Created through a combination of PPL Corp. and Riverstone Holdings LLC., the establishment Talen Energy Corp., which is now one of the country’s largest independent power producers, was officially announced on Monday.
With facilities primarily serving in the Mid-Atlantic and Texas – two of the most competitive markets in the United States – Talen has a generating capacity of approximately 15,000 megawatts, though it will divest roughly 300 megawatts in the Mid-Atlantic to comply with a Federal Regulatory Energy Regulation Order. The 2014 annual revenue for Talen’s assests came to $4.3 billion, with an energy mix of 43 percent natural gas or oil, 40 percent coal, 15 percent nuclear and 2 percent hydro.
"The combination with Riverstone was the first step in Talen Energy's growth plans," Talen President and Chief Executive Officer Paul Farr said. "Talen Energy, a pure-play competitive energy company, will focus on extracting value from our existing portfolio of generating assets and identifying quality assets in attractive markets that are accretive to cash flow. Our balance sheet and expected asset sale proceeds will enable meaningful execution of our growth plans."
Talen considers its leadership team a strong asset, with an average of 30 years experience for the team members, including Farr who previously held prominent roles in PPL.
“We have a strong team with the knowledge and experience to generate power safely and reliably, and to create a legacy under the Talen Energy name that benefits our shareholders, employees, and customers," Farr said.
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