HOUSTON, Dec. 22, 2023 /PRNewswire/ -- Talen Energy Corporation ("Talen" or the "Company") (OTCQX: TLNE) today reported that the Company and certain subsidiaries have reached a settlement of litigation with PPL Corporation ("PPL") related to a distribution of proceeds from the 2014 sale of hydroelectric facilities in Montana.
Under the terms of the settlement agreement, which has been approved by each company's Board of Directors, PPL will pay Talen Montana$115 million in cash on or before December 31, 2023, in exchange for a full release of all claims. $9.5 million of the proceeds are expected to be paid to the General Unsecured Creditors ("GUC") Trust, established as part of Talen's chapter 11 plan of reorganization, to satisfy outstanding claims that remain following Talen's emergence from restructuring in May 2023. The remaining proceeds will be used by Talen Montana to secure environmental and other obligations, and for general corporate purposes.
"We are pleased to have reached a settlement with PPL. Importantly, as part of the agreement, Talen and PPL have agreed to reset our relationship. PPL can be a key stakeholder for Talen on some of our most critical lines of business, and we look forward to working constructively together going forward," said President and Chief Executive Officer Mac McFarland.
Forward Looking Statements
This communication contains forward-looking statements within the meaning of the federal securities laws, which statements are subject to substantial risks and uncertainties. These forward-looking statements are intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact included in this communication, or incorporated by reference into this communication, are forward-looking statements. Throughout this communication, we have attempted to identify forward-looking statements by using words such as "anticipate," "believe," "continue," "could," "estimate," "expect," "forecasts," "goal," "intend," "may," "plan," "potential," "predict," "project," "seek," "should," "will," or other forms of these words or similar words or expressions or the negative thereof, although not all forward-looking statements contain these terms. Forward-looking statements address future events and conditions concerning, among other things capital expenditures, earnings, litigation, regulatory matters, hedging, liquidity and capital resources and accounting matters. Forward-looking statements are subject to substantial risks and uncertainties that could cause our future business, financial condition, results of operations or performance to differ materially from our historical results or those expressed or implied in any forward-looking statement contained in this communication. All of our forward-looking statements include assumptions underlying or relating to such statements that may cause actual results to differ materially from those that we are currently expecting, and are subject to numerous factors that present considerable risks and uncertainties.
About Talen
Talen owns and operates approximately 12.4 gigawatts of power infrastructure in the United States. We produce and sell electricity, capacity, and ancillary services into wholesale U.S. power markets, including PJM, ERCOT and WECC, with our generation fleet principally located in the Mid-Atlantic, Texas and Montana. While the majority of our power is already generated at zero-carbon nuclear and lower-carbon gas-fired facilities, we are reducing the carbon profile of our fleet through conversions and retirements of our wholly owned coal facilities. In addition, we are developing a hyperscale data center campus that is adjacent and directly connected to our zero-carbon, low-cost Susquehanna nuclear facility. Talen is headquartered in Houston, Texas. For more information visit www.talenenergy.com.
Talen trades on the OTCQX® Best Market under the ticker "TLNE." OTCQX companies meet high financial standards, follow best practice corporate governance, demonstrate compliance with U.S. securities laws, and have a professional third-party sponsor introduction. Investors can find current financial disclosures and Real-Time Level 2 quotes for the Company on www.otcmarkets.com/stock/TLNE/overview.
Additional Information
For additional information and updates about Talen, please visit our Investor Relations webpage at https://talenenergy.investorroom.com, or contact:
Investor Relations:
Ellen Liu
Senior Director, Investor Relations
InvestorRelations@talenenergy.com 281-203-5435
Media:
Taryne Williams
Director, Corporate Communications
Taryne.Williams@talenenergy.com
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SOURCE Talen Energy Corporation
