Talen Energy rallies after requesting FERC rehearing on rejected Amazon power pact
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Talen Energy (NASDAQ:TLN) +6.7% in Thursday's trading to an all-time intraday high $222.05 after it requested the Federal Energy Regulatory Commission to rehear its case for supplying more power to an Amazon data center connected to its Susquehanna nuclear plant in Pennsylvania.
"With only a few cursory paragraphs of flawed analysis, FERC erroneously rejected a privately negotiated agreement that was supported by all signatories and in so doing damaged U.S. economic and national security interests," Talen (TLN) said in its rehearing request.
Earlier this month, FERC struck down Talen's (TLN) interconnection deal to increase the capacity of the Amazon data center beyond 300 MW, a decision that was considered a blow to Talen and other independent electricity generators that had hoped to strike similar deals to connect Big Tech data centers directly to their power plants.
Some of those companies scored strong gains Thursday, including Vistra (VST) +7.7% and Constellation Energy (CEG) +6.9%.
FERC sided with regulated utilities American Electric Power (AEP) and Exelon (EXC), which had challenged the interconnection agreement; AEP +1.3%, EXC +1.5%.
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