Talen Energy J.P. Morgan Natural Resources Conference Takeaways

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Talen Energy J.P. Morgan Natural Resources Conference Takeaways

J P M O R G A N North America Equity Research

23 June 2026

Talen Energy Overweight

TLN, TLN US

J.P. Morgan Natural Resources Conference Takeaways Price (23 Jun 26):$411.92

Head of North America Power,

Talen Energy CEO Mac McFarland, CFO Cole Muller, and President Terry Nutt Utilities, Midstream, LNG, and

Nuclear

presented today at the J.P. Morgan Natural Resources Conference. Separately, we

also hosted an investor dinner with the team last night. Please see below for some Jeremy Tonet, CFA AC

quick takeaways. (1-212) 622-4915

jeremy.b.tonet@jpmorgan.com

Net Takeaway: TLN reiterated confidence in strong fundamentals supporting the North American Utilities

flywheel strategy, with recent regulatory developments providing grease in the Vrathan Reddy

system needed for markets to function (though regulatory focus has overshadowed (1-212) 622-4692

meaningful commercial, operational and financial success already achieved). vrathan.reddy@jpmchase.com

Here, FERC’s ANOPR last Thursday disproved prior bearish thesis points, Aidan C Kelly

outlining clear support for deals across varying stages (grandfathering existing and (1-212) 622-4912

aidan.x.kelly@jpmchase.com

WIP deals). For PJM, the C&M proposal now represents a transparent large load

Francina Kolluri

registry (under state governance). We see these actions putting to bed concerns

(1-212) 270-5796

over large load discrimination. On demand, management noted a positive shift, francina.kolluri@jpmchase.com

with returning colocator interest supplementing hyperscaler needs. Management J.P. Morgan Securities LLC

does not see securing turbines as a concern and pushed back on the idea that BTM