Talen Energy (TLN) 14 Mar 242023 Q4 Earnings call transcript

Good afternoon, and welcome to the Talen Energy Fourth Quarter 2023 Earnings Conference Call. [Operator Instructions]

Please note, this event is being recorded. I would now like to turn the conference over to Ellen Liu, Senior Director of Investor Relations. Ellen, please go ahead.

M.J. Thanks, Energy's Conference Talen Quarter Fourth to Call. XXXX Welcome Chief Mac Nutt. McFarland on today's Chief Officer, are call Terry Participating and Executive Financial Officer,

I'd our we Investor like operations, fourth additional that materials full our to the year and on results. information have about Relations www.talenenergy.com website, posted of quarter that provide section highlight

statements comparable expectations. we information in our measures public results provided also financial are have due factors financial some our non-GAAP to current other measures filings. described financial materials. GAAP Today, based to could differ We in reconciling periodic the Actual disclosures making forward-looking most on directly risk earnings and our

a of turn over to As a end our for prepared time Mac. remarks. the call that, allotted we now reminder, [Operator additional will the question-and-answer session at Instructions] With have I

afternoon, Thank and Ellen. Great. for today. joining thank Good everyone, you, us you

posted Ellen today, and we're have going we As follow the mentioned, slide. materials along to

X. off XXXX. transformative to value. million So like kick with $XXX strongest on starting XXXX we was were call free of We adjusted we flow. Slide year cash unlocking relentlessly billion Talen's EBITDA focused adjusted the this and I'm over history in on of and the maximizing I'd had highlighting year by $X.XX in

margins energy guidance strong summer. this through Adjusted our with the energy ERCOT's free high primarily our EBITDA range. driven along midpoint end disciplined during strategy physical This with was realized in cash record-high line higher our by of adjusted hedging and flow exceeded margin performance demand was

profile liquidity run from As long-dated with on leverage, May ample many restructuring XX to financial maturity year, emerged modest Talen business. know, last a the of you and

I currently and focused the been by initiatives, through regular an operations on Since of what way capital market recognized IPP. structure then, value, strategic unlocking not simplification call we've

help long-term Web us were invested will X we the combined capital, Looking cash and flow campus Amazon with of drive to data to growth. week, announce the first category. agreements for sale Services over our Last Cumulus excited that center at earnings X.Xx

a and We'll PPL the million resulting the our obligations about steps stakeholder to support Talen to our retirement in Montana. long-standing flows. reached cash with settlement available this significant we trapped resetting December, We've Talen talk on proceeds more taken capital litigation, a asset later in $XXX at simplify relationship with net of and key call. several structure In unlock Montana

We a out buying Orion's Mount financing took by Cumulus Bethel by with Orion assets Digital of equity their warrants. ownership share. ownership project and Lower delevered retiring Riverstone's paying Creek acquiring simplified We Cumulus loan. by loan off and ownership and our simplified associated upsizing X% We our Cumulus the by Martins the term Cumulus further approximately term

we Looking We're rate annual quarter, this it. really progress at savings. regular to cost towards million more on liquidity. a good And our operational Last actively implemented details $XX are run will our requirements way of collateral increase and capturing target, reducing Terry we program savings some improvements. making provide

practices, including and OTCQX years. with share begin XXXX, reporting listed financial in earnings program October, establishing to flow. cash excess way to returning company quarterly Talen prior guidance shareholders. was We for capital over announced private $XXX on Finally, In public and a and we adjusted to adjusted million for filings, a the calls realigned regular EBITDA X free company emergence, repurchase

for date $XX approximately back bought We XXX,XXX million. shares to

national on we're as of the conferences broader of IPP. targeting shareholder facilitate investor attending exchange year. to sell-side investment the major a community numerous engaged additional in To have increase a with this liquidity investor and second awareness conducting meetings Talen by analyst drive also stock public reemerging with We and the actively quarter community one-on-one returns, uplisting working

to on Slide X. Moving

in plan XXXX unlocking we continue how value maximizing and beyond. to Here's and

million existing we're to new fully and to on transition a $XXX is from operations, our contracts we that it an to ERCOT million We and and adjusted guidance auction working earnings late with servicing for AWS to that are we owner along sold, the need M&A in $XXX cash adding flow processes free implement $XXX the based million, EBITDA data to launched now observing Nautilus the earning revenues 'XX/'XX. Operationally, and raising from and the campus fleet for opening process monetization $XXX progress. to PJM ERCOT secondary adjusted revenues new guidance with to XXXX contracts our continues begin million, market, After the XXXX capacity recent from incremental AWS.

exploring leverage our also interest opportunities how are across and Nautilus data in deal for fleet. for other potential strategic We to opportunities recent our our

announced Shores grid PJM To in currently discussions. to and present believe the under be RMR model. creating from reliability Brandon agreements brand without we generation under provide want be RMR XXXX to XXXX, are other agreements potential market. potential for and operating the to to and last to an stakeholders the willing our continue way does situation, agreements, that engaged Talen Wagner we both must-run reached Wagner business retirement not facilities distortions in We sure, not us circumstances, in or of Nonetheless, is and insurers we RMR those work be with are and under PJM in a planned operating After only RMRs. reliability as resort requests used out June should

Baltimore. We our Club interest the on of believe within will in our of need relief we doable PJM coal both to agreement Maryland, which stop the Maryland and importantly, and permits, best lights are of from in extension Sierra most burning keeping with

IMM, we As that... [Technical Difficulty] for return and the fair equity on simply of received a and PJM Talen asked that and

for by. Thank you standing

speakers. with go ahead. our We our have Please reestablished connection

Great.

thing in of we and we most I Maryland our interest on agreement keeping and from Sorry best about about coal Clubs Baltimore. we importantly, doable a extension and with run burning PJM of I our It's the good to permits, plants which needing and in interruption. cut that Maryland are believe Sierra talking stop both off the when lights believe power within got relief from not was

off As distort previously grid for that willing any markets, PJM Wagner Sierra on PJM, and and I've fair work or the and simply energy a under Bottom artificially and return right equity received lives we the not reliability for the to that the as capacity IMM, of asked RMR Maryland, on Brandon with Club RMR said. line, we're extending under Talen circumstances. the

Turning shareholders. now to our

many We and last million under use data repurchase have since the repurchase MNPI. share it $XXX capacity have ample quarter, to given didn't we deal our program of opportunities possession our

center from with best cash working the as Board Further, to the our strategically as future transaction well on data we way deploy flows. are net our proceeds

balance over nearly globally nationwide turn filing prioritize like broader estimate demand Slide X the submitted in to a the ERCOT. demand power As baseload installed that and and half carbon demands so, to gigawatts for to of their targets. dynamics. is we the by even consumers is bit stability. demand energy at the by have load especially continue reliable large growth growing of new between authorities, a to I Power the X U.S. we talk In years. want domestically to recent work plants time roughly XX Reliable next And X, to years and of XX of and about electricity net power is gigawatts market and study FERC XXXX first for in XXXX. net reliable nuclear carbon grid targets need as additional and the into the XXXX growth power scarce from Much X.X% capacity X doubled X power towards more low power of put balancing X.X%, resulting market perspective,

where I'd increased on operates growth like the the to hit and most notably next. the PJM, our In what long-term primary forecast load past of fleet over is year, of this driver has

policy Slide and as drivers are X with growth machine centers, learning data X. the for require and administration's well build well industrial as particular, facilities. buildings, The traditional more manufacturing used power AI companies the in electrification could Xx transportation rise as by to continued and current of learning data to Turning to and AI than [indiscernible] center primary rapid industrial factories growth machine as of load

X triple More projected companies on power in expected are XXXX $X right invest [ as expected the ISO this XXXX. to trillion data MISO, center to than with XX% illustrated are of nearly the data demand the space ], PJM slide. the Southeast next years. over Tel centers Tech by to by nearly map in this U.S. and of

a generator case and co-locators. reflect before, solutions a This clear, new power unique better in the that for like compelling IPP, I Cumulus believe don't not for of is all working existing as an And data We just be makes will and unique IPPs. one growing for solutions hyperscalers matter time this transaction no the solution be been to data this but spend be demand, history transformative. said the to on an is those recent for generators center there forwards current for believe to hasn't Talen, But time we reality. or to us

We EBITDA, on over Slide $X.XX operational foundation turn previously. our our of results. Moving commercial leveraged on to adjusted strong and X strategy of solid focusing said and some as billion I

generated cash And of a after adjusted bit. that walk you flow, and pension taxes, we maintenance million going Terry $XXX through free to payments interest, and CapEx, in is

net We sheet billion leverage capital approximately management, and focus balance to on liquidity Xx. of and maintaining discipline continue $X below

our carbon-free hours terawatt well, Susquehanna with facility. XX% ran from of that fleet nuclear Our coming XX generation generating

whole year OSHA recordable team on total with basis. an full Our rate incident X.X worked safely a of

when outage we driven X with September transformer at fleet. Harold. Nueces primarily outage the the power another in and equivalent Bay due forced started wind facility at unplanned with tropical We safety in in our -- storm The Nueces across to factor had an shorter potentially extended significant and Unit during line Bay rain continue November. is extended of X.X% and unplanned an outage in main failed Susquehanna peers, outage in the ERCOT XXXX, emphasize our by This to

that brought the existing unit repaired transformer back online. and We've

Barney the spare condenser purchased Nuclear Susquehanna provide Bay associated transformer, caused the was is backup Reactor also The a and is Nueces both can by on Davis. outage not with which island. and We which for league, site

took actions within back corrective days. team XX diagnostic at and Our and brought online unit Susquehanna rapid the

I'd performance none They Montana is generation hard to financial this deliver like our operate to impressive safely their team our commitment recognize possible. to as and are company. have across to take Mid-Atlantic. our overall the to results maintain work and worked members fleet opportunity Without and improve These to the employees thank to Texas and other operational they this assets. of key from excellence,

with This on on with data Cumulus of our sold or a to I'd to few AWS. transformative gross. the campus the a X, down, invested capital transaction Of million to To XXX million $XXX the intangible debt we March like multiple what recap million $XXX minority highlights. $XXX represents most of center assets announcement, proceeds, Moving megawatts than data interest Talen receive and X.Xx. on the payoff. Talen capacity for just sales net of and pay recent hit greater of physical up call to expects fees of

allocation proceeds capital target and We our net less existing line will program. to strategy returns our deploy net supporting commitment our in X.Xx these with than leverage shareholder of

plant from will As developed, that purchase PJM Talen AWS carbon-free directly to an remaining nuclear Susquehanna sells the powering PPA, to receive power through power a or market. carbon-free the also Talen wholesale agreement, additional is power will through revenue this supply the separate from the campus PPA, campus related from and the

CFE. stream procuring revenue or Some PPAs experience refer separate you balance and this heard of solid sheet. as investment-grade carbon-free through has a in energy have us power AWS to significant

generating contracts whole. earnings as trajectory increase safely well on what focus and carbon Susquehanna us for flow these case, consolidated free. translating profitably That into allows agreements in best, enterprise at cash reliably, and we a The higher expected the contracted is as are power from this low-risk EBITDA do which to growth establish So a and with campus the value AWS significantly as level. long-term and our grows, to as Talen

is what I calculations could flow by regulations and from be in nuclear particularly of from this note cash impacts transaction impacted that final to earnings the included treasury, long-term the gross receipts. want around PTC

turn And Terry. it to let over me with that,

and everyone. Mac, you, Thank good afternoon,

flow fourth of of $XXX the XXXX, adjusted a million. For million net Talen use and quarter of free cash reported $XX EBITDA adjusted

compressed I But This and at November, costs periodic to certain which in was cash our Susquehanna our mentioned in spreads lower funding. want positively impacted facility outage reduced spark impacted and flow. note payments the benefit by an quarter cash and occur fourth by call. O&M during QX we quarter unplanned lower that negatively G&A that also

outages that at year a debt associated this happen our with twice For the during occur example, quarter, occurred primary payments our all and that service time. planned CapEx fourth

to cost in previously beyond progress of XX% on quarter, plan. our continued initiatives per O&M announced reduce the year. cost million completed fourth $XX to make over XXXX both savings identified We've and and cost the In also G&A we by

year Looking at XXXX. full

flow in with Mac We midpoint experienced risk EBITDA of capital our happy our that we strongest adjusted As effective line the discipline management largely operational hedging $X.XX program. earlier, due through to our of mostly EBITDA performances performance cost adjusted and we end guidance, managing of maintaining adjusted adjusted XXXX exceeded one report date are high finished billion over to $XXX our spend. financial free to cash flow, said million the solid free guidance. in from of and cash of with and and

in commercial by was year strategies. the our hedging Our fleet's our financial solid operational performance for performance driven

the Let drove prices, by me lower temperatures and ample gas PJM, In were power earnings mild regional wholesale on but provide gains. market cash protected markets. hedge detail supply program some and flows our more

the earned driving Our well margin. in periods especially peak during segment $X elevated plants in significant demand, summer, of billion PJM energy the of physical In over ran ERCOT, adjusted XXXX. EBITDA

offset earlier, noted including, So extended outage the Mac that as was facility. at our by partly outages, [indiscernible]

in impacted also our by segment earned $XXX adjusted Texas. of in We ERCOT XXXX. were WECC congestion million South costs EBITDA Together, and

Moving to Slide XX.

quarter. Cumulus the and gave than data we behind are adjusted midpoints initial ranges the cash free flow us, with XXXX adjusted With EBITDA guidance last higher we monetization updating

cash free $XXX to is million million, Our to adjusted $XXX adjusted $XXX million our $XXX million. flow EBITDA while range is

targets secondary planning operations, year raising addition PJM our from cash our Nautilus the 'XX. AWS include incremental and agreements auction some flows 'XX, We're these earnings capacity revenues to with and the of along for recent from

gas Moving discuss on power starting to XX. for market in, operate with like markets the to XXXX and we overviews Slide outlook briefly PJM. the I'd

you ample and gas PJM during sitting previously which, the reduced XXXX. we and run We of premium was are and in winter XXXX, of most of a that late business aware, As weather many core the with QX make seasonal in months. experienced mild exceptionally money in our combined supply risk of summer much

spreads of leading Hub and the expectations With market, West February as in power January the prices 'XX year. from PJM the winter and gas dropped the across the remainder squeezed of PJM power well summer. balance of curve prices January as until of in the lower spark compressed for February to

up to mitigate However, effects. these our set hedging program is

gas Turning following U.S. storage Gas have XXXX dropped though in prices lower premium. QX sharply now power Henry to response pricing at declined strong in ERCOT. Hub also continued ERCOT from Hub summer and substantially robust the in gas domestic a to a prices, mild South production retained producers prices winter,

fleet. As know, summer most you our period the ERCOT profitable is for

for declining spark peak supply the projected keenly that happens to from we're conditions time. benefiting but spreads on by So focused demand the of ERCOT what spark South Overall, during tight gas and expectations expanded spreads continued prices, period.

turning modest to or excess levels We our maintaining net of leverage the balance XX, maximize to and Moving X.Xx on and flows leverage capital. at remain using committed to sheet. to cash target Slide below return now

XXXX Our net debt-to-EBITDA ratio EBITDA adjusted approximately was using X.Xx.

have March liquidity $X unrestricted of X, including As of $XXX million billion, cash. we ample approximately of

As that Mac simplify our took off paying Orion step quarter we this loan capital earlier, structure. was an term noted to further the important

to the distributions a Talen cash used allocation allows from stake Talen distributions. percentage capital our equity to Furthermore, higher the flow and project Nautilus this debt in financing minority the buying of Removing cash to to Orion's our facility be of capture back up enables strategy. overall share parent

repurchased to $XX That's share I'll date. average approximately significant have remaining. weighted for shares of million Matt. these capacity to to share. only approximately update an back price we've million date, repurchase that, call our repurchase approximately With purchases a $XX XXX,XXX modest the hand As per program, $XXX to With we

Thanks, Terry. Great.

We stakes. our the run plant, is the Those anchored Q&A, intensity a and open reliably we decile strategic by and is are risk. Before helping carbon portfolio to just having which to a us table manage We priorities. important top want commitment for diverse to continued profitably. our power generate call safely, we generation reiterate believe a fleet, nuclear low I

base the and then capital as by from flexibility Our by maintaining stable physical a and our transaction commercial while initiatives have flows We're cash, of some strategic XXXX. excess demonstrated in focused we hedging healthy strategies returning doing PTC of fleet capture both the we other maintaining maximizing the to and on assets provides our our our a in upside like did we through new cash to And value Cumulus the unlocking solid balance flight. and bolstered generation prioritize sheet from hedges are with and available like shareholders. XXXX our in

We and on now joining us thank line back your you open for we I'll Talen, M.J. and to you it for today's thank call. in the We'll operator, the interest questions, for turn

question first Today's Michael comes Research. Wolfe Sullivan Instructions] [Operator with from

you wanted out you're factor Nautilus first, raise specific on I will to talked options 'XX coming of and in. that much guess you the any can were little guide there? that up some And be more. coin a maybe strategic there the positives just maybe of from I to then is parse guide offsets about how about those rate thinking how just operation the

Michael. Yes. Terry. This Sure, is take I'll question. that

there. in components X there's So

secondary secondary the single-digit -- The revenues PJM millions. auction

is additional with the So of I earnings remainder it's what would is the and -- significant the split from AWS. the that new not really then contracts tell a operations. portion. you between And Nautilus

future you how monetize And just about something or of better could think yes, Nautilus you how that and do the Okay. Great. strategic? and do

we'll looking that. in we're obviously, to at as focus And that alternatives arena. Michael, mentioned strategic earlier, So continue Mac for

but for value, imagine the the at for and we'll we'll influences, I look the look think, transaction right and value volatility shareholders. Bitcoin the can that that maximizes transaction, around obviously our obviously, you

Yes, the on Michael, and maybe to piggyback questions from Terry. both just answers

presentation go deal, you showed the if all, our XXXX. Cumulus to data we in of million First about back $XX

what's the little the the So for been as embedded. that's then Nautilus that said, guidance. moved a and anticipate add residual view and of the midpoint on what then the you bit, Terry And year, that's we through just can auctions distributions

second coin the that said the in I think make with I'd is to previously respect we've point we're necessarily not Nautilus business. that

strategy coin We are the to XX%, our long-term in that's now because but right be we necessarily own not business.

let's But a second. that about just talk for

to strategic flexibility Orion One order taken. that were debt. had Nautilus things. we've do the that on things steps to to the to to remove of had we partners those the out us get We right, governance. in allows done We had control the the We've that our buy

So have Nautilus. or now more to significant we a a of we amount strategically freedom do do amount want to significant with what of freedom

other That's sale than Okay. And know I anything, timely but helpful. of then would to I the QX uplifting the timing super this, answer prevent guess, I there? target think the just ERCOT that

continue So the a exercise on implication would One, and with there's on data line had time repurchase program; we're is it that. the ERCOT we can QX us that that okay? able being to have we that uplisting. And about would conflict if things. complication And a -- at could obviously in our all an some two, process, I certain Michael, on which for stated, from the complication X share path, say point obviously, progress it if to that, the that's has we like and do

no real outside hurdles. other of Okay. ERCOT, But

Now opposite Yes. side. for the

next with Seaport. comes The from question Angie Storozynski

wit;h wanted calculation. simple maybe net the start about very So I question debt to just a;

million XXXX. a then you from point me showing for So you're number, included just end what for that the $X.X of showing what that the And bridge us. to in is

share I numbers, are X these to how know X ranges. again, reflected those buybacks, So cumulus those proceeds, want in

question, a Yes. very take I'll that. that was so let Angie, Terry detailed

afternoon, Good Angie.

debt So are over I included well. $X.XX secured we've bonds billion, there just in billion. the that, [indiscernible] in think then we've of in And under as -- our got just the $X.X got

significant about got of you million. gets a unrestricted in to obviously, of amount then that $XXX point this at billion. So $X.X And cash we've time

to believe, you gets is then so was down And XXXX? question, I that's what on your $X.XX. the And second

doesn't so that buybacks. includes forgot range. -- mean basically, point any the number, that I Yes. XXX X.XX]. to I That -- it range One number that, seem [

cash just of to with so and bridge And trying lack I'm buybacks. the generation this the flow free

Angie, help looking looking at? material could you Or you you are what slide at? me what are

And that's provide So the do so $X.XXX guidance right? XX, [ for Net ]. I flow right? to basically, you right? for 'XX, [ and ] $X.XXX to generation basically Slide how cash for trying That's during debt, net this debt So no? buyback. to account to from trying year I'm And Slide how -- understand the I'm the just this currently $X.XX range? that XX, get

I understand. I understand.

at apparently, font Angie, for this I I'm like looking apologize, and we So myself. And footnotes. small

does anything not reflect our this or So strategy buyback. on XX share potential around capital Slide allocation

So standpoint. you don't in. buybacks, would from obviously, to factor And we sensitive that a have forecast commercially

Yes. to from just back offline, I accounts sorry, do proceeds of just it I'm the again, can going the we but I'm But initial million know $XXX -- for Cumulus. starting point, and this

I'm in million So this Or is this point? for in additional waiting already starting waiting which is still reflected escrow? $XXX

net It $XXX the reflects transactions. from proceeds the Cumulus of million

our the and in So like. is taxes mind the million of the the Orion keep the after debt, proceeds number after fees, net paydown that $XXX

Okay.

that preferred in, say, is you've are to assets I is X I But next consider now do those [ other and so be months, there the -- how coming. forward? your want secondly do mean, stand-alone then you ] -- Again, What the Texas any risk? strategy you earnings optimized do concentration path you and Cumulus right, And what understand a going how XX the still is to have you your company? X ATLAS Okay. coin the routes, step?

Angie. Thanks, Yes.

fairly capturing those. look being doing in offer that in while We said I for we value with we We're And and at that to maximizing uplift is valuation. we're reflected what the the that sticky it Martins with comfortable like think asset, believe right through actually power you about We've gas a don't profile. and strategy. sparks as of assets, includes out-of-the-money our our create We shareholders. hedging accurately sparks an Creek that that widening significant QX. selling think Brunner, doing value of some have we're that were by concentration as that, phrased our widened assets now started we're value our got options, we have we've down, come optional what clear have associated in associated to been capturing when 'XX Montour, that and amount ERCOT has

protection higher We an have And suggest growth in of growth through that credit with can I one would and PTC. of -- flow, counterparty. the to you the free that data our downside on offer is that credit, through investment-grade cash the XXX things midpoint defined that we A of than center development A base our EBITDA

And there's we and an an again, where like that portfolio that. think for positioned, like that is appetite IPP we

potential Okay. we then sales? those lastly, whatever assets. getting leakage Texas we are should about tax on Again, ready as And NOLs. expect from as updates and to the What your coin

at think XXXX, I the of is, So NOLs remain. Angie, of federal that end I we what billion with share would you $X.XX approximately had

limitations So a There shield shield bit obviously, standpoint. got those NOLs our post-bankruptcy of NOL that there. a But a we've tax are that's little from on remains.

Zaffino Ian from is with question Oppenheimer. next The

your leverage room to the seem your Your question, take up guess, or to like to It have on leverage. you buyback get meaningful following up I target. the does

you gets way max to of go. where want how part about leverage so the thinking authorization are Because your an buyback, you And you only or right? the ultimate

period to do on going we you're going think there question a would are going the the about that? that out How blacked as you in blackout going are are authorization? sort of be our be raise throughout where And -- right a follow-up now to be you cuts in to -- not So you periods because quarter, on. look then

So to how opportunities stock? you the or how large think days buying are, stop or opportunities do back about the the

like not Yes. a period and But we're blackout add to to wait provided M&A you subsequent look, our we Ian, end in -- a take going we're in quarter wait have end shares to going then and of let on. much to filing blackout the until things. we you're see period. of quarter repurchased. have I'll that those with we've to see the we just here, how do not did And know and But activity, the can because or whether types of event until you'll Terry

share market program utilize program, -- to potentially trading at repurchase as And XXbX-X look well purchases both window. We're ability that the looking the implemented to a gets during of as as open part an are there's at to we're have you the going of we've here -- confluence We're alternatives Nautilus. ERCOT process. be in is but progressing a strategic they which with things, told looking to going

significantly We question, powder have the look repurchase add a you share that, lot But $XXX the would we I just add the And going program. X the still on balance optimize we of Angie of and return that, to escrow at we'll I million dry is our as We best end sheet, the of as there look and a we've development and cash that that further excess release. We're what to we just and to to premature. appreciate milestones, the leverage by walking through were have -- reduced way with sit 'XX. here of shareholders. cash at net year-end tell it's cash this about quarter or to

data I the lays then you out locked hyperscalers. capitalize Okay. up, on It and for X because the Slide to centers from of done. quarter opportunities X Susquehanna for there any power really the guess Is other is this kind need great. the And

So would data and grow? need anything for looking at there is the centers map, power of impact that else this your kind business as

are you've that people coal. that there other people of colleagues Well, There at tell and fetched did I deal. Yes. industry I know about power. But amount is tremendous considering are seems that a need think we carbon I far at the opportunities. that will heard we're are in and odd I yes, thinking -- given for our not are people there, -- some it's you, looking that looking there actually as looking of just said, a gas and out state X

So opportunity to I an that there this. expand think is

that the getting center on than one not the of on lose that covered X and implementation schedule do And that if that and of But the the value focused as XXXX on that's we of you faster And March out data is let's things in X as on milestones maximizing incremental in value that and we're transition Page presentation, we laid sight. what built. can too. the data our campus well the do

I going done wouldn't perfect driving towards and in the it's over laid we're there, time. they the maximum to that there. we out XXX megawatts minimums than but We're the it So we're say schedules and on the for and one, that the minimums. got get work not was done. Susquehanna X it to looking sooner It's deal the

that control you but growth talent And that. would we So see to asks, facilitate for the obviously, don't we're that to think that thing, question looking a week, that. everybody well, growth campus, the information last other think Ian, transaction I the help you facilitate just the the to can when AWS Mac's add We help comments, profile? what broader with that, the we and we certainly development a sizable shared we get profile is can that of about, the have. you once think And market about

fairly growth you road. from X years in adjusted the EBITDA with I Talen. for if shows and potential year, took this happy for a profile range guidance then X, example, We're growth what down factored mean, that X, for our

in we're it clears we're which off day megawatt at $XX let's capacity and has And sitting were which right now, of X. $X.XX a Terry not right? 'XX, gas a sitting market, at year PJM grown So the forget

in low commodity the growth. But you believe fairly over time this reflect it's said length XX is curves, that demand does a going we're don't XX demand and of much other that said Page demand right? couple these and can in gets then we're was it thin projected first maybe load the up at markets why that and next all markets, I thereafter. growth load environment not power show sitting point ISOs. it we're growth years. back, I and visible the this the all start don't or That load So current that's months, market on being to any tenor, for very seeing months, I tell coming you, this have see to The X

concludes session. hand much. to call I'd Mr. for closing McFarland This our to Thank over question-and-answer remarks. you like back very the

thanks everyone and in for great, Well, I got and to your for music. to technical support joining difficulties intermission about apologize the where you us the there short of continued listen Talen,

good hope I Take So a has everyone day. care.

has Thank participation. your you The conference concluded. for now

You may your now disconnect lines.