Talen Energy Corp
For the period ended Sep 30, 2025. Filed Nov 5, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Nov 5, 2025
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3. Revenue
- Revenue
The components of operating revenues for the periods were:
| Three Months Ended September 30, | Nine Months Ended September 30, | |||
|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | |
| Capacity revenues | $166 | $50 | $303 | $141 |
| Electricity sales and ancillary services, ISO/RTO | 496 | 351 | 1,385 | 865 |
| Physical electricity sales, bilateral contracts, other | 35 | 38 | 72 | 124 |
| Other revenue from customers | — | 20 | — | 91 |
| Total revenue from contracts with customers | 697 | 459 | 1,760 | 1,221 |
| Realized and unrealized gain (loss) on derivative instruments | 115 | 119 | 65 | 276 |
| Nuclear PTC | — | 67 | — | 141 |
| Other revenue | — | 5 | 7 | 10 |
| Operating revenues | $812 | $650 | $1,832 | $1,648 |
Accounts Receivable
“Accounts receivable” presented on the Consolidated Balance Sheets were:
| September 30,2025 | December 31,2024 | |
|---|---|---|
| Customer accounts receivable | $115 | $66 |
| Other accounts receivable | 65 | 57 |
| Accounts receivable | $180 | $123 |
During the nine months ended September 30, 2025 and 2024, there were no significant changes in accounts receivable other than normal receivable recognition and collection transactions. See Note 2 for additional information on Talen’s credit risk on the carrying value of its receivables.
Future Performance Obligations
In the normal course of business, Talen has future performance obligations for capacity sales awarded through market-based capacity auctions and (or) for capacity sales under bilateral contractual arrangements.
The expected future period capacity revenues subject to unsatisfied or partially unsatisfied performance obligations were:
| 2025 (a) | 2026 | 2027 | 2028 | 2029 | ||||
| Expected capacity revenues (b) | $163 | $733 | $328 | $— | $— | |||
|---|---|---|---|---|---|---|---|---|
(a)Estimated for the period from October 1, 2025 through December 31, 2025.
(b)Expected capacity revenues represents MWs cleared in PJM BRAs through May 2027.
See Note 9 for additional information on the PJM BRAs.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.