Talen Energy is an independent power producer (IPP) that owns and operates roughly 13 GW of power generation in the U.S., primarily in the PJM wholesale electricity market. The cornerstone of Talen's fleet is the 2.5 GW Susquehanna nuclear plant (90% owned), which produces zero-carbon baseload power at low cost. The fleet also includes a growing portfolio of combined-cycle natural gas (CCGT) plants, plus intermediate and peaking units, and a shrinking legacy coal fleet being converted or retired. Talen sells electricity, capacity, and ancillary services into PJM's wholesale markets, earning revenue through spot and bilateral energy sales, PJM forward capacity auctions, and long-term contracts. The most notable contract is a 1,920 MW fixed-price power purchase agreement with AWS to supply nuclear power from Susquehanna through 2042, with AWS's data campus co-located on-site. Two legacy coal plants in Maryland also operate under reliability-must-run agreements providing fixed annual payments through 2029. Talen's growth strategy centers on contracting existing generation to large data center customers at premium fixed prices, then using the improved cash flow profile to acquire more assets. Talen recently acquired two modern CCGT plants in Pennsylvania and Ohio for roughly $3.8B, and has agreed to acquire three additional facilities for roughly $3.45B, expected to close in the second half of 2026. Talen targets net leverage of roughly 3.5x and aims to return 70% of free cash flow to shareholders through buybacks once it reaches that leverage target.