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Talen Energy Reports Second Quarter 2024 Results and Raises 2024 Guidance
HOUSTON, Aug. 13, 2024 (GLOBE NEWSWIRE) -- Talen Energy Corporation (“Talen,” the “Company,” “we,” or “our”) (NASDAQ: TLN), an independent power producer
About this update from Talen Energy Corporation
[{"type":"text","content":"HOUSTON, Aug. 13, 2024 (GLOBE NEWSWIRE) -- Talen Energy Corporation (“Talen,” the “Company,” “we,” or “our”) (NASDAQ: TLN), an independent power producer dedicated to powering the future, today reported its second quarter 2024 financial and operating results. “Talen has had another active quarter. Our fleet ran well during unseasonably high temperatures in PJM, and year-to-date, we are reporting $376 million of Adjusted EBITDA and $165 million of Adjusted Free Cash Flow. Building on our strong results, we are raising guidance for 2024. Furthermore, the PJM 2025/2026 capacity auction was held in July and cleared at significantly higher prices than prior auctions. We cleared 6.8 GW of capacity at approximately $270 per megawatt-day,” said Talen President and Chief Executive Officer Mac McFarland. “We remain committed to our shareholders, completing a $612 million tender offer in June and repurchasing $280 million in shares in a private transaction and uplisting to the NASDAQ in July.” McFarland continued, “We are proud of the value we have unlocked in the last 14 months and believe there are more value creation opportunities ahead, especially in the current market backdrop. Join us at our Investor Day on September 5th, where we will discuss our 2025 guidance and 2026 outlook, a capital allocation update and our long-term growth drivers.” Key Highlights For second quarter 2024, reported Adjusted EBITDA of $87 million and Adjusted Free Cash Flow of $(29) million. For first half 2024, reported Adjusted EBITDA of $376 million and Adjusted Free Cash Flow of $165 million.Raising 2024 guidance ranges, with a new Adjusted EBITDA range of $720 to $780 million and a new Adjusted Free Cash Flow range of $245 to $285 million.Favorable results for the PJM 2025/2026 Capacity Year Base Residual Auction (“BRA”), with 6,820 MW clearing at $269.92 per megawatt-day.To date, Talen has repurchased $931 million of stock (approximately 14% of outstanding shares), including the purchase of $280 million of stock from our largest shareholder in July.Started trading on NASDAQ on July 10, 2024, increasing equity liquidity and enabling greater investor access.Announcing Investor Day on September 5, 2024, with an agenda that includes 2025 guidance and 2026 outlook, a capital allocation update and long-term growth drivers. Summary of Financial and Operating Res...