v3.25.2
Segments
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
Segments
18. 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.
PJMOtherCorporate and EliminationsTotal
Three Months Ended June 30, 2025
Operating revenues$638 $(1)$(7)$630 
Operation, maintenance and development expenses (a)
180 12 
Interest expense and other finance charges— — 62 62 
Other segment items (b)
343 
Adjusted EBITDA115 
Capital expenditures33 4 — 37 
Three Months Ended June 30, 2024
Operating revenues$438 $58 $(7)$489 
Operation, maintenance and development expenses (a)
141 23 
Interest expense and other finance charges— — 62 62 
Other segment items (b)
202 
Adjusted EBITDA95 
Capital expenditures14 — — 14 
PJMOtherCorporate and EliminationsTotal
Six Months Ended June 30, 2025
Operating revenues$1,005 $41 $(26)$1,020 
Operation, maintenance and development expenses (a)
318 20 
Interest expense and other finance charges— — 136 136 
Other segment items (b)
363 
Adjusted EBITDA
324 
Capital expenditures95 5 1 101 
Six Months Ended June 30, 2024
Operating revenues$871 $208 $(81)$998 
Operation, maintenance and development expenses (a)
269 49 
Interest expense and other finance charges— — 121 121 
Other segment items (b)
227 
Adjusted EBITDA
375 
Capital expenditures66 14 — 80 
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(a)This significant segment expense category aligns with the segment-level information that is regularly provided to the CODM.
(b)Other segment items are primarily comprised of fuel and energy purchases.
Reconciliation of segment Adjusted EBITDA to Net Income (Loss):
 Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Adjusted EBITDA:
PJM$115 $95 $324 $375 
Total Segment Adjusted EBITDA$115 $95 $324 $375 
Reconciling Items:
Interest expense and other finance charges(62)(62)$(136)$(121)
Income tax benefit (expense)(25)(112)27 (181)
Depreciation, amortization and accretion(70)(75)(144)(150)
Nuclear fuel amortization(18)(28)(44)(63)
Unrealized (gain) loss on commodity derivative contracts92 91 (90)(44)
Nuclear decommissioning trust funds gain (loss), net80 27 68 102 
Stock-based and other long-term incentive compensation expense(18)(14)(31)(32)
Gain (loss) on asset sales, net (a)
9 561 11 885 
Operational and other restructuring activities— (19)(9)(21)
"Other" operating segment(1)5 8 43 
Noncontrolling interest— 7 — 18 
Corporate and Eliminations(24)(13)(42)(42)
Other items(6)(5)(5)8 
Net Income (Loss)$72 $458 $(63)$777 
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(a)See Note 17 for additional information.