Talen Energy (TLN) 13 May 242024 Q1 Earnings call transcript

Good afternoon, and welcome to the Talen Energy First Quarter 2024 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. Please go ahead.

Thanks, Jona. Welcome to Talen Energy's first quarter 2024 conference call. are Terry Officer, Nutt. call Chief McFarland; today's Officer, Financial on Chief Mark Executive and Participating today's like discussed website They executives posted during today. of to quarter joined and materials address information about as additional are by filed Relations questions the other on the second section www.talen.com the we results highlight that to website, provide other Talen Investor disclosures senior call have necessary.I'd of on call TLNE operations, that first on page our continuing of and matters the the OTC part our

reconciling We filings. could have call earnings also non-GAAP now differ [Operator factors described due statements public to based financial to provided GAAP will turn forward-looking the in some information the comparable most to and our risk financial on making measures other our periodic our directly Instructions]With in current results measures Actual over disclosures I are we that, materials.Today, financial expectations. Mac.

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

As through strong we reference we pleased QX, report and are as Terry financial those and on slides earnings I go an Ellen we presentation have prepared X and will remarks.Starting to Slide with mentioned, performance. operational our and posted

forward fleet from higher our payments along increasing updating loan hedging $XXX of On by generated lower forward spreads, commercial remove spark in going on QX, million that, EBITDA realized $XXX term million and and with and our our to largely ERCOT the we fleet hedge $XXX strategy. adjusted fleet Our million repricing. prices our from driven free XXXX adjusted guidance are remaining for guidance interest of cash flow gains of

adjusted start quarter. $XXX flow EBITDA million XXXX, to this free $XXX strong and to a unlocked are off are of Our million multiple in new in ways million ranges million.We adjusted $XXX cash we value guidance to of $XXX and

materially of our market, process launched announced As in the the for call, M&A opening for Energy by successfully after month, of $XXX valuation rate X,XXX-megawatt CPS May in we Earlier assets and late our the a an drops XXXX. $XX decreasing annual ERCOT basis the interest B by which ERCOT our to million X, points, C we this QX approximately gross, than those sale a capturing XXX completed on consensus on term fleet repricing interest higher monetization observing closed loan million. estimates.We

obtained other and proceeds also on net sale waiver debt for estimated ERCOT our from a requirement the amendments We achieved our $XXX million the agreements. in paydown credit of

greater in that capital outlook will term S&P and after to note repricing. the maintain continues that our All flexibility.I of allocation also outlook enabling loan upgraded positive this early April to

the XXXX.The exiting the proceeds sales contracts. to we of of business half assets many in Data way. remain from we a then, earning revenue sale along in in the revenues Bitcoin AWS for with in As currently Nautilus escrow second Since million, signing mine Cumulus progressing, $XXX committed coin interest you in long-term $XXX of the started to monetization and we the million and AWS for is anticipate announced process of know, March, value-accretive our our the of release

$XX of continue program, and data potential date. target savings fleet.In have to cost explore million we recent other opportunities also million the our last how $XX across fourth for leverage of a We deal the to our implemented quarter we to achieved year,

operating our both continue megawatt.Finally, ways billion. the This for capital year-end management achieve expenses back by repurchase on expect full flow remaining to and most the repurchase are effective to save to $XX a Board's to evidence capacity upsizing optimize XXX,XXX to our shareholders. shares per share for share to bought we cash of million our amount of $XXX and we total way existing on the $X million. focus review date program, our can we for SRP We CUSIP look return conviction Today, is S-X to and planning as continue performance recently to the Under liquidity be can flow major exchange generation that and we refreshing continue we we our equity, In maximize last announced before to long-term month, financials. its become a announced cash execute draft exchange the will in transparency will our towards to profile.We QX our The and before uplist for of a national effective. our and to SEC uplisting on complete work S-X investors. or are uplisting interim, need to

our one, classes X on investors.Turning will to we become to X. X(a) ] the allow all of Slide emergence, are to which broader on XXXXs after have transactions. liquid year quoted enable trade which One more exchange (X)s shares become is our ], (X)s that XXXXs, [ be we the which XX, As private will a [ This a of X(a) and shares. accessible quoted OTCQX. to universe can May The reminder, and shares OTCQX outstanding for visible in

Let's more results financial look details. our operational at in and

X of in from an Susquehanna carbon-free nuclear our and generating generation X.X%, EFOF facility, which that in the first April. well quarter terawatt was spring successfully only hours outage started comes ran with fleet refueling also of Our completed and its XX%

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quarter Our of up take to market good advantage tees this performance exciting us trends.

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adjusted new flow is We're interest $XXX of free which cash expected million million to our million also $X adjusted million, EBITDA to Our $XXX approximately payments. million. revising $XXX $XXX range lower to includes

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of $X approximately In nearly including cash. of had addition, liquidity, unrestricted billion we $X.XX billion

it's XXXX, to only health I billion a important by loans, to we interest $XX points, our the to think lowering repurchase our of leverage $X basis savings. successfully were XXX is expected which repricing share would program our we recently X.Xx.To in bolster out balance of approximately that utilize entire generate point interest of be million further ratio of completed still rate the if even our upsized the sheet, annual term net

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mentioned our in earlier, As cash on resulted have and sheet. available $X Mac over transactions balance of the billion successful operation

repurchase call repurchased approximately program value back reflects continued approximately XX% we the focus Mac. belief in average demonstrates Given I'll business. billion per opportunistic capital to an our approximately hand shareholders the XXX,XXX a continued Board an authorized on our share our $X XXXX, To implying At basis. and leverage shares will repurchases an execute to ample remaining share of our million, share, to $XXX $XX modest for increase date, program billion. and price current of market recent of $XXX share that, the a approximately our profile, prices still runs cap. through $X repurchase we to liquidity $XX share.With our The continued This has year-end of on capacity returning and in

to your Great. and operator questions. we're everyone going Talen. today With it that, take Thanks, over the and in joining for Terry, and us to thanks turn interest

line now Instructions] from the Sullivan session. We begin question-and-answer Wolfe first the [Operator Research. from comes of Your Michael will question

tracking any 'XX new Can us be base around of? the to a disclosures hedging. 'XX sensitivities is and all the off we how what color you just and to give have for for around so relative Thanks 'XX, may sense sensitize

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

a the look prepared when noted in obviously, you and remarks, think spark 'XX, we've move 'XX seen I as spreads. in at

modeling So we standpoint. from a that for tried to everybody highlight

the prepared the think this earlier to see earnings is that in that, we're contract to and starting thing those of comments, I years. to noted layer AWS into in that have starting other from his Mac you both in lay and

view add I impacts 'XX sort starting so previously we of get material back on And you those from 'XX that the would But of refer on provided that and can standpoint, the sort of a incremental 'XX. and transaction. to items the directional

then helpful. from you now, coming think just right That's when cash another unrestricted AWS about And Okay. we million said billion transaction $XXX sort in your I year. and this position of later cash, you the very $X.X think have

simple do be or match $X.X billion, increased the that is billion, less remaining How that available could buyback with the for think As today, up million. about well? math, the Is just as potentially $X we spoken $XXX that? we

good question. Michael, So

we I I get made the and think would factor as business, things shareholder have to QX generally, yes, QX, returns. comments a for cash refer activities those forward consideration. the couple earlier. But we we for and that of that. I so you to higher to other When cash around on do into could have factor move additional needs you

question line Your Angie [ ] of next Storozynski. from the comes

XX% not likely the given to pickup for above pretty XX% out cash first, pickup free laid just the in mention capacity to So CAGR and that you looks AWS sparks, a in the or just drivers flow, at me actually prices. the low CAGR

I So XX%? low. above looks is again, really number mean meaningfully it that

that all, how conservative Well, of Look, it Angie, hear record, expectations. are we've committed let hopefully, first being track think I way, you? from and delivering me you. say Good on being that of to a to demonstrated

visibility that. there, X And to to of provide so we're looks years we the out making And And is I think next like. that, wanted when we we the look point what some have that indication contracted get there's lot years out of liquidity years through increase are X, just out that the markets. and power the not X a in in you that not in comes of to lot sparks revenues, a when at

a that's sparks. that AWS as was we have of it, of have provided, think out these not and wanted realize process contract look, question a asking the last I XX the increased we'll growth to as disclosure on doing an opportunity before. It's of people bankruptcy we are and And Michael year the But the through growth. having I that so view year some been the on we to cash while we seeing and in the lost the not since think of January well doing that direct that. We're early update We're provide give us. but stages guidance, in just to flow visibility guide, provided during

other besides buybacks, IPPs? And transactions? Understood. are is like to guys are guess. combinations replicate private there uplist, And either on? plans? public then large the there has anything to been I else that transaction any on now about working working Cumulus you buybacks But thought the the that asset-based this maybe at you monetized, portfolio a the with either you again looking enlarging at any or M&A strategy existing potential Is or Are guys

like the it. Appreciate on persistence your question. And I Yes.

as we're to you comment don't tell we're mentioned, M&A. We're do I rather X, thing. but implement the to the us, right value. showed We of a sooner the deal that mandate, I then we're because as that, deal we're say it's also escrow. on looking revenues becomes out half more contracts working as out as to with mention a of we as to that real well more big know, milestones coin later. everyone as knows, the and that where schedule and than a looking the make on aspect, to going saying laid the from I that right, we at for AWS. are to done, much get full But we campus And coin can same looking necessarily wouldn't as you get part we release that We're As campus collect we've sure long-term did will March that starting on to built, built. That's

then and repriced AWS. on that also of we've just so we a closed heels that, the on and got ERCOT the And lot was term we there, loan. transaction, completed the And just going and

we So a to But them quite talk done. working I you of so. going stuff don't frankly. about things, know think we've doing let And that few quite could get on. be or continue been not other some when to we're do the we we could We'll

one Okay. prices. about PJM And the capacity last

these X year. auctions So we have this

to The that first your will PJM. sensitive seems capacity prices be wondering, implemented. not one still have some of But rule changes set just in assets uniquely I'm

see how those So I'm wondering evolving? you

look, front see we'll run should be want the clears, where and in think auction that capacity Well, auction. power are We tightening, to don't do the the the markets markets. that reflected

capacity If of through play, our you one way, and been mentioned. I And see also you of at that, years Terry low. last been went more of gas And that couple last for I retirements the the those yes, they've in a plants, couple fairly I as hope MAC, rules things is while think, clears gas plants you tightening continued RTO look markets. the are the have or past and the think new that by

more Going plants generation, these there, the if slide more you exact forget in what and if Terry, the at look will, I expanding sparks and becoming money [ the ], are forward, but the you as is X and gas sparks that number expand.

capacity an energy don't to run they and I both But see, comes Angie, like so to And spark are when play. we'll front a to have those. it that,

and auction in think tightening our the have in should markets 'XX, we are next be views, We July. 'XX reflected but that do the

next Oppenheimer. Your from of comes Zaffino line the question Ian from

an on data at of for some the bit guys little I your know other potential of a gave centers you locations. us other update

least center, just data centers either discussions the ongoing or if a create that. facilities the case, a at Colstrip let's had Bethel. that's data make about You need Mount And Lower what available or to would to you for say,

to it. good question. Look, It's fairly from Ian, hear I a Yes. open-ended you. appreciate

will, able going look how right obviously, data the and you working that don't on contract And get been demonstrate that's until that other that. in there's about lot long we've to now commercial it. with it, AWS leverage But bit think to to looking we're you're it's But little create we we're if we interesting is and in we center first-mover comment learned a that on because we're a well, I talk a to say, on activities at advantage, can transaction say going capacity. what term to we're contract to a nothing that to to how than done. what

we Okay. you're this market purchases? to a capital? billion much to [ open return Would it Would $X just expect or the should it thoughts buyback how just And Dutch potential, any be then way that? on do What ]? on on going be a

the this Terry, Ian, Yes. is way. definitely by

to respect share been repurchase what avenues that guess billion has the number approved the to you $X the with utilize And I end different #X, the of commit by program, Board. we'll would day. of So the at I is, for a

is loaded, between so And the locked and now end we'll and of execute XXXX. that and that

is the other to I to a think shareholders our thing timely we manner. want in money return

move so And we'll comes purpose that. it to doing with when

that you of the respect program. sense a hopefully, gives share right. direction So of repurchase to the All travel with

[Operator the Khorsand. Hamed of Instructions] line comes Your from next question

up, what's expectation not where seeing it of is is increases was question the that regulatory demand go look to supply? you obviously, this of kind run electricity. risk you So have 'XX you're that when the demand out nation out the really to my And about and going here and going to the action

and principally particularly been that concept send in to market ERCOT, to do auction Yes. mean signals 'XX, you to is introduced been The that several times, planning if in at revamped be years of generation. for advance. we're has that and Well, market The now market that the drive market out ready next an we're year's has year is I question. PJM. the build a concept capacity of 'XX, for look we're and after it's new to which intended the here getting of good X entire

And we hopefully, for when steady so growth. send get to capacity that markets, state back a will signal

well. transmission which additional which some to go a thermal think as consequential on, well not of and load perhaps regulations. to as is generatoin I generation towards Now are requires as been there's going new is comes that when that renewable generation, renewable it typically is lot push from dispatchable, huge generation newbuild centers, a be away to which build coming externalities There's

be that, I mean, look think you the and all RMRs time, we can at, done, for at there is that at as relieve it's filed of over solved going Brandon If X at of to I Wagner, example, that to look those going that so take And come by years okay? to just to get million that PJM upgrades are transmission least transmission. estimated $XXX-plus but and

seen but they eventually has security, because to take think I So not queue the of material the to all been necessarily been have ramped build past, quicker. But and will the I of we they grid be response has resolve. there CCGT a time themselves, hit And as won't light those a energy we could will the will in size. and let out that go constraints country, that and up resolve think any

around I has well. think some as of money the raising financing of the and atrophied that

a the that a back sends world a market. items. other there. And market hopefully, there's lot so supply you're places way allows that lead forward that gas through I And starting with its in get X-year see to going in the to get for capacity turbines.So to to to signal issues those longer chain you're we associated needs that there's see be think this And resolved that time work

a then going situation be to 'XX and retire out appreciate that being was Okay. you going that be says you're my here. to be, into to asked look any I the plant because increased describing? have stays online follow-up kept going were that you CapEx, current that. you online Is And there if plant of to

filed are on if filed follow we yes, dockets, up includes you we to with but need you to, you mean, CapEx. And look there. those we with docket, our FERC and can with and get associated those can the and I have it costs

was necessarily in XX but you of next plan year, X CapEx, shut years. more One going you starve is at in it had coal for which be for facility X, don't example, to we 'XX. in anything of you facility it there necessarily year, expect to, the and to of down the said May the But Baltimore, June things coal down you next effectively obviously, of a when run May that that look Brandon, harbor don't shut to

to be of there to FERC. have made transmission at when of And around RMR that. an will capital the would decisions constraints cost I that are costs be and But the to relieve it's it just so And was that under order reliability And those agreement. called RMR included in that be to that those Brandon, clear. included referencing in docket decisions reversed to ensure will are have in in, upon be goes

this Mac. like back further the turn to would no are now call questions There time. I to at

and as great joining Well, the believe great. really nuclear time for opportunity, We exciting catalysts of expansion for intersection combined data the It's really today some of continued center of downside Thanks, Talen. pure-play day. spark for the and interesting protection an everyone, Thanks, at power and PTC. price us. with a support we're your us have a IPP,

Thank you for participating.

disconnect. now may You