Talen Energy Corp
For the period ended Mar 31, 2025. Filed May 8, 2025.
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Mar 31, 2025 · Filed May 8, 2025
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19. Segments
- 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 | |
|---|---|---|---|---|
| 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 |
| 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 |
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