#PJM 용량시장 Analysis Reports
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Talen Energy Corporation (NASDAQ: TLN) is a US independent power producer (IPP) in the PJM region that owns and operates approximately 15.6GW of generation capacity (including 2.2GW of nuclear), with its core asset being a 90% stake in the Susquehanna nuclear plant (2.5GW). It closed the acquisition of the Cornerstone generation assets (approximately 2.4GW) on 2026-06-15, and disclosed on 2026-07-14 that it was awarded 10,180MW at $325 per MW-day in the PJM 2028/2029 capacity auction. On 2026-06-11, it announced a restructuring of its 17-year, up to 1,920MW Susquehanna nuclear power supply agreement with AWS into a front-of-the-meter structure. Q2 2026 results are scheduled for release after market close on 2026-08-05.
Vistra Corp. is a Texas-based integrated power generation and retail electricity company that closed at $148.19 as of 2026-07-31 (-0.29% vs. the previous day). Q1 2026 adjusted EBITDA was $1.5 billion, up year-over-year, and net income turned positive at $1.03 billion. S&P and Fitch upgraded Vistra's credit rating to investment grade (BBB-) on 2025-12-02 and 2026-03-17, respectively. In the PJM 2028/2029 capacity market auction on 2026-07-14, Vistra secured approximately 10,566 MW at cap-level pricing (approximately $333.44/MW-day).
On 2026-01-30, NRG Energy completed its acquisition of an approximately 13GW gas-fired generation portfolio and the demand-response platform CPower from LS Power, expanding total generating capacity to approximately 25GW. Q1 results announced on 2026-05-05 showed revenue of 10.26B USD (YoY +19%), while adjusted EBITDA declined year-over-year to 1.08B USD, reflecting a mild winter in Texas and the impact of Winter Storm Fern in the East. The 2026 adjusted EPS guidance was maintained at 7.90-9.90 USD, and at the 2026-04-30 annual shareholder meeting the roles of Chairman and CEO were separated, with Antonio Carrillo becoming Chairman and Robert J. Gaudette becoming CEO. Q2 results are scheduled to be announced on 2026-08-04.
CEG is the largest private power generation company in the United States and the largest nuclear power generator, having completed its acquisition of Calpine Corporation on 2026-01-07 to form an integrated nuclear, natural gas, and geothermal portfolio (generating capacity of approximately 55GW) (SEC Form 8-K, 2026-01-07). Q1 results announced on 2026-05-11 showed revenue of USD 11.12B (+63.8% year-over-year) and adjusted EPS of USD 2.74 (+28% versus USD 2.14 in the prior-year period). In the PJM 2028/29 capacity market auction on 2026-07-14, a total of 18,875MW of CEG-affiliated generation, including 15,700MW of nuclear, cleared at USD 325/MW-day (the statutory cap) (SEC Form 8-K). The company has signed multiple long-term nuclear power supply agreements with hyperscalers including Microsoft, Meta, and Walmart.
Exelon reported Q1 2026 results announced on 2026-05-06, with revenue of $7.24B (+7.9% year-over-year) and adjusted EPS of $0.91 (above consensus of $0.87). In its Q2 2026 results announced on 2026-07-30, revenue of $5.97B beat consensus, but adjusted operating income of $0.43 per share slightly missed the consensus of $0.44; on the same day, the company lowered its high-probability data center interconnection pipeline from 18GW to 11GW. Full-year 2025 revenue was $24.26B (+5.3% year-over-year) and net income was $2.77B (+12.5% year-over-year). Moody's downgraded the credit rating of subsidiary PECO from Aa3 to A1 on 2026-07-15.