Enumeration]	Other current liabilities	Other current liabilities

Stockholders' Equity (Tables)

3 Months Ended

Mar. 31, 2025

Equity [Abstract]

Schedule of Share Repurchase Program

Summary of activity under the SRP:



	Three Months Ended March 31, 2025
	Number of Shares	Share Price (a)		Total Amount
Share repurchases	452,130	$	186.24	$	85
Share retirements	(452,130)	186.24		(85)

__________________

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

Schedule of Accumulated Other Comprehensive Income

Changes in AOCI for the periods were:


	Three Months Ended March 31,
	2025		2024
Beginning balance	$	(12)	$	(23)
Gains (losses) arising during the period	6		—
Reclassifications to Consolidated Statements of Operations	(2)		(7)
Income tax benefit (expense)	(2)		3
Other comprehensive income (loss)	2		(4)

Accumulated other comprehensive income (loss)	$	(10)	$	(27)

The components of AOCI, net of tax, as of March 31, were:



	2025		2024
Available-for-sale securities unrealized gain (loss), net	$	—	$	1

Postretirement benefit prior service credits (costs), net	13		—
Postretirement benefit actuarial gain (loss), net	(23)		(28)
Accumulated other comprehensive income (loss)	$	(10)	$	(27)

Stockholder's Equity - Summary of Share Repurchase Program (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Equity [Abstract]
Share repurchases (in shares)	452,130
Share repurchases (in dollars per share)	$ 186.24
Share repurchases	$ 85	$ 39
Share retirements (in shares)	(452,130)
Share retirements (in dollars per share)	$ 186.24
Share retirements	$ (85)

Segments

3 Months Ended

Mar. 31, 2025

Segment Reporting [Abstract]

Segments

19. 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 Executive Officer, who is the chief operating decision maker, reviews 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 maker.

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

“Other” represents an operating segment that includes the operating and marketing activities of Talen Montana’s proportionate share of Colstrip in the WECC market and other non-material operating and development activities. “Other” also includes the operating activities of Nautilus until Bitcoin mining operations were suspended in October 2024 and the operating activities of our Texas power generation facilities in the ERCOT market prior to their disposition 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.



	PJM		Other		Corporate and Eliminations		Total
Three Months Ended March 31, 2025
Operating revenues	$	367	$	42	$	(19)	$	390
Operation, maintenance and development expenses	138		8		—		146
Interest expense and other finance charges	—		—		74		74
Other segment items	20
Adjusted EBITDA	209
Capital expenditures	62		1		1		64

Three Months Ended March 31, 2024
Operating revenues	$	433	$	150	$	(74)	$	509
Operation, maintenance and development expenses	128		26		—		154
Interest expense and other finance charges	—		—		59		59
Other segment items	26
Adjusted EBITDA	279
Capital expenditures	52		14		—		66

Reconciliation of segment Adjusted EBITDA to Net Income (Loss):


	Three Months Ended March 31,
	2025		2024
Adjusted EBITDA:
PJM	$	209	$	279
Total Segment Adjusted EBITDA	$	209	$	279
Reconciling Items:
Interest expense and other finance charges	(74)		(59)
Income tax benefit (expense)	52		(69)
Depreciation, amortization and accretion	(74)		(75)
Nuclear fuel amortization	(26)		(35)

Unrealized (gain) loss on commodity derivative contracts	(182)		(134)
Nuclear decommissioning trust funds gain (loss), net	(12)		75
Stock-based and other long-term incentive compensation expense	(13)		(18)


Gain (loss) on asset sales, net	2		324




Operational and other restructuring activities	(9)		(2)




"Other" operating segment	9		38
Noncontrolling interest	—		11
Corporate and Eliminations	(18)		(28)
Other items	1		12
Net Income (Loss)	$	(135)	$	319

- 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.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 48
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-48

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

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+ Details

Revenue

3 Months Ended

Mar. 31, 2025

Revenue from Contract with Customer [Abstract]

Revenue

4. Revenue

The components of operating revenues for the periods were:


	Three Months Ended March 31,
	2025		2024
Capacity revenues	$	49	$	45
Electricity sales and ancillary services, ISO/RTO	582		265
Physical electricity sales, bilateral contracts, other	23		64
Other revenue from customers	—		42
Total revenue from contracts with customers	654		416
Realized and unrealized gain (loss) on derivative instruments	(268)		57
Nuclear PTC	—		35
Other revenue	4		1
Operating revenues	$	390	$	509

Accounts Receivable

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



	March 31, 2025		December 31, 2024
Customer accounts receivable	$	52	$	66
Other accounts receivable	48		57
Accounts receivable	$	100	$	123

During the three months ended March 31, 2025 and 2024, 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.

As of March 31, 2025, the expected future period capacity revenues subject to unsatisfied or partially unsatisfied performance obligations were:


	2025 (a)		2026 (b)		2027		2028		2029
Expected capacity revenues	$	421	$	275	$	3	$	1	$	—

__________________

(a)Estimated for the period from April 1, 2025 through December 31, 2025.

(b)PJM capacity revenues are estimated for the period from January 1, 2026 through May 31, 2026 for the remainder of the 2025/2026 PJM Capacity Year.

No PJM BRAs have been held since the 2025/2026 PJM BRA. The 2026/2027 PJM BRA has been postponed to July 2025. See Note 10 for additional information on the PJM BRAs.

- 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
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+ Details

Property, Plant, and Equipment - Narrative (Details) - Forecast	Jun. 01, 2025 USD ($)
Property, Plant, and Equipment, Brandon Shores
Property, Plant and Equipment [Line Items]
Fixed-cost annual payments	$ 145,000,000
Fixed-cost per day payments (dollars per MWd)	312
Yearly performance hold-back	5,000,000
Property, Plant, And Equipment, Wagner
Property, Plant and Equipment [Line Items]
Fixed-cost annual payments	35,000,000
Fixed-cost per day payments (dollars per MWd)	137
Yearly performance hold-back	$ 2,000,000

Supplemental Cash Flow Information (Tables)

3 Months Ended

Mar. 31, 2025

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:


	Three Months Ended March 31,
	2025		2024
Cash paid during the period
Interest and other finance charges, net of capitalized interest (a)	$	23	$	33
Income taxes, net (b)	19		—

Unrealized (gain) loss on derivative instruments included on the Statements of Cash Flows
Commodity contracts	$	182	$	134
Interest rate swap contracts (interest expense)	14		(6)
Unrealized (gain) loss on derivative instruments	$	196	$	128

Depreciation, amortization and accretion included on the Statements of Cash Flows
Depreciation, amortization and accretion	$	74	$	75

Other	(2)		(1)
Depreciation, amortization and accretion	$	72	$	74

Reconciliation of other non-cash operating activities
Derivative option premium amortization	$	31	$	—
Stock-based compensation	11		8
Bitcoin revenue	—		(42)










Other	(5)		(8)
Total	$	37	$	(42)

Non-cash investing activities
Capital expenditure accrual increase (decrease)	$	3	$	(16)

__________________

(a)Capitalized interest was $1 million and $3 million for the three months ended March 31, 2025 and 2024, respectively.

(b)During the three months ended March 31, 2025, $9 million of estimated Nuclear PTCs were utilized as a credit against our federal income tax payable.

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:



	March 31, 2025		December 31, 2024
Cash and cash equivalents	$	295	$	328

Restricted cash and cash equivalents:


Commodity exchange margin deposits	25		37

Restricted cash and cash equivalents	25		37
Total	$	320	$	365

Nuclear Decommissioning Trust Funds (Tables)

3 Months Ended

Mar. 31, 2025

Investments, Debt and Equity Securities [Abstract]

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



	March 31, 2025								December 31, 2024
	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value		Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
Cash equivalents	$	12	$	—	$	—	$	12	$	3	$	—	$	—	$	3
Equity securities	509		622		(49)		1,082		509		651		(55)		1,105
Debt securities	621		5		(4)		622		615		3		(7)		611
Receivables (payables), net	1		—		—		1		5		—		—		5
NDT Funds	$	1,143	$	627	$	(53)	$	1,717	$	1,132	$	654	$	(62)	$	1,724

Summary of Available-for-Sale Debt Securities with Unrealized Losses

The aggregate fair value of available-for-sale debt securities with unrealized losses as of March 31, 2025 were:


	Fair Value		Unrealized Losses
Corporate debt securities	$	52	$	(1)
Municipal debt securities	68		(2)
U.S. Government debt securities	52		(1)
Debt securities in unrealized loss position	$	172	$	(4)

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:



	March 31, 2025		December 31, 2024
Maturities within one year	$	86	$	82
Maturities within two to five years	178		220
Maturities thereafter	358		309
Debt securities, fair value	$	622	$	611

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:


	Three Months Ended March 31,
	2025		2024
Sales proceeds of NDT funds investments (a)	$	576	$	499
Gross realized gains	3		3
Gross realized losses	(2)		(3)

__________________

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

Property, Plant, and Equipment - Summary of Depreciation, Amortization, and Accretion Expense (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 55	$ 60
Amortization expense	5	2
Accretion expense	14	13
Depreciation, amortization and accretion	$ 74	$ 75

Supplemental Cash Flow Information - Supplemental Consolidated Statements of Cash Flows (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Cash paid during the period
Interest and other finance charges, net of capitalized interest	$ 23	$ 33
Income taxes, net	19	0
Unrealized (gain) loss on derivative instruments included on the Statements of Cash Flows
Commodity contracts	182	134
Interest rate swap contracts (interest expense)	14	(6)
Unrealized (gain) loss on commodity derivative contracts	196	128
Depreciation, amortization and accretion included on the Statements of Cash Flows
Depreciation, amortization and accretion	74	75
Other	(2)	(1)
Depreciation, amortization and accretion	72	74
Reconciliation of other non-cash operating activities
Derivative option premium amortization	31	0
Stock-based compensation	11	8
Bitcoin revenue	0	(42)
Other	(5)	(8)
Total	37	(42)
Non-cash investing activities
Capital expenditure accrual increase (decrease)	3	(16)
Capitalized interests	1	$ 3
Amount of PTC revenue utilized as a credit against federal income taxes payable	$ 9

Stock-Based Compensation - Summary of PSU and RSU Activity (Details)	3 Months Ended
	Mar. 31, 2025 $ / shares shares
Performance stock units
Units
Balance at the beginning of the period (in shares) \| shares	956,347
Granted (in shares) \| shares	101,825
Balance at the end of the period (in shares) \| shares	1,058,172
Weighted-Average Grant Date Fair Value per Unit
Balance at the beginning of the period (in dollars per share) \| $ / shares	$ 54.23
Granted (in dollars per share) \| $ / shares	463.10
Balance at the end of the period (in dollars per share) \| $ / shares	$ 93.58
Restricted stock units
Units
Balance at the beginning of the period (in shares) \| shares	549,405
Granted (in shares) \| shares	52,514
Balance at the end of the period (in shares) \| shares	601,919
Weighted-Average Grant Date Fair Value per Unit
Balance at the beginning of the period (in dollars per share) \| $ / shares	$ 55.07
Granted (in dollars per share) \| $ / shares	207.95
Balance at the end of the period (in dollars per share) \| $ / shares	$ 68.41

Postretirement Benefit Obligations - Narrative (Details) $ in Millions	3 Months Ended
	Mar. 31, 2025 USD ($)
Postemployment Benefits [Abstract]
Employer contributions	$ 13

Revenue (Tables)

3 Months Ended

Mar. 31, 2025

Revenue from Contract with Customer [Abstract]

Summary of Components of Operating Revenues

The components of operating revenues for the periods were:


	Three Months Ended March 31,
	2025		2024
Capacity revenues	$	49	$	45
Electricity sales and ancillary services, ISO/RTO	582		265
Physical electricity sales, bilateral contracts, other	23		64
Other revenue from customers	—		42
Total revenue from contracts with customers	654		416
Realized and unrealized gain (loss) on derivative instruments	(268)		57
Nuclear PTC	—		35
Other revenue	4		1
Operating revenues	$	390	$	509

Summary of Accounts Receivable

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



	March 31, 2025		December 31, 2024
Customer accounts receivable	$	52	$	66
Other accounts receivable	48		57
Accounts receivable	$	100	$	123

Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction

As of March 31, 2025, the expected future period capacity revenues subject to unsatisfied or partially unsatisfied performance obligations were:


	2025 (a)		2026 (b)		2027		2028		2029
Expected capacity revenues	$	421	$	275	$	3	$	1	$	—

__________________

(a)Estimated for the period from April 1, 2025 through December 31, 2025.

(b)PJM capacity revenues are estimated for the period from January 1, 2026 through May 31, 2026 for the remainder of the 2025/2026 PJM Capacity Year.

Cover Page - shares	3 Months Ended
Cover Page - shares	Mar. 31, 2025	May 08, 2025
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2025
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	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		45,509,780
Entity Central Key Index	0001622536
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	Q1
Amendment Flag	false

Stockholder's Equity - Narrative (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended
	Dec. 31, 2024	Mar. 31, 2025	May 08, 2025
Equity, Class of Treasury Stock [Line Items]
Shares outstanding (in shares)	45,961,910	45,509,780
Percentage of common stock purchased		23.00%
Stock repurchased, excluding excise tax		$ 2,000
Shares approved for repurchase, amount	$ 850
Share repurchase program, remaining authorized amount		$ 995
Subsequent Event
Equity, Class of Treasury Stock [Line Items]
Shares outstanding (in shares)			45,509,780

Asset Retirement Obligations and Accrued Environmental Costs (Tables)

3 Months Ended

Mar. 31, 2025

Asset Retirement Obligation Disclosure [Abstract]

Summary of Asset Retirement Obligations and Accrued Environmental Costs



	March 31, 2025		December 31, 2024
Asset retirement obligations	$	508	$	498
Accrued environmental costs	21		21
Total asset retirement obligations and accrued environmental costs	529		519
Less: asset retirement obligations and accrued environmental costs due within one year (a)	61		51

Asset retirement obligations and accrued environmental costs due after one year	$	468	$	468

__________________

(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 during the period were:

















December 31, 2024	$	498

Obligations settled	(4)

Accretion expense	14

March 31, 2025	$	508

Schedule of Asset Retirement Obligations

Supplemental information for the ARO:



	March 31, 2025		December 31, 2024
Supplemental Information
Nuclear (a)	$	249	$	242
Non-Nuclear (b)	259		256
Carrying value	$	508	$	498

__________________

(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.

Basis of Presentation and Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2025
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 These 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 presentation 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 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. 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. See Note 2 to the Annual Financial Statements for additional information on significant accounting policies.

Stock-Based Compensation - Stock-based Compensation Expense (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]
Stock-based compensation expense	$ 11	$ 8
Income tax benefit	(3)	(2)
After-tax stock-based compensation expense	$ 8	$ 6

Segments (Tables)

3 Months Ended

Mar. 31, 2025

Segment Reporting [Abstract]

Schedule of Consolidated Segment and Reconciliation



	PJM		Other		Corporate and Eliminations		Total
Three Months Ended March 31, 2025
Operating revenues	$	367	$	42	$	(19)	$	390
Operation, maintenance and development expenses	138		8		—		146
Interest expense and other finance charges	—		—		74		74
Other segment items	20
Adjusted EBITDA	209
Capital expenditures	62		1		1		64

Three Months Ended March 31, 2024
Operating revenues	$	433	$	150	$	(74)	$	509
Operation, maintenance and development expenses	128		26		—		154
Interest expense and other finance charges	—		—		59		59
Other segment items	26
Adjusted EBITDA	279
Capital expenditures	52		14		—		66

Reconciliation of segment Adjusted EBITDA to Net Income (Loss):


	Three Months Ended March 31,
	2025		2024
Adjusted EBITDA:
PJM	$	209	$	279
Total Segment Adjusted EBITDA	$	209	$	279
Reconciling Items:
Interest expense and other finance charges	(74)		(59)
Income tax benefit (expense)	52		(69)
Depreciation, amortization and accretion	(74)		(75)
Nuclear fuel amortization	(26)		(35)

Unrealized (gain) loss on commodity derivative contracts	(182)		(134)
Nuclear decommissioning trust funds gain (loss), net	(12)		75
Stock-based and other long-term incentive compensation expense	(13)		(18)


Gain (loss) on asset sales, net	2		324




Operational and other restructuring activities	(9)		(2)




"Other" operating segment	9		38
Noncontrolling interest	—		11
Corporate and Eliminations	(18)		(28)
Other items	1		12
Net Income (Loss)	$	(135)	$	319

Stock-Based Compensation - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2025	Jun. 30, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized (in shares)		7,083,461
Performance stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation cost	$ 64
Term over which compensation cost recognized (in years)	1 year 2 months 12 days
Performance stock units \| Ratable Vesting Schedule
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years
Performance stock units \| Cliff Vesting Schedule
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	2 years
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation cost	$ 28
Term over which compensation cost recognized (in years)	1 year 2 months 12 days
Restricted stock units \| Ratable Vesting Schedule
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years
Restricted stock units \| Cliff Vesting Schedule
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	2 years

- 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Section 35
-Paragraph 1D
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Nuclear Decommissioning Trust Funds - Summary of Available-for-Sale Debt Securities with Unrealized Losses (Details) $ in Millions	3 Months Ended
	Mar. 31, 2025 USD ($)
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items]
Fair Value	$ 172
Unrealized Losses	(4)
Aggregate fair value of debt securities in a loss position for a duration of one year or longer	42
Corporate debt securities
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items]
Fair Value	52
Unrealized Losses	(1)
Municipal debt securities
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items]
Fair Value	68
Unrealized Losses	(2)
U.S. Government debt securities
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items]
Fair Value	52
Unrealized Losses	$ (1)

Property, Plant, and Equipment - Schedule of Property, Plant and Equipment (Details) - USD ($) $ in Millions	Mar. 31, 2025	Dec. 31, 2024
Finite-Lived Assets
Gross Value	$ 3,676	$ 3,619
Accumulated Depreciation	(538)	(465)
Carrying Value	3,138	3,154
Electric generation
Finite-Lived Assets
Gross Value	3,057	3,030
Accumulated Depreciation	(340)	(292)
Carrying Value	2,717	2,738
Nuclear fuel
Finite-Lived Assets
Gross Value	426	322
Accumulated Depreciation	(174)	(152)
Carrying Value	252	170
Other property and equipment
Finite-Lived Assets
Gross Value	89	90
Accumulated Depreciation	(21)	(18)
Carrying Value	68	72
Capitalized software
Finite-Lived Assets
Gross Value	8	8
Accumulated Depreciation	(3)	(3)
Carrying Value	5	5
Construction work in progress
Finite-Lived Assets
Gross Value	96	169
Carrying Value	$ 96	$ 169
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

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	These 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 presentation 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 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	These 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 presentation 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 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.
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.

Long-Term Debt and Other Credit Facilities - Schedule of Line of Credit Facilities (Details) - USD ($) $ in Millions	Mar. 31, 2025	Dec. 31, 2024
Debt Instrument [Line Items]
Committed capacity	$ 1,600
Unused Capacity	1,175	$ 1,226
Line of Credit \| RCF
Debt Instrument [Line Items]
Committed capacity	700
Unused Capacity	700	700
Line of Credit \| LCF
Debt Instrument [Line Items]
Committed capacity	900
Unused Capacity	475	526
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	425	374
Letter of Credit \| Line of Credit \| RCF
Debt Instrument [Line Items]
LCs Issued	0	0
Letter of Credit \| Line of Credit \| LCF
Debt Instrument [Line Items]
LCs Issued	$ 425	$ 374

- 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

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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+ Details

- Definition

The carrying value as of the balance sheet date of the current and noncurrent portions of long-term obligations drawn from a line of credit, which is a bank's commitment to make loans up to a specific amount. Examples of items that might be included in the application of this element may consist of letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to a maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. Includes short-term obligations that would normally be classified as current liabilities but for which (a) postbalance sheet date issuance of a long term obligation to refinance the short term obligation on a long term basis, or (b) the enterprise has entered into a financing agreement that clearly permits the enterprise to refinance the short-term obligation on a long term basis and the following conditions are met (1) the agreement does not expire within 1 year and is not cancelable by the lender except for violation of an objectively determinable provision, (2) no violation exists at the BS date, and (3) the lender has entered into the financing agreement is expected to be financially capable of honoring the agreement.

+ References + Details

Property, Plant, and Equipment (Tables)

3 Months Ended

Mar. 31, 2025

Property, Plant and Equipment [Abstract]

Summary of Depreciation, Amortization, and Accretion Expense



		March 31, 2025						December 31, 2024
	Estimated Useful Life (years)	Gross Value		Accumulated Depreciation		Carrying Value		Gross Value		Accumulated Depreciation		Carrying Value
Electric generation	3-27	$	3,057	$	(340)	$	2,717	$	3,030	$	(292)	$	2,738
Nuclear fuel	1-6	426		(174)		252		322		(152)		170
Other property and equipment	1-26	89		(21)		68		90		(18)		72

Capitalized software	1-5	8		(3)		5		8		(3)		5
Construction work in progress		96		—		96		169		—		169
Property, plant and equipment, net		$	3,676	$	(538)	$	3,138	$	3,619	$	(465)	$	3,154

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


	Three Months Ended March 31,
	2025		2024
Depreciation expense (a)	$	55	$	60
Amortization expense (b)	5		2
Accretion expense (c)	14		13

Depreciation, amortization and accretion	$	74	$	75

__________________

(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.

Fair Value (Tables)

3 Months Ended

Mar. 31, 2025

Fair Value Disclosures [Abstract]

Summary of Recurring Fair Value Measurements

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



	March 31, 2025								December 31, 2024
	Level 1		Level 2		NAV		Netting (a)		Total		Level 1		Level 2		NAV		Netting (a)		Total
Assets
Cash equivalents	$	—	$	—	$	12	$	—	$	12	$	—	$	—	$	3	$	—	$	3
Equity securities (b)	728		—		354		—		1,082		758		—		347		—		1,105
U.S. government debt securities	339		—		—		—		339		353		—		—		—		353
Municipal debt securities	—		96		—		—		96		—		85		—		—		85
Corporate debt securities	—		187		—		—		187		—		173		—		—		173

Receivables (payables), net (c)	—		—		—		—		1		—		—		—		—		5
NDT funds	1,067		283		366		—		1,717		1111		258		350		—		1,724

Commodity derivatives	267		85		—		(314)		38		134		91		—		(156)		69
Interest rate derivatives	—		—		—		—		—		—		2		—		—		2
Total assets	$	1,334	$	368	$	366	$	(314)	$	1,755	$	1,245	$	351	$	350	$	(156)	$	1,795

Liabilities
Commodity derivatives	$	345	$	169	$	—	$	(391)	$	123	$	145	$	29	$	—	$	(167)	$	7
Interest rate derivatives	—		11		—		—		11		—		—		—		—		—

Total liabilities	$	345	$	180	$	—	$	(391)	$	134	$	145	$	29	$	—	$	(167)	$	7

__________________

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

(b)Includes 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:



	March 31, 2025				December 31, 2024
	Carrying Value		Fair Value		Carrying Value		Fair Value

Long-term debt (a)	$	2,992	$	3,109	$	3,004	$	3,120

__________________

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

Risk Management, Derivative Instruments and Hedging Activities (Tables)

3 Months Ended

Mar. 31, 2025

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:



	March 31, 2025 (a)	December 31, 2024 (a)
Power (MWh)	(55,477,003)	(38,615,192)
Natural gas (MMBtu)	111,394,540	32,405,460
Emission allowances (tons)	—	100,000

__________________

(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 mature in 2026 and 2029. The net notional volumes of open interest rate derivatives were:



	March 31, 2025		December 31, 2024
Interest rate (in millions)	$	840	$	290

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

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



	March 31, 2025				December 31, 2024
	Assets		Liabilities		Assets		Liabilities
Commodity contracts	$	33	$	89	$	65	$	—
Interest rate contracts	—		3		1		—

Total current derivative instruments	33		92		66		—
Commodity contracts	5		34		4		7
Interest rate contracts	—		8		1		—
Total non-current derivative instruments	$	5	$	42	$	5	$	7

Schedule of 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
March 31, 2025
Assets	$	352	$	(311)	$	41	$	(3)	$	38
Liabilities	525		(311)		214		(80)		134
December 31, 2024
Assets	$	227	$	(154)	$	73	$	(2)	$	71
Liabilities	173		(154)		19		(12)		7

Schedule of Effect of Netting, Offsetting Liabilities


	Gross Derivative Instruments		Eligible for Offset		Net Derivative Instruments		Collateral (Posted) Received		Net Amounts
March 31, 2025
Assets	$	352	$	(311)	$	41	$	(3)	$	38
Liabilities	525		(311)		214		(80)		134
December 31, 2024
Assets	$	227	$	(154)	$	73	$	(2)	$	71
Liabilities	173		(154)		19		(12)		7

Schedule of Derivative Instruments, Gain (Loss)

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


	Three Months Ended March 31,
	2025		2024
Realized gain (loss) on commodity contracts
Energy revenues (a)	$	(27)	$	158
Fuel and energy purchases (a)	24		1
Unrealized gain (loss) on commodity contracts
Operating revenues (b)	(241)		(108)
Energy expenses (b)	59		(27)
Realized and unrealized gain (loss) on interest rate contracts
Interest expense and other finance charges	(13)		7

__________________

(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.

Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Numerator: (Millions of Dollars)
Net Income (Loss)	$ (135)	$ 319
Less:
Net income (loss) attributable to noncontrolling interest	0	25
Net Income (Loss) Attributable to Stockholders	$ (135)	$ 294
Denominator: (Thousands)
Weighted-Average Number of Common Shares Outstanding - Basic (in shares)	45,849,000	58,807,000
Warrants (in shares)	0	184,000
Weighted-Average Number of Common Shares Outstanding - Diluted (in shares)	45,849,000	60,716,000
Earnings per Share - Basic (in dollars per share)	$ (2.94)	$ 5.00
Earnings per Share - Diluted (in dollars per share)	$ (2.94)	$ 4.84
Restricted stock units
Denominator: (Thousands)
Shares excluded (in shares)	486,688
Antidilutive shares (in shares)		10,125
Performance stock units
Denominator: (Thousands)
Shares excluded (in shares)	2,109,479
Restricted stock units
Denominator: (Thousands)
Stock units (in shares)	0	427,000
Performance stock units
Denominator: (Thousands)
Stock units (in shares)	0	1,298,000

Fair Value - Summary of Recurring Fair Value Measurements (Details) - USD ($) $ in Millions	Mar. 31, 2025	Dec. 31, 2024
Assets
Cash equivalents	$ 12	$ 3
Equity securities, Fair Value	1,082	1,105
Debt securities	622	611
Receivables (payables), net	1	5
NDT funds	1,717	1,724
Derivative assets, netting	(314)	(156)
Total assets	1,755	1,795
Liabilities
Derivative liabilities, netting	(391)	(167)
Total liabilities	134	7
Commodity derivatives
Assets
Derivative assets, netting	(314)	(156)
Derivative assets, total	38	69
Liabilities
Derivative liabilities, netting	(391)	(167)
Derivative liabilities, total	123	7
Interest rate derivatives
Assets
Derivative assets, total	0	2
Liabilities
Derivative liabilities, total	11	0
U.S. government debt securities
Assets
Debt securities	339	353
Municipal debt securities
Assets
Debt securities	96	85
Corporate debt securities
Assets
Debt securities	187	173
Level 1
Assets
Cash equivalents	0	0
Equity securities, Fair Value	728	758
NDT funds	1,067	1,111
Total assets	1,334	1,245
Liabilities
Total liabilities	345	145
Level 1 \| Commodity derivatives
Assets
Derivative assets	267	134
Liabilities
Derivative liabilities	345	145
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	339	353
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	283	258
Total assets	368	351
Liabilities
Total liabilities	180	29
Level 2 \| Commodity derivatives
Assets
Derivative assets	85	91
Liabilities
Derivative liabilities	169	29
Level 2 \| Interest rate derivatives
Assets
Derivative assets, total	0	2
Liabilities
Derivative liabilities	11	0
Level 2 \| U.S. government debt securities
Assets
Debt securities	0	0
Level 2 \| Municipal debt securities
Assets
Debt securities	96	85
Level 2 \| Corporate debt securities
Assets
Debt securities	187	173
NAV
Assets
Cash equivalents	12	3
Equity securities, Fair Value	354	347
NDT funds	366	350
Total assets	366	350
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

Segments - Segments and Reconciliation (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Segment Reporting Information [Line Items]
Operating revenues	$ 390	$ 509
Operation, maintenance and development	146	154
Interest expense and other finance charges	74	59
Other segment items
Adjusted EBITDA
Capital expenditures	64	66
Operating Segments
Segment Reporting Information [Line Items]
Adjusted EBITDA	209	279
Corporate and Eliminations
Segment Reporting Information [Line Items]
Operating revenues	(19)	(74)
Operation, maintenance and development	0	0
Interest expense and other finance charges	74	59
Other segment items
Adjusted EBITDA
Capital expenditures	1	0
PJM \| Operating Segments
Segment Reporting Information [Line Items]
Operating revenues	367	433
Operation, maintenance and development	138	128
Interest expense and other finance charges	0	0
Other segment items	20	26
Adjusted EBITDA	209	279
Capital expenditures	62	52
Other \| Operating Segments
Segment Reporting Information [Line Items]
Operating revenues	42	150
Operation, maintenance and development	8	26
Interest expense and other finance charges	0	0
Other segment items
Adjusted EBITDA
Capital expenditures	$ 1	$ 14

Condensed Consolidated Statements Of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Statement of Comprehensive Income [Abstract]
Net Income (Loss)	$ (135)	$ 319
Other Comprehensive Income (Loss)
Available-for-sale securities unrealized gain (loss), net (Note 7)	6	0
Income tax benefit (expense)	(2)	0
Gains (losses) arising during the period, net of tax	4	0
Available-for-sale securities unrealized (gain) loss, net (Note 7)	(1)	(7)
Postretirement benefit prior service (credits) costs, net (Note 13)	(1)	0
Income tax benefit (expense)	0	3
Reclassifications from AOCI, net of tax	(2)	(4)
Other comprehensive income (loss)	2	(4)
Comprehensive Income (Loss)	(133)	315
Less: Comprehensive income (loss) attributable to noncontrolling interest	0	25
Comprehensive Income (Loss) Attributable to Stockholders	$ (133)	$ 290

Revenue - Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction (Details) $ in Millions	Mar. 31, 2025 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-04-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Expected capacity revenues	$ 421
Remaining performance obligation period	9 months
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	$ 275
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
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2029-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Expected capacity revenues	$ 0
Remaining performance obligation period	1 year

Income Taxes

3 Months Ended

Mar. 31, 2025

Income Tax Disclosure [Abstract]

Income Taxes

5. Income Taxes

Effective Tax Rate Reconciliations

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


	Three Months Ended March 31,
	2025			2024
Income (loss) before income taxes	$	(187)		$	388
Income tax benefit (expense)	52			(69)
Effective tax rate	27.8		%	17.8		%
Federal income tax statutory tax rate	21		%	21		%
Income tax benefit (expense) computed at the federal income tax statutory tax rate	$	39		$	(82)
Income tax increase (decrease) due to:
Other permanent differences	6			7
State income taxes, net of federal benefit	5			(11)
NDT taxes	2			(11)
Change in valuation allowance	—			20
Nuclear PTC	—			8





Income tax benefit (expense)	$	52		$	(69)

- 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
-Topic 740
-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
-SubTopic 10
-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
-SubTopic 20
-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
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-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
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-21

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

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-2

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

+ Details

Organization and Operations (Details)	Mar. 31, 2025 GW
Property, Plant and Equipment [Line Items]
Generation capacity	10.7
Nuclear fuel
Property, Plant and Equipment [Line Items]
Generation capacity	2.2

Postretirement Benefit Obligations - Schedule of Net Benefit Costs (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Postemployment Benefits [Abstract]
Postretirement benefits service cost	$ 1	$ 1
Postretirement benefit (gain) loss
Interest cost	17	17
Expected return on plan assets	(19)	(17)
Amortization of:
Postretirement prior service cost (credit)	(1)	0
Postretirement benefit (gain) loss, net	(3)	0
Net periodic defined benefit cost (credit)	$ (2)	$ 1

Revenue - Summary of Components of Operating Revenues (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	$ 654	$ 416
Realized and unrealized gain (loss) on derivative instruments	(268)	57
Nuclear PTC	0	35
Other revenue	4	1
Operating revenues	390	509
Capacity revenues
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	49	45
Operating revenues	49	45
Electricity sales and ancillary services, ISO/RTO
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	582	265
Physical electricity sales, bilateral contracts, other
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	23	64
Other revenue from customers
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	$ 0	$ 42

Long-Term Debt and Other Credit Facilities - Narrative (Details) - USD ($) $ in Millions	1 Months Ended
	Jan. 31, 2025	Mar. 31, 2025	Dec. 31, 2024
Debt Instrument [Line Items]
Total principal		$ 3,034	$ 3,038
Secured Debt
Debt Instrument [Line Items]
Maximum amount available to redeem	10.00%
Debt instrument, redemption price, percentage	103.00%
LCF \| Letter of Credit
Debt Instrument [Line Items]
LCs Issued		81	$ 297
Secured ISDAs \| Secured Debt
Debt Instrument [Line Items]
Total principal		$ 119

- 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

+ References + Details

Earnings Per Share

3 Months Ended

Mar. 31, 2025

Earnings Per Share [Abstract]

Earnings Per Share

15. 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:


	Three Months Ended March 31,
	2025		2024
Numerator: (Millions of Dollars)
Net Income (Loss)	$	(135)	$	319
Less:
Net income (loss) attributable to noncontrolling interest	—		25
Net Income (Loss) Attributable to Stockholders	$	(135)	$	294

Denominator: (Thousands)
Weighted-Average Number of Common Shares Outstanding - Basic	45,849		58,807
Warrants	—		184
Restricted stock units	—		427
Performance stock units	—		1,298
Weighted-Average Number of Common Shares Outstanding - Diluted	45,849		60,716

Earnings per Share - Basic	$	(2.94)	$	5.00
Earnings per Share - Diluted	(2.94)		4.84

As there is a Net Loss Attributable to Stockholders for the three months ended March 31, 2025,the computation of diluted EPS excludes 486,688 RSUs and 2,109,479 PSUs. Diluted EPS for the three months ended March 31, 2024 excludes the impact of 10,125 RSUs outstanding due to their anti-dilutive nature

Asset Retirement Obligations and Accrued Environmental Costs - Schedule of Changes in Asset Retirement Obligations (Details) $ in Millions	3 Months Ended
	Mar. 31, 2025 USD ($)
Carrying Value
December 31, 2024	$ 498
Obligations settled	(4)
Accretion expense	14
March 31, 2025	$ 508

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Mar. 31, 2025	Dec. 31, 2024
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)	45,509,780	45,961,910
Shares outstanding (in shares)	45,509,780	45,961,910

Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2025

Share-Based Payment Arrangement [Abstract]

Schedule of Stock-based Compensation Expense

Stock-based compensation expense presented as “General and administrative” on the Consolidated Statement of Operations for the periods was:


	Three Months Ended March 31,
	2025		2024

Stock-based compensation expense	$	11	$	8
Income tax benefit	(3)		(2)
After-tax stock-based compensation expense	$	8	$	6

Schedule of Nonvested Performance-Based Units Activity

The following table summarizes the Company’s non-vested PSUs and changes during the period:



	Units	Weighted-Average Grant Date Fair Value per Unit
Non-vested as of December 31, 2024	956,347	$	54.23
Granted	101,825	463.10


Non-vested as of March 31, 2025	1,058,172	$	93.58

Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions

The fair value of the PSUs was determined using a Monte Carlo valuation methodology based on the fair value of the underlying stock price at the grant date and the significant inputs and assumptions summarized below:



	Three Months Ended March 31, 2025
Volatility (a)	40	%
Expected term (in years)	2
Risk-free rate (b)	3.99	%

__________________

(a) Derived from an option pricing method based on the average asset volatility of peer companies and the Company’s leverage ratio.

(b) Based on the U.S. constant maturity treasury rate with a term matching the expected time to the end of the performance measurement period.

Schedule of Nonvested Share RSUs Activity

The following table summarizes the Company’s non-vested RSUs and changes during the year:



	Units	Weighted-Average Grant Date Fair Value per Unit
Non-vested as of December 31, 2024	549,405	$	55.07
Granted	52,514	207.95


Non-vested as of March 31, 2025	601,919	$	68.41

Supplemental Cash Flow Information

3 Months Ended

Mar. 31, 2025

Supplemental Cash Flow Elements [Abstract]

Supplemental Cash Flow Information

17. Supplemental Cash Flow Information

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


	Three Months Ended March 31,
	2025		2024
Cash paid during the period
Interest and other finance charges, net of capitalized interest (a)	$	23	$	33
Income taxes, net (b)	19		—

Unrealized (gain) loss on derivative instruments included on the Statements of Cash Flows
Commodity contracts	$	182	$	134
Interest rate swap contracts (interest expense)	14		(6)
Unrealized (gain) loss on derivative instruments	$	196	$	128

Depreciation, amortization and accretion included on the Statements of Cash Flows
Depreciation, amortization and accretion	$	74	$	75

Other	(2)		(1)
Depreciation, amortization and accretion	$	72	$	74

Reconciliation of other non-cash operating activities
Derivative option premium amortization	$	31	$	—
Stock-based compensation	11		8
Bitcoin revenue	—		(42)










Other	(5)		(8)
Total	$	37	$	(42)

Non-cash investing activities
Capital expenditure accrual increase (decrease)	$	3	$	(16)

__________________

(a)Capitalized interest was $1 million and $3 million for the three months ended March 31, 2025 and 2024, respectively.

(b)During the three months ended March 31, 2025, $9 million of estimated Nuclear PTCs were utilized as a credit against our federal income tax payable.

Cash and Restricted Cash



	March 31, 2025		December 31, 2024
Cash and cash equivalents	$	295	$	328

Restricted cash and cash equivalents:


Commodity exchange margin deposits	25		37

Restricted cash and cash equivalents	25		37
Total	$	320	$	365

Nuclear Decommissioning Trust Funds - Summary of Maturities for Available-for-sale Debt Securities (Details) - USD ($) $ in Millions	Mar. 31, 2025	Dec. 31, 2024
Investments, Debt and Equity Securities [Abstract]
Maturities within one year	$ 86	$ 82
Maturities within two to five years	178	220
Maturities thereafter	358	309
Debt securities, fair value	$ 622	$ 611

- 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

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
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-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (aa)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-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
-SubTopic 210
-Name Accounting Standards Codification
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-Paragraph 1
-Subparagraph (SX 210.9-03(6))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

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

+ Details

Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Income Tax Disclosure [Abstract]
Income (loss) before income taxes	$ (187)	$ 388
Income tax benefit (expense)	$ 52	$ (69)
Effective tax rate	27.80%	17.80%
Federal income tax statutory tax rate	21.00%	21.00%
Income tax benefit (expense) computed at the federal income tax statutory tax rate	$ 39	$ (82)
Income tax increase (decrease) due to:
Other permanent differences	6	7
State income taxes, net of federal benefit	5	(11)
NDT taxes	2	(11)
Change in valuation allowance	0	20
Nuclear PTC	0	8
Income tax benefit (expense)	$ 52	$ (69)

Risk Management, Derivative Instruments and Hedging Activities

3 Months Ended

Mar. 31, 2025

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 and treasury organizations 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 earnings 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: (i) seasonal changes in demand; (ii) weather conditions; (iii) available regional load-serving supply; (iv) regional transportation and (or) transmission availability; (v) market liquidity; and (vi) federal, regional, and state regulations.

Within the parameters of our risk policy, we generally utilize 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 range in maturity through 2027. The net notional volumes of open commodity derivatives were:



	March 31, 2025 (a)	December 31, 2024 (a)
Power (MWh)	(55,477,003)	(38,615,192)
Natural gas (MMBtu)	111,394,540	32,405,460
Emission allowances (tons)	—	100,000

__________________

(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 mature in 2026 and 2029. The net notional volumes of open interest rate derivatives were:



	March 31, 2025		December 31, 2024
Interest rate (in millions)	$	840	$	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, accounts receivable, and derivative instruments. The maximum amount of credit exposure associated with financial assets is equal to the carrying value of such assets. 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 March 31, 2025 and December 31, 2024.

As of March 31, 2025, Talen’s aggregate credit exposure, which excludes the effects of netting arrangements, cash collateral, LCs, and any allowances for doubtful collections, was $453 million and its credit exposure including such netting effects was $53 million. Excluding ISO and RTO counterparties, whose accounts receivable settlements and congestion products are subject to applicable market controls, the ten largest single net credit exposures account for 90% 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 March 31, 2025 and December 31, 2024.

Derivative Instrument Presentation

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



	March 31, 2025				December 31, 2024
	Assets		Liabilities		Assets		Liabilities
Commodity contracts	$	33	$	89	$	65	$	—
Interest rate contracts	—		3		1		—

Total current derivative instruments	33		92		66		—
Commodity contracts	5		34		4		7
Interest rate contracts	—		8		1		—
Total non-current derivative instruments	$	5	$	42	$	5	$	7

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 and other revenues” and “Fuel and energy purchases” on the Consolidated Statements of Operations. See Note 12 for additional information on fair value. Changes in the fair value and realized settlements on interest rate derivative instruments are presented as “Interest expense and other finance charges” on the Consolidated Statements of Operations.

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 March 31, 2025 and December 31, 2024.


	Gross Derivative Instruments		Eligible for Offset		Net Derivative Instruments		Collateral (Posted) Received		Net Amounts
March 31, 2025
Assets	$	352	$	(311)	$	41	$	(3)	$	38
Liabilities	525		(311)		214		(80)		134
December 31, 2024
Assets	$	227	$	(154)	$	73	$	(2)	$	71
Liabilities	173		(154)		19		(12)		7

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


	Three Months Ended March 31,
	2025		2024
Realized gain (loss) on commodity contracts
Energy revenues (a)	$	(27)	$	158
Fuel and energy purchases (a)	24		1
Unrealized gain (loss) on commodity contracts
Operating revenues (b)	(241)		(108)
Energy expenses (b)	59		(27)
Realized and unrealized gain (loss) on interest rate contracts
Interest expense and other finance charges	(13)		7

__________________

(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.

Commitments and Contingencies - Legal Matters (Details)	1 Months Ended
Commitments and Contingencies - Legal Matters (Details)	Dec. 31, 2023 lawsuit case	Feb. 03, 2025 group	Jan. 31, 2025 group
Other Commitments [Line Items]
Number of plaintiff groups \| group		2	2
ERCOT Weather Event (Winter Storm Uri) \| Pending Litigation
Other Commitments [Line Items]
Number of suits \| lawsuit	5
Number of claims on appeal \| case	58

Acquisitions and Divestitures - 2024 and 2023 Activities (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended		6 Months Ended
	Mar. 31, 2024	Mar. 31, 2025	Mar. 31, 2024	Aug. 31, 2024
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from divestiture		$ 0	$ 339
Gain (loss) on sale of assets, net		$ 0	324
AWS Data Campus \| 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			$ 650
Funding of professional fees escrow account	$ 300		300
Gain (loss) on sale of assets, net			$ 324

Supplemental Cash Flow Information - Cash and Restricted Cash (Details) - USD ($) $ in Millions	Mar. 31, 2025	Dec. 31, 2024	Mar. 31, 2024	Dec. 31, 2023
Restricted Cash and Cash Equivalents Items [Line Items]
Cash and cash equivalents	$ 295	$ 328
Restricted cash and cash equivalents:
Restricted cash and cash equivalents	25	37
Total	320	365	$ 1,080	$ 901
Margin Deposits
Restricted cash and cash equivalents:
Restricted cash and cash equivalents	$ 25	$ 37

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Millions	Mar. 31, 2025	Mar. 31, 2024
Pay vs Performance Disclosure
Net Income (Loss)	$ (135)	$ 294

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
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-Paragraph 6
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-URI https://asc.fasb.org/1943274/2147483443/250-10-50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Acquisitions and Divestitures	3 Months Ended
Acquisitions and Divestitures	Mar. 31, 2025
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]
Acquisitions and Divestitures	18. Acquisitions and Divestitures AWS Data Campus Sale. In March 2024, AWS purchased substantially all the assets related to the AWS 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 until August 2024. For the three months ended March 31, 2024, 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 AWS Data Campus Sale, the Company entered into the AWS PPA.

Commitments and Contingencies - Environmental Matters (Details)	1 Months Ended
	Feb. 28, 2025	Nov. 30, 2024 group	May 31, 2024 attorney_general state
Environmental Matters, Air
Other Commitments [Line Items]
Number of state attorney generals			23
Days in abeyance	90 days
Environmental Matters, Federal Climate Change Actions
Other Commitments [Line Items]
Days in abeyance	60 days
Number of states represented by coalitions \| state			27
Environmental Matters, Effluent Limitation Guidelines
Other Commitments [Line Items]
Number of state attorney generals			15
Days in abeyance	60 days
Number of groups that challenged the EPA CCR Rule \| group		2
Days in abeyance, approved	120 days

Inventory

3 Months Ended

Mar. 31, 2025

Inventory Disclosure [Abstract]

Inventory

6. Inventory



	March 31, 2025		December 31, 2024
Coal	$	47	$	92
Oil products	63		65
Fuel inventory for electric generation	110		157
Materials and supplies, net	94		88
Environmental products	15		57
Inventory, net	$	219	$	302

Fair Value - Summary of Carrying Value and Fair Value of Indebtedness (Details) - USD ($) $ in Millions	Mar. 31, 2025	Dec. 31, 2024
Carrying Value
Long-term debt	$ 2,992	$ 3,004
Fair Value
Long-term debt	$ 3,109	$ 3,120

- Definition

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

+ References + Details

Postretirement Benefit Obligations (Tables)

3 Months Ended

Mar. 31, 2025

Postemployment Benefits [Abstract]

Schedule of Net Benefit Costs

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


	Three Months Ended March 31,
	2025		2024
Postretirement benefits service cost (a)	$	1	$	1

Postretirement benefit (gain) loss
Interest cost	$	17	$	17
Expected return on plan assets	(19)		(17)

Amortization of:
Postretirement prior service cost (credit)	(1)		—

Postretirement benefit (gain) loss, net (b)	$	(3)	$	—

Net periodic defined benefit cost (credit)	$	(2)	$	1

_____________

(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.

Risk Management, Derivative Instruments and Hedging Activities - Statements of Operations Presentation (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Unrealized gain (loss) on commodity contracts	$ (182)	$ (134)
Realized and unrealized gain (loss) on interest rate contracts	(268)	57
Interest rate derivatives
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Realized and unrealized gain (loss) on interest rate contracts	(13)	7
Energy Revenues
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Realized gain (loss) on commodity contracts	(27)	158
Fuel and Energy Purchases
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Realized gain (loss) on commodity contracts	24	1
Operating Revenues
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Unrealized gain (loss) on commodity contracts	(241)	(108)
Energy Expenses
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Unrealized gain (loss) on commodity contracts	$ 59	$ (27)

Stockholders' Equity - Changes in AOCI (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	$ 1,387	$ 2,534
Other comprehensive income (loss)	2	(4)
Ending balance	1,180	2,766
Accumulated other comprehensive income (loss)
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(12)	(23)
Gains (losses) arising during the period	6	0
Reclassifications to Consolidated Statements of Operations	(2)	(7)
Income tax benefit (expense)	(2)	3
Other comprehensive income (loss)	2	(4)
Ending balance	$ (10)	$ (27)

- Definition

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

+ References

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

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

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-URI https://asc.fasb.org/1943274/2147479168/946-830-55-11

Reference 35: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Condensed Consolidated Statements Of Cash Flows (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Operating Activities
Net Income (Loss)	$ (135)	$ 319
Non-cash reconciliation adjustments:
Unrealized (gains) losses on derivative instruments (Note 3)	196	128
Depreciation, amortization and accretion (Note 17)	72	74
Deferred income taxes	(70)	57
Nuclear fuel amortization (Note 8)	26	35
Nuclear decommissioning trust funds (gain) loss, net (excluding interest and fees) (Note 7)	23	(64)
(Gain) loss on AWS Data Campus Sale (Note 18)	0	(324)
Other (Note 17)	37	(42)
Changes in assets and liabilities:
Accounts receivable	23	11
Inventory, net	83	89
Other assets	22	(1)
Accounts payable and accrued liabilities	(60)	(154)
Accrued interest	36	29
Collateral received (posted), net	(67)	5
Other liabilities	(67)	11
Net cash provided by (used in) operating activities	119	173
Investing Activities
Nuclear decommissioning trust funds investment purchases (Note 7)	(592)	(564)
Nuclear decommissioning trust funds investment sale proceeds (Note 7)	581	553
Nuclear fuel expenditures (Note 8)	(46)	(41)
Property, plant and equipment expenditures (Note 8)	(18)	(25)
Proceeds from AWS Data Campus Sale (Note 18)	0	339
Other	7	3
Net cash provided by (used in) investing activities	(68)	265
Financing Activities
Share repurchases (Note 16)	(83)	(30)
Deferred financing costs	(9)	0
Debt repayments (Note 11)	(4)	(2)
Cumulus Digital TLF repayment	0	(182)
Repurchase of noncontrolling interest	0	(39)
Other	0	(6)
Net cash provided by (used in) financing activities	(96)	(259)
Net increase (decrease) in cash and cash equivalents and restricted cash and cash equivalents	(45)	179
Beginning of period cash and cash equivalents and restricted cash and cash equivalents	365	901
End of period cash and cash equivalents and restricted cash and cash equivalents	$ 320	$ 1,080

Long-Term Debt and Other Credit Facilities

3 Months Ended

Mar. 31, 2025

Debt Disclosure [Abstract]

Long-Term Debt and Other Credit Facilities

11. Long-Term Debt and Other Credit Facilities

TES is the borrower/issuer under all the Company’s debt and credit facilities. As of March 31, 2025, TES was not in default under any of its debt or credit agreements.

Long-Term Debt



	Interest Rate (a)	March 31, 2025		December 31, 2024
TLB-1	6.82 %	$	855	$	857
TLB-2	6.82 %	848		850

Secured Notes	8.63 %	1,200		1,200
PEDFA 2009B Bonds	5.25 %	50		50
PEDFA 2009C Bonds	5.25 %	81		81

Total principal		3,034		3,038
Unamortized deferred financing costs and original issuance discounts		(42)		(34)
Total carrying value		2,992		3,004
Less: long-term debt, due within one year		17		17
Long-term debt		$	2,975	$	2,987

__________________

(a)Computed interest rate as of March 31, 2025.

Long-term debt maturities as of March 31, 2025 were:


	2025 (a)		2026		2027		2028		2029		Thereafter		Total
Principal debt maturities	$	13	$	17	$	17	$	17	$	17	$	2,953	$	3,034

__________________

(a)For the period from April 1 through December 31, 2025.

Revolving Credit and Other Facilities



		March 31, 2025								December 31, 2024
	Maturity	Committed Capacity (a)		Direct Cash Borrowings		LCs Issued		Unused Capacity		Direct Cash Borrowings		LCs Issued		Unused Capacity
RCF	December 2029	$	700	$	—	$	—	$	700	$	—	$	—	$	700
LCF	December 2026	900		—		425		475		—		374		526


Total		$	1,600	$	—	$	425	$	1,175	$	—	$	374	$	1,226

__________________

(a)RCF committed capacity can be used for direct cash borrowings and (or) LCs. Direct cash borrowings are not permitted under the LCF, which can only be used for LCs.

In December 2024, the TLC LCF and Bilateral LCF were terminated. However, as certain LCs remained outstanding under these facilities pending their transition to the LCF, corresponding backstop LCs were issued under the LCF. As of March 31, 2025 and December 31, 2024, the amounts of such backstop LCs issued under the LCF were $81 million and $297 million, respectively (which are included in the totals above).

Recent Transactions

Secured Notes. In January 2025, the Indenture governing the Secured Notes was amended to, among other things: (i) modify certain provisions, including certain covenants and related definitions, in order to substantially conform to the corresponding amendments to the Credit Agreement obtained in the December 2024 transactions discussed in Note 13 to the Annual Financial Statements; and (ii) waive TES’s right to optionally redeem up to 10% of the Secured Notes at a price of 103% of par prior to June 1, 2025.

Other Material Terms; Security Interests

See Note 13 to the Annual Financial Statements for a description of the other material terms of the obligations outlined above and 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 $119 million under Secured ISDAs as of March 31, 2025.

Condensed Consolidated Statements Of Operations (Unaudited) - USD ($) shares in Thousands, $ in Millions	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Operating revenues	$ 390	$ 509
Fuel and energy purchases	(268)	(150)
Nuclear fuel amortization	(26)	(35)
Unrealized gain (loss) on derivative instruments (Note 3)	59	(27)
Energy Expenses	(235)	(212)
Operating Expenses
Operation, maintenance and development	(146)	(154)
General and administrative	(34)	(43)
Depreciation, amortization and accretion (Note 8)	(74)	(75)
Other operating income (expense), net	(7)	0
Operating Income (Loss)	(106)	25
Nuclear decommissioning trust funds gain (loss), net (Note 7)	(12)	75
Interest expense and other finance charges (Note 11)	(74)	(59)
Gain (loss) on sale of assets, net (Note 18)	2	324
Other non-operating income (expense), net	3	23
Income (loss) before income taxes	(187)	388
Income tax benefit (expense) (Note 5)	52	(69)
Net Income (Loss)	(135)	319
Less: Net income (loss) attributable to noncontrolling interest	0	25
Net Income (Loss) Attributable to Stockholders	$ (135)	$ 294
Per Common Share
Net Income (Loss) Attributable to Stockholders - Basic (in dollars per share)	$ (2.94)	$ 5.00
Net Income (Loss) Attributable to Stockholders - Diluted (in dollars per share)	$ (2.94)	$ 4.84
Weighted-Average Number of Common Shares Outstanding - Basic (in shares)	45,849	58,807
Weighted-Average Number of Common Shares Outstanding - Diluted (in shares)	45,849	60,716
Capacity revenues
Operating revenues	$ 49	$ 45
Energy and other revenues
Operating revenues	582	572
Unrealized gain (loss) on derivative instruments (Note 3)
Operating revenues	$ (241)	$ (108)

Income Taxes (Tables)

3 Months Ended

Mar. 31, 2025

Income Tax Disclosure [Abstract]

Schedule of Effective Income Tax Rate Reconciliation

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


	Three Months Ended March 31,
	2025			2024
Income (loss) before income taxes	$	(187)		$	388
Income tax benefit (expense)	52			(69)
Effective tax rate	27.8		%	17.8		%
Federal income tax statutory tax rate	21		%	21		%
Income tax benefit (expense) computed at the federal income tax statutory tax rate	$	39		$	(82)
Income tax increase (decrease) due to:
Other permanent differences	6			7
State income taxes, net of federal benefit	5			(11)
NDT taxes	2			(11)
Change in valuation allowance	—			20
Nuclear PTC	—			8





Income tax benefit (expense)	$	52		$	(69)

Long-Term Debt and Other Credit Facilities - Summary of Long-Term Debt (Details) - USD ($) $ in Millions	Mar. 31, 2025	Dec. 31, 2024
Debt Instrument [Line Items]
Total principal	$ 3,034	$ 3,038
Unamortized deferred financing costs and original issuance discounts	(42)	(34)
Total	2,992	3,004
Long-term debt, due within one year (Notes 11 and 12)	17	17
Long-term debt	$ 2,975	2,987
Secured Notes
Debt Instrument [Line Items]
Interest rate	8.63%
Total principal	$ 1,200	1,200
TLB-1 \| Secured Debt
Debt Instrument [Line Items]
Interest rate	6.82%
Total principal	$ 855	857
TLB-2 \| Secured Debt
Debt Instrument [Line Items]
Interest rate	6.82%
Total principal	$ 848	850
PEDFA 2009B Bonds \| Bonds
Debt Instrument [Line Items]
Interest rate	5.25%
Total principal	$ 50	50
PEDFA 2009C Bonds \| Bonds
Debt Instrument [Line Items]
Interest rate	5.25%
Total principal	$ 81	$ 81

Risk Management, Derivative Instruments and Hedging Activities - Narrative (Details) $ in Millions	3 Months Ended
	Mar. 31, 2025 USD ($)
Derivative [Line Items]
Aggregate credit exposure	$ 453
Credit exposure, net	$ 53
Total Net Credit Exposure \| Credit Concentration Risk \| Ten Largest Single Net Credit Exposures Account
Derivative [Line Items]
Concentration risk percentage	90.00%

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

Total

TeraWulf

^[3]

Common stock shares

Additional paid-in capital

Accumulated earnings (deficit)

Accumulated other comprehensive income (loss)

Treasury Stock

Non controlling Interest

TeraWulf

^[3]

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

^[1]

59,029,000

Beginning balance at Dec. 31, 2023

$ 2,534

$ 2,346

$ 134

$ (23)

$ 77

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

Net Income (Loss)

319

294

Other comprehensive income (loss)

(4)

Share repurchase (in shares)

^[1]

(493,000)

Share repurchases

(39)

$ (39)

Purchase of noncontrolling interest

^[2]

(39)

(15)

(24)

Cash contributions/ Non-cash distributions

(1)

$ (12)

(1)

$ (12)

Stock-based compensation

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

^[1]

58,536,000

Ending balance at Mar. 31, 2024

$ 2,766

2,339

428

(27)

(39)

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

45,961,910

45,962,000

^[1]

Beginning balance at Dec. 31, 2024

$ 1,387

1,725

(326)

(12)

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

Net Income (Loss)

(135)

Other comprehensive income (loss)

$ 2

Share repurchase (in shares)

(452,130)

(452,000)

^[1]

Share repurchases

$ (85)

(85)

Retirement of treasury stock

(18)

(67)

Stock-based compensation

$ 11

Ending balance (in shares) at Mar. 31, 2025

45,509,780

45,510,000

^[1]

Ending balance at Mar. 31, 2025

$ 1,180

$ 1,718

$ (528)

$ (10)

$ 0

[1]	Shares in thousands.
[2]	Relates to the purchase of remaining equity in Cumulus Digital held by Orion Energy Partners and two former member of Talen senior management.
[3]	Relates to distributions of Bitcoin to TeraWulf.

Risk Management, Derivative Instruments and Hedging Activities - Effect of Netting (Details) - USD ($) $ in Millions	Mar. 31, 2025	Dec. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Assets, Gross Derivative Instruments	$ 352	$ 227
Assets, Eligible for Offset	(311)	(154)
Assets, Net Derivative Instruments	41	73
Assets, Collateral (Posted) Received	(3)	(2)
Assets, Net Amounts	38	71
Liabilities, Gross Derivative Instruments	525	173
Liabilities, Eligible for Offset	(311)	(154)
Liabilities, Net Derivative Instruments	214	19
Liabilities, Collateral (Posted) Received	(80)	(12)
Liabilities, Net Amounts	$ 134	$ 7

Segments - Schedule of Adjusted EBITDA and Reconciling Items (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Adjusted EBITDA:
Adjusted EBITDA
Reconciling Items:
Interest expense and other finance charges	(74)	(59)
Income tax benefit (expense)	52	(69)
Depreciation, amortization and accretion	(74)	(75)
Nuclear fuel amortization	(26)	(35)
Unrealized (gain) loss on commodity derivative contracts	(182)	(134)
Nuclear decommissioning trust funds gain (loss), net	(12)	75
Stock-based and other long-term incentive compensation expense	(13)	(18)
Gain (loss) on asset sales, net	2	324
Operational and other restructuring activities	(9)	(2)
Noncontrolling interest	0	11
Other items	1	12
Net Income (Loss)	(135)	319
Operating Segments
Adjusted EBITDA:
Adjusted EBITDA	209	279
Corporate and Eliminations
Adjusted EBITDA:
Adjusted EBITDA
Reconciling Items:
Interest expense and other finance charges	(74)	(59)
Net Income (Loss)	(18)	(28)
PJM \| Operating Segments
Adjusted EBITDA:
Adjusted EBITDA	209	279
Reconciling Items:
Interest expense and other finance charges	0	0
Other \| Operating Segments
Adjusted EBITDA:
Adjusted EBITDA
Reconciling Items:
Interest expense and other finance charges	0	0
Net Income (Loss)	$ 9	$ 38

Long-Term Debt and Other Credit Facilities (Tables)

3 Months Ended

Mar. 31, 2025

Debt Disclosure [Abstract]

Schedule of Long-Term Debt



	Interest Rate (a)	March 31, 2025		December 31, 2024
TLB-1	6.82 %	$	855	$	857
TLB-2	6.82 %	848		850

Secured Notes	8.63 %	1,200		1,200
PEDFA 2009B Bonds	5.25 %	50		50
PEDFA 2009C Bonds	5.25 %	81		81

Total principal		3,034		3,038
Unamortized deferred financing costs and original issuance discounts		(42)		(34)
Total carrying value		2,992		3,004
Less: long-term debt, due within one year		17		17
Long-term debt		$	2,975	$	2,987

__________________

(a)Computed interest rate as of March 31, 2025.

Schedule of Maturities of Long-Term Debt

Long-term debt maturities as of March 31, 2025 were:


	2025 (a)		2026		2027		2028		2029		Thereafter		Total
Principal debt maturities	$	13	$	17	$	17	$	17	$	17	$	2,953	$	3,034

__________________

(a)For the period from April 1 through December 31, 2025.

Schedule of Line of Credit Facilities



		March 31, 2025								December 31, 2024
	Maturity	Committed Capacity (a)		Direct Cash Borrowings		LCs Issued		Unused Capacity		Direct Cash Borrowings		LCs Issued		Unused Capacity
RCF	December 2029	$	700	$	—	$	—	$	700	$	—	$	—	$	700
LCF	December 2026	900		—		425		475		—		374		526


Total		$	1,600	$	—	$	425	$	1,175	$	—	$	374	$	1,226

__________________

(a)RCF committed capacity can be used for direct cash borrowings and (or) LCs. Direct cash borrowings are not permitted under the LCF, which can only be used for LCs.

- 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
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-Section 55
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-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69E

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

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-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
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-Name Accounting Standards Codification
-Section 50
-Paragraph 7
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-7

+ Details

Stockholders' Equity - Components of AOCI (Details) - USD ($) $ in Millions	Mar. 31, 2025	Dec. 31, 2024	Mar. 31, 2024	Dec. 31, 2023
Accumulated Other Comprehensive Income (Loss) [Line Items]
Total Equity	$ 1,180	$ 1,387	$ 2,766	$ 2,534
Accumulated other comprehensive income (loss)
Accumulated Other Comprehensive Income (Loss) [Line Items]
Total Equity	(10)	$ (12)	(27)	$ (23)
Available-for-sale securities unrealized gain (loss), net
Accumulated Other Comprehensive Income (Loss) [Line Items]
Total Equity	0		1
Postretirement benefit prior service credits (costs), net
Accumulated Other Comprehensive Income (Loss) [Line Items]
Total Equity	13		0
Postretirement benefit actuarial gain (loss), net
Accumulated Other Comprehensive Income (Loss) [Line Items]
Total Equity	$ (23)		$ (28)

- 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
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-Section 65
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+ Details

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2025
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

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Mar. 31, 2025
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	10. Commitments and Contingencies Legal, Regulatory, and Environmental Matters We are regularly subject to various legal, regulatory, and environmental matters in connection with our business. While we believe we have meritorious positions and will continue to vigorously defend our positions in these matters, we may not be successful in our efforts, and we cannot predict the effect of an adverse outcome of any such matter. 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, regulatory, and environmental matters 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 any matter specifically described below. As a result, additional losses actually incurred in excess of amounts accrued could be substantial. Unless otherwise disclosed below, we are unable to predict the outcome of any matter discussed below or reasonably estimate the amount of any associated costs and (or) potential liabilities. Additionally, it is possible that the outcome of any such matter, including market modifications, could materially impact our business, financial condition, results of operations, cash flows, and (or) liquidity. Legal Matters We are involved in various legal and administrative proceedings, investigations, claims, and litigation from time to time in the course of our business. Such matters may include, but are not limited to, those relating to employment and benefits, commercial disputes, personal injury, property damage, regulatory matters, environmental matters, and various other claims for injuries and (or) damages. While we believe we have meritorious positions and will continue to appropriately respond to all legal matters, because of the inherently unpredictable nature of legal proceedings, there is a wide range of potential outcomes for any such matter. Brunner Island CCR Litigation. On April 2, 2025, the Center for Biological Diversity (the “CBD”) filed a citizen suit in the U.S. District Court for the Middle District of Pennsylvania alleging that the Company and its subsidiary, Brunner Island, LLC, have failed to comply with groundwater monitoring and corrective action requirements at Brunner Island’s Ash Basin 5 and have therefore violated the Resource Conservation and Recovery Act (“RCRA”) and the EPA CCR Rule. The complaint seeks declaratory and injunctive relief. Talen believes the alleged claims are without merit and that the CBD’s factual and legal conclusions are incorrect. At this time, no assurance can be provided as to the outcome of the litigation or its impacts on Talen’s operations. ERCOT Weather Event (Winter Storm Uri) Lawsuits. In connection with the ERCOT Sale, the Company retained certain potential liabilities relating to claims filed from 2021 onward against its former Texas subsidiaries seeking unspecified damages for alleged losses caused by the defendants’ failure to provide sufficient power to the grid during Winter Storm Uri. The claims also allege similar liability against numerous other ERCOT power market participants. In December 2023, five multi-district litigation (“MDL”) bellwether lawsuits, which were selected by the MDL court as representative of all 58 cases filed in the Uri litigation, were dismissed by the MDL court, a ruling subsequently upheld by the Texas First Court of Appeals. In January and February 2025, the plaintiffs (in two groups) filed for relief in the Texas Supreme Court, seeking to overturn the lower courts. If affirmed by the Texas Supreme Court, Talen expects the dismissal ruling to apply broadly to all Uri cases against Talen’s former subsidiaries. Pursuant to the Plan of Reorganization, Talen’s maximum potential damages on prepetition Uri claims are expressly limited to payments from Talen’s insurers. However, claims filed after the Restructuring by plaintiffs who did not receive effective notice of the Restructuring, if any, may not be subject to the limitations in the Plan of Reorganization. Regulatory Matters We are 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 NRC; NERC; the Federal Communications Commission; and state public utility commissions. In addition, 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, we are 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. PJM Capacity Market Reform. In June 2023, FERC accepted a request by PJM to delay certain PJM Base Residual Auctions 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 (later changed to July 2025), and December 2025, respectively; however in September 2024, the Sierra Club and other organizations filed a complaint at FERC challenging PJM’s rules establishing must-offer exceptions for PJM BRA participation by RMR resources and seeking to delay the 2026/2027 PJM BRA pending resolution of its complaint. In October 2024, PJM announced it had concerns about FERC considering the Sierra Club’s complaints about RMR resources in isolation and therefore intended to file a Section 205 proceeding under the Federal Power Act seeking FERC’s approval of to-be-determined market reforms, including but not limited to potential revisions to the treatment of 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. The planning parameters for the 2026/2027 PJM BRA were issued in March 2025. Talen can provide no assurance that the four scheduled auctions will be held as scheduled or at all. A series of filings aimed at reforming the PJM capacity market were filed at FERC. In November 2024, the Joint Consumer Advocates, comprised of consumer advocacy groups and government entities from Illinois, Maryland, New Jersey, Ohio, and the District of Columbia filed a complaint against PJM asking FERC to find that PJM’s existing capacity market rules are unjust and unreasonable and issue an order requiring certain short-term and longer-term changes to PJM’s capacity market rules. In response, PJM made two FERC filings in December 2024 to address what they perceive as capacity market design issues (the “PJM Capacity Market 205 Proceeding”). PJM proposed to retain the dual fuel combustion turbine as the reference resource and to implement a uniform non-performance charge throughout the RTO for the 2026/2027 and 2027/2028 delivery years, and to administratively include RMR units that meet certain criteria as price takers in the capacity auctions for the next two delivery years and will not assess penalties or pay bonuses to these RMR units. PJM’s filing also clarifies that being excused from being required to offer into the capacity market is no defense to exercising market power by electing not to offer. Further, PJM proposed to make changes to the capacity market mitigation rules. This proposal will eliminate the must-offer exception for intermittent and limited duration resources that are eligible to participate in the capacity market and will allow market sellers to incorporate a risk component in their capacity market offers. In February 2025, FERC accepted PJM’s proposals in the PJM Capacity Market 205 Proceeding and as a result, the changes to the PJM BRA parameters described above as part of that proceeding will be adopted for the 2026/2027 and 2027/2028 PJM Capacity Years. Following the above filings, in December 2024, the Pennsylvania Governor filed a complaint against PJM at FERC to address alleged elevated costs to consumers from the PJM capacity market in the 2026/2027 and 2027/2028 delivery years. Among other things, the Governor’s complaint proposed to lower the capacity price cap and reopen the closed interconnection queue to get new projects online. In January 2025, the Governor filed a motion to consolidate his complaint with the Joint Consumer Advocates complaint and two PJM filings referenced above. On January 28, 2025, the Governor and PJM announced they had reached an agreement to resolve the Governor’s complaint. That agreement would impose a collar on the capacity prices in the 2026/2027 and 2027/2028 PJM BRAs, with a minimum capacity price of $175/MWd and a maximum price of $325/MWd. On February 14, 2025, the Pennsylvania Governor withdrew the complaint at FERC as a result of the agreement with PJM. In April 2025, FERC accepted PJM’s proposals on a new PJM Capacity Market 205 Proceeding and, as a result, the changes to the PJM BRA parameters imposing the collar will be adopted for the 2026/2027 and 2027/2028 PJM Capacity Years. On February 20, 2025, FERC initiated a technical conference docket to consider broad resource adequacy issues across all RTOs, with the initial proceedings to take place on June 4 and 5, 2025. The Company has intervened in the new technical conference docket and intends to participate in those proceedings. 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 substances 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. In addition, in January 2025, President Trump issued executive orders directing the heads of all federal agencies to identify and begin the processes to suspend, revise, or rescind all agency actions, including existing regulations, that are unduly burdensome on the identification, development, or use of domestic energy resources. Consequently, in March 2025, the EPA announced that it will reconsider and potentially roll back 31 regulations and policies, many of which directly impact Talen, and various executive actions were taken in April 2025 to further encourage deregulation. However, future provisions, implementation, and enforcement of these executive actions and the environmental rules remains uncertain at this time. Further, costs may increase significantly if the requirements or scope of environmental laws or regulations, or similar rules, are expanded or changed in other ways. 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 revised the 8-hour ozone National Ambient Air Quality Standards for ground-level ozone to 70 parts per billion (the “EPA 2015 Ozone Standard”). This action 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 (the “Good Neighbor Plan”). Talen’s facilities in Maryland, Pennsylvania, and New Jersey were subject to the new rule; however, the entire rule was challenged by multiple parties, and subsequently the Good Neighbor Plan 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 November 2024, the EPA issued an interim final rule indicating it plans to provide NOx allocations and budgets from the previously applicable and less restrictive Revised CSAPR Update Rule until the Good Neighbor Plan matter is resolved. After initially denying EPA’s request in February 2025, on April 14, 2025 the D.C. Circuit Court of Appeals granted the EPA’s motion requesting the Good Neighbor Plan litigation be held in abeyance pending the EPA’s review of the stayed rule and further orders by the court. As a result, future implementation and enforcement of the Good Neighbor Plan remains uncertain at this time. EPA MATS Rule. In May 2024, the EPA published a rule that requires coal-fired generation facilities to reduce particulate matter emissions by the middle of 2027 (or 2028, if an extension is approved). Colstrip is not expected to meet the new particulate matter 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. In February 2025, the D.C. Circuit Court of Appeals granted the EPA’s unopposed motion to hold the MATS litigation in abeyance for 90 days. 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. In March 2025, the EPA announced that it was reconsidering the EPA MATS Rule as part of its deregulation agenda. Concurrently, the Trump administration announced it was considering a two-year exemption from compliance obligations via Section 112(i)(4) of the Clean Air Act for affected power plants while the EPA reconsiders the rule. Talen applied for the exemption and received official notification that the request had been granted on April 14, 2025. This authorization affords more time for the Colstrip owners to consider the operational future of Colstrip. Anticipating the authorization will be the subject of legal challenges, and the EPA’s regulatory reconsideration will take time and could also be challenged in court, the Company could be forced to make operating decisions about the future of Colstrip before clarity is obtained on related litigation outcomes. In May 2025, the EPA submitted an EPA MATS Rule repeal proposal to the White House Office of Management and Budget. EPA GHG Rule. In May 2024, the EPA published a rule that establishes carbon dioxide limits for new electric generating units (“EGUs”) and GHG 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 a 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. In February 2025, the D.C. Circuit Court of Appeals granted the EPA’s unopposed motion to hold the litigation in abeyance for 60 days, and the EPA filed another unopposed motion in April 2025 to extend the litigation abeyance while it reconsiders the rule, which the court granted. 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. Additionally, the EPA has formally announced it will reconsider the EPA GHG Rule. According to the EPA’s website, the EPA intends to issue a proposed reconsideration rule in the Spring of 2025 and a final rule by December 2025. In May 2025, the EPA sent a proposal to the White House Office of Management and Budget to repeal the EPA GHG Rule.The EPA has also in the past stated its intent to develop GHG regulations for existing natural gas combustion turbines; however, no rule has been proposed and no recent statements have been made. Operating decisions about the future of Colstrip are highly dependent on the fate of the EPA GHG Rule as well as the EPA MATS Rule. Given the legal and regulatory uncertainties with both rules, it is possible the Company will be required to make decisions about Colstrip’s future before it has clarity about the outcome of litigation and (or) the EPA’s regulatory reconsideration. Pennsylvania RGGI. In October 2019, the then-Governor of Pennsylvania signed an executive order directing the Pennsylvania Department of Environmental Protection (the “PADEP”) to draft regulations establishing a cap-and-trade program with the intent of enabling Pennsylvania to join the RGGI, a multi-state regional cap-and-trade program comprised of several Eastern U.S. states. 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 PADEP 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 case. The litigation is ongoing. 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. These 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 its 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 Talen’s 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, of which Talen is a member. The appeals have been consolidated in the U.S. Court of Appeals for the Eighth Circuit, which denied requests to stay the rule in October 2024. In February 2025, the Eighth Circuit granted the EPA’s motion to hold the consolidated challenges in abeyance for 60 days while it reconsiders the rule. In March 2025, the EPA announced that it will revise the EPA ELG Rule as part of its deregulation agenda while considering immediate relief from some of the existing leachate requirements. No assurance can be provided as to what changes will come from the EPA’s regulatory reconsideration of the rule, when the challenges to the EPA ELG Rule merits will be resolved, or whether such changes and challenges will be resolved in the Company’s favor. EPA CCR Rule. In April 2015, the EPA established regulations under the RCRA 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 was withdrawn in December 2024, following the end of basin operations and the initiation of basin closure. 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 effective in November 2024 (the “Legacy CCR Rule”), 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. In December 2024, the U.S. Supreme Court denied a requested stay of the Legacy CCR Rule. In February 2025, the D.C Circuit Court of Appeals granted the EPA’s unopposed motion to hold the litigation in abeyance for 120 days. 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. In March 2025, the EPA announced that it will prioritize the coal ash program by expediting state permit reviews and complete a rule change within a year. No assurance can be provided at this time as to when and how the regulations will change, when the legal challenges to the Legacy CCR Rule and the EPA’s interpretations will be resolved, or whether such challenges will be decided in the Company’s favor. Talen continues to review the new Legacy CCR Rule provisions that went into effect in 2024, 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 updated Legacy CCR Rule until the Company completes its assessments within the regulatory timeframe. As of March 31, 2025, the Company has identified required cost estimates in order to comply with the Legacy CCR Rule’s initial compliance requirements and deadlines, including the initial groundwater monitoring requirements. 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 Talen’s operations and (or) financial condition. In April 2025, a citizen suit was filed in the U.S. District Court for the Middle District of Pennsylvania alleging that the Company and its subsidiary, Brunner Island, LLC, are in violation of RCRA and the EPA CCR Rule. See the “Legal Matters” section above for additional information. Certain Resolved Matters See Note 12 to the Annual Financial Statements for certain legal matters previously resolved. 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 March 31, 2025 and December 31, 2024, the aggregate amount of surety bonds outstanding was $238 million and $234 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 $114 million and $125 million as of March 31, 2025 and December 31, 2024, respectively. 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. See Note 9 for additional information on Colstrip AROs. Other Commitments and Contingencies Talen Montana Fuel Supply. Talen Montana purchases coal from a 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 the 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 December 2024, the Montana Federal District Court granted an extension to the EIS completion date to October 7, 2025. At this time, Talen cannot predict the effect 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.

Asset Retirement Obligations and Accrued Environmental Costs

3 Months Ended

Mar. 31, 2025

Asset Retirement Obligation Disclosure [Abstract]

Asset Retirement Obligations and Accrued Environmental Costs

9. Asset Retirement Obligations and Accrued Environmental Costs



	March 31, 2025		December 31, 2024
Asset retirement obligations	$	508	$	498
Accrued environmental costs	21		21
Total asset retirement obligations and accrued environmental costs	529		519
Less: asset retirement obligations and accrued environmental costs due within one year (a)	61		51

Asset retirement obligations and accrued environmental costs due after one year	$	468	$	468

__________________

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

Asset Retirement Obligations

Certain subsidiaries of the Company have legal retirement obligations for the decommissioning and environmental remediation costs associated with our current and former generation, which include activities such as structure removal and remediation of coal piles, wastewater basins, and ash impoundments. Most of these obligations, except remediation of some ash impoundments, are not expected to be paid until several years, or decades, in the future. The most significant obligations are associated with the decommissioning of Susquehanna (which the NDT is expected to fund) and coal ash disposal units associated with legacy coal-fired generation facilities (for which the Company has posted surety bonds and letters of credit for certain facilities). The carrying value of these obligations include assumptions of estimated future ARO cash expenditures, cost escalation rates, probabilistic cash flow models, and discount rates. The carrying value of AROs associated with legacy coal-fired generation facilities may be impacted by current or future EPA rulemaking. Additionally, as of March 31, 2025, the fair values of certain AROs as a result of the EPA CCR Rule cannot be determined. See Note 10 for additional information on the EPA CCR Rule and the regulatory timeline that is expected to determine the associated scope of work.

Additionally, certain subsidiaries of the Company have legal retirement obligations associated with the removal, disposal, and (or) monitoring of asbestos-containing material at certain generation facilities. Given that the ultimate volume of asbestos-containing material is not yet known, the fair value of these obligations cannot be reasonably estimated. These obligations will be recognized upon a change in economic events or other circumstances which enables the fair value to be estimable.

The changes of the ARO carrying value during the period were:

















December 31, 2024	$	498

Obligations settled	(4)

Accretion expense	14

March 31, 2025	$	508

Supplemental information for the ARO:



	March 31, 2025		December 31, 2024
Supplemental Information
Nuclear (a)	$	249	$	242
Non-Nuclear (b)	259		256
Carrying value	$	508	$	498

__________________

(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.

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

Mar. 31, 2025

Dec. 31, 2024

Assets

Cash and cash equivalents

$ 295

$ 328

Restricted cash and cash equivalents (Note 17)

Accounts receivable (Note 4)

100

123

Inventory, net (Note 6)

219

302

Derivative instruments (Notes 3 and 12)

Other current assets

174

184

Total current assets

846

1,040

Property, plant and equipment, net (Note 8)

3,138

3,154

Nuclear decommissioning trust funds (Notes 7 and 12)

1,717

1,724

Derivative instruments (Notes 3 and 12)

Other noncurrent assets

159

183

Total Assets

5,865

6,106

Liabilities and Equity

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

Accrued interest

Accounts payable and other accrued liabilities

203

266

Derivative instruments (Notes 3 and 12)

Other current liabilities

156

154

Total current liabilities

522

455

Long-term debt (Notes 11 and 12)

2,975

2,987

Derivative instruments (Notes 3 and 12)

Postretirement benefit obligations

289

305

Asset retirement obligations and accrued environmental costs (Note 9)

468

Deferred income taxes

294

362

Other noncurrent liabilities

135

Total Liabilities

4,685

4,719

Commitments and Contingencies (Note 10)

Stockholders’ Equity

Common stock

^[1]

Additional paid-in capital

1,718

1,725

Accumulated retained earnings (deficit)

(528)

(326)

Accumulated other comprehensive income (loss)

(10)

(12)

Total Stockholders' Equity

1,180

1,387

Total Liabilities and Stockholders' Equity

$ 5,865

$ 6,106

[1]	(a)45,509,780 and 45,961,910 shares issued and outstanding as of March 31, 2025 and December 31, 2024, respectively.

Risk Management, Derivative Instruments and Hedging Activities - Schedule of Net Notional Volumes of Open Commodity Derivatives and Interest Rate Derivatives (Details) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2025 USD ($) MWh MMBTU T	Dec. 31, 2024 USD ($) MWh MMBTU T
Commodity derivatives \| Short
Derivative [Line Items]
Commodity purchase (sales) derivatives, power and natural gas \| MWh	(55,477,003)	(38,615,192)
Commodity derivatives \| Long
Derivative [Line Items]
Commodity purchase (sales) derivatives, power and natural gas \| MMBTU	(111,394,540)	(32,405,460)
Commodity purchase (sales) derivatives, emission allowances \| T	0	100,000
Interest rate derivatives
Derivative [Line Items]
Interest rate (in millions) \| $	$ 840	$ 290

Commitments and Contingencies - Other Commitments and Contingencies (Details)	3 Months Ended
	Mar. 31, 2025 lawsuit
Commitments and Contingencies Disclosure [Abstract]
Number of lawsuits	2

Inventory - Schedule of Inventory (Details) - USD ($) $ in Millions	Mar. 31, 2025	Dec. 31, 2024
Inventory Disclosure [Abstract]
Coal	$ 47	$ 92
Oil products	63	65
Fuel inventory for electric generation	110	157
Materials and supplies, net	94	88
Environmental products	15	57
Inventory, net	$ 219	$ 302

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
	Mar. 31, 2025	Mar. 31, 2024
Investments, Debt and Equity Securities [Abstract]
Sales proceeds of NDT funds investments	$ 576	$ 499
Gross realized gains	3	3
Gross realized losses	$ (2)	$ (3)

Nuclear Decommissioning Trust Funds - Schedule of Unrealized Gain (Loss) on Nuclear Decommissioning Trust Funds (Details) - USD ($) $ in Millions	Mar. 31, 2025	Dec. 31, 2024
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items]
Cash equivalents, Amortized Cost	$ 295	$ 328
Cash equivalents, Fair Value	12	3
Fair value of equity	509	509
Equity securities, Unrealized Gains	622	651
Equity securities, Unrealized Losses	(49)	(55)
Equity securities, Fair Value	1,082	1,105
Debt securities, Amortized Cost	621	615
Debt securities, Unrealized Gains	5	3
Debt securities, Unrealized Losses	(4)	(7)
Debt securities	622	611
Receivables (payables), net, Amortized Cost	1	5
Receivables (payables), net, Fair Value	1	5
Amortized Cost	1,143	1,132
Unrealized Gains	627	654
Unrealized Losses	(53)	(62)
NDT funds	1,717	1,724
Cash equivalents
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items]
Cash equivalents, Amortized Cost	12	3
Cash equivalents, Fair Value	$ 12	$ 3

Asset Retirement Obligations and Accrued Environmental Costs - Schedule of Asset Retirement Obligations (Details) - USD ($) $ in Millions	Mar. 31, 2025	Dec. 31, 2024
Asset Retirement Obligation [Line Items]
Asset retirement obligations	$ 508	$ 498
Nuclear fuel
Asset Retirement Obligation [Line Items]
Asset retirement obligations	249	242
Non-Nuclear
Asset Retirement Obligation [Line Items]
Asset retirement obligations	$ 259	$ 256

Organization and Operations	3 Months Ended
Organization and Operations	Mar. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Operations	1. Organization and Operations Talen is a leading independent power producer and energy infrastructure company dedicated to powering the future. We own and operate approximately 10.7 gigawatts of power infrastructure in the United States, including 2.2 gigawatts of nuclear power and a significant dispatchable generation fleet. We produce and sell electricity, capacity, and ancillary services into wholesale U.S. power markets, with our generation fleet principally located in the Mid-Atlantic and Montana. Talen is headquartered in Houston, Texas.

Stockholders' Equity

3 Months Ended

Mar. 31, 2025

Equity [Abstract]

Stockholders' Equity

. Stockholders’ Equity

Common Stock Transactions

Share Repurchases and Retirements. Summary of activity under the SRP:



	Three Months Ended March 31, 2025
	Number of Shares	Share Price (a)		Total Amount
Share repurchases	452,130	$	186.24	$	85
Share retirements	(452,130)	186.24		(85)

__________________

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

As of May 8, 2025, TEC had 45,509,780 shares of common stock outstanding.

Share Repurchase Program

As of March 31, 2025, the Company had repurchased approximately 23% of its outstanding shares of common stock for a total of approximately $2.0 billion, exclusive of transaction costs and excise taxes. The Board of Directors approved an $850 million portion of the share repurchases executed with Rubric in December 2024 outside of the existing authorization in the SRP. The remaining capacity of the SRP as of March 31, 2025 is $995 million. See Note 18 to the Annual Financial Statements for additional information relating to the SRP.

Accumulated Other Comprehensive Income

Changes in AOCI for the periods were:


	Three Months Ended March 31,
	2025		2024
Beginning balance	$	(12)	$	(23)
Gains (losses) arising during the period	6		—
Reclassifications to Consolidated Statements of Operations	(2)		(7)
Income tax benefit (expense)	(2)		3
Other comprehensive income (loss)	2		(4)

Accumulated other comprehensive income (loss)	$	(10)	$	(27)

The components of AOCI, net of tax, as of March 31, were:



	2025		2024
Available-for-sale securities unrealized gain (loss), net	$	—	$	1

Postretirement benefit prior service credits (costs), net	13		—
Postretirement benefit actuarial gain (loss), net	(23)		(28)
Accumulated other comprehensive income (loss)	$	(10)	$	(27)

Reclassification adjustments from AOCI to the Consolidated Statements of Operations were non-material amounts for the three months ended March 31, 2025 and 2024.

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
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-Section 50
-Paragraph 13
-Subparagraph (h)
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Paragraph 14
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
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-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
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478448/946-505-50-6

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-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
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-Name Accounting Standards Codification
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-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
-SubTopic 10
-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
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-Publisher FASB
-URI https://asc.fasb.org/505/tableOfContent

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

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

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

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-SubTopic 10
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

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

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

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

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

+ Details

Stock-Based Compensation - Assumptions Used to Calculate Fair Value of Awards (Details) - Performance stock units	3 Months Ended
	Mar. 31, 2025
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Volatility	40.00%
Expected term (in years)	2 years
Risk-free interest rate	3.99%

- 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

Nuclear Decommissioning Trust Funds

3 Months Ended

Mar. 31, 2025

Investments, Debt and Equity Securities [Abstract]

Nuclear Decommissioning Trust Funds

7. Nuclear Decommissioning Trust Funds



	March 31, 2025								December 31, 2024
	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value		Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
Cash equivalents	$	12	$	—	$	—	$	12	$	3	$	—	$	—	$	3
Equity securities	509		622		(49)		1,082		509		651		(55)		1,105
Debt securities	621		5		(4)		622		615		3		(7)		611
Receivables (payables), net	1		—		—		1		5		—		—		5
NDT Funds	$	1,143	$	627	$	(53)	$	1,717	$	1,132	$	654	$	(62)	$	1,724

See Note 12 for additional information on the NDT fair value. There were no available-for-sale debt securities with credit losses as of March 31, 2025 and December 31, 2024.

As of March 31, 2025, there was no intent to sell available-for-sale debt securities with unrealized losses, and it is not more likely than not that each of these investments will be required to be sold before the recovery of its amortized cost. The aggregate fair value of available-for-sale debt securities with unrealized losses as of March 31, 2025 were:


	Fair Value		Unrealized Losses
Corporate debt securities	$	52	$	(1)
Municipal debt securities	68		(2)
U.S. Government debt securities	52		(1)
Debt securities in unrealized loss position	$	172	$	(4)

As of March 31, 2025, the aggregate fair value of debt securities in a loss position for a duration of one year or longer were $42 million and the unrealized losses were non-material.

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



	March 31, 2025		December 31, 2024
Maturities within one year	$	86	$	82
Maturities within two to five years	178		220
Maturities thereafter	358		309
Debt securities, fair value	$	622	$	611

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


	Three Months Ended March 31,
	2025		2024
Sales proceeds of NDT funds investments (a)	$	576	$	499
Gross realized gains	3		3
Gross realized losses	(2)		(3)

__________________

(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

Stock-Based Compensation

3 Months Ended

Mar. 31, 2025

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

14. Stock-Based Compensation

In June 2023, TEC began granting performance stock units (“PSUs”) and Restricted stock units (“RSUs”) to certain employees and non-employee directors under the Company’s 2023 Equity Incentive Plan (the “Equity Plan”). The aggregate number of shares authorized for issuance under the Equity Plan is 7,083,461 shares.

Stock-based Compensation Expense

Stock-based compensation expense presented as “General and administrative” on the Consolidated Statement of Operations for the periods was:


	Three Months Ended March 31,
	2025		2024

Stock-based compensation expense	$	11	$	8
Income tax benefit	(3)		(2)
After-tax stock-based compensation expense	$	8	$	6

Performance Stock Units

PSUs have three-year ratable or a two-year cliff vesting schedules or vest upon consummation of a change in control event based on the satisfaction of a continued employment condition and the achievement of certain market conditions over a performance period. Participants will be awarded additional PSUs if market conditions exceed targets at the time of vesting. If the Company declares any cash dividends while the PSUs are outstanding, participants will be credited a dividend, payable at the time of vesting, based on the number of shares of common stock underlying the PSUs. The following table summarizes the Company’s non-vested PSUs and changes during the period:



	Units	Weighted-Average Grant Date Fair Value per Unit
Non-vested as of December 31, 2024	956,347	$	54.23
Granted	101,825	463.10


Non-vested as of March 31, 2025	1,058,172	$	93.58

As of March 31, 2025, $64 million of unrecognized compensation cost related to unvested PSUs granted are expected to be recognized over a weighted average period of approximately 1.2 years.



	Three Months Ended March 31, 2025
Volatility (a)	40	%
Expected term (in years)	2
Risk-free rate (b)	3.99	%

__________________

(a) Derived from an option pricing method based on the average asset volatility of peer companies and the Company’s leverage ratio.

(b) Based on the U.S. constant maturity treasury rate with a term matching the expected time to the end of the performance measurement period.

Restricted Stock Units

RSUs have three-year ratable or two-year cliff vesting schedules beginning on the grant date, with restrictions on transferring settled shares prior to the final scheduled vesting date for each award. The fair value of the RSUs granted is derived from the closing price of TEC common stock on the grant date. The following table summarizes the Company’s non-vested RSUs and changes during the year:



	Units	Weighted-Average Grant Date Fair Value per Unit
Non-vested as of December 31, 2024	549,405	$	55.07
Granted	52,514	207.95


Non-vested as of March 31, 2025	601,919	$	68.41

As of March 31, 2025, $28 million of unrecognized compensation cost related to unvested RSUs granted are expected to be recognized over a weighted average period of approximately 1.2 years.

Long-Term Debt and Other Credit Facilities - Schedule of Maturities of Long-Term Debt (Details) - USD ($) $ in Millions	Mar. 31, 2025	Dec. 31, 2024
Debt Disclosure [Abstract]
2025	$ 13
2026	17
2027	17
2028	17
2029	17
Thereafter	2,953
Total principal	$ 3,034	$ 3,038

Risk Management, Derivative Instruments and Hedging Activities - Balance Sheets Presentation (Details) - USD ($) $ in Millions	Mar. 31, 2025	Dec. 31, 2024
Derivative [Line Items]
Derivative asset, current	$ 33	$ 66
Derivative liability, current	92	0
Derivative asset, noncurrent	5	5
Derivative liability, noncurrent	42	7
Commodity derivatives
Derivative [Line Items]
Derivative asset, current	33	65
Derivative liability, current	89	0
Derivative asset, noncurrent	5	4
Derivative liability, noncurrent	34	7
Interest rate derivatives
Derivative [Line Items]
Derivative asset, current	0	1
Derivative liability, current	3	0
Derivative asset, noncurrent	0	1
Derivative liability, noncurrent	$ 8	$ 0