HIGHBuilt-inGeographic
PJM
“10-K Item 1: 'The substantial majority of our generation capacity is located in, and accordingly the majority of our revenues are derived from, PJM.'”
TLN · Concentration risk · 10-K extracted
Talen Energy (TLN) concentration risks
Updated
The most significant concentration Talen Energy discloses is PJM, classified HIGH by disclosed size. Below: the full set from the latest 10-K — verbatim quotes, filing references, and a synthesis of what these exposures mean together.
Model-generated analysis — not investment advice. Not a registered investment advisor. Past performance does not guarantee future results.
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Source: Talen Energy’s SEC Form 10-K filed — view the filing on SEC EDGAR ↗
At a glance
Disclosed-size breakdown · 4 disclosed concentrations
HIGH2
MEDIUM2
LOW0
Disclosed concentrations
Each card carries a disclosed-size chip (HIGH / MEDIUM / LOW — how large the exposure is as a share of revenue, not how dangerous it is) and a nature tag: Built-in(the company’s own model, geography, or products) or Outside party (an external customer, supplier, or distributor it relies on).
HIGHBuilt-inHedge_coverage
60-80% expected generation hedge target
“10-K Item 1: 'We target a hedge range of 60-80% of our expected generation for the prompt 12 months'”
MEDIUMBuilt-inProduct / Revenue mix
Susquehanna nuclear generation
“10-K Item 1: 'Susquehanna has typically comprised approximately half of our total annual generation'”
MEDIUMOutside partyCustomer
AWS
“10-K Item 1: 'we and AWS entered into an expanded power purchase agreement for the long-term, fixed-price supply of up to 1,920 MW of power annually from Susquehanna...through 2042'”
TrendMatrix Research · concentration synthesis
What these concentrations mean together
updated 2026-06-24The company's concentration profile is defined by a combination of structural geographic and asset-type exposures, with a single large counterparty dependency layered underneath. The most prominent disclosed risk is geographic: the substantial majority of generation capacity is located in, and accordingly the majority of revenues are derived from, PJM — a high-share, structural concentration reflecting where the company's power plants sit within the interconnected grid. PJM wholesale market conditions — capacity pricing, energy price formation, and demand curve dynamics — govern the economics of the entire fleet, and any structural changes to that market's rules or capacity auction outcomes directly affect the company's revenue outlook. The largest asset within that footprint adds a medium-share structural overlay: Susquehanna nuclear generation has typically comprised approximately half of total annual generation, making it the dominant individual plant in the portfolio. Nuclear generation carries unique operational and regulatory risks — outage events, refueling cycles, and NRC oversight — that affect the predictability of output. The company targets a hedge range covering a substantial portion of expected generation for the prompt 12 months — a high-share, structural risk-management practice that partially mitigates spot price volatility but introduces basis risk and opportunity cost if market prices move favorably beyond the hedge. A medium-share, dependency-character counterparty exposure rounds out the profile: the company and AWS entered into an expanded power purchase agreement for the long-term, fixed-price supply of power from Susquehanna through 2042, concentrating a portion of Susquehanna's output under a single corporate offtake counterparty.
For the engine’s reasoning on TLN’s current verdict — including which dimensions drove the score — see the per-dimension breakdown.
Industry peers · Utilities - Independent Power Producers
Peer concentration profile
| Symbol | Name | HIGH | MEDIUM | LOW | Total |
|---|---|---|---|---|---|
| TLN● | Talen Energy Corporation | 2 | 2 | 0 | 4 |
| CEG | Constellation Energy Corporatio | 2 | 0 | 0 | 2 |
| OKLO | Oklo Inc. | 2 | 0 | 0 | 2 |
| VST | Vistra Corp. | 1 | 1 | 0 | 2 |
| NRG | NRG Energy, Inc. | 0 | 1 | 0 | 1 |
Concentration counts reflect items disclosed in each peer’s most recent 10-K; disclosed-size classification uses TrendMatrix’s internal 10-K extraction taxonomy.