Talen Energy Corp
For the period ended Jun 30, 2024. Filed Aug 13, 2024.
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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.
Jun 30, 2024 · Filed Aug 13, 2024
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4. Revenue
- Revenue
The disaggregation of our operating revenues for the periods were:
| Successor · Predecessor · Successor · Predecessor | ||||||
|---|---|---|---|---|---|---|
| Three Months Ended June 30, 2024 | May 18 through June 30, 2023 | April 1 through May 17, 2023 | Six Months Ended June 30, 2024 | May 18 through June 30, 2023 | January 1 through May 17, 2023 | |
| Capacity revenues | $46 | $26 | $42 | $91 | $26 | $108 |
| Electricity sales and ancillary services,ISO/RTO | 249 | 130 | 85 | 514 | 130 | 281 |
| Physical electricity sales, bilateralcontracts, other | 22 | 6 | 13 | 86 | 6 | 62 |
| Other revenue from customers | 29 | 15 | 18 | 71 | 15 | 27 |
| Total revenue from contracts withcustomers | 346 | 177 | 158 | 762 | 177 | 478 |
| Realized and unrealized gain (loss) onderivative instruments | 100 | 124 | (21) | 157 | 124 | 732 |
| Nuclear PTC and other revenue (a) | 43 | — | — | 79 | — | — |
| Operating revenues | $489 | $301 | $137 | $998 | $301 | $1,210 |
(a)During the six months ended June 30, 2024, $51 million of estimated Nuclear PTCs were utilized as a credit against our federal income tax payable. See Note 5 for additional information on the tax impact of the Nuclear PTC.
Accounts Receivable
“Accounts receivable, net” presented on the Consolidated Balance Sheets were:
| Successor | ||
|---|---|---|
| June 30, 2024 | December 31, 2023 | |
| Customer accounts receivable | $104 | $52 |
| Other accounts receivable | 47 | 85 |
| Accounts receivable, net | $151 | $137 |
During the six months ended June 30, 2024 (Successor), the period from May 18 through June 30, 2023 (Successor), and the period from January 1 through May 17, 2023 (Predecessor), there were no significant changes in accounts receivable other than normal receivable recognition and collection transactions. See Note 3 for additional information on Talen’s credit risk on the carrying value of its receivables.
Future Performance Obligations
In the normal course of business, Talen has future performance obligations for capacity sales awarded through market-based capacity auctions and (or) for capacity sales under bilateral contractual arrangements.
As of June 30, 2024 (Successor), the expected future period capacity revenues subject to unsatisfied or partially unsatisfied performance obligations were:
| 2024 (a) | 2025 | 2026 | 2027 | 2028 | ||||
| Expected capacity revenues | $101 | $85 | $3 | $3 | $1 | |||
|---|---|---|---|---|---|---|---|---|
(a)For the period from July 1 through December 31, 2024.
The PJM capacity auction for the 2025/2026 PJM Capacity Year was held in July 2024. Talen cleared a total of 6,820 MW at a clearing price of $269.92 per MW-day for the MAAC, PPL, and PSEG locational deliverability areas. The PJM capacity auctions for any years thereafter have not yet been held. See Note 10 for additional information on the PJM RPM and auctions.
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