0001622536-26-000017 | 10-K | XBRL Viewer

Print Document

Commitments and Contingencies - Regulatory Matters (Details)	1 Months Ended
	Jan. 30, 2026 state auction	Dec. 31, 2024 filing	Oct. 31, 2024	Apr. 30, 2025 MWd
Other Commitments [Line Items]
Requested delay duration			6 months
Number of FERC filings \| filing		2
Number of delivery years		2 years
Subsequent Event
Other Commitments [Line Items]
Number of states in PJM \| state	13
Contract term	15 years
Number of auctions \| auction	2
Minimum
Other Commitments [Line Items]
Collar on capacity price				175
Maximum
Other Commitments [Line Items]
Collar on capacity price				325

Stock-Based Compensation - Schedule of Stock-based Compensation Expense (Details) - USD ($) $ in Millions	5 Months Ended	7 Months Ended	12 Months Ended
	May 17, 2023	Dec. 31, 2023	Dec. 31, 2025	Dec. 31, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 0	$ 19	$ 526	$ 33
Income tax benefit		(5)	(132)	(8)
After-tax stock-based compensation expense		14	395	24
Stock-based compensation expense, liability-classified awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense		0	501	0
Stock-based compensation expense, equity-classified awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense		$ 19	$ 25	$ 33

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(v)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(iii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(iv)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(ii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (l)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 1D
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480483/718-10-35-1D

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480483/718-10-35-3

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(ii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(01)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(02)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(03)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(04)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(ii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(01)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(02)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(03)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

+ Details

Asset Retirement Obligations and Accrued Environmental Costs - Schedule of Changes in Asset Retirement Obligations (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]
Beginning balance	$ 498	$ 464
Obligations settled	(27)	(13)
Accretion expense	56	55
Changes in estimates and (or) settlement dates	(13)	(17)
Obligations incurred	0	9
Ending balance	$ 514	$ 498

Supplemental Cash Flow Information (Tables)

12 Months Ended

Dec. 31, 2025

Supplemental Cash Flow Elements [Abstract]

Schedule of Supplemental Consolidated Statements of Cash Flows

The amounts of income taxes paid, net of refunds, were:


	Successor
	Year Ended December 31, 2025
US Federal - Corporate	$	26
US Federal - NDT	15
Total federal tax	41

Pennsylvania	17



Other states (a)	13
Total state tax	30
Total	$	71

__________________

(a)Consists primarily of New Jersey, Maryland, and Texas.

Supplemental information for the Consolidated Statements of Cash Flows for the periods was:


	Successor						Predecessor
	Year Ended December 31, 2025		Year Ended December 31, 2024		May 18 through December 31, 2023		January 1 through May 17, 2023
Cash paid during the period
Interest and other finance charges, net of capitalized interest (a)	$	233	$	255	$	133	$	283
Income taxes	71		20		12		7

Unrealized (gain) loss on derivative instruments included on the Statements of Cash Flows
Commodity contracts	$	106	$	(62)	$	(52)	$	63
Interest rate swap contracts (interest expense)	15		(7)		12		2
Unrealized (gain) loss on derivative instruments	$	121	$	(69)	$	(40)	$	65

Depreciation, amortization and accretion included on the Statements of Cash Flows
Depreciation, amortization and accretion	$	279	$	298	$	165	$	200

Other	—		(13)		(8)		8
Depreciation, amortization and accretion	$	279	$	285	$	157	$	208

Reconciliation of other non-cash operating activities
Derivative option premium amortization	$	37	$	11	$	52	$	29


Bitcoin revenue	—		(91)		(81)		(27)

Fair value adjustment on distribution of miners	—		14		—		—








Other	14		7		17		5
Total	$	51	$	(59)	$	(12)	$	7

Non-cash investing activities
Accrued PP&E additions not paid at period end	$	23	$	14	$	13	$	22


Non-cash financing activities
Non-cash increase to PP&E and decrease to other current assets for contribution of Bitcoin miners to Nautilus	$	—	$	—	$	—	$	14
Non-cash decrease to PP&E and decrease to noncontrolling interest for distribution of Bitcoin miners to TeraWulf	—		43		—		3
Non-cash increase to PP&E and increase to noncontrolling interest for contribution of Bitcoin miners by TeraWulf	—		—		—		38

__________________

(a)Capitalized interest was $4 million for the year ended December 31, 2025 (Successor), $5 million for the year ended December 31, 2024 (Successor), $10 for the period from May 18 through December 31, 2023 (Successor), and $12 for the period from January 1 through May 17, 2023 (Predecessor).

The following table provides a reconciliation of “Cash and cash equivalents” and “Restricted cash and cash equivalents” presented on the Consolidated Balance Sheets to such amounts shown on the Consolidated Statements of Cash Flows:


	Successor
	December 31, 2025		December 31, 2024
Cash and cash equivalents	$	689	$	328
Restricted cash and cash equivalents (a)	63		37
Total	$	752	$	365

__________________

(a)Comprised of commodity exchange margin deposits.

Long-Term Debt and Other Credit Facilities - Schedule of Revolving Credit and Other Facilities (Details) - USD ($) $ in Millions	Dec. 31, 2025	May 17, 2023
Debt Instrument [Line Items]
Committed capacity	$ 2,000
LCs Issued		$ 0
Unused Capacity	1,552
Revolving Credit Facility
Debt Instrument [Line Items]
LCs Issued	0
Letter of Credit
Debt Instrument [Line Items]
LCs Issued	448
RCF \| Line of Credit
Debt Instrument [Line Items]
Committed capacity	900
Unused Capacity	900
RCF \| Line of Credit \| Revolving Credit Facility
Debt Instrument [Line Items]
LCs Issued	0
RCF \| Line of Credit \| Letter of Credit
Debt Instrument [Line Items]
LCs Issued	0
LCF \| Line of Credit
Debt Instrument [Line Items]
Committed capacity	1,100
Unused Capacity	652
LCF \| Line of Credit \| Letter of Credit
Debt Instrument [Line Items]
LCs Issued	$ 448

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477314/942-235-S99-2

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-4

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-3

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(f))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 55
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482949/835-30-55-8

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69B

Reference 10: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69C

Reference 11: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69E

Reference 12: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69F
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69F

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 15: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1D
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1D

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1D
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1D

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1D
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1D

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1F

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1F

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (b)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1F

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1F

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 30: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 31: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482900/835-30-50-1

+ Details

- Definition

The carrying value as of the balance sheet date of the current and noncurrent portions of long-term obligations drawn from a line of credit, which is a bank's commitment to make loans up to a specific amount. Examples of items that might be included in the application of this element may consist of letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to a maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. Includes short-term obligations that would normally be classified as current liabilities but for which (a) postbalance sheet date issuance of a long term obligation to refinance the short term obligation on a long term basis, or (b) the enterprise has entered into a financing agreement that clearly permits the enterprise to refinance the short-term obligation on a long term basis and the following conditions are met (1) the agreement does not expire within 1 year and is not cancelable by the lender except for violation of an objectively determinable provision, (2) no violation exists at the BS date, and (3) the lender has entered into the financing agreement is expected to be financially capable of honoring the agreement.

+ References + Details

Consolidated Statements Of Cash Flows - USD ($) $ in Millions	5 Months Ended	7 Months Ended	12 Months Ended
	May 17, 2023	Dec. 31, 2023	Dec. 31, 2025	Dec. 31, 2024
Operating Activities
Net income (loss)	$ 465	$ 143	$ (219)	$ 1,013
Non-cash reconciliation adjustments:
Stock-based compensation (Note 13)	0	19	526	33
Depreciation, amortization and accretion (Note 16)	208	157	279	285
Nuclear decommissioning trust funds (gain) loss, net (excluding interest and fees) (Note 6)	(43)	(78)	(132)	(130)
Unrealized (gains) losses on derivative instruments (Note 2)	65	(40)	121	(69)
Deferred income taxes	195	55	120	(46)
Nuclear fuel amortization (Note 7)	33	108	97	123
(Gain) loss on sales of assets, net (Note 17)	(50)	(7)	(36)	0
(Gain) loss on AWS Data Campus Sale and ERCOT Sale (Note 17)	0	0	0	(886)
Reorganization (income) expense, net (Note 20)	(933)	0	0	0
Impairments (Note 7)	381	3	0	1
Other (Note 16)	7	(12)	51	(59)
Changes in assets and liabilities:
Accounts receivable	261	8	(44)	14
Inventory, net	10	(68)	29	67
Other assets	98	147	182	(61)
Accounts payable and accrued liabilities	(69)	(49)	(48)	(69)
Accrued interest	(124)	28	42	(15)
Collateral received (posted), net	(83)	26	(33)	46
Other liabilities	41	(38)	(231)	9
Net cash provided by (used in) operating activities	462	402	704	256
Investing Activities
Freedom and Guernsey Acquisitions, net (Note 17)	0	0	(3,793)	0
Nuclear decommissioning trust funds investment purchases (Note 6)	(959)	(1,290)	(1,962)	(2,295)
Nuclear decommissioning trust funds investment sale proceeds (Note 6)	949	1,265	1,927	2,263
Nuclear fuel expenditures (Note 7)	(49)	(45)	(108)	(104)
Property, plant and equipment expenditures (Note 7)	(138)	(116)	(98)	(85)
Proceeds from AWS Data Campus Sale and ERCOT Sale (Note 17)	0	0	0	1,398
Proceeds from the sale of assets	46	8	40	2
Other	(6)	7	(9)	(8)
Net cash provided by (used in) investing activities	(157)	(171)	(4,003)	1,171
Financing Activities
Debt issuances (Note 10)	0	0	3,890	849
Share repurchases (Note 15)	0	0	(103)	(1,958)
Deferred financing costs	(74)	(7)	(89)	(13)
Revolving credit facility borrowings (Note 10)	0	0	75	0
Revolving credit facility repayments (Note 10)	0	0	(75)	0
Debt repayments (Note 10)	0	0	(17)	(479)
Cumulus Digital TLF repayment	0	(15)	0	(182)
Repurchase of noncontrolling interest	0	(19)	0	(125)
Cash settlement of restricted stock units	0	0	0	(32)
Exercise or repurchase of warrants	0	(40)	0	(16)
LMBE-MC TLB payments	(7)	(294)	0	0
TLB-1 proceeds, net	0	288	0	0
Repayment of prepetition secured indebtedness	(3,898)	0	0	0
Financing proceeds at Emergence, net of discount	2,219	0	0	0
Contributions from member	1,393	0	0	0
Payment of claims under other prepetition secured indebtedness	(152)	0	0	0
Derivatives with financing elements	(20)	0	0	0
Other	0	3	5	(7)
Net cash provided by (used in) financing activities	(539)	(84)	3,686	(1,963)
Net increase (decrease) in cash and cash equivalents and restricted cash and cash equivalents	(234)	147	387	(536)
Beginning of period cash and cash equivalents and restricted cash and cash equivalents	988	754	365	901
End of period cash and cash equivalents and restricted cash and cash equivalents	$ 754	$ 901	$ 752	$ 365

Income Taxes - Schedule of Operating Loss Carryforwards (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Federal, indefinite expiration, limited to annual utilization of 80%
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards	$ 3,566	$ 783
State, expirations 2026 - 2041
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards	$ 407	$ 310

Nuclear Decommissioning Trust Funds - Schedule of Unrealized Gain (Loss) on Nuclear Decommissioning Trust Funds (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024	May 17, 2023
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items]
Cash equivalents, Amortized Cost	$ 689	$ 328	$ 169
Cash equivalents, Fair Value	16	3
Fair value of equity	385	509
Equity securities, Unrealized Gains	739	651
Equity securities, Unrealized Losses	(19)	(55)
Equity securities, Fair Value	1,105	1,105
Debt securities, Amortized Cost	773	615
Debt securities, Unrealized Gains	7	3
Debt securities, Unrealized Losses	(3)	(7)
Debt securities	777	611
Receivables (payables), net, Amortized Cost	2	5
Receivables (payables), net, Fair Value	2	5
Amortized Cost	1,176	1,132
Unrealized Gains	746	654
Unrealized Losses	(22)	(62)
NDT funds	1,900	1,724	$ 1,465
Cash equivalents
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items]
Cash equivalents, Amortized Cost	16	3
Cash equivalents, Fair Value	$ 16	$ 3

Segments - Schedule of Adjusted EBITDA and Reconciling Items (Details) - USD ($) $ in Millions	5 Months Ended	7 Months Ended	12 Months Ended
	May 17, 2023	Dec. 31, 2023	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2022
Reconciling Items:
Interest expense and other finance charges	$ (163)	$ (176)	$ (302)	$ (238)
Depreciation, amortization and accretion	(200)	(157)	(266)	(281)
Nuclear fuel amortization	(33)	(108)	(97)	(123)
Reorganization gain (loss), net	799	0	0	0	$ (812)
Unrealized gain (loss) on commodity derivative contracts	(63)	52	(106)	62
Nuclear decommissioning trust funds gain (loss), net	57	108	182	178
Stock-based and other long-term incentive compensation expense	0	(21)	(535)	(54)
Gain (loss) on asset sales, net	50	7	34	884
Non-cash impairments and other charges	(438)	(15)	(11)	(24)
Legal settlements and litigation costs	(1)	84	(6)	(4)
Acquisition and divestiture activities	0	0	(65)	(62)
Operational and other restructuring activities	(19)	(30)	(21)	(9)
Noncontrolling interest	14	42	0	21
Other items	(21)	(18)	(8)	(9)
Income (loss) before income taxes	677	194	(166)	1,111
Operating Segments \| PJM
Segment Adjusted EBITDA:
Adjusted EBITDA	688	377	1,074	775
Reconciling Items:
Interest expense and other finance charges	0	0	0	0
Operating Segments \| Other
Segment Adjusted EBITDA:
Adjusted EBITDA	37	113	32	71
Reconciling Items:
Interest expense and other finance charges	0	0	0	0
Corporate and Eliminations
Segment Adjusted EBITDA:
Adjusted EBITDA	(30)	(64)	(71)	(76)
Reconciling Items:
Interest expense and other finance charges	$ (163)	$ (176)	$ (302)	$ (238)

Revenue

12 Months Ended

Dec. 31, 2025

Revenue from Contract with Customer [Abstract]

Revenue

3. Revenue

The components of operating revenues for the periods were:


	Successor							Predecessor
		Year Ended December 31, 2025		Year Ended December 31, 2024		May 18 through December 31, 2023			January 1 through May 17, 2023
Electricity sales and ancillary services, ISO/RTO		$	1,940	$	1,144	$	880		$	281
Capacity revenues		485		192		133			108
Physical electricity sales, bilateral contracts, other		93		147		71			62
Other revenue from customers		—		91		81			27
Total revenue from contracts with customers		2,518		1,574		1,165			478
Realized and unrealized gain (loss) on derivative instruments		56		307		179			732
Nuclear PTC		—		220		—			—
Other revenue		7		14		—			—
Operating revenues		$	2,581	$	2,115	$	1,344		$	1,210

Accounts Receivable

“Accounts receivable” presented on the Consolidated Balance Sheets were:


	Successor
	December 31, 2025		December 31, 2024
Customer accounts receivable	$	160	$	66
Other accounts receivable	36		57
Accounts receivable	$	196	$	123

During the years ended December 31, 2025 (Successor), and 2024 (Successor), there were no significant changes in accounts receivable other than normal receivable recognition and collection transactions. See Note 2 for additional information on Talen’s credit risk on the carrying value of its receivables.

Future Performance Obligations

Talen’s estimated future fixed fee performance obligations primarily include capacity volumes awarded, net of capacity repurchases by the Company, through PJM BRAs and incremental PJM capacity auctions. See Note 9 for additional information on the PJM BRAs.

As of December 31, 2025 (Successor), future performance obligations that were unsatisfied or partially unsatisfied were:


	2026		2027		2028 (a)		2029 (a)		2030 (a)
Future performance obligations	$	963	$	1,053	$	443	$	—	$	—

__________________

(a)As PJM BRAs have not yet occurred for periods after the 2027/2028 PJM Capacity Year, there are no future performance obligations after May 31, 2028.

Brandon Shores and H.A. Wagner RMR Agreements

In May 2025, the FERC approved each of the Brandon Shores and H.A. Wagner RMR agreements, under which: (i) Talen will operate the generation facilities in accordance with such arrangements from June 1, 2025 through May 31, 2029, or until such time as the necessary third-party transmission upgrades are placed into service; (ii) Brandon Shores will earn annual fixed-cost payments of $145 million ($312/MWd), inclusive of a $5 million per year unit performance “hold back;” (iii) H.A. Wagner will earn annual fixed-cost payments of $35 million ($137/MWd), inclusive of a $2.5 million per year unit performance “hold back;” and (iv) each facility will receive separate reimbursement for variable costs and approved project investments. In August 2025, the Maryland Office of People’s Counsel filed an appeal of the FERC’s order approving the Brandon Shores and H.A. Wagner RMR agreements. Talen has intervened in that proceeding and plans to participate.

Additionally, H.A. Wagner Unit 4 is subject to certain emission restrictions associated with its air permits that limit the Unit’s annual runtime. In October 2025, the DOE granted PJM’s request, pursuant to Section 202(c) of the Federal Power Act, to renew the DOE’s July order, which allowed Unit 4 to exceed its air permit emission limits for the remainder of the calendar year when Unit 4 was needed to maintain grid reliability. Such order is subject to extension at the request of PJM and at the discretion of the DOE.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-7

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-10

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-15

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-13

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org/606/tableOfContent

+ Details

Revenue - Narrative (Details)	Jun. 01, 2025 USD ($)
Property, Plant, and Equipment, Brandon Shores
Property, Plant and Equipment [Line Items]
Fixed-cost monthly payments	$ 145,000,000
Fixed-cost per day payments (dollars per MWd)	312
Monthly performance hold-back	5,000,000
Property, Plant, and Equipment, Wagner
Property, Plant and Equipment [Line Items]
Fixed-cost monthly payments	35,000,000
Fixed-cost per day payments (dollars per MWd)	137
Monthly performance hold-back	$ 2,500,000

Postretirement Benefit Obligations

12 Months Ended

Dec. 31, 2025

Postemployment Benefits [Abstract]

Postretirement Benefit Obligations

12. Postretirement Benefit Obligations

TES and certain subsidiaries sponsor postemployment benefits which include defined benefit pension plans, health and welfare postretirement plans (other postretirement benefit plans), and a defined contribution plan.

Pension and Other Postretirement Defined Benefit Plans

Obligations under the defined benefit pension and other postretirement plans are generally based on factors, among others, such as age of the participants, years of service, and compensation. The pension and other postretirement plans are closed to new participants. Effective December 31, 2018, all participants ceased accruing additional benefits in the TERP, the Company’s largest defined benefit pension plan.

Funded Status. The net fair value of underfunded defined benefit pension and other postretirement plans are presented as “Postretirement benefit obligations” on the Consolidated Balance Sheets. The Talen Montana sponsored defined benefit pension plan was overfunded by a non-material amount as of December 31, 2025 (Successor). Certain other postretirement plans were overfunded by $39 million and $36 million as of December 31, 2025 (Successor) and 2024 (Successor), respectively. Overfunded balances are presented as “Other noncurrent assets” on the Consolidated Balance Sheets. The current portion of certain unfunded postretirement obligations were non-material.

The aggregate funded status and the weighted average assumptions for the periods were:


	Pension Benefits
	Successor
	Year Ended December 31, 2025			Year Ended December 31, 2024

Change in benefit obligation
Benefit obligation beginning balance	$	1,202		$	1,308
Service cost	2			2
Interest cost	65			63
Actuarial (gain) loss	26			(81)
Actual benefits paid	(92)			(105)
Resolved litigation settlement and other charges	—			15
Benefit obligation ending balance	$	1,203		$	1,202
Change in plan assets
Plan assets fair value beginning balance	911			975
Actual return on plan assets	102			(13)
Employer contributions	70			54
Actual benefits paid	(92)			(105)
Plan assets fair value ending balance	$	991		$	911
Funded status	$	(212)		$	(291)
Accumulated benefit obligation	$	1,203		$	1,202
Aggregate amounts of underfunded plans
Benefit obligation/Accumulated benefit obligation	$	1,203		$	1,202
Fair value of plan assets	991			911
Amounts recognized in accumulated other comprehensive income
Net (gain) loss	28			34
Total accumulated other comprehensive income	$	28		$	34
Assumptions
Discount rate	5.43		%	5.65		%
Interest crediting rate	6.00		%	6.00		%
Rate of compensation increase	3.45		%	3.45		%

During the year ended December 31, 2025 (Successor), the decrease in postretirement benefit obligations was primarily attributable to employer contributions and actual returns being higher than expected returns on plan assets.


	Other Postretirement Benefits
	Successor
	Year Ended December 31, 2025			Year Ended December 31, 2024

Change in benefit obligation
Benefit obligation beginning balance	$	52		$	79
Service cost	1			1
Interest cost	3			3
Plan amendments	(1)			(21)
Actuarial (gain) loss	—			(3)
Plan participant contributions	2			2
Actual benefits paid	(10)			(9)
Benefit obligation ending balance	$	47		$	52
Change in plan assets
Plan assets fair value beginning balance	71			75
Actual return on plan assets	5			3
Employer contributions	1			—
Plan participant contributions	2			2
Actual benefits paid	(9)			(9)
Plan assets fair value ending balance	$	70		$	71
Funded status	$	23		$	19

Aggregate amounts of underfunded plans
Benefit obligation / Accumulated benefit obligation	$	47		$	52
Fair value of plan assets	70			71
Amounts recognized in accumulated other comprehensive income
Net (gain) loss	(3)			(2)
Prior service cost (credit)	(16)			(20)
Total accumulated other comprehensive income	$	(19)		$	(22)
Assumptions
Discount rate	5.42		%	5.63		%
Rate of compensation increase	4.19		%	2.31		%

Net Periodic Benefit Cost and Amounts Recognized in OCI. The components of net periodic benefit cost (credit), the amounts recognized in OCI and the associated weighted average assumptions for pension and other postretirement plans for the periods were:


	Pension Benefits
	Successor									Predecessor
	Year Ended December 31, 2025			Year Ended December 31, 2024			May 18 through December 31, 2023			January 1 through May 17, 2023
Net periodic benefit costs (credits):
Service cost	$	2		$	2		$	2		$	1
Interest cost	65			63			40			25
Expected return on plan assets	(70)			(66)			(41)			(30)
Amortization of net (gain) loss	—			—			—			2
Resolved litigation settlement and other charges	—			15			1			—
Net periodic defined benefit cost (credit)	(3)			14			2			(2)
Net actuarial (gain) loss	(7)			(3)			38			2
Reclassifications due to settlement and (or) curtailment:
Amortization of net (gain) loss	—			—			—			—
Total recognized in OCI	$	(7)		$	(3)		$	38		$	2
Total recognized in net periodic costs and OCI	$	(10)		$	11		$	40		$	—
Assumptions
Discount rate	5.65		%	5.00		%	5.12		%	5.41		%
Rate of compensation increase	3.45		%	3.45		%	3.45		%	3.45		%
Expected return on plan assets	7.50		%	7.25		%	7.25		%	7.50		%


	Other Postretirement Benefits
	Successor									Predecessor
	Year Ended December 31, 2025			Year Ended December 31, 2024			May 18 through December 31, 2023			January 1 through May 17, 2023
Net periodic benefit costs (credits):
Service cost	$	1		$	1		$	1		$	1
Interest cost	3			3			2			1
Expected return on plan assets	(4)			(4)			(2)			(2)
Amortization of prior service cost (credit)	(4)			(1)			—			—
Amortization of net (gain) loss	(1)			—			—			—
Net periodic defined benefit cost (credit)	(5)			(1)			1			—
Net actuarial (gain) loss	—			(2)			(1)			—
Prior service credit	(1)			(21)			—			—
Reclassifications due to settlement and (or) curtailment:
Amortization of prior service cost (credit)	4			1			—			—
Amortization of net (gain) loss	1			—			—			—
Total recognized in OCI	$	4		$	(22)		$	(1)		$	—
Total recognized in net periodic costs and OCI	$	(1)		$	(23)		$	—		$	—
Assumptions
Discount rate	5.63		%	5.01		%	5.13		%	5.41		%
Rate of compensation increase	4.19		%	2.31		%	2.31		%	2.31		%
Expected return on plan assets	6.07		%	5.49		%	5.49		%	5.74		%
Health care grading trend rates (a)	8.00% to 4.40%			7.10% to 4.40%			6.50% to 4.50%			6.50% to 4.50%

__________________

(a)Trend rates based on a 7 year grading period.

In September 2024, the Company approved a plan amendment for certain other postretirement benefit plans, resulting in the recognition of prior service credits of $21 million and presented as “Postretirement benefit prior service (credits) costs, net” on the Consolidated Statements of Comprehensive Income (Loss).

The expected long-term rates of return for pension and other postretirement plans are based on management's projections using a best-estimate of expected returns, volatilities, and correlations for each asset class. Each plan’s specific current and expected asset allocations are also considered in developing a reasonable return assumption.

Contributions and Payments. TES contributed $62 million and $43 million to the TES sponsored pension plan during the years ended December 31, 2025 (Successor) and 2024 (Successor), respectively. Talen Montana contributed $8 million and $10 million of discretionary contributions to the Talen Montana sponsored pension plan during the years ended December 31, 2025 (Successor) and 2024 (Successor), respectively.

TES expects to contribute $26 million to the TES sponsored pension plan in 2026. Talen Montana expects to contribute a non material amount to the Talen Montana sponsored pension plan in 2026.

The aggregate benefits paid to pension and other postretirement plan participants was $102 million for year ended December 31, 2025 (Successor) and $114 million for the year ended December 31, 2024 (Successor).

The forecasted undiscounted benefit payments to plan participants as of December 31, 2025 (Successor) were:


	2026		2027		2028		2029		2030		2031-2035
Pension plans	$	98	$	94	$	94	$	93	$	92	$	447
Other postretirement plans	5		5		5		4		3		16

Pension plan assets. Pension plan assets are held in external trusts, including a master trust, which includes a 401(h) account that is restricted for certain other postretirement benefit obligations of Talen Energy Supply. The plans’ investment policies outline investment objectives.

The risk management framework categorizes the plan assets within three sub-portfolios: growth, immunizing, and liquidity. The trust investments within these portfolios are routinely monitored to seek a risk-adjusted return on a mix of assets that, in combination with our funding policy, will provide sufficient assets to provide long-term growth and liquidity for benefit payments, match asset duration with the expected liability duration, and mitigate concentrations of risk with asset diversification.

The weighted-average target asset allocations for the pension plan assets as of December 31, 2025 (Successor) were:



Equity securities	31	%
Debt securities	9	%
Other	7	%
Growth portfolio	47	%
Debt securities	37	%
Other	11	%
Immunizing portfolio	48	%
Liquidity portfolio	4	%
Total	100	%

See Note 1 for additional descriptions on fair value levels. The classifications of pension plan asset fair value measurements within the fair value hierarchy were:


	Successor
	December 31, 2025				December 31, 2024
	Level 1		NAV		Total		Level 1		NAV		Total
Cash equivalents	$	—	$	151	$	151	$	—	$	100	$	100
Commingled equity securities	—		300		300		—		274		274
Commingled debt securities	—		336		336		—		286		286
Alternative and other investments	(3)		186		183		(15)		231		216
Receivables (payables), net (a)	—		—		21		—		—		35


Total plan assets	$	(3)	$	973	$	991	$	(15)	$	891	$	911

__________________

(a) Represents: (i) interest and dividends earned but not received; and (ii) net sold or purchased investments, but not settled.

Other postretirement benefit plan assets. The investment strategy with respect to most of the other postretirement benefit obligations is to fund VEBA or similar trusts with voluntary contributions, when appropriate, and to invest in a tax efficient manner. Other postretirement benefit plans are invested in a mix of assets for long-term growth with an objective of earning returns that provide liquidity as required for benefit payments. These plans benefit from diversification of asset types, investment fund strategies and investment fund managers, and therefore, have no significant concentration of risk. Equity securities include investments in domestic large-cap commingled funds. Ownership interests in commingled funds that invest entirely in debt securities are classified as equity securities but treated as debt securities for asset allocation and target allocation purposes. Ownership interests in money market funds are treated as cash and cash equivalents for asset allocation and target allocation purposes.

The target asset allocations for other postretirement benefit assets were:


	Successor
	December 31, 2025
Cash and cash equivalents	—	%
Equity securities	10	%
Debt securities	90	%
Total	100	%

See Note 1 for additional descriptions on fair value levels. The classifications of other postretirement benefit plan asset fair value measurements within the fair value hierarchy were:


	Successor
	December 31, 2025								December 31, 2024
	Level 1		Level 2		NAV		Total			Level 1		Level 2		NAV		Total
Cash equivalents	$	—	$	—	$	1	$	1		$	—	$	—	$	4	$	4
Commingled equity securities	—		—		10		10			—		—		10		10
U.S. Government debt securities	6		—		—		6			7		—		—		7
Corporate debt securities	—		18		—		18			—		18		—		18
Commingled debt securities	—		—		35		35			—		—		32		32


Total plan assets	$	6	$	18	$	46	$	70		$	7	$	18	$	46	$	71

Defined Contribution Plan

Substantially all Company employees are eligible to participate in the Company’s 401(k) deferred savings plans. Employer contributions to the plans were $29 million for the year ended December 31, 2025 (Successor), $25 million for the year ended December 31, 2024 (Successor), $9 million for the period from May 18 through December 31, 2023 (Successor), and $10 million for the period from January 1 through May 17, 2023 (Predecessor).

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (o)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (p)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (q)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 60
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480266/715-60-50-3

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480126/715-20-S99-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 70
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480794/715-70-50-1

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480482/715-20-55-17

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(iv)(03)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (l)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/715/tableOfContent

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(iii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (r)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (r)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

+ Details

Stockholder's Equity - Schedule of Share Repurchase Program (Details) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2024	Dec. 31, 2025	Dec. 31, 2024
Related Party Transaction [Line Items]
Share repurchases (in shares)			452,130	13,227,222
Share repurchases (in dollars per share)	$ 117.16		$ 186.24	$ 149.50
Share repurchases			$ 85	$ 1,977
Share retirements (in shares)			452,130	13,227,222
Share retirements (in dollars per share)			$ 186.24	$ 149.50
Share retirements			$ 85	$ 1,977
Share retirements, total amount			$ 0	$ 0
Shares repurchased, tender offer (in shares)	5,275,862
Related Party
Related Party Transaction [Line Items]
Share repurchases (in shares)		7,307,300
Share repurchases (in dollars per share)		$ 177.16
Share retirements, total amount		$ 850

Long-Term Debt and Other Credit Facilities - Schedule of Long-Term Debt (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024	Jun. 30, 2024	May 17, 2023
Debt Instrument [Line Items]
Total principal	$ 6,911	$ 3,038
Unamortized deferred financing costs and original issuance discounts	(100)	(34)
Total carrying value	6,811	3,004
Less: long-term debt, due within one year	29	17		$ 5
Long-term debt	$ 6,782	2,987		2,840
Secured Notes
Debt Instrument [Line Items]
Interest rate	8.625%
Total principal	$ 1,200	1,200		1,200
TLB-1 \| Secured Debt
Debt Instrument [Line Items]
Interest rate	6.35%
Total principal	$ 848	857		$ 580
TLB-2 \| Secured Debt
Debt Instrument [Line Items]
Interest rate	6.35%
Total principal	$ 842	850
TLB-3 \| Secured Debt
Debt Instrument [Line Items]
Interest rate	5.67%
Total principal	$ 1,200	0
2034 Unsecured Notes \| Unsecured Notes
Debt Instrument [Line Items]
Interest rate	6.25%
Total principal	$ 1,400	0
2036 Unsecured Notes \| Unsecured Notes
Debt Instrument [Line Items]
Interest rate	6.50%
Total principal	$ 1,290	0
PEDFA 2009B Bonds \| Bonds
Debt Instrument [Line Items]
Interest rate	5.25%		5.25%
Total principal	$ 50	50	$ 50
PEDFA 2009C Bonds \| Bonds
Debt Instrument [Line Items]
Interest rate	5.25%		5.25%
Total principal	$ 81	$ 81	$ 81

Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Previous Year) (Details) - USD ($) $ in Millions	5 Months Ended	7 Months Ended	12 Months Ended
	May 17, 2023	Dec. 31, 2023	Dec. 31, 2025	Dec. 31, 2024
Income Tax Disclosure [Abstract]
Income tax benefit (expense) computed at the federal income tax statutory tax rate of 21%	$ (143)	$ (41)	$ 35	$ (234)
Change in valuation allowance	129	(43)	(2)	128
State income taxes, net of federal benefit	(34)	1	4	(48)
Nuclear PTC	0	0	(2)	46
Nuclear decommissioning trust taxes	(9)	(16)	(28)	(27)
Reorganization adjustments	(138)	26		23
Return to provision	0	0	13	11
Permanent differences	(16)	22	(1)	3
Other	(1)	0		0
Income tax benefit (expense)	$ (212)	$ (51)	$ (53)	$ (98)

Nuclear Decommissioning Trust Funds (Tables)

12 Months Ended

Dec. 31, 2025

Investments, Debt and Equity Securities [Abstract]

Schedule of Unrealized Gain (Loss) on Nuclear Decommissioning Trust Funds


	Successor
	December 31, 2025								December 31, 2024
	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value		Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
Cash equivalents	$	16	$	—	$	—	$	16	$	3	$	—	$	—	$	3
Equity securities	385		739		(19)		1,105		509		651		(55)		1,105
Debt securities	773		7		(3)		777		615		3		(7)		611
Receivables (payables), net	2		—		—		2		5		—		—		5
NDT Funds	$	1,176	$	746	$	(22)	$	1,900	$	1,132	$	654	$	(62)	$	1,724

Schedule of Available-for-Sale Debt Securities With Unrealized Losses

The aggregate fair value of available-for-sale debt securities with unrealized losses as of December 31, 2025 (Successor) was:


	Fair Value		Unrealized Losses
Corporate debt securities	$	76	$	(1)
Municipal debt securities	50		(1)
U.S. Government debt securities	113		(1)
Debt securities in unrealized loss position	$	239	$	(3)

Schedule of Maturities for Available-for-Sale Debt Securities

The contractual maturities for available-for-sale debt securities presented on the Consolidated Balance Sheets were:


	Successor
	December 31, 2025		December 31, 2024
Maturities within one year	$	23	$	82
Maturities within two to five years	233		220
Maturities thereafter	521		309
Debt securities, fair value	$	777	$	611

Schedule of Sales Proceeds, Gains, and Losses for Available-for-Sale Debt Securities

The sales proceeds, gains, and losses for available-for-sale debt securities for the periods were:


	Successor							Predecessor
		Year Ended December 31, 2025		Year Ended December 31, 2024		May 18 through December 31, 2023			January 1 through May 17, 2023
Sales proceeds of NDT funds investments (a)		$	1,689	$	2,132	$	1,259		$	839
Gross realized gains		10		12		5			7
Gross realized losses		(6)		(13)		(11)			(12)

__________________

(a)Sales proceeds are used to pay income taxes and trust management fees. Remaining proceeds are reinvested in the NDT.

Schedule of Unrealized Gain (Loss) on Investments

The net unrealized gains and losses recognized associated with equity securities still held at the end of the reporting periods were:


	Successor							Predecessor
		Year Ended December 31, 2025		Year Ended December 31, 2024		May 18 through December 31, 2023			January 1 through May 17, 2023
Equity securities, unrealized gains (losses)		$	123	$	74	$	83		$	23

Postretirement Benefit Obligations - Target Allocations (Details)	Dec. 31, 2025
Other Postretirement Benefits
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Target allocations	100.00%
Pension Benefits
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Target allocations	100.00%
Growth portfolio \| Pension Benefits
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Target allocations	47.00%
Debt Securities, Growth Portfolio \| Pension Benefits
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Target allocations	9.00%
Other Securities, Growth Portfolio \| Pension Benefits
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Target allocations	7.00%
Immunizing portfolio \| Pension Benefits
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Target allocations	48.00%
Debt Securities, Immunizing Portfolio \| Pension Benefits
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Target allocations	37.00%
Other Securities, Immunizing Portfolio \| Pension Benefits
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Target allocations	11.00%
Liquidity portfolio \| Pension Benefits
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Target allocations	4.00%
Cash and cash equivalents \| Other Postretirement Benefits
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Target allocations	0.00%
Equity securities \| Other Postretirement Benefits
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Target allocations	10.00%
Equity securities \| Pension Benefits
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Target allocations	31.00%
Debt securities \| Other Postretirement Benefits
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Target allocations	90.00%

Postretirement Benefit Obligations - Expected Benefit Payments (Details) $ in Millions	Dec. 31, 2025 USD ($)
Pension Benefits
Defined Benefit Plan Disclosure [Line Items]
2026	$ 98
2027	94
2028	94
2029	93
2030	92
2031-2035	447
Other Postretirement Benefits
Defined Benefit Plan Disclosure [Line Items]
2026	5
2027	5
2028	5
2029	4
2030	3
2031-2035	$ 16

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (k)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (l)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (j)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (j)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (j)(4)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (j)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (c)(iv)(02)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (c)(ii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-7

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (q)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (m)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

+ Details

Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2025

Share-Based Payment Arrangement [Abstract]

Schedule of Nonvested Performance Stock Units

Changes in non-vested PSUs during the year ended December 31, 2025 (Successor) were:


	Liability-Classified PSUs	Equity-Classified PSUs	Total PSUs	Weighted-Average Grant Date Fair Value per Unit
Non-vested as of December 31, 2024 (Successor)	—	956,347	956,347	$	54.23
Granted (a)	—	102,275	102,275	498.40
Forfeited	—	(288)	(288)	645.03

Equity to liability modification (b)	569,477	(569,477)	—	53.69
Non-vested as of December 31, 2025 (Successor) (c)	569,477	488,857	1,058,334	$	147.45

_____________

(a)The weighted-average grant date fair value per unit was $96.00 and $54.35 for the year ended December 31, 2024 (Successor) and for the period May 18 through December 31, 2023 (Successor), respectively.

(b)See description of December 2025 equity to liability modification above.

(c)Represents the target number of PSUs. Subject to the PSU award agreements, the actual amount of PSUs earned by participants at vesting can range from 0% to 200% of the target number of PSUs based on the Company’s stock price performance. In addition, certain of the PSUs are eligible to earn an additional amount of Talen shares based on the incremental Company stock price performance in excess of the PSU targets. Assuming all non-vested PSUs vested on December 31, 2025 (Successor) at the then current share price of the Company’s common stock the aggregate non-vested PSUs would be 1,268,275.

Schedule of Significant Inputs and Assumptions of Fair Value

The fair value of PSUs is determined using a Monte Carlo valuation methodology based on the fair value of the underlying stock price at the grant date. Significant inputs and assumptions used in the valuations of PSUs were:


	Successor
	Year Ended December 31, 2025	Year Ended December 31, 2024		May 18 through December 31, 2023
Volatility (a)	40% - 50%	25	%	25	%
Expected term (in years)	1.2 - 2	2.4		3
Risk-free rate (b)	3.52% - 3.99%	4.29	%	4.35% - 4.59%

__________________

(a) Derived from an option pricing method based on the average asset volatility of peer companies and the Company’s leverage ratio.

(b) Based on the U.S. constant maturity treasury rate with a term matching the expected time to the end of the performance measurement period.

Schedule of Nonvested Restricted Stock Units

Changes in non-vested RSUs during the year ended December 31, 2025 (Successor) were:



	Liability-Classified RSUs	Equity-Classified RSUs	Total RSUs	Weighted-Average Grant Date Fair Value per Unit
Non-vested as of December 31, 2024 (Successor)	—	549,405	549,405	$	55.07
Granted (a)	—	53,096	53,096	209.82
Forfeited	—	(372)	(372)	378.67
Vested	—	(261,476)	(261,476)	48.71
Equity to liability modification (b)	169,642	(169,642)	—	61.08
Non-vested as of December 31, 2025 (Successor)	169,642	171,011	340,653	$	106.18

_____________

(a)The weighted-average grant date fair value per unit was $121.89 and $48.46 for the year ended December 31, 2024 (Successor) and for the period May 18 through December 31, 2023 (Successor), respectively.

(b)See description of December 2025 equity to liability modification above.

Schedule of Stock-based Compensation Expense

Stock-based compensation expense presented as “General and administrative” on the Consolidated Statement of Operations was:


	Successor
		Year Ended December 31, 2025		Year Ended December 31, 2024		May 18 through December 31, 2023

Stock-based compensation expense, liability-classified awards		$	501	$	—	$	—
Stock-based compensation expense, equity-classified awards		25		33		19
Income tax benefit		(132)		(8)		(5)
After-tax stock-based compensation expense		$	395	$	24	$	14

Schedule of Unrecognized Stock-Based Compensation Expense

Unrecognized stock-based compensation expense and related periods of recognition as of December 31, 2025 (Successor) were:


	PSUs				RSUs
	Equity-Classified		Liability-Classified		Equity-Classified		Liability-Classified
Unrecognized stock-based compensation expense (a)	$	33	$	64	$	9	$	9
Weighted-average period of recognition (in years)	0.5		0.4		0.6		0.4

__________________

(a) Stock-based compensation expense related to liability-classified awards is subject to variability due to changes in their value through the settlement date.

Business, Basis of Presentation, and Summary of Significant Accounting Policies (Details)	1 Months Ended	12 Months Ended
	May 31, 2022 subsidiary	Dec. 31, 2025 $ / mWh GW Rate
Property, Plant and Equipment [Line Items]
Generation capacity		13.1
Number of subsidiaries \| subsidiary	71
Nuclear PTC program, multiplier \| Rate		500.00%
Nuclear PTC Program, maximum (dollars per MWh) \| $ / mWh		15
Nuclear fuel
Property, Plant and Equipment [Line Items]
Generation capacity		2.2

Long-term Debt and Other Credit Facilities - Schedule of Maturities of Long-Term Debt (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Debt Disclosure [Abstract]
2026	$ 29
2027	29
2028	29
2029	29
2030	2,034
Thereafter	4,761
Total principal	$ 6,911	$ 3,038

Acquisitions and Divestitures - 2025 Acquisitions (Details) $ in Millions	Nov. 25, 2025 USD ($) GW	Dec. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)
Asset Acquisition [Line Items]
Issuance of equity for backstop premium		$ 100	$ 34
Freedom And Guernsey
Asset Acquisition [Line Items]
Power generating capacity \| GW	2.8
Payments to acquire businesses	$ 3,800
Business combination, acquisition-related cost, expense	43
Issuance of equity for backstop premium	$ 64

- Definition

Amount of unamortized debt discount (premium) and debt issuance costs.

+ References + Details

Business, Basis of Presentation, and Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Business, Basis of Presentation, and Summary of Significant Accounting Policies

1. Business, Basis of Presentation, and Summary of Significant Accounting Policies

Organization and Operations

Talen is a leading independent power producer and energy infrastructure company dedicated to powering the future. We own and operate approximately 13.1 GW of power infrastructure in the United States, including 2.2 GW of nuclear power and a significant dispatchable fossil fleet. We produce and sell electricity, capacity, and ancillary services into wholesale U.S. power markets, with our generation fleet principally located in the Mid-Atlantic, Ohio, and Montana. Talen is headquartered in Houston, Texas.

Basis of Presentation and Principles of Consolidation

These Annual Financial Statements, which are prepared in accordance with GAAP and pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (the “SEC”) for Annual Reports on Form 10-K, include: (i) the accounts of all controlled subsidiaries; (ii) elimination adjustments for intercompany transactions between controlled subsidiaries; (iii) any undivided interests in jointly owned facilities consolidated on a proportionate basis; and (iv) all adjustments considered necessary for a fair presentation of the information set forth. All adjustments are of a normal recurring nature except as otherwise disclosed.

Emergence from Restructuring, Fresh Start Accounting, and Reverse Acquisition. In May 2022, TES and 71 of its subsidiaries voluntarily commenced the Restructuring under Chapter 11 of the U.S. Bankruptcy Code. TEC joined the Restructuring in December 2022. The Plan of Reorganization was approved by the requisite parties and confirmed by the bankruptcy court in late 2022, and was consummated and became effective in May 2023, when TEC, TES, and the other debtors emerged from the Restructuring.

Upon commencement of the Restructuring, TES was deconsolidated from TEC for financial reporting purposes because TEC no longer controlled TES. TEC regained control of TES at Emergence, which resulted in TEC’s reconsolidation of TES. The combination was accounted for as a reverse acquisition in which TEC was the legal acquirer and TES was the accounting acquirer. Accordingly, these Annual Financial Statements are issued under the name of TEC, the legal parent of TES and accounting acquiree, but represent the continuation of the financial statements of TES, the accounting acquirer.

After Emergence, TES applied fresh start accounting, which resulted in a new basis of accounting, as the Company became a new financial reporting entity. As a result of the application of fresh start accounting and the implementation of the Plan of Reorganization, our financial position and results of operations beginning after Emergence are not comparable to our financial position or results of operations prior to that date. The financial results are presented for: (i) the Predecessor period from January 1 through May 17, 2023 (Predecessor); and (ii) the Successor periods from May 18 through December 31, 2023 (Successor) and the years ended December 31, 2024 (Successor) and December 31, 2025 (Successor). These Annual Financial Statements and notes hereto have been presented with a black line division to delineate the lack of comparability between the Predecessor and Successor.

See Note 19 for additional information on the Restructuring and Note 20 for additional information on fresh start accounting.

Summary of Significant Accounting Policies

Reclassifications. Certain amounts in the prior period financial statements were reclassified to conform to the current period’s presentation. The reclassifications did not affect operating income, net income, total assets, total liabilities, net equity, or cash flows.

Use of Estimates. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Restructuring Effects. Income, expenses, gains, or losses that were incurred or realized as a direct result of the Restructuring since entering bankruptcy proceedings are presented as “Reorganization income (expense), net” on the Consolidated Statements of Operations.

See Notes 19 and 20 for additional information on the Restructuring and fresh start accounting, respectively.

Business Combinations. The purchase price paid by the Company to acquire a business is allocated to the identifiable assets acquired and liabilities assumed based on their estimated fair values as of the acquisition date. If the initial accounting for a business combination is incomplete by the end of the reporting period in which the combination occurs, provisional amounts are reported. Provisional amounts can be adjusted prospectively during a measurement period not to exceed one year from the acquisition date. If the purchase price exceeds the net fair value of the acquired business, the difference is recognized as goodwill on the consolidated balance sheets. Conversely, a bargain purchase gain is recognized on the consolidated statements of operations if the purchase price of an acquired business is below its net fair value.

See Note 17 for additional information on recent business combinations.

Fair Value of Financial Instruments and Hierarchy. The portion of our assets and liabilities carried at fair value are measured as of a reporting date using an exit price (i.e., the price that would be received to sell an asset or paid to transfer a liability). An exit price may be developed under a market approach utilizing market transactions, an income approach utilizing present value techniques, or a replacement cost approach. The exit prices are disclosed according to the quality of valuation inputs under a three-tiered hierarchy comprised of:

(i)Level 1 inputs that are quoted prices (unadjusted) in active markets for identical assets or liabilities;

(ii)Level 2 inputs that are other than quoted prices that are directly or indirectly observable; and

(iii)Level 3 inputs that are unobservable inputs for assets or liabilities.

The classification of an asset or liability is based on the lowest level of input significant to its fair value. Those initially classified as Level 3 are subsequently reported as Level 2 when the fair value derived from unobservable inputs is inconsequential to the overall fair value, or if corroborated market data becomes available. Those initially classified as Level 2 are subsequently reported as Level 3 if corroborated market data is no longer available. Transfers occur at the end of a reporting period. For qualifying investments without readily determinable fair values, NAV is elected as a practical expedient to determine the fair values based on firm quotes of NAV per share.

The following is a description of the Company’s fair value hierarchy associated with assets and liabilities presented on the Consolidated Balance Sheets as “Derivative instruments,” “Long-term Debt,” “Nuclear decommissioning trust funds,” and pension and other postretirement plan asset investments within “Postretirement benefit obligations” or “Other noncurrent assets.”


Fair Value Hierarchy			Description
Level 1			Derivative instruments: Commodity and interest rate futures and/or options. NDT funds: Equity securities and U.S. Government debt securities, which include U.S. Treasury bills, notes and (or) bonds. Pension plan asset investments: Alternative and other investments, which include U.S. Treasury futures contracts. Other postretirement plan asset investments: U.S. Government debt securities, which include U.S. Treasury bills, notes, and/or bonds.
Level 2			Derivative instruments: Over-the-counter swaps, options and forward purchase and sale contracts that are valued using adjusted exchange prices, prices provided by brokers, or pricing service companies that are all corroborated by market data. NDT funds: U.S. government debt securities, municipal debt securities and corporate debt securities are valued using pricing provided by brokers or pricing service companies and corroborated by market data. Long-term debt: The reported fair value of fixed and variable rate debt is valued using prices provided by brokers or pricing service companies and corroborated by market data. The carrying value of certain other short-term indebtedness approximates fair value. Other postretirement plan asset investments: Corporate debt securities are valued using pricing provided by brokers or pricing service companies and corroborated by market data.
Level 3			There are no material assets or liabilities valued utilizing such inputs.
Net Asset Value (NAV)			NDT funds: ▪Cash equivalents consist of short-term investment funds and commingled cash equivalent funds that can be redeemed daily. ▪Equity securities consist of commingled fixed income funds that can be redeemed daily and real estate investment trusts that can be redeemed quarterly, subject to investment manager approval. Pension plan asset investments: ▪Cash equivalent funds consist of short-term investment funds and commingled cash equivalent funds that can be redeemed daily. ▪Commingled equity securities consist of large and small cap U.S. and international funds that can be redeemed daily. ▪Commingled debt securities consist of funds that invest in investment-grade intermediate and long-duration corporate and government fixed-income securities that can be redeemed daily. ▪Alternative and other investments primarily consist of fund investments in real estate, private equity, hedge funds, and infrastructure, which have redemption limitations subject to the respective general partner’s approval. Other postretirement plan asset investments: ▪Cash equivalent funds consist of short-term investment funds and commingled cash equivalent funds that can be redeemed daily. ▪Commingled equity securities consist of investments in a passively-managed equity index fund that invests in securities and a combination of other collective funds that can be redeemed daily. ▪Commingled debt securities consist of investments in funds that invest in a diversified portfolio of investment-grade fixed income securities that can be redeemed daily.

See Notes 2, 6, 11, and 12 for disclosures on fair value measurements and fair value levels.

Operating Revenues and Revenue Recognition. Operating revenues on the Consolidated Statements of Operations are primarily comprised of items presented as: (i) “Capacity revenues;” (ii) “Energy and other revenues;” and (iii) “Unrealized gain (loss) on derivative instruments” for certain electricity contracts.

Capacity revenues. Include amounts earned from auctions in ISOs and RTOs and under bilateral contracts to provide available generation capacity that is needed to satisfy system reliability and integrity requirements. Capacity revenues are recognized ratably over the PJM Capacity Year by Talen-owned generation facilities that participate in the auctions and stand ready to deliver generated power. Capacity revenues are based on invoiced amounts corresponding directly to the value provided over a specific time interval.

Energy and other revenues.

Energy revenues primarily include: (i) amounts earned from sales to ISOs and RTOs for electric generation and ancillary services products that support transmission and grid operations; (ii) amounts earned for wholesale and retail electricity and other energy-related product sales to bilateral counterparties; and (iii) realized gains and losses on commodity derivative instruments.

Sales of each electric generation and ancillary services to ISOs and RTOs represent performance obligations recognized over time based on volumes delivered or services performed at contractually agreed upon day-ahead or real-time market prices.

Sales of wholesale electricity to bilateral counterparties represent performance obligations recognized over a contractually agreed period of time based on volumes delivered at the contractually agreed price.

Such sales are recognized based on invoiced amounts, which correspond directly with the value provided over a specific time interval. Accrued and unbilled revenues are estimated at the end of each reporting period.

Realized gains and losses on commodity derivative instruments include the settlements of financial and physical power transactions utilized for the Company’s commercial risk management objectives. Realized settlements of these derivative instruments are recognized and presented net within “Energy and other revenues” on the Consolidated Statements of Operations based on the delivery period of the underlying contract at contractually agreed prices. See “Energy Expenses” below for additional information on realized gains and losses of derivative instruments presented as “Fuel and energy purchases” on the Consolidated Statements of Operations.

Other revenues primarily include: (i) Nuclear PTC revenues; and (ii) Nautilus revenues from Bitcoin mining.

The Nuclear PTC provides qualified nuclear power generation facilities with transferable credits for electricity produced and sold to an unrelated party during each tax year. These credits, which are accounted for by analogy to income-based grants under international accounting standards for government grants and disclosure of government assistance, are recognized when there is reasonable assurance that the Company will comply with the applicable conditions and that the credit will be received, which is generally over the period of production. As the credits that are generated each tax year are based on annual gross receipts and production volumes, the measurement of the credit value is estimated at each period until the final value can be determined at the end of the year, which may be different than the estimated amount. The credit value includes a five-times multiplier (up to $15 per MWh) for meeting prevailing wage requirements. Accordingly, Nuclear PTCs are recognized based on production volumes generated during the period and measured at the credit value for the tax year. See Note 3 for amounts recognized, which are presented as “Energy and other revenues” on the Consolidated Statements of Operations and “Other current assets” on the Consolidated Balance Sheets. Credits that are utilized to reduce federal income taxes payable are presented as a reduction of “Other current liabilities” on the Consolidated Balance Sheets. Additional guidance expected to be issued from the U.S. Treasury and IRS may impact the credit value recognized.

Prior to its suspension of operations in October 2024, the primary output of Nautilus’s ordinary business activities was providing hash calculation services to solve complex cryptographic algorithms in support of blockchain mining. Nautilus was party to a mining pool arrangement to provide an unspecified amount of its available hash calculations to an unaffiliated mining pool operator. Nautilus was entitled to an enforceable right to compensation from the mining pool operator only for the duration of time over which Nautilus provides its hash calculations.

In exchange for providing hash calculation services to the mining pool operator, Nautilus was entitled to consideration, whether or not the mining pool operator successfully solves a block, based on a ‘full-pay-per-share’ payout methodology. Nautilus’s only performance obligation was to provide hash calculations to the mining pool operator. If Nautilus did not provide hash calculations to the mining pool operator, no consideration was earned by Nautilus nor did Nautilus incur any penalties from the mining pool operator. The Bitcoin earned by Nautilus was all variable noncash consideration. Accordingly, Nautilus recognized revenue that was measured at fair value using the quoted price for Bitcoin in Nautilus’s principal market at the beginning of each day (Coordinated Universal Time). Nautilus operations were suspended in October 2024 and no Bitcoin mining revenues have been generated since that time.

Unrealized gain (loss) on derivative instruments. Includes unrealized gains and losses resulting from changes in the fair value of certain power contracts that qualify as derivative instruments. See “Derivative Instruments” below for the recognition criteria of unrealized gains and losses on commodity derivative instruments. See “Energy Expenses” below for additional information on unrealized gains and losses of derivative instruments presented as “Energy Expenses” on the Consolidated Statements of Operations.

See Note 3 for additional information on revenue.

Energy Expenses. Energy expenses on the Consolidated Statements of Operations are primarily comprised of items presented as: (i) “Fuel and energy purchases;” (ii) “Nuclear fuel amortization;” and (iii) “Unrealized gain (loss) on derivative instruments” for certain commodity purchase contracts.

Fuel and energy purchases. Primarily includes: (i) fuel costs; (ii) environmental product costs; and (iii) realized gain (loss) on commodity derivative instruments.

Fuel costs include: (i) the costs incurred by Talen-owned generation facilities for the conversion of natural gas, coal, and (or) oil products to electricity, and (ii) the periodic amortization (through contract expiry) of the acquisition date fair value of acquired executory fuel supply contracts. Fuel for electric generation from natural gas purchases are recognized at the agreed price for natural gas delivered to the applicable generation facility over a contractually agreed period of time. Fuel for electric generation from coal and oil product inventories are recognized at the applicable weighted average inventory cost of volumes consumed.

Environmental product costs primarily include RGGIs and other emission product compliance costs that are mandated by certain states. The estimated cost of compliance is accrued at the time an obligation under the applicable terms of each state's environmental compliance program arises.

Realized gains and losses on commodity derivative instruments primarily include the settlements of financial and physical fuel contracts utilized for the Company’s commercial risk management objectives. Realized settlements of these derivative instruments are recognized and presented net within “Fuel and energy purchases” on the Consolidated Statements of Operations based on the delivery period of the underlying contract at contractually agreed prices. See “Operating Revenues and Revenue Recognition” above for additional information on realized gains and losses on derivative instruments presented as “Energy and other revenues” on the Consolidated Statements of Operations.

Nuclear fuel amortization. Nuclear fuel-related costs, including procurement of uranium, conversion, enrichment, fabrication and assemblies, are capitalized and presented as “Property, plant and equipment, net” on the Consolidated Balance Sheets and presented as a cash outflow within the investing activities section on the Consolidated Statements of Cash Flows. Such costs are amortized as the fuel is consumed using the units-of-production method and presented as “Nuclear fuel amortization” on the Consolidated Statements of Operations.

Unrealized gain (loss) on derivative instruments. Includes unrealized gains and losses resulting from changes in the fair value of certain fuel contracts and environmental product contracts that qualify as derivative instruments. See “Derivative Instruments” below for the recognition criteria of unrealized gains and losses on commodity derivative instruments. See “Operating Revenues and Revenue Recognition” above for additional information on unrealized gains and losses of derivative instruments presented as “Operating Revenues” on the Consolidated Statements of Operations.

Derivative Instruments. The fair value of derivative contracts required to be measured at fair value are presented as “Derivative instruments” within assets or liabilities on the Consolidated Balance Sheets. The primary type of derivative instruments utilized are commodity derivatives. Commodity derivative contracts are valued using inputs and assumptions such as contractual volumes, delivery location, forward commodity prices, commodity price volatility, discount rates, and credit worthiness of counterparties. For derivatives that trade in liquid markets, such as generic forwards, swaps, and options, the inputs and assumptions are generally observable.

In most instances, master netting agreements govern derivative transactions between parties and contain certain provisions for setoff rights. The fair value of derivative instruments is presented net of setoff rights and cash collateral deposits. The fair value of commercial contracts that are not subject to netting and (or) collateral provisions is presented gross. Prior to Emergence, the fair value of derivative instruments presented on the Consolidated Balance Sheets was presented gross of setoff rights and cash collateral deposits exchanged between parties under such arrangements.

Unrealized gains or losses associated with a derivative instrument that economically hedges certain risks but where qualified cash flow hedge accounting is not elected or not met are presented on the Consolidated Statements of Operations in the period when such gains or losses arise. As there are no derivatives where qualified hedge accounting has been elected, changes in the fair value of commodity derivatives are presented as “Unrealized gain (loss) on derivative instruments,” as a component of either “Operating Revenues” or “Energy Expenses” on the Consolidated Statements of Operations in a manner consistent with the presentation of net realized gains and losses. See “Operating Revenues” and “Energy Expenses” above for a discussion of net realized gains and losses on commodity derivatives. The cumulative net gains or losses for interest rate contracts are presented as “Interest expense and other finance charges” on the Consolidated Statements of Operations.

See Notes 2 and 11 for additional information on the presentation of derivative contracts and fair value measurements, respectively.

Operation, Maintenance and Development. The costs of removal, repairs, maintenance, and other operating costs, pre-commercial development activities, and salaries and benefits for operations personnel that each do not meet capitalization criteria are recognized as an expense when incurred. Materials and supplies inventories are recognized as an expense at the weighted average cost of materials consumed as they are used for repairs and maintenance. Costs for pre-commercial development stages of certain projects that are not capitalized as “Property, plant and equipment, net” on the Consolidated Balance Sheets and recurring operational and maintenance activities are each presented as “Operation, maintenance and development” on the Consolidated Statements of Operations. Development expenses incurred were primarily related to pre-commercial activities at Nautilus and hyperscale construction activities at Cumulus Digital.

Stock-Based Compensation. TEC grants performance stock units (“PSUs”) and restricted stock units (“RSUs”) to certain employees and non-employee directors. The fair value of PSUs is estimated on the grant date utilizing a Monte Carlo Valuation Model, which contains significant unobservable inputs that are believed to be consistent with those used by principal market participants. The fair value of RSUs is derived from the closing price of TEC common stock at the grant date. Forfeitures are recognized as they occur. Unvested PSUs and RSUs are entitled to dividends or dividend equivalents, which are accrued and distributed to award recipients at the time such awards vest. Dividends and dividend equivalents are subject to the same vesting and forfeiture provisions as the underlying awards. Liability classified awards that settle in cash, or include an election to be settled in cash, are remeasured at fair value through settlement or maturity and presented as “Stock-based compensation liabilities” on the Consolidated Balance Sheets. Stock-based compensation expense is recognized for both graded and cliff vesting awards on a straight-line basis over the requisite service period for the entire award. Stock-based compensation expense is presented as “General and administrative” on the Consolidated Statements of Operations.

See Note 13 for additional information on stock-based compensation.

Income Taxes. TEC and its subsidiaries file a consolidated U.S. federal income tax return. Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying values of existing assets and liabilities and their respective tax basis, tax credits and NOL carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities due to a change in tax rates is recognized as income in the period that includes the enactment date. Valuation allowances are recognized to reduce deferred tax assets to the extent necessary to result in an amount that is more likely than not to be realized. Disproportionate income tax effects are removed from AOCI when the circumstance upon which they are premised ceases to exist.

The financial statement effect of a tax position is recognized when it is more-likely-than-not, based on the technical merits, that the position will be sustained upon examination. A tax position that meets the more-likely-than-not recognition threshold is measured as the largest amount of tax benefit that is greater than 50% likely of being realized upon ultimate settlement with a taxing authority. A previously recognized tax position is reversed in the first period in which it is no longer more-likely-than-not that the tax position would be sustained upon examination. Interest and penalties from tax uncertainties are presented as “Income tax benefit (expense)” on the Consolidated Statements of Operations.

See Note 4 for additional information on income taxes.

Concentrations of Credit Risk. Concentrations of credit risk exist primarily within cash and cash equivalents, receivables, and commodity derivative assets. Cash and cash equivalents are generally held in accounts where the amounts deposited exceed the maximum deposit insurance provided by the Federal Deposit Insurance Corporation. Cash and cash equivalents and restricted cash balances are primarily deposited in accounts with major financial institutions with investment grade credit ratings. In certain instances, funds are invested in highly liquid U.S. Treasury securities or other obligations with original maturities of less than 90 days that are issued by or guaranteed by the U.S. Government. Concentrations of credit risk for receivables are primarily attributable to entities that reimburse Talen for certain capital expenditures and operating costs associated with jointly owned facilities. Concentrations of credit risk for commodity derivative assets are primarily attributable to unaffiliated investment grade counterparties which engage in energy marketing activities with Talen Energy Marketing. See Note 2 for additional information on concentrations of credit risk.

Cash and Cash Equivalents. Bank deposits, liquid investments, and other similar assets with original maturities of three months or less. Cash and cash equivalents, including cash deposits supporting the Company’s commodity exchange activities, that are contractually restricted are presented as “Restricted cash and cash equivalents” on the Consolidated Balance Sheets.

See Note 16 for additional information.

Accounts Receivable. Receivables primarily consist of amounts due from customers or other contract counterparties, net of any collection allowances. Uncollected receivables greater than 30 days past due are assessed for collectability based on a variety of factors that include, but are not limited to, customer credit worthiness, duration receivables are outstanding, and (or) historical collection experience. Management continuously assesses and considers current economic trends that might impact the amount of future credit losses. If it becomes known that a specific customer may not have the ability to settle its obligation that is not yet past due, such receivables are assessed for collectability. If these assessments indicate a receivable collection is remote, its carrying value is reduced through an allowance for doubtful accounts measured at management’s best estimate, and a charge is presented on the Consolidated Statements of Operations. If any portion of the original carrying value of the receivable is recovered, the allowance and the associated charge are reversed in the period of collection.

Inventory. Inventory consists of fuel for generation (primarily coal and fuel oil), materials and supplies, and environmental products each of which are valued at the lower of weighted average cost or net realizable value. See Note 5 for additional information on inventory.

Investments in Debt and Equity Securities. The NDT holds investments in available-for-sale debt securities and equity securities, which are carried at fair value and presented as “Nuclear decommissioning trust funds” on the Consolidated Balance Sheets.

Unrealized gains and losses, net of income tax, on available-for-sale debt securities are presented as “Other Comprehensive Income (Loss)” on the Consolidated Statements of Comprehensive Income in the period when such gains and losses arise. Realized gains and losses on available-for-sale debt securities are transferred from AOCI to “Nuclear decommissioning trust funds gain (loss), net” on the Consolidated Statements of Operations in the period when the sale of the security occurs. The specific identification method is used to calculate realized gains and losses on debt and equity securities. If an available-for-sale debt security's fair value declines below cost and the decline is determined to be other-than-temporary, the unrealized loss is recognized on the Consolidated Statements of Comprehensive Income in the period when such determination arises.

Unrealized gains and losses and realized gains and losses on equity securities are presented as “Nuclear decommissioning trust funds gain (loss), net” on the Consolidated Statements of Operations in the period when such gains or losses arise.

See Notes 6 and 11 for additional information on investments in debt and equity securities.

Property, Plant and Equipment. Expenditures for land, the construction of facilities, the addition or refurbishment of major equipment, and commercially viable new development projects are capitalized at cost. Such capitalized amounts include interest costs, where appropriate. Facilities, land, and other equipment acquired in a business combination are recognized at acquisition date fair value. In each case, such amounts are presented as “Property, plant and equipment, net” on the Consolidated Balance Sheets. Reductions in the carrying value of PP&E are accumulated over the estimated useful life of each depreciable unit using group or straight-line depreciation methods. Such periodic reduction is presented as a charge to “Depreciation, amortization and accretion” on the Consolidated Statements of Operations. Generally, upon normal retirement of PP&E under the group depreciation method, the costs of such assets are retired against accumulated depreciation in the period of the retirement and no gain or loss is recognized. Any remaining carrying value of PP&E at its retirement date that depreciated under the straight-line depreciation method is presented as a loss within “Other operating income (expense), net” on the Consolidated Statements of Operations. Any remaining carrying value of PP&E at its sale date and any proceeds from the disposition are presented as a gain or loss net on the Consolidated Statements of Operations.

See Note 17 for information on recent business combinations.

Expenditures for intangible assets such as contractual rights, software development costs, and long-term operating licenses are capitalized at cost and are presented as “Property, plant and equipment, net” on the Consolidated Balance Sheets. Reductions in the carrying value of intangible assets with finite useful lives are accumulated over the estimated useful life of each intangible asset using an amortization pattern which reflects the economic benefits of the intangible asset. Such periodic reduction is presented as a charge to “Depreciation, amortization and accretion” on the Consolidated Statements of Operations. See “Impairment” below for additional information regarding impairments of the carrying values of PP&E.

See Note 7 for additional information on PP&E.

Impairment. PP&E used in operations are assessed for impairment when changes in facts and circumstances indicate the carrying value of the asset group may not be recoverable. Indicators of impairment may include changes in the economic environment, negative financial trends, physical damage to assets or management’s decisions regarding strategic initiatives. Where applicable, individual assets are grouped for impairment analysis purposes at the lowest level for which there are identifiable cash flows that are largely independent of the cash flows of other assets and liabilities. If there is an indication the carrying value of an asset group may not be recoverable, management reviews the expected future cash flows of the asset group. If the sum of the undiscounted pre-tax cash flows is less than the carrying value of the asset group, the carrying value of the asset group is written down to its estimated fair value. Impairment charges are presented as “Impairments” on the Consolidated Statements of Operations in the period in which the impairment condition arises. If facts and circumstances indicate that the carrying value of an asset under construction will have no future economic benefit, such amounts are presented on the Consolidated Statements of Operations in the period in which such projects are abandoned, canceled, or management otherwise determines the costs to be unrecoverable.

Fair value may be determined by a variety of valuation methods including third-party appraisals, market prices of similar assets, and present value techniques. However, as there is generally a lack of quoted market prices for long-lived assets, the fair value of impaired assets is typically determined based on the present values of expected future cash flows using discount rates that are believed to be consistent with those used by principal market participants. The estimated cash flows and related fair value computations consider all available evidence at the date of the review, such as estimated future generation volumes, forward capacity and commodity prices, energy prices, operating costs, capital expenditures, and environmental costs.

See Note 7 for information on impairments.

Asset Retirement Obligations. A liability for an ARO or conditional ARO exists when a legal obligation arises from laws, regulations or other contractual requirements for the retirement of tangible long-lived assets. When an ARO liability is incurred, which is typically at asset construction or through assumption of the liability in connection with a business combination, it is initially recognized at fair value. Fair value measurements are estimated under a present value technique and are discounted using a credit-adjusted risk-free rate. Additionally, given the inherent uncertainty in estimating the amount of cash flows to settle an ARO liability or its settlement date, fair value estimates include a market risk premium and a range of possible cash flow outcomes, where applicable. At the initial recognition, the effects on the Consolidated Balance Sheets include: (i) an increase to “Asset retirement obligations and accrued environmental costs” for the portion of ARO to be settled after one year and (or) “Other current liabilities” for the portion of the ARO to be settled within one year; and (ii) an offsetting increase to “Property, plant and equipment, net” for the asset retirement capitalized cost. Estimated future ARO cash expenditures and settlement dates are reviewed periodically to identify any required amendments to the carrying value of each ARO liability.

ARO liabilities increase through the recognition of accretion expense to recognize changes in the obligation due to the passage of time. The asset retirement capitalized cost is depreciated at a rate consistent with the useful life of the associated long-lived asset. The depreciation of the asset retirement capitalized cost and the accretion of the ARO liability are each presented as “Depreciation, amortization and accretion” on the Consolidated Statements of Operations. An ARO liability amendment associated with a long-lived asset that is not fully impaired or depreciated is recognized through an adjustment to the ARO liability and the asset retirement capitalized cost. Any revision to the asset retirement capitalized cost is generally depreciated over the remaining life of the associated long-lived asset. An ARO liability amendment associated with a fully impaired or depreciated asset is presented as “Other operating income (expense), net” on the Consolidated Statements of Operations. At settlement, a gain or loss will arise if the cash expenditures to settle the ARO liabilities are different than the carrying values. Such gains or losses are presented as “Other operating income (expense), net” on the Consolidated Statements of Operations.

A conditional ARO refers to an entity’s legal obligation to perform an asset retirement activity in which the timing or method of settlement is conditional on a future event that may or may not be within the entity’s control, including legal or regulatory requirements. There may also be instances when there is no available information regarding the ultimate ARO settlement timing or the fair value of the obligation may not be reasonably estimable. If sufficient information becomes available to reasonably estimate the fair value of the liability for an ARO or a conditional ARO, a liability is recognized in the period in which it is determined.

See Note 8 for additional information on AROs.

Contingencies. Potential loss contingencies may result from environmental remediation, litigation claims, regulatory penalties or other events. Potential losses are accrued when: (i) information is available that indicates it is probable (i.e., likely to occur) that a loss has been incurred, given the likelihood of the uncertain future events; and (ii) the amount of the loss can be reasonably estimated. Loss contingencies are recognized at management's best estimate, which may be discounted, where appropriate. Loss contingencies exclude estimates for any legal fees, which are recognized as incurred when the legal services are performed. Additionally, pursuant to federal and state legislation, the Company assesses the funding associated with certain legacy health care benefit plans for retired mine workers and recognizes expected funding shortfall, if any, as a contingent liability. See Note 9 for additional information on loss contingencies.

Business interruption insurance proceeds are considered gain contingencies and not recognized until realized.

Debt. Proceeds received on the issuance of new term loans, secured notes, unsecured notes, bonds, and similar indebtedness are presented as “Long-term debt” or “Long-term debt, due within one year” on the Consolidated Balance Sheets. Interest incurred as paid-in-kind, whether accrued or capitalized as additional principal are presented as “Long-term debt” with the associated outstanding amounts of indebtedness. Costs incurred to issue new indebtedness and any original issuance discounts or premiums are deferred at issuance on the Consolidated Balance Sheets and presented together with the associated outstanding principal amounts of indebtedness.

Interest accrues on outstanding principal amounts of indebtedness based on contractually determined rates during each period. Costs incurred for the issuance of indebtedness and any original issuance discounts or premiums are subsequently amortized through the expected maturity date of the associated indebtedness under the effective interest rate method and are presented as “Interest expense and other finance charges” on the Consolidated Statements of Operations.

Gains and losses on the: (i) early redemption of indebtedness; or (ii) early termination and (or) reduction of revolving credit facility committed capacity are presented as a gain or loss on the Consolidated Statements of Operations. Such amounts include the proportional derecognition of any deferred financing costs, fees, discounts, and (or) premiums associated with the indebtedness.

Direct cash borrowings under secured lines of credit, revolving credit facilities, and similar indebtedness are presented as a current liability on the Consolidated Balance Sheets. Costs incurred to issue new arrangements are deferred and presented as “Other current assets” or “Other noncurrent assets” on the Consolidated Balance Sheets. Interest accrues on direct cash borrowings and LCs based on contractually determined rates during each period.

Costs incurred to issue new arrangements are subsequently amortized through the expected expiration of the associated arrangement under the straight-line method. Commitment fees on available but unused credit facility capacity are expensed as incurred. Such costs are presented as “Interest expense and other finance charges” on the Consolidated Statements of Operations.

See Note 10 for additional information on debt.

Postretirement Benefit Obligations. Certain Talen subsidiaries sponsor various defined benefit pension plans and other postretirement benefit plans. Gains and losses, net of income tax, that arise and are not a component of net periodic defined benefit costs are presented as “Other Comprehensive Income (Loss)” on the Consolidated Statements of Comprehensive Income. Service cost is presented as “Operation, maintenance and development” while the other components of net periodic defined benefit cost (credit) for pension and other postretirement plans are presented as “Other non-operating income (expense), net” on the Consolidated Statements of Operations.

Following Emergence, actuarial gains and losses in excess of the greater of 10% of the plan's projected benefit obligation or the market-related value of plan assets are amortized over (i) the expected average remaining service period of active plan participants for active plans; or (ii) the average future remaining lifetime of the plan participants of frozen plans. Prior to Emergence, Talen used an accelerated amortization method for the recognition of gains and losses for defined benefit pension plans: (i) actuarial gains and losses in excess of 30% of the plan's projected benefit obligation are amortized on a straight-line basis over one-half of the expected average remaining service of active plan participants; and (ii) actuarial gains and losses in excess of 10% of the greater of the plan's projected benefit obligation or the market-related value of plan assets and less than 30% of the plan's projected benefit obligation are amortized on a straight-line basis over the expected average remaining service period of active plan participants.

Following Emergence, a spot rate curve that represents a portfolio of high-quality corporate bonds is used to develop the discount rate utilized to measure the projected benefit obligations and service costs for benefit plans. Prior to Emergence, a bond matching methodology was utilized, based on a specific portfolio of bonds that closely match the overall cash flow timing and duration of the benefit plans.

See Note 12 for additional information on the plans and the accounting for defined benefits.

Treasury Stock and Retirement of Treasury Shares. Share repurchases are accounted for under the cost method, which recognizes the entire cost of the acquired stock, including transaction costs and excise tax, as a reduction in additional paid-in-capital and are presented as “Treasury stock” on the Consolidated Balance Sheets. Share repurchases are recognized on a trade date basis when we are contractually obligated to purchase the shares. Treasury shares are retired on the settlement date of the transaction. At retirement, the common stock balance is reduced for the par value of the shares. The excess of the acquisition cost of repurchased shares over the par value is recognized in additional paid-in capital (up to the amount credited to additional paid-in capital upon original issuance of the shares), with any remaining cost deducted from retained earnings.

Recently Adopted Accounting Pronouncements

There have been no recently adopted accounting pronouncements that had a material effect on the Company’s financials statements and (or) disclosures.

Recent Accounting Pronouncements Not Yet Adopted

ASU 2024-03. In November 2024, the FASB issued ASU 2024-03, Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. This ASU requires public companies to disclose, in the notes to financial statements, specified information about certain costs and expenses at each interim and annual reporting period. This ASU is effective for annual reporting periods beginning after December 15, 2026. Early adoption is permitted. The Company is evaluating the disclosure impact of this ASU and expects to adopt it in the required period.

ASU 2025-11. In December 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270): Narrow-Scope Improvements. This ASU provides clarification to certain elements of Topic 270, but does not change the fundamental nature of interim reporting or expand or reduce current interim disclosure requirements. This ASU is effective for annual periods beginning after December 15, 2027, and interim periods within those annual periods. Early adoption is permitted. The Company is evaluating the disclosure impact of this ASU and expects to adopt it in the required period.

Business, Basis of Presentation, and Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Basis of Presentation

Talen Energy Corporation is a holding company whose only material businesses and properties are held through its direct and wholly owned subsidiary, Talen Energy Supply. Certain of TES’s debt agreements include covenants that restrict the payment of dividends or other distributions to TEC, restricting in excess of 25% of TEC’s consolidated net assets. Accordingly, these condensed unconsolidated financial statements and related footnotes have been prepared in accordance with Sections 5-04 and 12-04 of Regulation S-X. These statements are not the general-purpose financial statements of TEC and should be read in conjunction with the Annual Financial Statements.

In May 2023, TEC and the majority of its subsidiaries emerged from the Restructuring and adopted fresh start accounting. See Notes 1, 19, and 20 to the Annual Financial Statements for additional information regarding the Restructuring and related accounting. Unconsolidated financial results are presented for TEC for the Successor periods for the years ended December 31, 2025 and December 31, 2024, and for the period from May 18, 2023 through December 31, 2023. Because the results presented in the Annual Financial Statements for the Predecessor period (prior to May 18, 2023) represent the operating results TES, such results are not repeated here. TEC held no cash nor had any cash activity during the years ended December 31, 2025 and December 31, 2024, and for the period from May 18, 2023 through December 31, 2023; therefore, a statement of cash flows has not been included.

Pursuant to the Internal Revenue Code, TEC and TES are each taxable entities. TEC files a consolidated U.S. federal income tax return on behalf of all its subsidiaries. The provision for income taxes and the effect of any recognition and (or) remeasurement are recognized as if: (i) TES and its subsidiaries file a consolidated income tax return; and (ii) TEC files a standalone income tax return. Additionally, the Company has elected to present accrued excise tax liabilities as a result of the repurchase of TEC common stock on the TES consolidated balance sheets. Accordingly, substantially all income taxes are recognized at TES.

Principles of Consolidation

Emergence from Restructuring, Fresh Start Accounting, and Reverse Acquisition

In May 2022, TES and 71 of its subsidiaries voluntarily commenced the Restructuring under Chapter 11 of the U.S. Bankruptcy Code. TEC joined the Restructuring in December 2022. The Plan of Reorganization was approved by the requisite parties and confirmed by the bankruptcy court in late 2022, and was consummated and became effective in May 2023, when TEC, TES, and the other debtors emerged from the Restructuring.

Reclassifications

Certain amounts in the prior period financial statements were reclassified to conform to the current period’s presentation. The reclassifications did not affect operating income, net income, total assets, total liabilities, net equity, or cash flows.

Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Restructuring Effects

Income, expenses, gains, or losses that were incurred or realized as a direct result of the Restructuring since entering bankruptcy proceedings are presented as “Reorganization income (expense), net” on the Consolidated Statements of Operations.

Business Combinations

The purchase price paid by the Company to acquire a business is allocated to the identifiable assets acquired and liabilities assumed based on their estimated fair values as of the acquisition date. If the initial accounting for a business combination is incomplete by the end of the reporting period in which the combination occurs, provisional amounts are reported. Provisional amounts can be adjusted prospectively during a measurement period not to exceed one year from the acquisition date. If the purchase price exceeds the net fair value of the acquired business, the difference is recognized as goodwill on the consolidated balance sheets. Conversely, a bargain purchase gain is recognized on the consolidated statements of operations if the purchase price of an acquired business is below its net fair value.

Fair Value of Financial Instruments and Derivatives

The portion of our assets and liabilities carried at fair value are measured as of a reporting date using an exit price (i.e., the price that would be received to sell an asset or paid to transfer a liability). An exit price may be developed under a market approach utilizing market transactions, an income approach utilizing present value techniques, or a replacement cost approach. The exit prices are disclosed according to the quality of valuation inputs under a three-tiered hierarchy comprised of:

(i)Level 1 inputs that are quoted prices (unadjusted) in active markets for identical assets or liabilities;

(ii)Level 2 inputs that are other than quoted prices that are directly or indirectly observable; and

(iii)Level 3 inputs that are unobservable inputs for assets or liabilities.


Fair Value Hierarchy			Description
Level 1			Derivative instruments: Commodity and interest rate futures and/or options. NDT funds: Equity securities and U.S. Government debt securities, which include U.S. Treasury bills, notes and (or) bonds. Pension plan asset investments: Alternative and other investments, which include U.S. Treasury futures contracts. Other postretirement plan asset investments: U.S. Government debt securities, which include U.S. Treasury bills, notes, and/or bonds.
Level 2			Derivative instruments: Over-the-counter swaps, options and forward purchase and sale contracts that are valued using adjusted exchange prices, prices provided by brokers, or pricing service companies that are all corroborated by market data. NDT funds: U.S. government debt securities, municipal debt securities and corporate debt securities are valued using pricing provided by brokers or pricing service companies and corroborated by market data. Long-term debt: The reported fair value of fixed and variable rate debt is valued using prices provided by brokers or pricing service companies and corroborated by market data. The carrying value of certain other short-term indebtedness approximates fair value. Other postretirement plan asset investments: Corporate debt securities are valued using pricing provided by brokers or pricing service companies and corroborated by market data.
Level 3			There are no material assets or liabilities valued utilizing such inputs.
Net Asset Value (NAV)			NDT funds: ▪Cash equivalents consist of short-term investment funds and commingled cash equivalent funds that can be redeemed daily. ▪Equity securities consist of commingled fixed income funds that can be redeemed daily and real estate investment trusts that can be redeemed quarterly, subject to investment manager approval. Pension plan asset investments: ▪Cash equivalent funds consist of short-term investment funds and commingled cash equivalent funds that can be redeemed daily. ▪Commingled equity securities consist of large and small cap U.S. and international funds that can be redeemed daily. ▪Commingled debt securities consist of funds that invest in investment-grade intermediate and long-duration corporate and government fixed-income securities that can be redeemed daily. ▪Alternative and other investments primarily consist of fund investments in real estate, private equity, hedge funds, and infrastructure, which have redemption limitations subject to the respective general partner’s approval. Other postretirement plan asset investments: ▪Cash equivalent funds consist of short-term investment funds and commingled cash equivalent funds that can be redeemed daily. ▪Commingled equity securities consist of investments in a passively-managed equity index fund that invests in securities and a combination of other collective funds that can be redeemed daily. ▪Commingled debt securities consist of investments in funds that invest in a diversified portfolio of investment-grade fixed income securities that can be redeemed daily.

Revenues

Operating revenues on the Consolidated Statements of Operations are primarily comprised of items presented as: (i) “Capacity revenues;” (ii) “Energy and other revenues;” and (iii) “Unrealized gain (loss) on derivative instruments” for certain electricity contracts.

Energy and other revenues.

Other revenues primarily include: (i) Nuclear PTC revenues; and (ii) Nautilus revenues from Bitcoin mining.

Nuclear PTC

Bitcoin Mining Revenue

Unrealized gain (loss) on derivative instruments

Includes unrealized gains and losses resulting from changes in the fair value of certain power contracts that qualify as derivative instruments. See “Derivative Instruments” below for the recognition criteria of unrealized gains and losses on commodity derivative instruments. See “Energy Expenses” below for additional information on unrealized gains and losses of derivative instruments presented as “Energy Expenses” on the Consolidated Statements of Operations.Includes unrealized gains and losses resulting from changes in the fair value of certain fuel contracts and environmental product contracts that qualify as derivative instruments. See “Derivative Instruments” below for the recognition criteria of unrealized gains and losses on commodity derivative instruments. See “Operating Revenues and Revenue Recognition” above for additional information on unrealized gains and losses of derivative instruments presented as “Operating Revenues” on the Consolidated Statements of Operations.

Energy Expenses

Energy expenses on the Consolidated Statements of Operations are primarily comprised of items presented as: (i) “Fuel and energy purchases;” (ii) “Nuclear fuel amortization;” and (iii) “Unrealized gain (loss) on derivative instruments” for certain commodity purchase contracts.

Fuel and energy purchases. Primarily includes: (i) fuel costs; (ii) environmental product costs; and (iii) realized gain (loss) on commodity derivative instruments.

Operation, Maintenance and Development

The costs of removal, repairs, maintenance, and other operating costs, pre-commercial development activities, and salaries and benefits for operations personnel that each do not meet capitalization criteria are recognized as an expense when incurred. Materials and supplies inventories are recognized as an expense at the weighted average cost of materials consumed as they are used for repairs and maintenance. Costs for pre-commercial development stages of certain projects that are not capitalized as “Property, plant and equipment, net” on the Consolidated Balance Sheets and recurring operational and maintenance activities are each presented as “Operation, maintenance and development” on the Consolidated Statements of Operations. Development expenses incurred were primarily related to pre-commercial activities at Nautilus and hyperscale construction activities at Cumulus Digital.

Stock-Based Compensation

TEC grants performance stock units (“PSUs”) and restricted stock units (“RSUs”) to certain employees and non-employee directors. The fair value of PSUs is estimated on the grant date utilizing a Monte Carlo Valuation Model, which contains significant unobservable inputs that are believed to be consistent with those used by principal market participants. The fair value of RSUs is derived from the closing price of TEC common stock at the grant date. Forfeitures are recognized as they occur. Unvested PSUs and RSUs are entitled to dividends or dividend equivalents, which are accrued and distributed to award recipients at the time such awards vest. Dividends and dividend equivalents are subject to the same vesting and forfeiture provisions as the underlying awards. Liability classified awards that settle in cash, or include an election to be settled in cash, are remeasured at fair value through settlement or maturity and presented as “Stock-based compensation liabilities” on the Consolidated Balance Sheets. Stock-based compensation expense is recognized for both graded and cliff vesting awards on a straight-line basis over the requisite service period for the entire award. Stock-based compensation expense is presented as “General and administrative” on the Consolidated Statements of Operations.

Income Taxes

TEC and its subsidiaries file a consolidated U.S. federal income tax return. Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying values of existing assets and liabilities and their respective tax basis, tax credits and NOL carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities due to a change in tax rates is recognized as income in the period that includes the enactment date. Valuation allowances are recognized to reduce deferred tax assets to the extent necessary to result in an amount that is more likely than not to be realized. Disproportionate income tax effects are removed from AOCI when the circumstance upon which they are premised ceases to exist.

Concentrations of Credit Risk

Concentrations of credit risk exist primarily within cash and cash equivalents, receivables, and commodity derivative assets. Cash and cash equivalents are generally held in accounts where the amounts deposited exceed the maximum deposit insurance provided by the Federal Deposit Insurance Corporation. Cash and cash equivalents and restricted cash balances are primarily deposited in accounts with major financial institutions with investment grade credit ratings. In certain instances, funds are invested in highly liquid U.S. Treasury securities or other obligations with original maturities of less than 90 days that are issued by or guaranteed by the U.S. Government. Concentrations of credit risk for receivables are primarily attributable to entities that reimburse Talen for certain capital expenditures and operating costs associated with jointly owned facilities. Concentrations of credit risk for commodity derivative assets are primarily attributable to unaffiliated investment grade counterparties which engage in energy marketing activities with Talen Energy Marketing.

Cash and Cash Equivalents

Bank deposits, liquid investments, and other similar assets with original maturities of three months or less. Cash and cash equivalents, including cash deposits supporting the Company’s commodity exchange activities, that are contractually restricted are presented as “Restricted cash and cash equivalents” on the Consolidated Balance Sheets.

Accounts Receivable

Receivables primarily consist of amounts due from customers or other contract counterparties, net of any collection allowances. Uncollected receivables greater than 30 days past due are assessed for collectability based on a variety of factors that include, but are not limited to, customer credit worthiness, duration receivables are outstanding, and (or) historical collection experience. Management continuously assesses and considers current economic trends that might impact the amount of future credit losses. If it becomes known that a specific customer may not have the ability to settle its obligation that is not yet past due, such receivables are assessed for collectability. If these assessments indicate a receivable collection is remote, its carrying value is reduced through an allowance for doubtful accounts measured at management’s best estimate, and a charge is presented on the Consolidated Statements of Operations. If any portion of the original carrying value of the receivable is recovered, the allowance and the associated charge are reversed in the period of collection.

Inventory

Inventory consists of fuel for generation (primarily coal and fuel oil), materials and supplies, and environmental products each of which are valued at the lower of weighted average cost or net realizable value. See Note 5 for additional information on inventory.

Investments in Debt and Equity Securities

The NDT holds investments in available-for-sale debt securities and equity securities, which are carried at fair value and presented as “Nuclear decommissioning trust funds” on the Consolidated Balance Sheets.

Property, Plant and Equipment

Expenditures for land, the construction of facilities, the addition or refurbishment of major equipment, and commercially viable new development projects are capitalized at cost. Such capitalized amounts include interest costs, where appropriate. Facilities, land, and other equipment acquired in a business combination are recognized at acquisition date fair value. In each case, such amounts are presented as “Property, plant and equipment, net” on the Consolidated Balance Sheets. Reductions in the carrying value of PP&E are accumulated over the estimated useful life of each depreciable unit using group or straight-line depreciation methods. Such periodic reduction is presented as a charge to “Depreciation, amortization and accretion” on the Consolidated Statements of Operations. Generally, upon normal retirement of PP&E under the group depreciation method, the costs of such assets are retired against accumulated depreciation in the period of the retirement and no gain or loss is recognized. Any remaining carrying value of PP&E at its retirement date that depreciated under the straight-line depreciation method is presented as a loss within “Other operating income (expense), net” on the Consolidated Statements of Operations. Any remaining carrying value of PP&E at its sale date and any proceeds from the disposition are presented as a gain or loss net on the Consolidated Statements of Operations.

See Note 17 for information on recent business combinations.

Impairment

PP&E used in operations are assessed for impairment when changes in facts and circumstances indicate the carrying value of the asset group may not be recoverable. Indicators of impairment may include changes in the economic environment, negative financial trends, physical damage to assets or management’s decisions regarding strategic initiatives. Where applicable, individual assets are grouped for impairment analysis purposes at the lowest level for which there are identifiable cash flows that are largely independent of the cash flows of other assets and liabilities. If there is an indication the carrying value of an asset group may not be recoverable, management reviews the expected future cash flows of the asset group. If the sum of the undiscounted pre-tax cash flows is less than the carrying value of the asset group, the carrying value of the asset group is written down to its estimated fair value. Impairment charges are presented as “Impairments” on the Consolidated Statements of Operations in the period in which the impairment condition arises. If facts and circumstances indicate that the carrying value of an asset under construction will have no future economic benefit, such amounts are presented on the Consolidated Statements of Operations in the period in which such projects are abandoned, canceled, or management otherwise determines the costs to be unrecoverable.Fair value may be determined by a variety of valuation methods including third-party appraisals, market prices of similar assets, and present value techniques. However, as there is generally a lack of quoted market prices for long-lived assets, the fair value of impaired assets is typically determined based on the present values of expected future cash flows using discount rates that are believed to be consistent with those used by principal market participants. The estimated cash flows and related fair value computations consider all available evidence at the date of the review, such as estimated future generation volumes, forward capacity and commodity prices, energy prices, operating costs, capital expenditures, and environmental costs.

Asset Retirement Obligations

liability for an ARO or conditional ARO exists when a legal obligation arises from laws, regulations or other contractual requirements for the retirement of tangible long-lived assets. When an ARO liability is incurred, which is typically at asset construction or through assumption of the liability in connection with a business combination, it is initially recognized at fair value. Fair value measurements are estimated under a present value technique and are discounted using a credit-adjusted risk-free rate. Additionally, given the inherent uncertainty in estimating the amount of cash flows to settle an ARO liability or its settlement date, fair value estimates include a market risk premium and a range of possible cash flow outcomes, where applicable. At the initial recognition, the effects on the Consolidated Balance Sheets include: (i) an increase to “Asset retirement obligations and accrued environmental costs” for the portion of ARO to be settled after one year and (or) “Other current liabilities” for the portion of the ARO to be settled within one year; and (ii) an offsetting increase to “Property, plant and equipment, net” for the asset retirement capitalized cost. Estimated future ARO cash expenditures and settlement dates are reviewed periodically to identify any required amendments to the carrying value of each ARO liability.

Contingencies

Potential loss contingencies may result from environmental remediation, litigation claims, regulatory penalties or other events. Potential losses are accrued when: (i) information is available that indicates it is probable (i.e., likely to occur) that a loss has been incurred, given the likelihood of the uncertain future events; and (ii) the amount of the loss can be reasonably estimated. Loss contingencies are recognized at management's best estimate, which may be discounted, where appropriate. Loss contingencies exclude estimates for any legal fees, which are recognized as incurred when the legal services are performed. Additionally, pursuant to federal and state legislation, the Company assesses the funding associated with certain legacy health care benefit plans for retired mine workers and recognizes expected funding shortfall, if any, as a contingent liability.

Debt

Proceeds received on the issuance of new term loans, secured notes, unsecured notes, bonds, and similar indebtedness are presented as “Long-term debt” or “Long-term debt, due within one year” on the Consolidated Balance Sheets. Interest incurred as paid-in-kind, whether accrued or capitalized as additional principal are presented as “Long-term debt” with the associated outstanding amounts of indebtedness. Costs incurred to issue new indebtedness and any original issuance discounts or premiums are deferred at issuance on the Consolidated Balance Sheets and presented together with the associated outstanding principal amounts of indebtedness.

Postretirement Benefit Obligations

Certain Talen subsidiaries sponsor various defined benefit pension plans and other postretirement benefit plans. Gains and losses, net of income tax, that arise and are not a component of net periodic defined benefit costs are presented as “Other Comprehensive Income (Loss)” on the Consolidated Statements of Comprehensive Income. Service cost is presented as “Operation, maintenance and development” while the other components of net periodic defined benefit cost (credit) for pension and other postretirement plans are presented as “Other non-operating income (expense), net” on the Consolidated Statements of Operations.

Treasury Stock and Retirement of Treasury Shares

Share repurchases are accounted for under the cost method, which recognizes the entire cost of the acquired stock, including transaction costs and excise tax, as a reduction in additional paid-in-capital and are presented as “Treasury stock” on the Consolidated Balance Sheets. Share repurchases are recognized on a trade date basis when we are contractually obligated to purchase the shares. Treasury shares are retired on the settlement date of the transaction. At retirement, the common stock balance is reduced for the par value of the shares. The excess of the acquisition cost of repurchased shares over the par value is recognized in additional paid-in capital (up to the amount credited to additional paid-in capital upon original issuance of the shares), with any remaining cost deducted from retained earnings.

Recently Adopted Accounting Pronouncements/ Recent Accounting Pronouncements Not Yet Adopted

Recently Adopted Accounting Pronouncements

There have been no recently adopted accounting pronouncements that had a material effect on the Company’s financials statements and (or) disclosures.

Recent Accounting Pronouncements Not Yet Adopted

Asset Retirement Obligations and Accrued Environmental Costs (Tables)

12 Months Ended

Dec. 31, 2025

Asset Retirement Obligation Disclosure [Abstract]

Schedule of Asset Retirement Obligations and Accrued Environmental Costs


	Successor
	December 31, 2025		December 31, 2024
Asset retirement obligations	$	514	$	498
Accrued environmental costs	20		21
Total asset retirement obligations and accrued environmental costs	534		519
Less: asset retirement obligations and accrued environmental costs due within one year (a)	40		51

Asset retirement obligations and accrued environmental costs due after one year	$	494	$	468

__________________

(a)Presented as “Other current liabilities” on the Consolidated Balance Sheets.

Schedule of Changes in Asset Retirement Obligations

The changes of the ARO carrying value during the period were:


	Successor
	2025		2024
Carrying value January 1,	$	498	$	464

Obligations settled	(27)		(13)
Accretion expense	56		55
Changes in estimates and (or) settlement dates	(13)		(17)
Obligations incurred	—		9
Carrying value, December 31,	$	514	$	498

Schedule of Disaggregation of Asset Retirement Obligations

The disaggregation of ARO carrying values on the Consolidated Balance Sheets was:


	Successor
	December 31, 2025		December 31, 2024

Nuclear (a)	$	272	$	242
Non-nuclear (b)	242		256
Carrying value	$	514	$	498

__________________

(a)Obligations are expected to be settled with available funds in the NDT at the time of decommissioning. See Note 6 for additional information on the NDT.

(b)Certain obligations are: (i) partially supported by surety bonds, some of which have been collateralized with LCs; or (ii) partially prefunded under phased installment agreements.

Fair Value - Schedule of Recurring Fair Value Measurements (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024	May 17, 2023
Assets
Cash equivalents	$ 16	$ 3
Equity securities	1,105	1,105
Debt securities	777	611
Receivables (payables), net	2	5
NDT funds	1,900	1,724	$ 1,465
Derivative assets, netting	(396)	(156)
Total assets	1,960	1,795
Liabilities
Derivative liabilities, netting	(440)	(167)
Total liabilities	168	7
Commodity derivatives
Assets
Derivative assets, netting	(396)	(156)
Derivative assets, total	60	69
Liabilities
Derivative liabilities, netting	(440)	(167)
Derivative liabilities, total	156	7
Interest rate derivatives
Assets
Derivative assets, total	0	2
Liabilities
Derivative liabilities, total	12	0
U.S. government debt securities
Assets
Debt securities	399	353
Municipal debt securities
Assets
Debt securities	101	85
Corporate debt securities
Assets
Debt securities	277	173
Level 1
Assets
Cash equivalents	0	0
Equity securities	871	758
NDT funds	1,168	1,111
Total assets	1,529	1,245
Liabilities
Total liabilities	407	145
Level 1 \| Commodity derivatives
Assets
Derivative assets	361	134
Liabilities
Derivative liabilities	407	145
Level 1 \| Interest rate derivatives
Assets
Derivative assets, total	0	0
Liabilities
Derivative liabilities	0	0
Level 1 \| U.S. government debt securities
Assets
Debt securities	297	353
Level 1 \| Municipal debt securities
Assets
Debt securities	0	0
Level 1 \| Corporate debt securities
Assets
Debt securities	0	0
Level 2
Assets
Cash equivalents	0	0
Equity securities	0	0
NDT funds	480	258
Total assets	575	351
Liabilities
Total liabilities	201	29
Level 2 \| Commodity derivatives
Assets
Derivative assets	95	91
Liabilities
Derivative liabilities	189	29
Level 2 \| Interest rate derivatives
Assets
Derivative assets, total	0	2
Liabilities
Derivative liabilities	12	0
Level 2 \| U.S. government debt securities
Assets
Debt securities	102	0
Level 2 \| Municipal debt securities
Assets
Debt securities	101	85
Level 2 \| Corporate debt securities
Assets
Debt securities	277	173
NAV
Assets
Cash equivalents	16	3
Equity securities	234	347
NDT funds	250	350
Total assets	250	350
Liabilities
Total liabilities	0	0
NAV \| Commodity derivatives
Assets
Derivative assets	0	0
Liabilities
Derivative liabilities	0	0
NAV \| Interest rate derivatives
Assets
Derivative assets, total	0	0
Liabilities
Derivative liabilities	0	0
NAV \| U.S. government debt securities
Assets
Debt securities	0	0
NAV \| Municipal debt securities
Assets
Debt securities	0	0
NAV \| Corporate debt securities
Assets
Debt securities	$ 0	$ 0

Commitments and Contingencies - Guarantees and Other Assurances (Details) - Surety Bond - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Other Commitments [Line Items]
Surety bonds	$ 228	$ 234
Subsidiary, TES
Other Commitments [Line Items]
Surety bonds	$ 114	$ 125

Postretirement Benefit Obligations - Projected Benefit Obligation (Details) - USD ($) $ in Millions	5 Months Ended	7 Months Ended	12 Months Ended
	May 17, 2023	Dec. 31, 2023	Dec. 31, 2025	Dec. 31, 2024
Change in plan assets
Actual benefits paid			$ (102)	$ (114)
Assumptions
Interest crediting rate			6.00%	6.00%
Pension Benefits
Change in benefit obligation
Benefit obligation beginning balance			$ 1,202	$ 1,308
Service cost	$ 1	$ 2	2	2
Interest cost	25	40	65	63
Actuarial (gain) loss			26	(81)
Actual benefits paid			(92)	(105)
Resolved litigation settlement and other charges	$ 0	1	0	15
Benefit obligation ending balance		1,308	1,203	1,202
Change in plan assets
Plan assets fair value beginning balance			911	975
Actual return on plan assets			102	(13)
Employer contributions			70	54
Actual benefits paid			(92)	(105)
Plan assets fair value ending balance		$ 975	991	911
Funded status			(212)	(291)
Accumulated benefit obligation			1,203	1,202
Aggregate amounts of underfunded plans
Benefit obligation / Accumulated benefit obligation			1,203	1,202
Fair value of plan assets			991	911
Amounts recognized in accumulated other comprehensive income
Net (gain) loss			28	34
Total accumulated other comprehensive income			$ 28	$ 34
Assumptions
Rate of compensation increase	3.45%	3.45%	3.45%	3.45%
Pension Benefits \| Pension Plan, Obligation
Assumptions
Discount rate			5.43%	5.65%
Other Postretirement Benefits
Change in benefit obligation
Benefit obligation beginning balance			$ 52	$ 79
Service cost	$ 1	$ 1	1	1
Interest cost	$ 1	2	3	3
Plan amendments			(1)	(21)
Actuarial (gain) loss			0	(3)
Plan participant contributions			2	2
Actual benefits paid			(10)	(9)
Benefit obligation ending balance		79	47	52
Change in plan assets
Plan assets fair value beginning balance			71	75
Actual return on plan assets			5	3
Employer contributions		0	1
Plan participant contributions			2	2
Actual benefits paid			(9)	(9)
Plan assets fair value ending balance		$ 75	70	71
Funded status			23	19
Aggregate amounts of underfunded plans
Benefit obligation / Accumulated benefit obligation			47	52
Fair value of plan assets			70	71
Amounts recognized in accumulated other comprehensive income
Net (gain) loss			(3)	(2)
Prior service cost (credit)			(16)	(20)
Total accumulated other comprehensive income			$ (19)	$ (22)
Assumptions
Rate of compensation increase	2.31%	2.31%	4.19%	2.31%
Other Postretirement Benefits \| Other Postretirement Benefit Plan, Obligation
Assumptions
Discount rate			5.42%	5.63%

Fresh Start Accounting - Reorganization Adjustments (Details) - USD ($) $ / shares in Units, $ in Millions		5 Months Ended	7 Months Ended	12 Months Ended
	May 17, 2023	May 17, 2023	Dec. 31, 2023	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2022
Cash and Cash Equivalents:
Proceeds from TLB-1 and TLC		$ 0	$ 288	$ 0	$ 0
Payment of debt issuance costs on exit financing (TLB-1, TLC, and Secured Notes)		(74)	(7)	(89)	(13)
Cash and cash equivalents	$ 169	169		689	328
Other noncurrent assets:
Net change in Other noncurrent assets	208	208		106	183
Accrued interest:
Accrued interest	4	4		60	18
Accounts payable and other accrued liabilities:
Net change in Accounts payable and other accrued liabilities	385	385		281	266
Other current liabilities:
Other current liabilities	68	68		78	154
Long-term debt:
Proceeds from TLB-1 and TLC		0	288	0	0
Net change in Long-term debt	2,840	2,840		6,782	2,987
Total principal				6,911	3,038
Issuance of equity for backstop premium				100	34
Liabilities subject to compromise prior to Emergence
Debt			1,558
Postretirement benefit obligations			309
Asset retirement obligations and accrued environmental costs			219
Other liabilities			114
Deferred tax liabilities			83
Accounts payable and accrued liabilities			53
Accrued interest			41
Liabilities subject to compromise	0	0	2,825
Deferred income taxes:
Deferred income taxes (Note 4)	357	357		486	362
Other noncurrent liabilities:
Other noncurrent liabilities	93	93		42	135
Member’s equity:
Gain on debt discharge		1,459				$ 0
Total reorganization items from reorganization adjustments		799	$ 0	0	0	$ (812)
Total Stockholders' Equity	2,321	2,321		1,093	1,387
Secured Notes
Long-term debt:
Total principal	$ 1,200	$ 1,200		1,200	1,200
Warrant
Estimated fair value of liability-classified warrants:
Expected volatility	30.00%
Expected term (years)	5 years
Expected dividend yield	0.00%
Risk-free interest rate	3.60%
Strike price per share (in dollars per share)	$ 52.92	$ 52.92
Fair value per share (in dollars per share)	$ 11.29	$ 11.29
TLB-1 \| Secured Debt
Long-term debt:
Total principal	$ 580	$ 580		848	$ 857
TLC \| Secured Debt
Long-term debt:
Total principal	470	470
Reorganization Adjustments
Cash and Cash Equivalents:
Proceeds from rights offering	1,400
Proceeds from TLB-1 and TLC	1,019
Proceeds from Secured Notes	1,200
Release of restricted cash	89
Payment of claims under prepetition senior secured revolving credit facility	(1,029)
Payment of claims under other prepetition secured indebtedness	(2,136)
Payment of debtor-in-possession term loan	(1,012)
Restriction of cash relating to TLC LCF	(470)
Payment of debt issuance costs on exit financing (TLB-1, TLC, and Secured Notes)	(54)
Funding of professional fees escrow account	(52)
Payment of hedge rejections	(42)
Payment to general unsecured creditors trust	(26)
Payment of professional fees	(22)
Other	2
Cash and cash equivalents	(1,133)	(1,133)
Proceeds from receipt of payment for general unsecured creditors trust	1
Restricted Cash and Cash Equivalent [Abstract]
Restriction of cash relating to TLC LCF	470
Funding of professional fees escrow account	52
Release of restricted cash	(89)
Payment of professional fees	(7)
Net change in Restricted cash and cash equivalents	426	426
Other noncurrent assets:
Write-off of debt issuance costs associated with prepetition senior secured revolving credit facility	(22)
Reclassification of previously capitalized debt issuance costs to Long-term debt	(14)
Capitalization of debt issuance costs	24
Net change in Other noncurrent assets	(12)	(12)
Accrued interest:
Payment of accrued interest on prepetition senior secured revolving credit facility	(183)
Payment of accrued interest on other prepetition secured indebtedness	(89)
Payment of accrued interest on debtor-in-possession credit facilities	(12)
Accrued interest	(284)	(284)
Accounts payable and other accrued liabilities:
Payment of hedge contract rejections	(42)
Payment of professional fees	(6)
Reinstatement of liabilities subject to compromise	38
Accrual for professional fees incurred at Emergence	13
Net change in Accounts payable and other accrued liabilities	3	3
Other current liabilities:
Issuance of equity for backstop premium	(380)
Reinstatement of liabilities subject to compromise	31
Other current liabilities	(349)	(349)
Long-term debt:
Payment of claims under prepetition secured indebtedness	(2,048)
Proceeds from TLB-1 and TLC	1,019
Reinstatement of PEDFA 2009B Bonds and PEDFA 2009C Bonds	130
Payment of accrued interest on prepetition senior secured revolving credit facility	26
Net change in Long-term debt	281	281
Interest expense, debt	4
Liabilities subject to compromise prior to Emergence
Liabilities subject to compromise	(2,788)	(2,788)
Deferred income taxes:
Increase in deferred tax liabilities primarily due to estimated tax attribute reduction from the recognition of cancellation of debt income, partially offset by change in valuation allowance	206
Reinstatement of liabilities subject to compromise	77
Deferred income taxes (Note 4)	283	283
Other noncurrent liabilities:
Issuance of liability-classified warrants	35
Reinstatement of liabilities subject to compromise	25
Other noncurrent liabilities	60	60		60
Member’s equity:
Gain on settlement of liabilities subject to compromise	1,462
Other losses attributable to gain on debt discharge	(3)
Gain on debt discharge	1,459
Write-off of deferred financing cost	(46)
Professional fees	(27)
Restructuring-related compensation expense	(8)
Total reorganization items from reorganization adjustments	1,378
Interest expense incurred at Emergence	(4)
Income from reorganization adjustments before income taxes	1,374
Income tax expense	(206)
Net income from reorganization adjustments	1,168
Issuance of member’s equity in connection with rights offering	1,715
Issuance of equity for backstop premium	380
Payment to general unsecured creditors trust	186
Issuance of equity-classified warrants	8
Issuance of liability-classified warrants	(35)
Other	(6)
Total Stockholders' Equity	3,416	3,416		$ 3,416
Reorganization Adjustments \| Borrowings of $1.2 billion Under Secured Notes
Cash and Cash Equivalents:
Proceeds from TLB-1 and TLC	1,179
Long-term debt:
Proceeds from TLB-1 and TLC	1,179
Issuance of equity for backstop premium	21	21
Reorganization Adjustments \| Borrowings of $580 million Under TLB
Cash and Cash Equivalents:
Proceeds from TLB-1 and TLC	548
Long-term debt:
Proceeds from TLB-1 and TLC	548
Issuance of equity for backstop premium	32	32
Reorganization Adjustments \| Borrowings of $470 million Under TLC
Cash and Cash Equivalents:
Proceeds from TLB-1 and TLC	446
Long-term debt:
Proceeds from TLB-1 and TLC	446
Issuance of equity for backstop premium	24	24
Predecessor
Cash and Cash Equivalents:
Cash and cash equivalents	1,302	1,302
Other noncurrent assets:
Net change in Other noncurrent assets	146	146
Accrued interest:
Accrued interest	288	288
Accounts payable and other accrued liabilities:
Net change in Accounts payable and other accrued liabilities	382	382
Other current liabilities:
Other current liabilities	414	414
Long-term debt:
Net change in Long-term debt	2,504	2,504
Liabilities subject to compromise prior to Emergence
Debt	1,555	1,555
Termination of retail contracts	447	447
Postretirement benefit obligations	305	305
Asset retirement obligations and accrued environmental costs	220	220
Other liabilities	92	92
Deferred tax liabilities	77	77
Accounts payable and accrued liabilities	51	51
Accrued interest	41	41
Liabilities subject to compromise	2,788	2,788
Reinstatement and settlements of certain Liabilities subject to compromise
Reinstatement of liabilities subject to compromise	(801)
Excess fair value ascribed to lenders participating in rights offering	(315)
Issuance of member’s equity to holders of claims under prepetition unsecured notes and PEDFA 2009A Bonds	(186)
Payment to general unsecured creditors trust	(24)
Total	(1,326)
Gain on derecognition of certain Liabilities subject to compromise	1,462
Deferred income taxes:
Deferred income taxes (Note 4)	82	82
Other noncurrent liabilities:
Other noncurrent liabilities	19	19
Member’s equity:
Total Stockholders' Equity	$ (818)	$ (818)

Stockholders' Equity - Changes in AOCI (Details) - USD ($)
$ in Millions

5 Months Ended

7 Months Ended

12 Months Ended

May 17, 2023

Dec. 31, 2023

Dec. 31, 2025

Dec. 31, 2024

AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]

Beginning balance

$ (482)

$ 2,431

$ 1,387

$ 2,534

Total Other Comprehensive Income (Loss)

(23)

Cancellation of member’s equity

^[1]

Ending balance

2,431

2,534

1,093

1,387

Accumulated other comprehensive income (loss)

AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]

Beginning balance

(167)

(12)

(23)

Gains (losses) arising during the period

(36)

Reclassifications to Consolidated Statements of Operations

(9)

Income tax benefit (expense)

(5)

(4)

(1)

Total Other Comprehensive Income (Loss)

(23)

Cancellation of member’s equity

161

Ending balance

$ 0

$ (23)

$ (4)

$ (12)

[1]	Pursuant to the Plan of Reorganization: (i) existing equity interests were canceled; and (ii) new equity interests and equity-classified warrants were issued.

- Definition

Amount after tax and reclassification adjustments of other comprehensive income (loss).

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-SubTopic 10
-Topic 505
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-6

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 830
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481674/830-30-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 830
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481694/830-30-45-17

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(19))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482765/220-10-50-4

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482765/220-10-50-5

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 830
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 20
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481694/830-30-45-20

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(21))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(23))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1B
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1B

Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 55
-Paragraph 15
-SubTopic 10
-Topic 220
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482739/220-10-55-15

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1A
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1A

+ Details

- Definition

Amount of tax expense (benefit) allocated to other comprehensive income (loss).

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 45
-Paragraph 12
-SubTopic 10
-Topic 220
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-12

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482765/220-10-50-4

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 830
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481674/830-30-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 830
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481694/830-30-45-17

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 830
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 20
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481694/830-30-45-20

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(19))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-10

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 20
-Name Accounting Standards Codification
-Section 45
-Paragraph 11
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482659/740-20-45-11

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(21))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(23))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 20
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482659/740-20-45-2

+ Details

- Definition

Amount of equity (deficit) attributable to parent and noncontrolling interest. Excludes temporary equity.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-28

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 105
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 9
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479343/105-10-65-9

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 105
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 9
-Subparagraph (d)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479343/105-10-65-9

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 17
-Subparagraph (d)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480336/718-10-65-17

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 944
-SubTopic 605
-Name Accounting Standards Codification
-Section 55
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477548/944-605-55-14

Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Topic 944
-SubTopic 605
-Name Accounting Standards Codification
-Section 55
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477548/944-605-55-11

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-6

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 60
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476176/805-60-65-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 60
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (d)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476176/805-60-65-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 323
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478666/740-323-65-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 323
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (g)(4)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478666/740-323-65-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 323
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (d)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478666/740-323-65-2

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 323
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (d)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478666/740-323-65-2

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 848
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (a)(3)(iii)(03)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483550/848-10-65-2

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 842
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 8
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479832/842-10-65-8

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483421/250-10-45-24

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 23
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483421/250-10-45-23

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 5
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483421/250-10-45-5

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 5
-Subparagraph (c)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479654/326-10-65-5

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 6
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480528/815-20-65-6

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 6
-Subparagraph (h)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480528/815-20-65-6

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 6
-Subparagraph (h)(1)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480528/815-20-65-6

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 6
-Subparagraph (h)(1)(iii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480528/815-20-65-6

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 6
-Subparagraph (h)(1)(iv)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480528/815-20-65-6

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 6
-Subparagraph (i)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480528/815-20-65-6

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 105
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 6
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479343/105-10-65-6

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 105
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 6
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479343/105-10-65-6

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (f)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480016/944-40-65-2

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (f)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480016/944-40-65-2

Reference 32: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 8
-Subparagraph (d)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482615/740-10-65-8

Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 8
-Subparagraph (d)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482615/740-10-65-8

Reference 34: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 4
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479654/326-10-65-4

Reference 35: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-1

Reference 36: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (e)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480175/815-40-65-1

Reference 37: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-7

Reference 38: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482765/220-10-50-5

Reference 39: http://www.xbrl.org/2003/role/disclosureRef
-Topic 830
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481674/830-30-50-1

Reference 40: http://www.xbrl.org/2003/role/disclosureRef
-Topic 830
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481694/830-30-45-17

Reference 41: http://www.xbrl.org/2003/role/disclosureRef
-Topic 830
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 20
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481694/830-30-45-20

Reference 42: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
-SubTopic 830
-Name Accounting Standards Codification
-Section 55
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479168/946-830-55-11

Reference 43: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 205
-Name Accounting Standards Codification
-Section 45
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478009/946-205-45-3

Reference 44: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 505
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478448/946-505-50-3

Reference 45: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-04(19))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479170/946-210-S99-1

Reference 46: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.6-05(4))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479170/946-210-S99-2

Reference 47: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(4)(b))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3

Reference 48: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(6))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3

Reference 49: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(7))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3

Reference 50: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1

Reference 51: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 52: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481687/323-10-50-3

Reference 53: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 45
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481231/810-10-45-15

Reference 54: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 45
-Paragraph 16
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481231/810-10-45-16

Reference 55: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 55
-Paragraph 4I
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481175/810-10-55-4I

Reference 56: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 60
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476166/350-60-65-1

Reference 57: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 4
-Subparagraph (f)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481538/470-20-65-4

+ Details

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
Cybersecurity Risk Management and Strategy Disclosure	Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	Our cybersecurity policies are guided by standards or recommendations issued by, among others, the National Institute of Standards and Technology, the NRC, and NERC. We deploy, configure, and maintain technologies and procedures designed to enforce security policies, detect and protect against cybersecurity threats, and help safeguard our material assets. Our digital and cybersecurity controls are augmented with physical controls such as security systems, security site plans, security systems monitoring, and access control to mitigate physical security risks at our facilities. Our procurement policies and organizational controls require certain vendors to be assessed and vetted, with enhanced protocols on purchases and installations involving nuclear equipment. Additionally, cybersecurity reviews are performed on critical intellectual property vendors. Additionally, where warranted, we request a detailed cybersecurity questionnaire from our vendors to assess the vendor's practices and preparedness in addressing cyber threats. Through a multi-functional coordinated effort, we assess and mitigate cybersecurity risks across our business units based on likelihood of the risk and potential impact to the business unit, the Company, and our stakeholders. These risks are identified using tactical, operational, and compliance-based approaches. Risks and associated consequences, should they materialize, are evaluated using likelihood of occurrence considering existing controls and technologies. Our employees, as well as certain contractors, are required to complete cybersecurity awareness and training programs. Mandatory technical training is provided to employees and vendors performing, verifying, or managing cybersecurity activities. Mitigation efforts also include annual cyber crisis response simulations and annual training. Third parties conduct periodic assessments on our cyber-related systems. To measure our non-nuclear cybersecurity framework maturity, we utilize internal and external audits and assessments, vulnerability testing, and governance processes. Our nuclear cybersecurity program is inspected biennially by the NRC and assessed annually by a quality assurance audit. Nuclear vulnerability management is implemented in collaboration with Department of Homeland Security and the Cybersecurity and Infrastructure Security Agency. We have cyber incident response plans to manage significant cybersecurity incidents across different aspects of our operations. Cybersecurity incidents are escalated based on significance to our Chief Administrative Officer, Chief Nuclear Officer, Chief Operating Officer, General Counsel, Chief Financial Officer, President, Chief Executive Officer, Audit Committee, and (or) Board of Directors.
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	Our cybersecurity policies are guided by standards or recommendations issued by, among others, the National Institute of Standards and Technology, the NRC, and NERC. We deploy, configure, and maintain technologies and procedures designed to enforce security policies, detect and protect against cybersecurity threats, and help safeguard our material assets.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	The Audit Committee oversees our cybersecurity risk exposures and the steps taken by management to monitor and mitigate cybersecurity risks. Periodic reports are given by senior management to the Audit Committee about material cyber events and our risk mitigation efforts. Our senior executive team is responsible for the coordination of cybersecurity across the Company. Our cybersecurity teams, which include employees with appropriate professional certifications, are responsible for assessing and managing our cyber risk management protocols in their respective areas. These activities include the prevention, detection, mitigation, and remediation of material cybersecurity incidents as well as communicating risk management matters to key stakeholders. The cybersecurity teams have experience selecting, deploying, and operating cybersecurity technologies, initiatives, and processes, and rely on threat intelligence as well as other information obtained from governmental, public, or private sources. In coordination with our senior management, the relevant cybersecurity teams review risk management strategies to mitigate cybersecurity risks. Additionally, as needed, we engage specialists, consultants, auditors, and (or) other third parties to assist with assessing, identifying, and managing cybersecurity risks.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	The Audit Committee oversees our cybersecurity risk exposures and the steps taken by management to monitor and mitigate cybersecurity risks.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	Periodic reports are given by senior management to the Audit Committee about material cyber events and our risk mitigation efforts.
Cybersecurity Risk Role of Management [Text Block]	Our senior executive team is responsible for the coordination of cybersecurity across the Company. Our cybersecurity teams, which include employees with appropriate professional certifications, are responsible for assessing and managing our cyber risk management protocols in their respective areas. These activities include the prevention, detection, mitigation, and remediation of material cybersecurity incidents as well as communicating risk management matters to key stakeholders. The cybersecurity teams have experience selecting, deploying, and operating cybersecurity technologies, initiatives, and processes, and rely on threat intelligence as well as other information obtained from governmental, public, or private sources. In coordination with our senior management, the relevant cybersecurity teams review risk management strategies to mitigate cybersecurity risks. Additionally, as needed, we engage specialists, consultants, auditors, and (or) other third parties to assist with assessing, identifying, and managing cybersecurity risks.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	Our senior executive team is responsible for the coordination of cybersecurity across the Company. Our cybersecurity teams, which include employees with appropriate professional certifications, are responsible for assessing and managing our cyber risk management protocols in their respective areas. These activities include the prevention, detection, mitigation, and remediation of material cybersecurity incidents as well as communicating risk management matters to key stakeholders.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	Our cybersecurity teams, which include employees with appropriate professional certifications, are responsible for assessing and managing our cyber risk management protocols in their respective areas. These activities include the prevention, detection, mitigation, and remediation of material cybersecurity incidents as well as communicating risk management matters to key stakeholders. The cybersecurity teams have experience selecting, deploying, and operating cybersecurity technologies, initiatives, and processes, and rely on threat intelligence as well as other information obtained from governmental, public, or private sources.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	Periodic reports are given by senior management to the Audit Committee about material cyber events and our risk mitigation efforts.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

Acquisitions and Divestitures - 2023 Divestitures (Details) - USD ($) $ in Millions	1 Months Ended		5 Months Ended	7 Months Ended	12 Months Ended
	Apr. 30, 2023	Mar. 31, 2023	May 17, 2023	Dec. 31, 2023	Dec. 31, 2025	Dec. 31, 2024
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from AWS Data Campus Sale and ERCOT Sale (Note 17)			$ 0	$ 0	$ 0	$ 1,398
Gain (loss) on sale of assets, net			0	$ 0	$ 0	$ 886
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| Western Gas Book
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from AWS Data Campus Sale and ERCOT Sale (Note 17)	$ 15
Gain (loss) on sale of assets, net			15
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| Pennsylvania Minerals
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from AWS Data Campus Sale and ERCOT Sale (Note 17)		$ 29
Gain (loss) on sale of assets, net			$ 29

Nuclear Decommissioning Trust Funds - Unrealized Gains (Losses) In Equity Securities (Details) - USD ($) $ in Millions	5 Months Ended	7 Months Ended	12 Months Ended
	May 17, 2023	Dec. 31, 2023	Dec. 31, 2025	Dec. 31, 2024
Investments, Debt and Equity Securities [Abstract]
Equity securities, unrealized gains (losses)	$ 23	$ 83	$ 123	$ 74

Risk Management, Derivative Instruments and Hedging Activities - Balance Sheets Presentation (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024	May 17, 2023
Derivative [Line Items]
Derivative asset, current	$ 56	$ 66	$ 186
Derivative liability, current	101	0	57
Derivative asset, noncurrent	4	5	0
Derivative liability, noncurrent	67	7	$ 42
Commodity derivatives
Derivative [Line Items]
Derivative asset, current	56	65
Derivative liability, current	97	0
Derivative asset, noncurrent	4	4
Derivative liability, noncurrent	59	7
Interest rate derivatives
Derivative [Line Items]
Derivative asset, current	0	1
Derivative liability, current	4	0
Derivative asset, noncurrent	0	1
Derivative liability, noncurrent	$ 8	$ 0

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Dec. 31, 2025	Dec. 31, 2024	May 17, 2023
Statement of Financial Position [Abstract]
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	350,000,000	350,000,000
Shares issued (in shares)	45,687,828	45,961,910
Shares outstanding (in shares)	45,687,828	45,961,910	59,028,843

Schedule I - Condensed Financial Information of Registrant - Notes to Condensed Unconsolidated Financial Statements (Details) - Parent Company $ in Millions	12 Months Ended
	Dec. 31, 2025 USD ($)
Condensed Financial Statements, Captions [Line Items]
Percentage of restricted net assets	25.00%
TEC
Condensed Financial Statements, Captions [Line Items]
Debt instrument, pro forma consolidated total net leverage ratio	3.75
Consolidated-adjusted earnings before interest taxes depreciations and amortization minus, percentage	140.00%
Debt instrument, fixed charge coverage ratio	2.0
TEC \| Threshold One
Condensed Financial Statements, Captions [Line Items]
Maximum adjusted EBITDA	$ 420
Percentage of adjusted EBITDA	40.00%
TEC \| Threshold Two
Condensed Financial Statements, Captions [Line Items]
Maximum adjusted EBITDA	$ 525
Percentage of adjusted EBITDA	50.00%
TEC \| Minimum
Condensed Financial Statements, Captions [Line Items]
Debt instrument, pro forma consolidated total net leverage ratio	2.5

Schedule I - Condensed Financial Information of Registrant

12 Months Ended

Dec. 31, 2025

Condensed Financial Information Disclosure [Abstract]

Condensed Financial Information of Parent Company Only Disclosure

TALEN ENERGY CORPORATION
SCHEDULE I—CONDENSED FINANCIAL INFORMATION OF REGISTRANT
CONDENSED UNCONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME


	Successor
(Millions of Dollars, except share data)	Year Ended December 31, 2025		Year Ended December 31, 2024		May 18 through December 31, 2023
Operating Revenue	$	—	$	—	$	—
Operating Expenses	—		—		—
Operating Income	—		—		—
Equity in earnings of TES	(219)		998		134
Income (Loss) Before Income Taxes	(219)		998		134
Income tax benefit (expense)	—		—		—
Net Income (Loss)	(219)		998		134
Other comprehensive income (loss)	8		11		(23)
Comprehensive Income (Loss)	$	(211)	$	1,009	$	111
Earnings Per Share of Common Stock:
Net Income (Loss) Attributable to Stockholders - Basic	$	(4.79)	$	18.40	$	2.27
Net Income (Loss) Attributable to Stockholders - Diluted	$	(4.79)	$	17.67	$	2.26
Weighted-Average Number of Common Shares Outstanding - Basic (in thousands)	45,692		54,254		59,029
Weighted-Average Number of Common Shares Outstanding - Diluted (in thousands)	45,692		56,486		59,399

The accompanying Notes to the Condensed Unconsolidated Financial Statements are an integral part of the financial statements.

TALEN ENERGY CORPORATION
SCHEDULE I—CONDENSED FINANCIAL INFORMATION OF REGISTRANT
CONDENSED UNCONSOLIDATED BALANCE SHEETS


	Successor
(Millions of Dollars, except share data)	December 31, 2025		December 31, 2024
Assets
Investment in TES	$	1,093	$	1,387
Total Assets	$	1,093	$	1,387




Total Liabilities	$	—	$	—

Stockholders’ Equity
Common stock ($0.001 par value, 350,000,000 shares authorized) (a)	$	—	$	—
Additional paid-in capital	1,709		1,725
Accumulated retained earnings (deficit)	(612)		(326)
Accumulated other comprehensive income (loss)	(4)		(12)
Stockholders’ Equity	$	1,093	$	1,387
Total Liabilities and Stockholders’ Equity	$	1,093	$	1,387

__________________

(a)Shares issued and outstanding were 45,687,828 and 45,961,910 as of December 31, 2025 (Successor) and December 31, 2024 (Successor), respectively.

The accompanying Notes to the Condensed Unconsolidated Financial Statements are an integral part of the financial statements.

TALEN ENERGY CORPORATION
SCHEDULE I—CONDENSED FINANCIAL INFORMATION OF REGISTRANT
NOTES TO CONDENSED UNCONSOLIDATED FINANCIAL STATEMENTS

1. Basis of Presentation

2. TEC Indebtedness

For a general description of the material terms of TES’s indebtedness, see Note 10 to the Annual Financial Statements.

The agreements governing TES’s indebtedness restrict the ability of TES and the Subsidiary Guarantors to pay dividends or distributions or otherwise transfer assets to TEC, subject to certain exceptions. Notable exceptions include the ability to pay dividends or distributions: (1) in an amount not to exceed the greater of $420 million and 40% of TES’s consolidated adjusted EBITDA, (2) in an unlimited amount so long as TES’s pro forma consolidated total net leverage ratio is less than or equal to 2.5 to 1.0, and (3) in an amount not to exceed the sum of: (a) the greater of $525 million and 50% of TES’s consolidated adjusted EBITDA, (b) TES’s consolidated adjusted EBITDA minus 140% of TES’s consolidated interest expense, in each case, for the period from June 1, 2023 through the most recent fiscal quarter (subject to compliance with either (x) a pro forma consolidated total net leverage ratio of less than or equal to 3.75 to 1.0 or (y) a fixed charge coverage ratio greater than or equal to 2.0 to 1.0), (c) equity contributions to TES, and (d) other customary “builder basket” components.

TEC does not have any separate indebtedness, other long-term obligations, or mandatory dividend or redemption requirements of redeemable stocks.

As of December 31, 2025, no cash dividends have been paid to TEC in the last three fiscal years by any other entity.

3. Commitments and Contingencies

See Note 9 to the Annual Financial Statements for commitments and contingencies of TEC.

Segments - Segments and Reconciliation (Details) - USD ($) $ in Millions	5 Months Ended	7 Months Ended	12 Months Ended
	May 17, 2023	Dec. 31, 2023	Dec. 31, 2025	Dec. 31, 2024
Segment Reporting [Abstract]
Number of reportable segments not disclosed Flag			operating segment
Segment Reporting Information [Line Items]
Operating revenues	$ 1,210	$ 1,344	$ 2,581	$ 2,115
Operation, maintenance and development expenses	285	358	620	592
Interest expense and other finance charges	163	176	302	238
Capital expenditures	187	161	206	189
Operating Segments \| PJM
Segment Reporting Information [Line Items]
Operating revenues	1,052	1,120	2,477	1,866
Operation, maintenance and development expenses	245	294	586	518
Interest expense and other finance charges	0	0	0	0
Other segment items	119	449	817	573
Adjusted EBITDA	688	377	1,074	775
Capital expenditures	132	110	195	164
Operating Segments \| Other
Segment Reporting Information [Line Items]
Operating revenues	195	397	161	367
Operation, maintenance and development expenses	47	78	34	74
Interest expense and other finance charges	0	0	0	0
Adjusted EBITDA	37	113	32	71
Capital expenditures	53	45	3	24
Corporate and Eliminations
Segment Reporting Information [Line Items]
Operating revenues	(37)	(173)	(57)	(118)
Interest expense and other finance charges	163	176	302	238
Adjusted EBITDA	(30)	(64)	(71)	(76)
Capital expenditures	$ 2	$ 6	$ 8	$ 1

Risk Management, Derivative Instruments and Hedging Activities (Tables)

12 Months Ended

Dec. 31, 2025

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Net Notional Volumes of Open Commodity Derivatives and Interest Rate Derivatives

The net notional volumes of commodity derivatives were:


	Successor
	December 31, 2025 (a)	December 31, 2024 (a)
Power (MWh)	(59,634,723)	(38,615,192)
Natural gas (MMBtu)	169,209,022	32,405,460
Emission allowances (tons)	—	100,000

__________________

(a)The volumes may be different than the contractual volumes, as the probability that option contracts will be exercised is considered in the volumes displayed.

Open interest rate derivatives range in maturity through 2029. The net notional volumes of open interest rate derivatives were:


	Successor
	December 31, 2025		December 31, 2024
Interest rate (in millions)	$	990	$	290

Schedule of Derivative Instruments in Statement of Financial Position, Fair Value

Balance Sheets Presentation. The fair value of derivative instruments presented within assets and liabilities on the Consolidated Balance Sheets were:


	Successor
	December 31, 2025				December 31, 2024
	Assets		Liabilities		Assets		Liabilities
Commodity contracts	$	56	$	97	$	65	$	—
Interest rate contracts	—		4		1		—

Total current derivative instruments	56		101		66		—
Commodity contracts	4		59		4		7
Interest rate contracts	—		8		1		—
Total non-current derivative instruments	$	4	$	67	$	5	$	7

Schedule of Effect of Netting, Offsetting Assets

The net amounts of “Derivative instruments” presented as assets and liabilities on the Consolidated Balance Sheets considering the effect of permitted netting and where cash collateral is pledged in accordance with the underlying agreement were:


	Gross Derivative Instruments		Eligible for Offset		Net Derivative Instruments		Collateral (Posted) Received		Net Amounts
December 31, 2025 (Successor)
Assets	$	456	$	(396)	$	60	$	—	$	60
Liabilities	608		(396)		212		(44)		168
December 31, 2024 (Successor)
Assets	$	227	$	(154)	$	73	$	(2)	$	71
Liabilities	173		(154)		19		(12)		7

Schedule of Effect of Netting, Offsetting Liabilities


	Gross Derivative Instruments		Eligible for Offset		Net Derivative Instruments		Collateral (Posted) Received		Net Amounts
December 31, 2025 (Successor)
Assets	$	456	$	(396)	$	60	$	—	$	60
Liabilities	608		(396)		212		(44)		168
December 31, 2024 (Successor)
Assets	$	227	$	(154)	$	73	$	(2)	$	71
Liabilities	173		(154)		19		(12)		7

Schedule of Derivative Instruments, Gain (Loss)

The location and pre-tax effect of “Derivative instruments” presented on the Consolidated Statements of Operations for the periods were:


	Successor							Predecessor
		Year Ended December 31, 2025		Year Ended December 31, 2024		May 18 through December 31, 2023			January 1 through May 17, 2023
Realized gain (loss) on commodity contracts
Energy revenues (a)		$	102	$	317	$	360		$	644
Fuel and energy purchases (a)		(14)		(35)		(91)			(34)
Unrealized gain (loss) on commodity contracts
Operating revenues (b)		(45)		42		55			60
Energy expenses (b)		(61)		20		(3)			(123)
Realized and unrealized gain (loss) on interest rate contracts
Interest expense and other finance charges		(13)		9		(4)			—

__________________

(a)Does not include those derivative instruments that settle through physical delivery.

(b)Presented as “Unrealized gain (loss) on derivative instruments” on the Consolidated Statements of Operations.

Long-Term Debt and Other Credit Facilities - Schedule of Key Terms of Indebtedness (Details)	1 Months Ended	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2025 Rate
Secured Notes
Debt Instrument [Line Items]
Interest rate		8.625%
Secured Notes \| Debt Instrument, Redemption, Period One
Debt Instrument [Line Items]
Debt instrument, percentage of principal amount available for redemption		40.00%
Debt instrument, prepayment penalty percentage		108.625%
Secured Notes \| Debt Instrument, Redemption, Period Three
Debt Instrument [Line Items]
Debt instrument, prepayment penalty percentage		104.313%
Secured Notes \| Debt Instrument, Redemption, Period Four
Debt Instrument [Line Items]
Debt instrument, prepayment penalty percentage		102.156%
Secured Notes \| Debt Instrument, Redemption, Period Two
Debt Instrument [Line Items]
Debt instrument, percentage of principal amount available for redemption		10.00%
Debt instrument, prepayment penalty percentage		103.00%
Unsecured Debt \| 2034 Unsecured Notes
Debt Instrument [Line Items]
Interest rate		6.25%
Unsecured Debt \| 2034 Unsecured Notes \| Debt Instrument, Redemption, Period One
Debt Instrument [Line Items]
Debt instrument, percentage of principal amount available for redemption		40.00%
Debt instrument, prepayment penalty percentage		106.25%
Unsecured Debt \| 2034 Unsecured Notes \| Debt Instrument, Redemption, Period Three
Debt Instrument [Line Items]
Debt instrument, prepayment penalty percentage		101.563%
Unsecured Debt \| 2034 Unsecured Notes \| Debt Instrument, Redemption, Period Two
Debt Instrument [Line Items]
Debt instrument, prepayment penalty percentage		103.125%
Unsecured Debt \| 2036 Unsecured Notes
Debt Instrument [Line Items]
Interest rate		6.50%
Unsecured Debt \| 2036 Unsecured Notes \| Debt Instrument, Redemption, Period One
Debt Instrument [Line Items]
Debt instrument, percentage of principal amount available for redemption		40.00%
Debt instrument, prepayment penalty percentage		106.50%
Unsecured Debt \| 2036 Unsecured Notes \| Debt Instrument, Redemption, Period Three
Debt Instrument [Line Items]
Debt instrument, prepayment penalty percentage		101.625%
Unsecured Debt \| 2036 Unsecured Notes \| Debt Instrument, Redemption, Period Two
Debt Instrument [Line Items]
Debt instrument, prepayment penalty percentage		103.25%
Secured Debt \| TLB-1
Debt Instrument [Line Items]
Interest rate		6.35%
Applicable interest rate	2.50%	2.50%
Debt instrument, amortization interest rate		1.00%
Secured Debt \| TLB-1 \| Maximum
Debt Instrument [Line Items]
Debt instrument, leverage-based step-downs, percentage		2.25%
Secured Debt \| TLB-1 \| Minimum
Debt Instrument [Line Items]
Debt instrument, leverage-based step-downs, percentage		2.00%
Secured Debt \| TLB-3
Debt Instrument [Line Items]
Interest rate		5.67%
Debt instrument, prepayment penalty percentage		1.00%
Applicable interest rate		2.00%
Debt instrument, amortization interest rate		1.00%
Secured Debt \| TLB-3 \| Maximum
Debt Instrument [Line Items]
Debt instrument, leverage-based step-downs, percentage		1.75%
Secured Debt \| TLB-3 \| Minimum
Debt Instrument [Line Items]
Debt instrument, leverage-based step-downs, percentage		1.50%
Secured Debt \| RCF
Debt Instrument [Line Items]
Applicable interest rate	2.00%
Line of Credit \| RCF
Debt Instrument [Line Items]
Applicable interest rate		2.00%
Line of credit facility, unused capacity, commitment fee percentage		0.375%
Line of credit facility, unused capacity, leveraged-based step down percentage		0.25%
Debt instrument, fronting fee, percentage		0.125%
Line of Credit \| RCF \| Maximum
Debt Instrument [Line Items]
Debt instrument, leverage-based step-downs, percentage		1.75%
Line of Credit \| RCF \| Minimum
Debt Instrument [Line Items]
Debt instrument, leverage-based step-downs, percentage		1.50%
Bonds \| PEDFA Bonds
Debt Instrument [Line Items]
Interest rate		5.25%

Property, Plant and Equipment - Narrative (Details) - USD ($) $ in Millions	5 Months Ended	7 Months Ended	12 Months Ended
	May 17, 2023	Dec. 31, 2023	Dec. 31, 2025	Dec. 31, 2024	Jan. 31, 2020
Property, Plant and Equipment [Line Items]
Aggregate fuel purchases	$ 14	$ 23	$ 48	$ 35
Discount rate			11.00%
Impairments (Note 7)	381	3	$ 0	1
Nuclear Fuel Contract Intangible Assets
Property, Plant and Equipment [Line Items]
Amortization of nuclear fuel intangible assets		$ 53	0	$ 33
Disposal Group, Disposed of by Means Other than Sale, Not Discontinued Operations, Abandonment \| Nautilus Facility
Property, Plant and Equipment [Line Items]
Property, plant, and equipment, derecognized			15
Contract intangible assets and lease right-of-use assets derecognized			44
Other liabilities, current, derecognized			10
Other liabilities, non-current, derecognized			57
Gain on disposal			$ 8
Susquehanna
Property, Plant and Equipment [Line Items]
Ownership interest			90.00%	90.00%
Conemaugh
Property, Plant and Equipment [Line Items]
Ownership interest			22.22%
Keystone
Property, Plant and Equipment [Line Items]
Ownership interest			12.34%
Colstrip Unit 3 \| Talen Montana
Property, Plant and Equipment [Line Items]
Ownership interest			30.00%
Percentage of operating costs and expenditures			15.00%
Colstrip Unit 4 \| Talen Montana
Property, Plant and Equipment [Line Items]
Percentage of operating costs and expenditures			15.00%
Colstrip Unit 2 \| Talen Montana
Property, Plant and Equipment [Line Items]
Percentage of decommissioning and other related costs					50.00%
Colstrip Unit 1 \| Talen Montana
Property, Plant and Equipment [Line Items]
Percentage of decommissioning and other related costs					50.00%
Property, Plant, and Equipment, Brandon Shores
Property, Plant and Equipment [Line Items]
Impairments (Note 7)	$ 361

Fresh Start Accounting - Schedule of Consolidated Balance Sheet (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	May 17, 2023	May 16, 2023	Dec. 31, 2022
Assets
Cash and cash equivalents	$ 689	$ 328		$ 169
Restricted cash and cash equivalents (a)	63	37		585
Accounts receivable, net	196	123		145
Inventory, net	278	302		307
Derivative instruments	56	66		186
Other current assets	67	184		130
Total current assets	1,349	1,040		1,522
Property, plant and equipment, net (Note 7)	7,546	3,154		3,864
Nuclear decommissioning trust funds	1,900	1,724		1,465
Derivative instruments	4	5		0
Other noncurrent assets	106	183		208
Total Assets	10,905	6,106		7,059	$ 7,800
Liabilities and Equity
Revolving credit facilities				0
Long-term debt, due within one year	29	17		5
Accrued interest	60	18		4
Accounts payable and other accrued liabilities	281	266		385
Derivative instruments	101	0		57
Other current liabilities	78	154		68
Total current liabilities	1,050	455		519
Long-term debt	6,782	2,987		2,840
Liabilities subject to compromise			$ 2,825	0
Derivative instruments	67	7		42
Postretirement benefit obligations	229	305		335
Asset retirement obligations and accrued environmental costs	494	468		442
Deferred income taxes	486	362		357
Other noncurrent liabilities	42	135		93
Total Liabilities	9,812	4,719		4,628	$ 9,800
Total Stockholders' Equity	1,093	1,387		2,321
Noncontrolling interests				110
Total Equity	1,093	1,387	$ 2,534	2,431		$ (482)
Total Liabilities and Stockholders' Equity	10,905	$ 6,106		7,059
Predecessor
Assets
Cash and cash equivalents				1,302
Restricted cash and cash equivalents (a)				240
Accounts receivable, net				148
Inventory, net				448
Derivative instruments				818
Other current assets				135
Total current assets				3,091
Property, plant and equipment, net (Note 7)				4,322
Nuclear decommissioning trust funds				1,465
Derivative instruments				37
Other noncurrent assets				146
Total Assets				9,061
Liabilities and Equity
Revolving credit facilities				848
Long-term debt, due within one year				1,005
Accrued interest				288
Accounts payable and other accrued liabilities				382
Derivative instruments				711
Other current liabilities				414
Total current liabilities				3,648
Long-term debt				2,504
Liabilities subject to compromise				2,788
Derivative instruments				135
Postretirement benefit obligations				(1)
Asset retirement obligations and accrued environmental costs				580
Deferred income taxes				82
Other noncurrent liabilities				19
Total Liabilities				9,755
Total Stockholders' Equity				(818)
Noncontrolling interests				124
Total Equity				(694)
Total Liabilities and Stockholders' Equity				9,061
Reorganization Adjustments
Assets
Cash and cash equivalents				(1,133)
Restricted cash and cash equivalents (a)				426
Accounts receivable, net				(3)
Inventory, net				0
Derivative instruments				0
Other current assets				0
Total current assets				(710)
Property, plant and equipment, net (Note 7)				0
Nuclear decommissioning trust funds				0
Derivative instruments				0
Other noncurrent assets				(12)
Total Assets				(722)
Liabilities and Equity
Revolving credit facilities				(848)
Long-term debt, due within one year				(1,000)
Accrued interest				(284)
Accounts payable and other accrued liabilities				3
Derivative instruments				0
Other current liabilities				(349)
Total current liabilities				(2,478)
Long-term debt				281
Liabilities subject to compromise				(2,788)
Derivative instruments				0
Postretirement benefit obligations				302
Asset retirement obligations and accrued environmental costs				202
Deferred income taxes				283
Other noncurrent liabilities	60			60
Total Liabilities				(4,138)
Total Stockholders' Equity	$ 3,416			3,416
Noncontrolling interests				0
Total Equity				3,416
Total Liabilities and Stockholders' Equity				(722)
Fresh Start Adjustments
Assets
Cash and cash equivalents				0
Restricted cash and cash equivalents (a)				(81)
Accounts receivable, net				0
Inventory, net				(141)
Derivative instruments				(632)
Other current assets				(5)
Total current assets				(859)
Property, plant and equipment, net (Note 7)				(458)
Nuclear decommissioning trust funds				0
Derivative instruments				(37)
Other noncurrent assets				74
Total Assets				(1,280)
Liabilities and Equity
Revolving credit facilities				0
Long-term debt, due within one year				0
Accrued interest				0
Accounts payable and other accrued liabilities				0
Derivative instruments				(654)
Other current liabilities				3
Total current liabilities				(651)
Long-term debt				55
Liabilities subject to compromise				0
Derivative instruments				(93)
Postretirement benefit obligations				34
Asset retirement obligations and accrued environmental costs				(340)
Deferred income taxes				(8)
Other noncurrent liabilities				14
Total Liabilities				(989)
Total Stockholders' Equity				(277)
Noncontrolling interests				(14)
Total Equity				(291)
Total Liabilities and Stockholders' Equity				$ (1,280)

Acquisitions and Divestitures - Schedule of Revenues and Earnings (Details) - Freedom And Guernsey $ in Millions	12 Months Ended
	Dec. 31, 2025 USD ($)
Business Combination, Pro Forma Information [Line Items]
Operating Revenues	$ 153
Net Income (Loss) Attributable to Stockholders	$ 62

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Consolidated Statements Of Comprehensive Income (Loss) - USD ($) $ in Millions	5 Months Ended	7 Months Ended	12 Months Ended
	May 17, 2023	Dec. 31, 2023	Dec. 31, 2025	Dec. 31, 2024
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 465	$ 143	$ (219)	$ 1,013
Other Comprehensive Income (Loss)
Available-for-sale securities unrealized gain (loss), net (Note 6)	6	2	13	(14)
Postretirement benefit actuarial (gain) loss, net (Note 12)	0	(38)	7	5
Postretirement benefit prior service (credits) costs, net (Note 12)	0	0	1	21
Income tax benefit (expense)	(2)	8	(7)	5
Gains (losses) arising during the period, net of tax	4	(28)	14	17
Available-for-sale securities unrealized (gain) loss, net (Note 6)	4	7	(4)	1
Qualifying derivatives unrealized (gain) loss, net	(1)	0	0	0
Postretirement benefit prior service (credits) costs, net (Note 12)	0	0	(4)	(1)
Postretirement benefit actuarial (gain) loss, net (Note 12)	2	0	(1)	0
Income tax benefit (expense)	(3)	(2)	3	(6)
Reclassifications from AOCI, net of tax	2	5	(6)	(6)
Total Other Comprehensive Income (Loss)	6	(23)	8	11
Comprehensive Income (Loss)	471	120	(211)	1,024
Less: Comprehensive income (loss) attributable to noncontrolling interest	(14)	9	0	15
Comprehensive Income (Loss) Attributable to Stockholders (Successor) / Member (Predecessor)	$ 485	$ 111	$ (211)	$ 1,009

Fresh Start Accounting

12 Months Ended

Dec. 31, 2025

Plan of Reorganization [Abstract]

Fresh Start Accounting

19. Emergence from Restructuring

Voluntary Reorganization Under Chapter 11 of the U.S. Bankruptcy Code

Prior to and during the Restructuring, TES and its debtor subsidiaries reached a number of settlements with various stakeholders (including certain holders of claims under TES’s prepetition indebtedness, certain affiliates Riverstone Holdings, LLC (“Riverstone”) (which then held all of the equity in TEC), TEC, and the Official Committee of Unsecured Creditors), the terms of which were incorporated into the Plan of Reorganization. Under the settlements, the Company agreed to conduct a common equity rights offering, which certain holders of prepetition unsecured notes agreed to backstop in exchange for subscription rights to purchase 30% of the new equity issued plus a backstop premium payment in the form of cash and (or) new equity.

Restructuring Transactions and Emergence

The Restructuring transactions were completed, and the Company emerged from the Restructuring, on May 17, 2023. Pursuant to the Plan of Reorganization, among other things:

•Claims against TEC were paid in full in cash or reinstated. All existing equity interests in TEC were extinguished, and new equity interests in TEC were issued as follows:

•Holders of unsecured claims under TES’s prepetition indebtedness (including the backstopping holders) received: (i) TEC equity; and (ii) subscription rights to purchase additional TEC equity in the equity rights offering.

•The equity rights offering was consummated, resulting in $1.4 billion in net cash proceeds to the Company. The backstopping holders (i) fully exercised their subscription rights; (ii) were required to purchase additional unsubscribed-for TEC equity; and (iii) were paid the remaining portion of the backstop premium in the form of TEC equity.

•Riverstone received: (i) 1% of the equity in TEC; (ii) a contingent right to receive additional TEC equity or cash upon certain conditions following Emergence; and (iii) warrants to purchase additional TEC equity. In the third quarter 2023, Riverstone surrendered the warrants and waived its contingent right to additional TEC equity or cash in exchange for $40 million in cash.

•The existing intercompany ownership structure of the debtors remained in place and intercompany claims were extinguished.

•The Company consummated its exit financings, comprised of the RCF, TLB-1, TLC, TLC LCF, Bilateral LCF, and Secured Notes. The PEDFA 2009B and 2009C Bonds remained outstanding following the Restructuring.

•The proceeds of the equity rights offering and the exit financings, together with cash on hand, were used to fully repay the Company’s debtor-in-possession credit facilities and to pay $3.1 billion relating to other secured claims.

•Holders of other unsecured claims received interests in a designated $26 million pool of cash, to which Talen Montana subsequently contributed an additional $11 million from proceeds of the PPL/Talen Montana settlement. See Note 9 for additional information on the PPL/Talen Montana settlement.

20. Fresh Start Accounting

At Emergence, TES adopted fresh start accounting as: (i) the holders of existing voting shares before the consummation of the Plan of Reorganization received less than 50% of the voting shares of the Successor; and (ii) the reorganization value of TES’s assets immediately prior to confirmation of the Plan of Reorganization of $7.8 billion was less than the total of post-petition liabilities and allowed claims of $9.8 billion. Accordingly, TES allocated its reorganization value to its individual assets based on their estimated fair values.

Reorganization Value

Reorganization value is derived from an estimate of enterprise value, or the fair value of the Company’s interest-bearing debt and member’s equity. As negotiated in the Plan of Reorganization and related disclosure statement approved by the Bankruptcy Court, the enterprise value as of Emergence was $4.5 billion. Management engaged third-party valuation advisors to assist in estimating the enterprise value and allocating the enterprise value to the assets and liabilities for financial reporting purposes as of Emergence. Enterprise value assumptions incorporated: (i) economic and industry information relevant to the business; (ii) internal financial information and operating data; (iii) historical financial information; and (iv) financial projections and other applicable assumptions. The valuation techniques used to estimate the enterprise value as of Emergence included the income approach, market approach, and cost approach, with consideration of the exit market and nature of the applicable asset or liability subject to valuation.

The Company’s principal assets are generation facilities whose values were determined by a discounted cash flow analysis based on management’s latest outlook of the business through the end of their expected useful lives. The forward-looking projections considered: (i) company-specific factors, such as unit characteristics, plant dispatch, operating expenses, capital expenditures and estimated economic useful lives; and (ii) macroeconomic factors, such as capacity prices, energy prices, fuel prices, market supply and demand factors, inflation factors, and environmental regulations. Commodity prices used to estimate future cash flows in observable periods were primarily based on adjusted exchange prices, prices provided by brokers, or prices provided by price service companies that are corroborated by market data. Commodity prices for future unobservable periods used third party pricing services that incorporate industry standard methodologies that may consider the historical relationships among various commodities, modeled market prices, inflation assumptions, and other relevant economic measures. Future estimates for capital expenditures and operating expenses, such as major maintenance and employee compensation were estimated considering unit operating experience, recent historical financial information, and expected operating performance. The expected useful lives of the generation facilities were estimated through 2050 and incorporated expectations regarding the economic prospects of each unit, permitting and licensing, regulatory requirements, and (or) other considerations. The cash flow estimates incorporated a federal effective tax rate of 21% and the applicable state tax rate based on the location of each generation facility. The present value of expected future cash flows utilized a weighted average cost of capital discount rate that ranged from 8.5% to 46.5%. The discount rate utilized for nuclear generation was 8.5% and certain natural gas generation facilities were estimated near the low end of the range. Certain coal and natural gas generation units were estimated near the high end of the range. Discount rates for each generation facility considered, among other things, unit characteristics, fuel type, and market location.

The assumptions used to estimate the reorganization value considered all available evidence as of Emergence and are believed to be consistent with those used by the principal market participants and outlook for each generation facility and represent management’s best estimate of reorganization value. However, such assumptions are inherently uncertain and require judgment. Accordingly, changes to sensitive assumptions, which primarily include commodity prices and discount rates, would have a reasonable possibility of significantly affecting the measurement of the reorganization value. See below under “Fresh Start Adjustments” for additional information regarding assumptions used in the measurement of the Company’s various other significant assets and liabilities.

Upon the application of fresh start accounting, the Company preliminarily allocated the reorganization value to its individual assets based on their estimated fair values. The following table reconciles the Company’s enterprise value to the estimated reorganization value at Emergence:


	May 17, 2023
Enterprise value (a)	$	4,500
Plus: Cash and cash equivalents and Restricted cash and cash equivalents (b)	701
Plus: Current liabilities excluding long-term debt due within one year	514
Plus: Non-current liabilities excluding long-term debt and liability-classified warrants	1,234
Plus: Fair value of noncontrolling interest	110
Reorganization value to be allocated	$	7,059

__________________

(a)Excludes any value associated with noncontrolling interest.

(b)Excludes $52 million for payment of professional fees.

The following table reconciles TES’s enterprise value to the estimated fair value at Emergence:


	May 17, 2023
Enterprise value (a)	$	4,500
Plus: Cash and cash equivalents and Restricted cash and cash equivalents (b)	701
Less: Fair value of debt	(2,845)
Less: Liability-classified warrants	(35)
Fair value of member’s equity (c)	2,321
Plus: Fair value of noncontrolling interest	110
Fair value of equity	$	2,431

__________________

(a)Excludes any value associated with noncontrolling interest.

(b)Excludes $52 million for payment of professional fees.

(c)Issued in accordance with the Plan of Reorganization. Includes 59,028,843 shares of TEC common stock and $8 million of equity-classified warrants.

Consolidated Balance Sheet

The “Reorganization Adjustments” on the fresh start Consolidated Balance Sheet as of Emergence present the aggregate effect of the transactions contemplated by the Plan of Reorganization. The “Fresh Start Adjustments” present the preliminary fair value and other required adjustments as a result of applying fresh start accounting. The explanatory notes provide additional information related to the adjustments, the methods used to determine fair values, and significant assumptions.


	May 17, 2023
Assets	Predecessor		Reorganization Adjustments (a)			Fresh Start Adjustments			Successor
Cash and cash equivalents	$	1,302	$	(1,133)	(b)	$	—		$	169
Restricted cash and cash equivalents	240		426		(c)	(81)		(q)	585
Accounts receivable, net	148		(3)		(d)	—			145
Inventory, net	448		—			(141)		(r)	307
Derivative instruments	818		—			(632)		(q)	186
Other current assets	135		—			(5)		(s)	130
Total current assets	3,091		(710)			(859)			1,522
Property, plant and equipment, net	4,322		—			(458)		(t)	3,864
Nuclear decommissioning trust funds	1,465		—			—			1,465
Derivative instruments	37		—			(37)		(q)	—
Other noncurrent assets	146		(12)		(e)	74		(u)	208
Total Assets	$	9,061	$	(722)		$	(1,280)		$	7,059

Liabilities and Equity
Revolving credit facilities	$	848	$	(848)	(f)	$	—		$	—
Long-term debt, due within one year	1,005		(1,000)		(g)	—			5
Accrued interest	288		(284)		(h)	—			4
Accounts payable and other accrued liabilities	382		3		(i)	—			385
Derivative instruments	711		—			(654)		(q)	57
Other current liabilities	414		(349)		(j)	3		(v)	68
Total current liabilities	3,648		(2,478)			(651)			519
Long-term debt	2,504		281		(k)	55		(w)	2,840
Liabilities subject to compromise	2,788		(2,788)		(l)	—			—
Derivative instruments	135		—			(93)		(q)	42
Postretirement benefit obligations	(1)		302		(m)	34		(x)	335
Asset retirement obligations and accrued environmental costs	580		202		(m)	(340)		(y)	442
Deferred income taxes	82		283		(n)	(8)		(z)	357
Other noncurrent liabilities	19		60		(o)	14		(aa)	93
Total Liabilities	9,755		(4,138)			(989)			4,628
Member’s equity	(818)		3,416		(p)	(277)		(bb)	2,321
Noncontrolling interests	124		—			(14)		(cc)	110
Total Equity	(694)		3,416			(291)			2,431
Total Liabilities and Equity	$	9,061	$	(722)		$	(1,280)		$	7,059

Reorganization Adjustments

The reorganization adjustments required in connection with the application of fresh start accounting and the allocation of the enterprise value were:

(a)Emergence adjustments for the implementation of the Plan of Reorganization. Such adjustments include: (i) settlement of prepetition liabilities subject to compromise; (ii) payment of certain prepetition indebtedness; (iii) issuances of member’s equity; (iv) recognition of new indebtedness and related restricted cash; and (v) other items.

(b)The uses of “Cash and cash equivalents” at Emergence resulting from the implementation of the Plan of Reorganization were:


Proceeds from rights offering	$	1,400
Proceeds from TLB-1 and TLC	1,019
Proceeds from Secured Notes	1,200
Release of restricted cash	89
Payment of claims under prepetition senior secured revolving credit facility	(1,029)
Payment of claims under other prepetition secured indebtedness	(2,136)
Payment of debtor-in-possession term loan	(1,012)
Restriction of cash relating to TLC LCF	(470)
Payment of debt issuance costs on exit financing (TLB-1, TLC, and Secured Notes)	(54)
Funding of professional fees escrow account	(52)
Payment of hedge rejections	(42)
Payment to general unsecured creditors trust	(26)
Payment of professional fees	(22)
Other (a)	2
Total uses of Cash and cash equivalents	$	(1,133)

__________________

(a)Includes $1 million of proceeds from Riverstone for payment to general unsecured creditors trust.

(c)“Restricted cash and cash equivalents” net change:


Restriction of cash relating to TLC LCF	$	470
Funding of professional fees escrow account	52
Release of restricted cash	(89)
Payment of professional fees	(7)
Net change in Restricted cash and cash equivalents	$	426

(d)“Accounts receivable, net” net change related to settlement of affiliate receivables.

(e)“Other noncurrent assets” net change:


Write-off of debt issuance costs associated with prepetition senior secured revolving credit facility	$	(22)
Reclassification of previously capitalized debt issuance costs to Long-term debt	(14)
Capitalization of debt issuance costs	24
Net change in Other noncurrent assets	$	(12)

(f)Payment of principal amounts owed under prepetition senior secured revolving credit facility.

(g)Repayment of debtor-in-possession credit facilities.

(h)“Accrued interest” net change:


Payment of accrued interest on prepetition senior secured revolving credit facility	$	(183)
Payment of accrued interest on other prepetition secured indebtedness	(89)
Payment of accrued interest on debtor-in-possession credit facilities	(12)
Net change in Accrued interest	$	(284)

(i)“Accounts payable and other accrued liabilities” net change:


Payment of hedge contract rejections	$	(42)
Payment of professional fees	(6)
Reinstatement of liabilities subject to compromise	38
Accrual for professional fees incurred at Emergence	13
Net change in Accounts payable and other accrued liabilities	$	3

(j)“Other current liabilities” net change:


Issuance of equity for backstop premium	$	(380)
Reinstatement of liabilities subject to compromise	31
Net change in Other current liabilities	$	(349)

(k)“Long-term debt” net change:


Payment of claims under prepetition secured indebtedness	$	(2,048)
Borrowings of $1.2 billion under the Secured Notes (a)	1,179
Borrowings of $580 million under TLB-1 (b)	548
Borrowings of $470 million under TLC (c)	446
Reinstatement of PEDFA 2009B Bonds and PEDFA 2009C Bonds (d)	130
Write-off of prepetition secured indebtedness issuance costs	26
Net change in Long-term debt	$	281

______________

(a)Net of an aggregate initial purchaser discount and debt issuance costs of $21 million.

(b)Net of an aggregate original issue discount and debt issuance costs of $32 million.

(c)Net of an aggregate original issue discount and debt issuance costs of $24 million.

(d)Includes recognition of $4 million of interest expense.

(l)“Liabilities subject to compromise” settled or reinstated at Emergence in accordance with the Plan of Reorganization:


Liabilities subject to compromise prior to Emergence
Debt	$	1,555
Termination of retail contracts	447
Postretirement benefit obligations	305
Asset retirement obligations and accrued environmental costs	220
Other liabilities	92
Deferred tax liabilities	77
Accounts payable and accrued liabilities	51
Accrued interest	41
Total	2,788

Reinstatement and settlements of certain Liabilities subject to compromise
Reinstatement of liabilities subject to compromise (a)	(801)
Excess fair value ascribed to lenders participating in rights offering	(315)
Issuance of member’s equity to holders of claims under prepetition unsecured notes and PEDFA 2009A Bonds	(186)
Payment to general unsecured creditors trust	(24)
Total	(1,326)
Gain on derecognition of certain Liabilities subject to compromise (b)	$	1,462

______________

(a)Primarily includes postretirement benefit obligations, AROs, and deferred income taxes.

(b)Represents liabilities subject to compromise that were discharged in accordance with the Plan of Reorganization.

(m)Reinstatement of “Liabilities subject to compromise.”

(n)“Deferred income taxes” net change:


Increase in deferred tax liabilities primarily due to estimated tax attribute reduction from the recognition of cancellation of debt income, partially offset by change in valuation allowance	$	206
Reinstatement of liabilities subject to compromise	77
Net change in Deferred income taxes	$	283

(o)“Other noncurrent liabilities” net change:


Issuance of liability-classified warrants	$	35
Reinstatement of liabilities subject to compromise	25
Net change in Other noncurrent liabilities	$	60

The estimated fair value of liability-classified warrants was determined using a Black-Scholes Option Pricing Model with the following assumptions at Emergence:


Expected volatility	30		%
Expected term (years)	5
Expected dividend yield	—		%
Risk-free interest rate	3.6		%
Strike price per share	$	52.92
Fair value per share	$	11.29

(p)“Member’s equity” net change:


Gain on settlement of liabilities subject to compromise	$	1,462
Other losses attributable to gain on debt discharge	(3)
Gain on debt discharge	1,459
Write-off of deferred financing cost	(46)
Professional fees expensed at Emergence	(27)
Restructuring-related compensation expense	(8)
Total reorganization items from reorganization adjustments	1,378
Interest expense incurred at Emergence	(4)
Income from reorganization adjustments before income taxes	1,374
Income tax expense	(206)
Net income from reorganization adjustments	1,168
Issuance of member’s equity in connection with rights offering	1,715
Issuance of member’s equity for backstop premium	380
Issuance of member’s equity to holders of claims under prepetition unsecured notes and PEDFA 2009A Bonds	186
Issuance of equity-classified warrants	8
Issuance of liability-classified warrants	(35)
Other (a)	(6)
Net change in Member’s equity	$	3,416

______________

(a)Includes $1 million of proceeds from Riverstone for payment to general unsecured creditors trust.

Fresh Start Adjustments

(q)Net presentation of derivatives on the Consolidated Balance Sheets. See Note 1 for additional information on the related accounting policy.

(r)“Inventory, net” fair value adjustments:


Coal	$	(33)
Oil products	11
Materials and supplies	(133)
Environmental products	14
Total adjustment to Inventory, net	$	(141)

The fair values for oil, coal and environmental products were estimated using current market prices. The fair values of materials and supplies were estimated using an indirect cost approach. The cost approach estimates fair value by considering the amount required to construct or purchase a new asset of equal utility at current prices, with adjustments for asset function, age, physical deterioration, and obsolescence.

(s)“Other current assets” primarily represents miscellaneous fair value adjustments.

(t)“Property, plant and equipment, net” fair value adjustments:


Electric generation	$	(350)
Other property and equipment	(80)
Intangible assets	(65)
Capitalized software	(3)
Construction work in progress	40
Total adjustment to Property, plant and equipment, net	$	(458)

The fair value of “Property, plant and equipment, net” was estimated using the income approach, market approach and cost approach, as applicable. The fair value of land was estimated utilizing the market approach, which considered comparable market-based transactions within a defined area based on size, use and utility.

(u)“Other noncurrent assets” fair value adjustments:


Favorable supply contracts (a)	$	109
Fair value adjustment to equity method investments	3
Eliminate debt issuance costs associated with debtor-in-possession credit facilities	(29)
Fair value reduction to other miscellaneous assets	(9)
Total adjustment to Other noncurrent assets	$	74

__________________

(a)The fair value of supply contracts was determined utilizing the present value of the after-tax difference between the pricing of actual contracts in place and a current market benchmark.

(v)“Other current liabilities” fair value adjustments, primarily related to short-term AROs.

(w)“Long-term debt” fair value adjustments:


Eliminate debt issuance costs associated with prepetition secured notes, prepetition TLB and LMBE-MC TLB	$	48
Fair value adjustment to Cumulus Digital TLF	11
Fair value adjustment to LMBE-MC TLB	(4)
Total adjustment to Long-term debt	$	55

Fair value adjustments to “Long-term debt” were determined using a lattice model, given that the debt can be prepaid by the borrower prior to the maturity date.

(x)Change in accounting policy for discount rates used to estimate postretirement obligations from a bond-matching model to yield curve approach.

(y)Adjustment to present at fair value AROs using assumptions as of Emergence, including an inflation factor of 2%-3% and an estimated 5- to 20-year credit-adjusted risk-free rate of 8%-12% based on timing of cash flows for each underlying obligation.

(z)Adjustment to “Deferred income taxes” for the change in financial reporting basis of assets and liabilities as a result of the adoption of fresh start accounting.

(aa)Fair value adjustments primarily related to unfavorable supply contracts of $13 million and the recognition of unfavorable lease liabilities. The fair value of supply contracts was determined utilizing the present value of the after-tax difference between the pricing of actual contracts in place and current market benchmarks.

(bb)Cumulative impact of fresh start accounting adjustments presented herein.

(cc)“Noncontrolling interests” fair value adjustments for certain subsidiaries.

Liabilities Subject to Compromise

As of December 31, 2022 (Predecessor), prepetition liabilities and obligations whose treatment and satisfaction were dependent on the outcome of the Restructuring were presented as “Liabilities subject to compromise” on the Consolidated Balance Sheets. The carrying value of prepetition liabilities that were subject to compromise are presented at the best estimate of the claim amount permitted by the Bankruptcy Court. Such amounts presented as “Liabilities subject to compromise” on the Consolidated Balance Sheets were subject to adjustments depending on bankruptcy court actions, developments with respect to disputed claims, determination of secured status of certain claims, the determination as to the value of any collateral securing claims, proof of claims and (or) other events.


	Predecessor
	December 31, 2022
Debt (a)	$	1,558
Termination of retail power and other contracts	447
Postretirement benefit obligations (a)	309
Asset retirement obligations and accrued environmental costs (a)	219
Other liabilities (a)	114
Deferred tax liabilities	83
Accounts payable and accrued liabilities	53
Accrued interest	41
Derivatives (a)	1
Liabilities Subject to Compromise	$	2,825

__________________

(a)Includes both current and noncurrent amounts.

Reorganization Income (Expense), net

“Reorganization income (expense), net” for the relevant periods were:


	Predecessor
	January 1 through May 17, 2023		Year Ended December 31, 2022
Backstop premium	$	(70)	$	(310)
Gain (loss) on debt discharge	1,459		—
Gain (loss) on revaluation adjustments	(460)		—
Professional fees	(56)		(210)
Make-whole premiums and accrued interest on certain indebtedness	(21)		(183)
Professional fees incurred to obtain the debtor-in-possession credit facilities	—		(70)
Write-off of deferred financing cost and original issue discount	(46)		(30)
Other	(7)		(9)
Reorganization Income (Expense), net	$	799	$	(812)

In the preceding table, make-whole premiums and accrued interest on certain indebtedness primarily represents charges recognized by the debtors for estimates related to make-whole premiums and accrued interest, where applicable, on the prepetition senior secured revolving credit facility and certain other prepetition secured indebtedness. As of the bankruptcy petition date, the debtors ceased recognizing interest expense on certain outstanding unsecured or under-secured prepetition indebtedness. Contractual interest expense represented amounts due under the terms of outstanding prepetition indebtedness. The charges are presented as “Reorganization income (expense), net” on the Consolidated Statements of Operations and included in “Accrued interest” on the Consolidated Balance Sheets.

Cash paid for certain reorganization expenses was $308 million for the period from January 1 through May 17, 2023 (Predecessor)

Asset Retirement Obligations and Accrued Environmental Costs - Schedule of Asset Retirement Obligations and Accrued Environmental Costs (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	May 17, 2023
Asset Retirement Obligation Disclosure [Abstract]
Asset retirement obligations	$ 514	$ 498	$ 464
Accrued environmental costs	20	21
Total asset retirement obligations and accrued environmental costs	534	519
Less: asset retirement obligations and accrued environmental costs due within one year	40	51
Asset retirement obligations and accrued environmental costs due after one year	$ 494	$ 468		$ 442

Property, Plant and Equipment

12 Months Ended

Dec. 31, 2025

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment

7. Property, Plant and Equipment


		Successor
		December 31, 2025						December 31, 2024
	Estimated Useful Life (years)	Gross Value		Accumulated Depreciation		Carrying Value		Gross Value		Accumulated Depreciation		Carrying Value
Electric generation	3-37	$	7,522	$	(481)	$	7,041	$	3,030	$	(292)	$	2,738
Nuclear fuel	1-6	403		(213)		190		322		(152)		170
Other property and equipment	3-24	63		(11)		52		90		(18)		72

Capitalized software	1-5	10		(5)		5		8		(3)		5
Construction work in progress		258		—		258		169		—		169
Property, plant and equipment, net		$	8,256	$	(710)	$	7,546	$	3,619	$	(465)	$	3,154

The components of “Depreciation, amortization and accretion” presented on the Consolidated Statements of Operations for the periods were:


	Successor							Predecessor
		Year Ended December 31, 2025		Year Ended December 31, 2024		May 18 through December 31, 2023			January 1 through May 17, 2023
Depreciation expense (a)		$	211	$	225	$	133		$	173
Amortization expense (b)		10		16		1			4
Accretion expense (c)		58		57		31			24
Other		—		—		—			(1)
Depreciation, amortization and accretion		$	279	$	298	$	165		$	200

__________________

(a)Electric generation and other property and equipment.

(b)Intangible assets and capitalized software.

(c)ARO and accrued environmental cost accretion. See Note 8 for additional information.

The cost of nuclear fuel and the amortization of nuclear fuel intangible assets are presented as “Nuclear fuel amortization” on the Consolidated Statements of Operations.

Amortization expense related to nuclear fuel contract intangible assets was non-material for the year ended December 31, 2025 (Successor), $33 million for the year ended December 31, 2024 (Successor), and $53 million for the period from May 18 through December 31, 2023 (Successor). The carrying value of nuclear fuel contract intangible assets was non-material as of December 31, 2025 (Successor) and 2024 (Successor).

Jointly Owned Facilities

Certain of Talen's subsidiaries own undivided interests in jointly owned electric generation facilities and related assets. These generation facilities and other assets are maintained and operated pursuant to their joint ownership participation and operating agreements. Under such arrangements, each participant is responsible for funding its proportionate share of costs and is entitled to its proportionate share of electric generation and (or) other attributes of the relevant jointly owned facilities. Talen's proportionate share of revenues and expenses for its undivided interests is presented within the Consolidated Statements of Operations.

Talen owns undivided interest of 90% in Susquehanna, 22.22% in Conemaugh, and 12.34% in Keystone. See below for information regarding the ownership of Colstrip in Montana. The carrying values of Colstrip, Conemaugh, and Keystone were non-material as of December 31, 2025 (Successor) and 2024 (Successor).

The proportionate share of “Property, plant and equipment, net” related to Susquehanna presented on the Consolidated Balance Sheets was:


	Successor
	December 31, 2025		December 31, 2024
Ownership interest	90%		90%

Electric generation	$	2,241	$	2,206
Nuclear fuel	403		322
Other property and equipment	28		25
Capitalized software	3		2

Construction work in progress	114		109
Proportionate property, plant and equipment, cost	2,789		2,664
Less: accumulated depreciation and amortization	494		326
Proportionate property, plant and equipment, net	$	2,295	$	2,338

Talen Montana. Talen Montana owns 30% of Colstrip Unit 3 and does not own any portion of Colstrip Unit 4. However, it is a participant in a joint-owner sharing agreement which governs each party’s responsibilities and rights whereby Talen Montana is responsible for 15% of the total operating costs and expenditures of Colstrip Unit 3 and 15% of Colstrip Unit 4. Accordingly, it is entitled to 15% of the available generation from each of these units. In January 2020, Talen Montana and the other co-owner of Colstrip Units 1 and 2 permanently retired the units. Talen Montana is responsible for 50% of the decommissioning and other related costs of Colstrip Units 1 and 2.

Equity Method Investments

Talen holds equity interests in Conemaugh Fuels and Keystone Fuels equal to its respective undivided ownership interests in Conemaugh and Keystone. Conemaugh Fuels and Keystone Fuels were formed to purchase coal and sell it to Conemaugh and Keystone. Additionally, they may sell coal to any entity that manufactures or produces synthetic fuel from coal for resale to Conemaugh and Keystone. The aggregate affiliated fuel purchases by Talen from Conemaugh Fuels and Keystone Fuels is presented as “Fuel and energy purchases” on the Consolidated Statements of Operations. Talen’s aggregate fuel purchases for Conemaugh and Keystone Fuels were $48 million for the year ended December 31, 2025 (Successor), $35 million for the year ended December 31, 2024 (Successor), $23 million for the period from May 18 through December 31, 2023 (Successor) and $14 million for the period from January 1 through May 17, 2023 (Predecessor).

Nautilus Derecognition

In connection with the revisions to the AWS PPA (i) in June 2025, the Company agreed to cease use of the Nautilus facility, and (ii) in September 2025, the facility lease between the Company and AWS, and the related submetering and supply agreements, were terminated and AWS took possession of the existing facility structures. Accordingly, during the year ended December 31, 2025 (Successor), the Company derecognized approximately: (i) $15 million of structures and buildings presented as “Property, plant and equipment, net;” (ii) an aggregate $44 million of contract intangible assets and lease right-of-use assets presented as “Other noncurrent assets;” (iii) $10 million of lease liabilities presented as “Other current liabilities;” and (iv) an aggregate $57 million contractual obligations and lease obligations presented as “Other noncurrent liabilities.” The resulting net gain of $8 million is presented as “Other operating income (expense), net” on the Consolidated Statements of Operations.

Brandon Shores Impairment

Brandon Shores Asset Group. In the first quarter 2023, Talen canceled its plan to convert Brandon Shores to an oil combustion facility due to an increase in expected conversion costs. This decision triggered a recoverability assessment of the carrying value of the Brandon Shores asset group.

The recoverability analysis indicated that the Brandon Shores asset group carrying value exceeded its future estimated undiscounted cash flows, which required an impairment charge to amend the asset group’s carrying value of its PP&E to its estimated fair value. The estimated fair value of the asset group was determined by a discounted cash flow technique that utilized significant unobservable inputs including an 11% discount rate. We believe that the utilized discount rate and other discounted cash flow assumptions are consistent with those used by principal market participants. Such assumptions consider available evidence regarding the prospects of future cash flows for the Brandon Shores asset group, including but not limited to estimated available future generation volumes and useful lives, capacity prices, energy prices, operating costs, capital expenditures, and environmental costs. Accordingly, for the period from January 1 through May 17, 2023 (Predecessor), a $361 million non-cash pre-tax impairment charge on the asset group’s undepreciated PP&E is presented as “Impairments” on the Consolidated Statements of Operations.

In May 2025, Brandon Shores and H.A. Wagner consummated RMR agreements which requires the facilities to operate until certain third-party transmission upgrades are placed into service. See Note 3 for additional information on the Brandon Shores and H.A. Wagner RMR agreements.

0000Stock-Based Compensation - Schedule of Nonvested Performance Stock Units and Restricted Stock Units (Details) - $ / shares	7 Months Ended	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2025	Dec. 31, 2024
Performance stock units
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Balance at the beginning of the period (in shares)		956,347
Granted (in shares)		102,275
Forfeited (in shares)		(288)
Equity to liability modification (in shares)		0
Balance at the end of the period (in shares)		1,058,334	956,347
Weighted-Average Grant Date Fair Value per Unit
Balance at the beginning of the period (in dollars per share)		$ 54.23
Granted (in dollars per share)	$ 54.35	498.40	$ 96.00
Forfeited (in dollars per share)		645.03
Equity to liability modification (in dollars per share)		53.69
Balance at the end of the period (in dollars per share)		$ 147.45	$ 54.23
Non-vested PSUs based on share price (in shares)		1,268,275
Performance stock units \| Minimum
Weighted-Average Grant Date Fair Value per Unit
Actual amount of PSUs earned by participants, percentage		0.00%
Performance stock units \| Maximum
Weighted-Average Grant Date Fair Value per Unit
Actual amount of PSUs earned by participants, percentage		200.00%
Liability-Classified PSUs
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Balance at the beginning of the period (in shares)		0
Granted (in shares)		0
Forfeited (in shares)		0
Equity to liability modification (in shares)		569,477
Balance at the end of the period (in shares)		569,477	0
Equity-Classified PSUs
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Balance at the beginning of the period (in shares)		956,347
Granted (in shares)		102,275
Forfeited (in shares)		(288)
Equity to liability modification (in shares)		(569,477)
Balance at the end of the period (in shares)		488,857	956,347
Restricted stock units
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Balance at the beginning of the period (in shares)		549,405
Granted (in shares)		53,096
Forfeited (in shares)		(372)
Vested (in shares)		(261,476)
Equity to liability modification (in shares)		0
Balance at the end of the period (in shares)		340,653	549,405
Weighted-Average Grant Date Fair Value per Unit
Balance at the beginning of the period (in dollars per share)		$ 55.07
Granted (in dollars per share)	$ 48.46	209.82	$ 121.89
Forfeited (in dollars per share)		378.67
Vested (in dollars per share)		48.71
Equity to liability modification (in dollars per share)		61.08
Balance at the end of the period (in dollars per share)		$ 106.18	$ 55.07
Liability-Classified RSUs
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Balance at the beginning of the period (in shares)		0
Granted (in shares)		0
Forfeited (in shares)		0
Vested (in shares)		0
Equity to liability modification (in shares)		169,642
Balance at the end of the period (in shares)		169,642	0
Equity-Classified RSUs
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Balance at the beginning of the period (in shares)		549,405
Granted (in shares)		53,096
Forfeited (in shares)		(372)
Vested (in shares)		(261,476)
Equity to liability modification (in shares)		(169,642)
Balance at the end of the period (in shares)		171,011	549,405

Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Income Tax Disclosure [Abstract]
Property, plant and equipment, net	$ 1,305	$ 465
Nuclear decommissioning trust	540	502
Unrealized gain on qualifying derivatives	0	32
Other	3	0
Deferred tax liabilities	1,848	999
Less:
Federal net operating loss carryforwards	749	164
Interest limitation carryforward	331	340
Acquired fuel supply contract liabilities	151	0
Accrued liabilities	53	30
Accrued pension costs	45	80
State net operating loss carryforwards	19	15
Unrealized loss on qualifying derivatives	16	0
Other	0	8
Deferred tax assets	1,364	637
Valuation allowance	(2)	0
Deferred tax liabilities, net	$ 486	$ 362

Fresh Start Accounting - Schedule of Enterprise Value to Estimated Reorganization (Details) $ in Millions	May 17, 2023 USD ($)
Plan of Reorganization [Abstract]
Enterprise value	$ 4,500
Plus: Cash and cash equivalents and Restricted cash and cash equivalents	701
Plus: Current liabilities excluding long-term debt due within one year	514
Plus: Non-current liabilities excluding long-term debt and liability-classified warrants	1,234
Plus: Fair value of noncontrolling interest	110
Reorganization value to be allocated	$ 7,059

- Definition

Amount of equity (deficit) attributable to noncontrolling interest. Excludes temporary equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-28

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(31))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481687/323-10-50-3

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-03(a)(24))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478777/944-210-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-04(19))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479170/946-210-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 15: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(22))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

+ Details

Stockholders' Equity (Tables)

12 Months Ended

Dec. 31, 2025

Equity [Abstract]

Schedule of Share Repurchase Program

Summary of activity under the SRP:


		Successor
	Year Ended December 31, 2025			Year Ended December 31, 2024
			Number of Shares	Share Price (a)		Total Amount		Number of Shares (b)(c)	Share Price (a)		Total Amount
Share repurchases			452,130	$	186.24	$	85	13,227,222	$	149.50	$	1,977
Share retirements			452,130	186.24		85		13,227,222	149.50		1,977

__________________

(a)Weighted average price per share, including transaction costs and excise taxes.

(b)Includes 7,307,300 shares repurchased from affiliates of Rubric in July 2024 and December 2024 at a weighted average price of $177.16 per share. Of the total shares repurchased by the Company, $850 million purchased from affiliates of Rubric were not under the SRP.

(c)Includes 5,275,862 shares repurchased as result of a tender offer in June 2024 at a weighted average price of $117.16 per share.

Schedule of Accumulated Other Comprehensive Income

Changes in AOCI for the periods were:


	Successor						Predecessor
	Year Ended December 31, 2025		Year Ended December 31, 2024		May 18 through December 31, 2023			January 1 through May 17, 2023
Beginning balance	$	(12)	$	(23)	$	—		$	(167)
Gains (losses) arising during the period	21		12		(36)			6
Reclassifications to Consolidated Statements of Operations	(9)		—		7			5
Income tax benefit (expense)	(4)		(1)		6			(5)
Other comprehensive income (loss)	8		11		(23)			6
Cancellation of equity at Emergence	—		—		—			161
Accumulated other comprehensive income (loss)	$	(4)	$	(12)	$	(23)		$	—

The components of AOCI, net of tax, as of December 31, were:


	Successor
	2025		2024
Available-for-sale securities unrealized gain (loss), net	$	2	$	(3)

Postretirement benefit prior service credits (costs), net	12		14
Postretirement benefit actuarial gain (loss), net	(18)		(23)
Accumulated other comprehensive income (loss)	$	(4)	$	(12)

Earnings Per Share (Tables)

12 Months Ended

Dec. 31, 2025

Earnings Per Share [Abstract]

Schedule of Earnings Per Share

EPS for the periods were:


	Successor							Predecessor
		Year Ended December 31, 2025		Year Ended December 31, 2024		May 18 through December 31, 2023			January 1 through May 17, 2023
Numerator: (Millions of Dollars)
Net Income (Loss)		$	(219)	$	1,013	$	143		$	465
Less:
Net income (loss) attributable to noncontrolling interest		—		15		9			(14)
Net Income (Loss) Attributable to Stockholders		$	(219)	$	998	$	134		$	479

Denominator: (Thousands)
Weighted-Average Number of Common Shares Outstanding - Basic		45,692		54,254		59,029			—
Warrants		—		—		84			—
Restricted stock units		—		354		166			—
Performance stock units		—		1,878		120			—
Weighted-Average Number of Common Shares Outstanding - Diluted		45,692		56,486		59,399			—

Earnings per Share - Basic		$	(4.79)	$	18.40	$	2.27		N/A
Earnings per Share - Diluted		(4.79)		17.67		2.26			N/A

Postretirement Benefit Obligations - Fair Value Hierarchy (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Pension Benefits
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan assets	$ 991	$ 911	$ 975
Other Postretirement Benefits
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan assets	70	71	$ 75
Level 1 \| Pension Benefits
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan assets	(3)	(15)
Level 1 \| Other Postretirement Benefits
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan assets	6	7
Level 2 \| Other Postretirement Benefits
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan assets	18	18
NAV \| Pension Benefits
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan assets	973	891
NAV \| Other Postretirement Benefits
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan assets	46	46
Cash equivalents \| Pension Benefits
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan assets	151	100
Cash equivalents \| Other Postretirement Benefits
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan assets	1	4
Cash equivalents \| Level 1 \| Pension Benefits
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan assets	0	0
Cash equivalents \| Level 1 \| Other Postretirement Benefits
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan assets	0	0
Cash equivalents \| Level 2 \| Other Postretirement Benefits
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan assets	0	0
Cash equivalents \| NAV \| Pension Benefits
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan assets	151	100
Cash equivalents \| NAV \| Other Postretirement Benefits
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan assets	1	4
Commingled equity securities \| Pension Benefits
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan assets	300	274
Commingled equity securities \| Other Postretirement Benefits
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan assets	10	10
Commingled equity securities \| Level 1 \| Pension Benefits
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan assets	0	0
Commingled equity securities \| Level 1 \| Other Postretirement Benefits
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan assets	0	0
Commingled equity securities \| Level 2 \| Other Postretirement Benefits
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan assets	0	0
Commingled equity securities \| NAV \| Pension Benefits
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan assets	300	274
Commingled equity securities \| NAV \| Other Postretirement Benefits
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan assets	10	10
U.S. Government debt securities \| Other Postretirement Benefits
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan assets	6	7
U.S. Government debt securities \| Level 1 \| Other Postretirement Benefits
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan assets	6	7
U.S. Government debt securities \| Level 2 \| Other Postretirement Benefits
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan assets	0	0
U.S. Government debt securities \| NAV \| Other Postretirement Benefits
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan assets	0	0
Corporate debt securities \| Other Postretirement Benefits
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan assets	18	18
Corporate debt securities \| Level 1 \| Other Postretirement Benefits
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan assets	0	0
Corporate debt securities \| Level 2 \| Other Postretirement Benefits
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan assets	18	18
Corporate debt securities \| NAV \| Other Postretirement Benefits
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan assets	0	0
Commingled debt securities \| Pension Benefits
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan assets	336	286
Commingled debt securities \| Other Postretirement Benefits
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan assets	35	32
Commingled debt securities \| Level 1 \| Pension Benefits
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan assets	0	0
Commingled debt securities \| NAV \| Pension Benefits
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan assets	336	286
Commingled debt securities \| NAV \| Other Postretirement Benefits
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan assets	35	32
Alternative and other investments \| Pension Benefits
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan assets	183	216
Alternative and other investments \| Level 1 \| Pension Benefits
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan assets	(3)	(15)
Alternative and other investments \| NAV \| Pension Benefits
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan assets	186	231
Receivables (payables), net \| Pension Benefits
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan assets	$ 21	35
Receivables (payables), net \| Level 1 \| Pension Benefits
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan assets		0
Receivables (payables), net \| NAV \| Pension Benefits
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan assets		$ 0

Consolidated Statements Of Operations - USD ($) shares in Thousands, $ in Millions	5 Months Ended	7 Months Ended	12 Months Ended
	May 17, 2023	Dec. 31, 2023	Dec. 31, 2025	Dec. 31, 2024
Operating revenues	$ 1,210	$ 1,344	$ 2,581	$ 2,115
Fuel and energy purchases	(176)	(424)	(908)	(694)
Nuclear fuel amortization	(33)	(108)	(97)	(123)
Unrealized gain (loss) on derivative instruments (Note 2)	(123)	(3)	(61)	20
Energy Expenses	(332)	(535)	(1,066)	(797)
Operating Expenses
Operation, maintenance and development	(285)	(358)	(620)	(592)
General and administrative	(51)	(93)	(624)	(163)
Depreciation, amortization and accretion (Note 7)	(200)	(165)	(279)	(298)
Impairments (Note 7)	(381)	(3)	0	(1)
Other operating income (expense), net	(37)	(30)	(82)	(38)
Operating Income (Loss)	(76)	160	(90)	226
Nuclear decommissioning trust funds gain (loss), net (Note 6)	57	108	182	178
Interest expense and other finance charges (Note 10)	(163)	(176)	(302)	(238)
Reorganization income (expense), net (Note 20)	799	0	0	0
Gain (loss) on sale of assets, net (Note 17)	50	7	34	884
Other non-operating income (expense), net	10	95	10	61
Income (Loss) Before Income Taxes	677	194	(166)	1,111
Income tax benefit (expense) (Note 4)	(212)	(51)	(53)	(98)
Income (Loss) Before Income Taxes	465	143	(219)	1,013
Less: Net income (loss) attributable to noncontrolling interest	(14)	9	0	15
Net Income (Loss) Attributable to Stockholders (Successor) / Member (Predecessor)	$ 479	$ 134	$ (219)	$ 998
Per Common Share
Net Income (Loss) Attributable to Stockholders - Basic (in dollars per share)		$ 2.27	$ (4.79)	$ 18.40
Net Income (Loss) Attributable to Stockholders - Diluted (in dollars per share)		$ 2.26	$ (4.79)	$ 17.67
Weighted-Average Number of Common Shares Outstanding - Basic (in shares)	0	59,029	45,692	54,254
Weighted-Average Number of Common Shares Outstanding - Diluted (in shares)	0	59,399	45,692	56,486
Energy and other revenues
Operating revenues	$ 1,042	$ 1,156	$ 2,141	$ 1,881
Capacity revenues
Operating revenues	108	133	485	192
Unrealized gain (loss) on derivative instruments (Note 2)
Operating revenues	$ 60	$ 55	$ (45)	$ 42

Asset Retirement Obligations and Accrued Environmental Costs

12 Months Ended

Dec. 31, 2025

Asset Retirement Obligation Disclosure [Abstract]

Asset Retirement Obligations and Accrued Environmental Costs

8. Asset Retirement Obligations and Accrued Environmental Costs

Certain subsidiaries of the Company have legal retirement obligations for the decommissioning and environmental remediation costs associated with our current and former generation. Most of these obligations, except remediation of some ash impoundments, are not expected to be paid until several years, or decades, in the future. The Company’s most significant obligations are associated with the: (i) decommissioning of Susquehanna, which the NDT is expected to fund; and (ii) coal ash disposal units of legacy coal-fired generation facilities which, for certain obligations, the Company has posted surety bonds (some of which have been collateralized with LCs). The carrying value of these AROs include assumptions of estimated future retirement and remediation cash expenditures, cost escalation rates, probabilistic cash flow models, and discount rates.

The Company may be required to revise or recognize new AROs as a result of regulatory changes by the NRC, EPA, Montana Department of Environmental Quality (the “MDEQ”) or other regulatory entities. Additionally, revisions may result from scope of work amendments to remediation activities as well as changes to remediation costs and other assumptions. If the assumptions underlying any ARO estimates do not materialize as expected, actual cash expenditures and costs could be materially different than currently estimated.


	Successor
	December 31, 2025		December 31, 2024
Asset retirement obligations	$	514	$	498
Accrued environmental costs	20		21
Total asset retirement obligations and accrued environmental costs	534		519
Less: asset retirement obligations and accrued environmental costs due within one year (a)	40		51

Asset retirement obligations and accrued environmental costs due after one year	$	494	$	468

__________________

(a)Presented as “Other current liabilities” on the Consolidated Balance Sheets.

The changes of the ARO carrying value during the period were:


	Successor
	2025		2024
Carrying value January 1,	$	498	$	464

Obligations settled	(27)		(13)
Accretion expense	56		55
Changes in estimates and (or) settlement dates	(13)		(17)
Obligations incurred	—		9
Carrying value, December 31,	$	514	$	498

The disaggregation of ARO carrying values on the Consolidated Balance Sheets was:


	Successor
	December 31, 2025		December 31, 2024

Nuclear (a)	$	272	$	242
Non-nuclear (b)	242		256
Carrying value	$	514	$	498

__________________

(a)Obligations are expected to be settled with available funds in the NDT at the time of decommissioning. See Note 6 for additional information on the NDT.

(b)Certain obligations are: (i) partially supported by surety bonds, some of which have been collateralized with LCs; or (ii) partially prefunded under phased installment agreements.

Nuclear AROs

Each joint owner of Susquehanna is obligated to fund their proportionate share of Susquehanna's ARO. Talen’s proportionate share of decommissioning activities will be funded from the NDT when decommissioning commences in connection with the expiration of Susquehanna’s licenses. The licenses for Susquehanna Unit 1 and Unit 2 expire in 2042 and 2044, respectively, and can be extended subject to NRC approval. The NRC has jurisdiction over the decommissioning of nuclear power generation facilities and requires minimum decommissioning funding based upon a formula. Under the most recent calculation in 2024, the NDT exceeds the NRC's minimum funding requirements. Each joint owner of Susquehanna is obligated to fund their proportionate decommissioning costs if their respective nuclear decommissioning trusts do not contain sufficient funds. We believe the NDT will be adequate to fund the Company’s proportionate share of decommissioning costs. As of December 31, 2025 (Successor), the fair value of the NDT was $1.9 billion and the carrying value the Company’s proportionate share of the Susquehanna ARO, which is discounted under a present value technique, was $272 million. See Note 1 for additional information on the measurement of AROs.

Non-nuclear AROs

Non-nuclear AROs are primarily comprised of remediation activities associated with legacy coal-fired generation facilities, particularly Colstrip, Brunner Island, and Montour and includes activities, among others, such as remediation of coal piles, wastewater basins, and ash impoundments and structure removal.

Talen Montana. Talen Montana’s has significant AROs associated with its proportionate share of remediation, closure and decommissioning costs for coal ash impoundments at Colstrip. Due to the expected timing and scope of anticipated remediation activities, actual cash expenditures associated with these obligations are expected to be material over the next several years and then at a reduced spending level for several decades. Talen Montana, along with the other co-owners of Colstrip, periodically work with the MDEQ to update the scope of required remediation, the scope of closure and decommissioning activities, and the associated estimate of the costs, including the amount of necessary financial assurance necessary to backstop these obligations. Talen Montana's decommissioning and environmental remediation is expected to be paid by funds available to Talen Montana at the time of decommissioning.

Future adjustments may be required to the Talen Montana ARO estimates due to the ongoing remediation requirements under MDEQ obligations and the EPA CCR Rule. See Note 9 for information on Talen Montana’s requirement to provide financial assurance for certain environmental decommissioning and remediation liabilities related to Colstrip. Talen Montana's estimate of its proportionate share of the AROs, discounted using a credit adjusted risk-free rate, was $90 million and $98 million as of December 31, 2025 (Successor) and 2024 (Successor), respectively.

Conditional AROs. As of December 31, 2025 (Successor), the fair values of certain AROs as a result of the EPA CCR Rule cannot be determined. See Note 9 for additional information on the EPA CCR Rule and the regulatory timeline that is expected to determine the associated scope of work.

Certain subsidiaries of the Company have legal retirement obligations associated with the removal, disposal, and (or) monitoring of asbestos-containing material at certain generation facilities. Given that the ultimate volume of asbestos-containing material is not yet known, the fair value of these obligations cannot be reasonably estimated. These obligations will be recognized upon a change in economic events or other circumstances which enables the fair value to be estimable.

Accrued Environmental Costs

Under the Pennsylvania Clean Streams Law, a Talen subsidiary is obligated to remediate acid mine drainage at a former mine site and may be required to take additional steps to prevent acid mine drainage at this site. Liabilities related to the remediation were $20 million and $21 million as of December 31, 2025 (Successor) and 2024 (Successor), respectively, and were presented as “Other current liabilities” and “Asset retirement obligations and accrued environmental costs” on the Consolidated Balance Sheets. Such liabilities were discounted based on a credit adjusted risk-free rate that was in existence at the time of initial liability recognition of 8.4%. The undiscounted amount of the liabilities was $30 million and $32 million as of December 31, 2025 (Successor) and 2024 (Successor), respectively.

Acquisitions and Divestitures - Schedule of Consideration Paid and Allocation of Purchase Price to the Fair Value (Details) - Freedom And Guernsey $ in Millions	Nov. 25, 2025 USD ($)
Asset
Cash and cash equivalents	$ 47
Accounts receivable	29
Other assets	10
Property, plant, and equipment	4,509
Fair value of assets acquired	4,595
Liability
Accounts payable and other accrued liabilities	28
Derivative instruments	49
Other liabilities	11
Acquired fuel supply contract liabilities	667
Fair value of liabilities assumed	755
Aggregate purchase price	$ 3,840

Acquisitions and Divestitures

12 Months Ended

Dec. 31, 2025

Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]

Acquisitions and Divestitures

17. Acquisitions and Divestitures

2026 Pending Acquisitions

Cornerstone Acquisition. On January 15, 2026, the Company entered into the Cornerstone Merger Agreement with affiliates of Energy Capital Partners to purchase (i) the Lawrenceburg Power Plant, a 1,120 MW natural gas fired combined cycle generation located in Lawrenceburg, Indiana, (ii) the Waterford Energy Center, a 875 MW natural gas fired combined cycle generation plant located in Waterford Township, Ohio; and (iii) the Darby Generating Station, a 456 MW natural gas combustion turbine plant located in Mount Sterling, Ohio, for a price of $3.45 billion, consisting of $2.55 billion in cash, subject to working capital and other customary adjustments, and 2,400,000 shares of Talen common stock, valued at approximately $900 million at the time of entry into the Cornerstone Merger Agreement. The Company expects the cash portion of the purchase price to be funded from the proceeds of new indebtedness. The acquisition will substantially expand Talen’s presence in the western PJM market and add additional efficient baseload generation assets to its fleet.

The transaction is expected to close early in the second half of 2026 and is subject to the satisfaction of customary closing conditions, including the expiration or termination of the waiting period pursuant to the Hart-Scott-Rodino Act of 1976, and regulatory approvals from the Federal Energy Regulatory Commission, Indiana Utility Regulatory Commission and other regulatory agencies.

2025 Acquisitions

Freedom and Guernsey Acquisitions. On November 25, 2025, the Company purchased all the ownership interests of Freedom and Guernsey, which increases the Company’s generating capacity by approximately 2.8 GW and provides efficient baseload generation and cash flow diversification. TES paid an aggregate purchase price of $3.8 billion in cash, paid transaction costs of $43 million presented as “Other operating income (expense), net” on the Consolidated Statements of Operations, and incurred deferred finance costs and original issuance discounts of $64 million presented as “Long-term debt” on the Consolidated Balance Sheets. See Note 10 for information on recent financing transactions related to the Freedom and Guernsey Acquisitions.

As the acquisition is a business combination, provisional fair value measurements were allocated to acquired assets and assumed liabilities with no resulting goodwill or bargain purchase adjustments. As such fair value measurements are provisional, revisions may occur up to one year from the date of acquisition as new information is obtained. The following table summarizes the provisional purchase price allocation for the identifiable assets acquired and liabilities assumed:


	November 25, 2025
Cash and cash equivalents	$	47
Accounts receivable	29
Other assets	10
Property, plant, and equipment	4,509
Fair value of assets acquired	$	4,595

Accounts payable and other accrued liabilities	$	28
Derivative instruments	49
Other liabilities	11
Acquired fuel supply contract liabilities	667
Fair value of liabilities assumed	$	755
Aggregate purchase price	$	3,840

The fair values allocated to property, plant, and equipment were determined using the income approach valuation technique that discounted the projected future net cash flows expected to be generated by Freedom and Guernsey over their remaining economic lives utilizing market participant discount rates. Significant assumptions included the forecasted prices for capacity, wholesale power, and natural gas, volumetric assumptions, and discount rates.

Freedom and Guernsey are each party to long-term natural gas purchase agreements with third parties. Under the terms of the arrangements, the suppliers each provide a significant amount of the natural gas required to generate power at the facilities and expire in July 2028 for Freedom and February 2033 for Guernsey. The price paid for natural gas under each contract is variable based on changes to their respective market prices earned for electric generation. Accordingly, as the wholesale price of power at each facility increases or decreases, the prices paid for fuel under the long-term contracts result in corresponding changes. As the acquired fuel supply arrangements meet executory contract accounting requirements, their acquisition fair values were measured as of the acquisition date and presented as “Acquired fuel supply contract liabilities” on the Consolidated Balance Sheets. Such liabilities are expected to amortize as reductions to “Fuel and energy purchases” on the Consolidated Statement of Operations through expiry.

The fair values allocated to acquired fuel supply contracts were determined using the income approach valuation technique that discounted the projected future net cash flows expected to be paid under the long-term fuel contracts through their expiration dates utilizing market participant discount rates. Significant assumptions included the forecasted prices for wholesale power and natural gas, volumetric assumptions, and discount rates.

Impact of Freedom and Guernsey Acquisitions. The following table presents revenues and earnings included in the Consolidated Statements of Operations for Freedom and Guernsey since the acquisition date (November 25, 2025) through December 31, 2025 (Successor):


	Year ended December 31, 2025
Operating Revenues	$	153
Net Income (Loss) Attributable to Stockholders	62

Pro Forma Financial Information. The following unaudited pro forma financial information for the years ended December 31, 2025 (Successor) and 2024 (Successor) assumes the Freedom and Guernsey Acquisitions occurred on January 1, 2024. The unaudited pro forma financial information is provided for information purposes only and is not necessarily indicative of the results of operations that would have occurred had the Freedom and Guernsey Acquisitions been completed on January 1, 2024, nor is the unaudited pro forma financial information indicative of future results of operations.


	Year ended December 31, 2025		Year ended December 31, 2024
Operating Revenues	$	3,346	$	2,704
Net Income (Loss) Attributable to Stockholders	(146)		902

Amortization of Acquired Fuel Supply Contracts. The acquisition fair value of natural gas fuel supply contracts presented as “Acquired fuel supply contract liabilities” on the Consolidated Balance Sheets is subject to periodic amortization. Amortization associated with these contracts was $6 million for the year ended December 31, 2025 (Successor) and presented as a reduction to “Fuel and energy purchases.”

The estimated future amortization as of December 31, 2025 (Successor) is:


	2026		2027		2028		2029		2030		Thereafter (a)		Total
Estimated amortization of acquired fuel supply contract liabilities	$	93	$	101	$	102	$	83	$	84	$	198	$	661

__________________

(a)Contracts expire in 2028 and 2033.

2025 Divestitures

Camden and Dartmouth Sales. In September 2025, we sold the Camden and Dartmouth generation facilities to an unaffiliated party for a combined as-adjusted purchase price of $25 million in cash, subject to further post-closing adjustments. A gain on sale of $22 million is presented as “Gain (loss) on sale of assets, net” on the Consolidated Statements of Operations for the year ended December 31, 2025 (Successor).

2024 Divestitures

ERCOT Sale. In May 2024, we sold our 1,710 MW Texas generation portfolio to CPS Energy for $785 million, subject to customary net working capital adjustments. A gain on sale of $564 million is presented as “Gain (loss) on sale of assets, net” on the Consolidated Statements of Operations for the year ended December 31, 2024 (Successor).

AWS Data Campus Sale. In March 2024, AWS purchased substantially all the assets related to the AWS Data Campus and certain other assets for gross proceeds of $650 million, of which $350 million were received at closing with the remaining $300 million held in escrow until August 2024. For the year ended December 31, 2024 (Successor), a $324 million gain on sale is presented as “Gain (loss) on sale of assets, net” on the Consolidated Statements of Operations. In connection with the AWS Data Campus Sale, the Company entered into the initial AWS PPA. In June 2025, the Company and AWS entered into a revised AWS PPA, under which the Company is expected to provide AWS with up to 1,920 MW of “front-of-the-meter” power through 2042. The transition to the revised AWS PPA is expected to occur in Spring 2026.

2023 Divestitures

Western Gas Book Divestiture. In April 2023, Talen sold certain contracts relating to the transportation of natural gas in the southwestern United States for $15 million. For the period from January 1 through May 17, 2023 (Predecessor), a $15 million gain was presented as “Gain (loss) on sale of assets, net” on the Consolidated Statements of Operations.

Pennsylvania Minerals Divestiture. In March 2023, Talen sold certain mineral interests located in Pennsylvania for $29 million, while preserving the right to certain royalty payments from existing and future producing natural gas wells. For the period from January 1 through May 17, 2023 (Predecessor), a $29 million gain was presented as “Gain (loss) on sale of assets, net” on the Consolidated Statements of Operations.

Risk Management, Derivative Instruments and Hedging Activities

12 Months Ended

Dec. 31, 2025

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Risk Management, Derivative Instruments and Hedging Activities

2. Risk Management, Derivative Instruments and Hedging Activities

Risk Management Objectives

We are exposed to risks arising from our business, including but not limited to market and commodity price risk, credit and liquidity risk, and interest rate risk. The hedging strategies deployed by our commercial and treasury organizations manage and (or) balance these risks within a structured risk management program in order to minimize near-term future cash flow volatility. Our risk management committee, comprised of certain senior management members across the organization, oversees the management of these risks in accordance with our risk policy. In turn, the risk management committee is overseen by the risk committee of the Board of Directors.

The Board of Directors, including the risk committee, and management have established procedures to monitor, measure, and manage hedging activities and credit risk in accordance with the risk policy.

Key risk control activities, which are designed to ensure compliance with the risk policy, include, among other activities, credit review and approval, validation of transactions and market prices, verification of risk and transaction limits, portfolio stress tests, analysis and monitoring of margin at risk, and daily portfolio reporting.

Market and Commodity Price Risk. Volatility in the wholesale power markets provides uncertainty in the future earnings and cash flows of the business. The price risk Talen is exposed to includes the price variability associated with future sales and (or) purchases of power, natural gas, coal, uranium, oil products, environmental products, and other energy commodities in competitive wholesale markets. Several factors influence price volatility, including: (i) seasonal changes in demand; (ii) weather conditions; (iii) available regional load-serving supply; (iv) regional transportation and (or) transmission availability; (v) market liquidity; and (vi) federal, regional, and state regulations.

Within the parameters of our risk policy, we generally utilize exchange-traded and over-the-counter traded derivative instruments and, in certain instances, structured products, to economically hedge the commodity price risk of the forecasted future sales and purchases of commodities associated with our generation portfolio.

Open commodity purchase (sales) derivatives range in maturity through 2027. The net notional volumes of commodity derivatives were:


	Successor
	December 31, 2025 (a)	December 31, 2024 (a)
Power (MWh)	(59,634,723)	(38,615,192)
Natural gas (MMBtu)	169,209,022	32,405,460
Emission allowances (tons)	—	100,000

__________________

(a)The volumes may be different than the contractual volumes, as the probability that option contracts will be exercised is considered in the volumes displayed.

Interest Rate Risk. Talen is exposed to interest rate risk from the possibility that changes in interest rates will affect future cash flows associated with existing floating rate debt issuances. To reduce interest rate risk, derivative instruments are utilized to economically hedge the interest rates for a predetermined contractual notional amount, which results in a cash settlement between counterparties. To the extent possible, first lien interest rate fixed-for-floating swaps are utilized to hedge this risk.

Open interest rate derivatives range in maturity through 2029. The net notional volumes of open interest rate derivatives were:


	Successor
	December 31, 2025		December 31, 2024
Interest rate (in millions)	$	990	$	290

Credit Risk. Credit risk, which is the risk of financial loss if a customer, counterparty, or financial institution is unable to perform or pay amounts due, is applicable to cash and cash equivalents, restricted cash and cash equivalents, accounts receivable, and derivative instruments. The maximum amount of credit exposure associated with financial assets is equal to the carrying value of such assets. Credit risk, which cannot be completely eliminated, is managed through a number of practices such as ongoing reviews of counterparty creditworthiness, prepayment, inclusion of termination rights in contracts which are triggered by certain events of default, and executing master netting arrangements that permit amounts between parties to be offset. Additionally, credit enhancements such as cash deposits, LCs, and credit insurance may be employed to mitigate credit risk.

Cash and cash equivalents are placed in depository accounts or high-quality, short-term investments with major international banks and financial institutions. Individual counterparty exposure from over-the-counter derivative instruments is managed within predetermined credit limits and includes the use of master netting arrangements and cash-call margins, when appropriate, to reduce credit risk. Exchange-traded commodity contracts, which are executed through futures commission merchants, have minimal credit risk because they are subject to mandatory margin requirements and are cleared with an exchange. However, Talen is exposed to the credit risk of the futures commission merchants arising from daily variation margin cash calls. Restricted cash and cash equivalents deposited to meet initial margin requirements are held by futures commission merchants in segregated accounts for the benefit of Talen.

Outstanding accounts receivable include those from sales of capacity, generated electricity, and ancillary services through contracts directly with ISOs and RTOs and realized settlements of physical and financial derivative instruments with commodity marketers. Additionally, Talen carries accounts receivable due from joint owners for their portion of operating and capital costs for certain jointly owned facilities that are operated by the Company. The majority of outstanding receivables, which are continually monitored, have customary payment terms. The allowance for doubtful accounts was a non-material amount as of December 31, 2025 (Successor) and 2024 (Successor).

As of December 31, 2025 (Successor), Talen’s aggregate credit exposure, which excludes the effects of netting arrangements, cash collateral, LCs, and any allowances for doubtful collections, was $652 million and its credit exposure including such netting effects was $47 million. Excluding ISO and RTO counterparties, whose accounts receivable settlements and congestion products are subject to applicable market controls, the ten largest single net credit exposures account for 83% of Talen’s total net credit exposure, which are primarily with entities assigned investment grade credit ratings.

Certain derivative instruments contain credit risk-related contingent features, which may require us to provide cash collateral, LCs, or guarantees from a creditworthy entity if the fair value of a liability eclipses a certain threshold or upon a decline in Talen’s credit rating. The fair values of derivative instruments in a net liability position, and that contain credit risk-related contingent features, were non-material as of December 31, 2025 (Successor) and 2024 (Successor).

Derivative Instrument Presentation

Balance Sheets Presentation. The fair value of derivative instruments presented within assets and liabilities on the Consolidated Balance Sheets were:


	Successor
	December 31, 2025				December 31, 2024
	Assets		Liabilities		Assets		Liabilities
Commodity contracts	$	56	$	97	$	65	$	—
Interest rate contracts	—		4		1		—

Total current derivative instruments	56		101		66		—
Commodity contracts	4		59		4		7
Interest rate contracts	—		8		1		—
Total non-current derivative instruments	$	4	$	67	$	5	$	7

All commodity and interest rate derivatives are economic hedges where the changes in fair value are presented immediately in income as unrealized gains and losses. Changes in the fair value and realized settlements on commodity derivative instruments are presented as separate components of “Energy and other revenues” and “Fuel and energy purchases” on the Consolidated Statements of Operations. Changes in the fair value and realized settlements on interest rate derivative instruments are presented as “Interest expense and other finance charges” on the Consolidated Statements of Operations. See Note 11 for additional information on fair value of commodity and interest rate derivatives.

Effect of Netting. Generally, the right of setoff within master netting arrangements permits the fair value of derivative assets to be offset with derivative liabilities. As an election, derivative assets and derivative liabilities are presented on the Consolidated Balance Sheets with the effect of such permitted netting as of December 31, 2025 (Successor) and 2024 (Successor).


	Gross Derivative Instruments		Eligible for Offset		Net Derivative Instruments		Collateral (Posted) Received		Net Amounts
December 31, 2025 (Successor)
Assets	$	456	$	(396)	$	60	$	—	$	60
Liabilities	608		(396)		212		(44)		168
December 31, 2024 (Successor)
Assets	$	227	$	(154)	$	73	$	(2)	$	71
Liabilities	173		(154)		19		(12)		7

Statements of Operations Presentation. The location and pre-tax effect of “Derivative instruments” presented on the Consolidated Statements of Operations for the periods were:


	Successor							Predecessor
		Year Ended December 31, 2025		Year Ended December 31, 2024		May 18 through December 31, 2023			January 1 through May 17, 2023
Realized gain (loss) on commodity contracts
Energy revenues (a)		$	102	$	317	$	360		$	644
Fuel and energy purchases (a)		(14)		(35)		(91)			(34)
Unrealized gain (loss) on commodity contracts
Operating revenues (b)		(45)		42		55			60
Energy expenses (b)		(61)		20		(3)			(123)
Realized and unrealized gain (loss) on interest rate contracts
Interest expense and other finance charges		(13)		9		(4)			—

__________________

(a)Does not include those derivative instruments that settle through physical delivery.

(b)Presented as “Unrealized gain (loss) on derivative instruments” on the Consolidated Statements of Operations.

- Definition

The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 182
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480401/815-10-55-182

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 185
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480401/815-10-55-185

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 184
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480401/815-10-55-184

Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 181
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480401/815-10-55-181

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4K
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4K

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4K
-Subparagraph (a)(5)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4K

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4K
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4K

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4K
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4K

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4K
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4K

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4H
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4H

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4H
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4H

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 15
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480960/815-15-50-3

Reference 13: http://www.xbrl.org/2003/role/exampleRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 183
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480401/815-10-55-183

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4K
-Subparagraph (a)(4)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4K

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4K
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4K

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4K
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4K

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4I
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4I

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4F
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4F

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-2

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-2

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(1)(iii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-2

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(1)(ii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-2

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(1)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-2

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-1B

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-1A

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-1A

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-1A

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-1A

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/815/tableOfContent

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480237/815-40-50-5

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5C
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-5C

+ Details

Asset Retirement Obligations and Accrued Environmental Costs - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	May 17, 2023
Asset Retirement Obligation [Line Items]
Fair Value	$ 1,900	$ 1,724		$ 1,465
Asset retirement obligations and accrued environmental costs due after one year	494	468		$ 442
Asset retirement obligations	514	498	$ 464
Accrued environmental costs	$ 20	$ 21
Discount rate	8.40%
Environmental Loss Contingency, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Other current liabilities, Asset retirement obligations and accrued environmental costs due after one year	Other current liabilities, Asset retirement obligations and accrued environmental costs due after one year
Undiscounted amount of liabilities	$ 30	$ 32
Susquehanna
Asset Retirement Obligation [Line Items]
Asset retirement obligations and accrued environmental costs due after one year	272
Talen Montana
Asset Retirement Obligation [Line Items]
Asset retirement obligations	$ 90	$ 98

Fair Value

12 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

Fair Value

11. Fair Value

Recurring Fair Value Measurements

Financial assets and liabilities reported at fair value on a recurring basis primarily include energy commodity derivatives, interest rate derivatives, and investments held within the NDT. See Note 1 for additional descriptions on fair value levels.

The classifications of recurring fair value measurements within the fair value hierarchy were:


	Successor
	December 31, 2025								December 31, 2024
	Level 1		Level 2		NAV		Netting (a)		Total		Level 1		Level 2		NAV		Netting (a)		Total
Assets
Cash equivalents	$	—	$	—	$	16	$	—	$	16	$	—	$	—	$	3	$	—	$	3
Equity securities (b)	871		—		234		—		1,105		758		—		347		—		1,105
U.S. government debt securities	297		102		—		—		399		353		—		—		—		353
Municipal debt securities	—		101		—		—		101		—		85		—		—		85
Corporate debt securities	—		277		—		—		277		—		173		—		—		173

Receivables (payables), net (c)	—		—		—		—		2		—		—		—		—		5
NDT funds	1,168		480		250		—		1,900		1,111		258		350		—		1,724

Commodity derivatives	361		95		—		(396)		60		134		91		—		(156)		69
Interest rate derivatives	—		—		—		—		—		—		2		—		—		2
Total assets	$	1,529	$	575	$	250	$	(396)	$	1,960	$	1,245	$	351	$	350	$	(156)	$	1,795

Liabilities
Commodity derivatives	$	407	$	189	$	—	$	(440)	$	156	$	145	$	29	$	—	$	(167)	$	7
Interest rate derivatives	—		12		—		—		12		—		—		—		—		—

Total liabilities	$	407	$	201	$	—	$	(440)	$	168	$	145	$	29	$	—	$	(167)	$	7

__________________

(a)Amounts represent netting pursuant to master netting arrangements and cash collateral held or placed with the same counterparty.

(b)Includes fixed income funds and real estate investment trusts.

(c)Represents: (i) interest and dividends earned but not received; and (ii) net sold or purchased investments, but not settled.

There were no recurring fair value measurements classified as Level 3 as of December 31, 2025 (Successor) and 2024 (Successor).

Nonrecurring Fair Value Measurements

See Note 7 for nonrecurring fair value measurements during the year ended December 31, 2025 that are associated with the derecognition of certain Nautilus assets and liabilities. There were no material fair value measurements related to impairments of long-lived assets during the year ended December 31, 2024 (Successor), and for the period from May 18 through December 31, 2023 (Successor) See Note 7 for information on the nonrecurring fair value measurement of Brandon Shores and Note 20 for information on the nonrecurring fair value measurements resulting in the application of fresh start accounting during the period from January 1 through May 17, 2023 (Predecessor).

Reported Fair Value

The carrying value of certain financial assets and liabilities on the Consolidated Balance Sheets, including “Cash and cash equivalents,” “Restricted cash and cash equivalents,” “Accounts receivable,” and “Accounts payable and other accrued liabilities” approximate fair value.

The carrying value and fair value of indebtedness presented on the Consolidated Balance Sheets were:


	Successor
	December 31, 2025				December 31, 2024
	Carrying Value		Fair Value		Carrying Value		Fair Value

Long-term debt (a)	$	6,811	$	7,069	$	3,004	$	3,120

__________________

(a)Aggregate value of “Long-term debt” and “Long-term debt, due within one year” presented on the Consolidated Balance Sheets.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
-SubTopic 820
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Risk Management, Derivative Instruments and Hedging Activities - Narrative (Details) $ in Millions	12 Months Ended
	Dec. 31, 2025 USD ($)
Derivative [Line Items]
Aggregate credit exposure	$ 652
Credit exposure, net	$ 47
Total Net Credit Exposure \| Credit Concentration Risk \| Ten Largest Single Net Credit Exposures Account
Derivative [Line Items]
Concentration risk percentage	83.00%

- Definition

For an entity that discloses a concentration risk in relation to quantitative amount, which serves as the "benchmark" (or denominator) in the equation, this concept represents the concentration percentage derived from the division.

+ References + Details

Inventory

12 Months Ended

Dec. 31, 2025

Inventory Disclosure [Abstract]

Inventory

5. Inventory


	Successor
	December 31, 2025		December 31, 2024
Coal	$	94	$	92
Oil products	57		65
Fuel inventory for electric generation	151		157
Materials and supplies, net	124		88
Environmental products	3		57
Inventory, net	$	278	$	302

Inventory net realizable value and obsolescence charges on coal and fuel oil inventories are presented as “Other operating income (expense), net” on the Consolidated Statements of Operations. Such non-cash charges were non-material for the year ended December 31, 2025 (Successor), the year ended December 31, 2024 (Successor), the period from May 18 through December 31, 2023 (Successor), and $37 million for the period from January 1 through May 17, 2023 (Predecessor).

During the period from January 1 through May 17, 2023 (Predecessor), $24 million of adjustments were related to Brandon Shores coal and materials and supplies inventories. See Note 7 for additional information on the Brandon Shores recoverability assessment.

Inventory - Schedule of Inventory (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024	May 17, 2023
Inventory Disclosure [Abstract]
Coal	$ 94	$ 92
Oil products	57	65
Fuel inventory for electric generation	151	157
Materials and supplies, net	124	88
Environmental products	3	57
Inventory, net	$ 278	$ 302	$ 307

Schedule I - Condensed Financial Information of Registrant (Tables)

12 Months Ended

Dec. 31, 2025

Condensed Financial Information Disclosure [Abstract]

Schedule of Condensed Financial Statements


	Successor
(Millions of Dollars, except share data)	Year Ended December 31, 2025		Year Ended December 31, 2024		May 18 through December 31, 2023
Operating Revenue	$	—	$	—	$	—
Operating Expenses	—		—		—
Operating Income	—		—		—
Equity in earnings of TES	(219)		998		134
Income (Loss) Before Income Taxes	(219)		998		134
Income tax benefit (expense)	—		—		—
Net Income (Loss)	(219)		998		134
Other comprehensive income (loss)	8		11		(23)
Comprehensive Income (Loss)	$	(211)	$	1,009	$	111
Earnings Per Share of Common Stock:
Net Income (Loss) Attributable to Stockholders - Basic	$	(4.79)	$	18.40	$	2.27
Net Income (Loss) Attributable to Stockholders - Diluted	$	(4.79)	$	17.67	$	2.26
Weighted-Average Number of Common Shares Outstanding - Basic (in thousands)	45,692		54,254		59,029
Weighted-Average Number of Common Shares Outstanding - Diluted (in thousands)	45,692		56,486		59,399


	Successor
(Millions of Dollars, except share data)	December 31, 2025		December 31, 2024
Assets
Investment in TES	$	1,093	$	1,387
Total Assets	$	1,093	$	1,387




Total Liabilities	$	—	$	—

Stockholders’ Equity
Common stock ($0.001 par value, 350,000,000 shares authorized) (a)	$	—	$	—
Additional paid-in capital	1,709		1,725
Accumulated retained earnings (deficit)	(612)		(326)
Accumulated other comprehensive income (loss)	(4)		(12)
Stockholders’ Equity	$	1,093	$	1,387
Total Liabilities and Stockholders’ Equity	$	1,093	$	1,387

__________________

(a)Shares issued and outstanding were 45,687,828 and 45,961,910 as of December 31, 2025 (Successor) and December 31, 2024 (Successor), respectively.

Nuclear Decommissioning Trust Funds

12 Months Ended

Dec. 31, 2025

Investments, Debt and Equity Securities [Abstract]

Nuclear Decommissioning Trust Funds

6. Nuclear Decommissioning Trust Funds


	Successor
	December 31, 2025								December 31, 2024
	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value		Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
Cash equivalents	$	16	$	—	$	—	$	16	$	3	$	—	$	—	$	3
Equity securities	385		739		(19)		1,105		509		651		(55)		1,105
Debt securities	773		7		(3)		777		615		3		(7)		611
Receivables (payables), net	2		—		—		2		5		—		—		5
NDT Funds	$	1,176	$	746	$	(22)	$	1,900	$	1,132	$	654	$	(62)	$	1,724

See Note 11 for additional information on the NDT fair value. There were no available-for-sale debt securities with credit losses as of December 31, 2025 (Successor) and 2024 (Successor).

As of December 31, 2025 (Successor), there was no intent to sell available-for-sale debt securities with unrealized losses, and it is not more likely than not that each of these investments will be required to be sold before the recovery of its amortized cost. The aggregate fair value of available-for-sale debt securities with unrealized losses as of December 31, 2025 (Successor) was:


	Fair Value		Unrealized Losses
Corporate debt securities	$	76	$	(1)
Municipal debt securities	50		(1)
U.S. Government debt securities	113		(1)
Debt securities in unrealized loss position	$	239	$	(3)

As of December 31, 2025 (Successor), the aggregate fair value of debt securities in a loss position for a duration of one year or longer were $101 million and the unrealized losses were non-material.

The contractual maturities for available-for-sale debt securities presented on the Consolidated Balance Sheets were:


	Successor
	December 31, 2025		December 31, 2024
Maturities within one year	$	23	$	82
Maturities within two to five years	233		220
Maturities thereafter	521		309
Debt securities, fair value	$	777	$	611

The sales proceeds, gains, and losses for available-for-sale debt securities for the periods were:


	Successor							Predecessor
		Year Ended December 31, 2025		Year Ended December 31, 2024		May 18 through December 31, 2023			January 1 through May 17, 2023
Sales proceeds of NDT funds investments (a)		$	1,689	$	2,132	$	1,259		$	839
Gross realized gains		10		12		5			7
Gross realized losses		(6)		(13)		(11)			(12)

__________________

(a)Sales proceeds are used to pay income taxes and trust management fees. Remaining proceeds are reinvested in the NDT.

The net unrealized gains and losses recognized associated with equity securities still held at the end of the reporting periods were:


	Successor							Predecessor
		Year Ended December 31, 2025		Year Ended December 31, 2024		May 18 through December 31, 2023			January 1 through May 17, 2023
Equity securities, unrealized gains (losses)		$	123	$	74	$	83		$	23

- Definition

The entire disclosure for investments owned by investment company.

+ References + Details

Commitments and Contingencies - Environmental Matters (Details)	1 Months Ended
	Nov. 30, 2024 group	May 31, 2024 state
Environmental Matters, EPA MATS Rule
Other Commitments [Line Items]
Number of states where challenges have been filed		23
Environmental Matters, EPA GHG Rule
Other Commitments [Line Items]
Number of states represented by coalitions		27
Environmental Matters, Effluent Limitation Guidelines
Other Commitments [Line Items]
Number of states where challenges have been filed		15
Environmental Matters, EPA CCR Rule
Other Commitments [Line Items]
Number of groups that challenged the EPA CCR Rule \| group	2

Supplemental Cash Flow Information - Schedule of Supplemental Consolidated Statements of Cash Flows (Details) - USD ($) $ in Millions	5 Months Ended	7 Months Ended	12 Months Ended
	May 17, 2023	Dec. 31, 2023	Dec. 31, 2025	Dec. 31, 2024
Cash paid during the period
Interest and other finance charges, net of capitalized interest	$ 283	$ 133	$ 233	$ 255
Total	7	12	71	20
Unrealized (gain) loss on derivative instruments included on the Statements of Cash Flows
Commodity contracts	63	(52)	106	(62)
Interest rate swap contracts (interest expense)	2	12	15	(7)
Unrealized gain (loss) on commodity derivative contracts	65	(40)	121	(69)
Depreciation, amortization and accretion included on the Statements of Cash Flows
Depreciation, amortization and accretion	200	165	279	298
Other	8	(8)	0	(13)
Depreciation, amortization and accretion	208	157	279	285
Reconciliation of other non-cash operating activities
Derivative option premium amortization	29	52	37	11
Bitcoin revenue	(27)	(81)	0	(91)
Fair value adjustment on distribution of miners	0	0	0	14
Other	5	17	14	7
Total	7	(12)	51	(59)
Non-cash investing activities
Accrued PP&E additions not paid at period end	22	13	23	14
Non-cash financing activities
Non-cash increase to PP&E and decrease to other current assets for contribution of Bitcoin miners to Nautilus	14	0	0	0
Non-cash decrease to PP&E and decrease to noncontrolling interest for distribution of Bitcoin miners to TeraWulf	3	0	0	43
Non-cash increase to PP&E and increase to noncontrolling interest for contribution of Bitcoin miners by TeraWulf	38	0	0	0
Capitalized interests	$ 12	$ 10	$ 4	$ 5

Long-Term Debt and Other Credit Facilities (Tables)

12 Months Ended

Dec. 31, 2025

Debt Disclosure [Abstract]

Schedule of Long-Term Debt


		Successor
	Interest Rate (a)	December 31, 2025		December 31, 2024
TLB-1	6.35 %	$	848	$	857
TLB-2	6.35 %	842		850

TLB-3	5.67 %	1,200		—
Secured Notes	8.63 %	1,200		1,200
2034 Unsecured Notes	6.25 %	1,400		—
2036 Unsecured Notes	6.50 %	1,290		—
PEDFA 2009B Bonds	5.25 %	50		50
PEDFA 2009C Bonds	5.25 %	81		81

Total principal		6,911		3,038
Unamortized deferred financing costs and original issuance discounts		(100)		(34)
Total carrying value		6,811		3,004
Less: long-term debt, due within one year		29		17
Long-term debt		$	6,782	$	2,987

__________________

(a)Computed interest rate as of December 31, 2025 (Successor).

Schedule of Long-Term Debt Maturities

Long-term debt maturities as of December 31, 2025 (Successor) were:


	2026		2027		2028		2029		2030		Thereafter		Total
Principal debt maturities	$	29	$	29	$	29	$	29	$	2,034	$	4,761	$	6,911

Schedule of Revolving Credit and Other Facilities


		Successor
		December 31, 2025
	Maturity	Committed Capacity (a)		Direct Cash Borrowings		LCs Issued		Unused Capacity
RCF	December 2029	$	900	$	—	$	—	$	900
LCF	December 2027	1,100		—		448		652


Total		$	2,000	$	—	$	448	$	1,552

__________________

(a)RCF committed capacity can be used for direct cash borrowings and (or) LCs. Direct cash borrowings are not permitted under the LCF, which can only be used for LCs.

Schedule of Key Terms of Indebtedness

Certain key terms of our indebtedness include:

Maturity:

Index:

Rate, Applicable Margin, and Amortization:

Prepayment Penalty:

Secured Notes

June 2030

None

8.625% per annum fixed rate

No applicable margin

No amortization

Prior to June 1, 2026: Redeemable at par plus a customary “make-whole” premium. 40% redeemable from the proceeds of certain equity offerings at 108.625%. 10% redeemable at 103% through May 31, 2026

On or after June 1 of the following years: 2026: 104.313%; 2027: 102.156%; 2028 and after: par

2034 Unsecured Notes

February 2034

None

6.250% per annum fixed rate

No applicable margin

No amortization

Prior to October 15, 2028: Redeemable at par plus a customary “make-whole” premium. 40% redeemable from the proceeds of certain equity offerings at 106.250%

On or after October 15 of the following years: 2028: 103.125%; 2029: 101.563%; 2030 and after: par

2036 Unsecured Notes

February 2036

None

6.500% per annum fixed rate

No applicable margin

No amortization

Prior to October 15, 2030: Redeemable at par plus a customary “make-whole” premium. 40% redeemable from the proceeds of certain equity offerings at 106.500%

On or after October 15 of the following years: 2030: 103.250%; 2031: 101.625%; 2032 and after: par

TLB-1

May 2030

Term SOFR

2.50% per annum applicable margin; leverage-based step-downs to 2.25% and 2.00%

Amortization 1.00% per annum; paid quarterly

Currently none

TLB-2

December 2031

Term SOFR

Same as TLB-1

Currently none

TLB-3

November 2032

Term SOFR

2.00% per annum applicable margin; leverage-based step-downs to 1.75% and 1.50%

Amortization 1.00% per annum; paid quarterly

1.00% to the extent prepaid prior to May 25, 2026 in connection with a repricing transaction

RCF

December 2029

Term SOFR

Cash borrowings: 2.00% per annum applicable margin; leverage-based step-downs to 1.75% and 1.50%

LCs: LC fee equal to applicable margin above + fronting fee of 0.125%

Unused commitments: 0.375%; leverage-based step-down to 0.25%

No amortization

None

LCF

December 2027

None

LCs: Same as RCF

Unused commitments: Same as RCF

None

PEDFA
Bonds

2009B: December 2038

2009C: December 2037

None

5.25% per annum fixed rate

No applicable margin

No amortization

Prior to June 1, 2026: Par plus a customary “make-whole” premium

On or after June 1, 2026: Par

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(22))
-SubTopic 10
-Topic 210
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477314/942-235-S99-2

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-4

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-3

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69B

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69E

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-3

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477734/942-470-50-3

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-8

Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-6

Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-7

+ Details

Acquisitions and Divestitures - Schedule of Acquired Contract Liabilities, Future Amortization Expense (Details) $ in Millions	12 Months Ended
	Dec. 31, 2025 USD ($)
Estimated amortization of acquired fuel supply contract liabilities
2026	$ 93
2027	101
2028	102
2029	83
2030	84
Thereafter	198
Total	661
Acquired fuel supply contract liabilities, amortization	$ 6

Nuclear Decommissioning Trust Funds - Schedule of Available-for-Sale Debt Securities With Unrealized Losses (Details) $ in Millions	12 Months Ended
	Dec. 31, 2025 USD ($)
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items]
Fair Value	$ 239
Unrealized Losses	(3)
Aggregate fair value of debt securities in a loss position for a duration of one year or longer	101
Corporate debt securities
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items]
Fair Value	76
Unrealized Losses	(1)
Municipal debt securities
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items]
Fair Value	50
Unrealized Losses	(1)
U.S. Government debt securities
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items]
Fair Value	113
Unrealized Losses	$ (1)

Schedule I - Condensed Financial Information of Registrant - Condensed Unconsolidated Balance Sheets (Details) - USD ($)
$ / shares in Units, $ in Millions

Dec. 31, 2025

Dec. 31, 2024

May 17, 2023

May 16, 2023

Assets

Total Assets

$ 10,905

$ 6,106

$ 7,059

$ 7,800

Liabilities and Equity

Total Liabilities

9,812

4,719

4,628

$ 9,800

Stockholders' Equity (Note 15)

Common stock

^[1]

Additional paid-in capital

1,709

1,725

Accumulated retained earnings (deficit)

(612)

(326)

Accumulated other comprehensive income (loss)

(4)

(12)

Total Stockholders' Equity

1,093

1,387

2,321

Total Liabilities and Stockholders' Equity

$ 10,905

$ 6,106

$ 7,059

Common stock, par value (in dollars per share)

$ 0.001

Common stock, shares authorized (in shares)

350,000,000

Shares outstanding (in shares)

45,687,828

45,961,910

59,028,843

Shares issued (in shares)

45,687,828

45,961,910

Parent Company

Assets

Investment in TES

$ 1,093

$ 1,387

Total Assets

1,093

1,387

Liabilities and Equity

Total Liabilities

Stockholders' Equity (Note 15)

Common stock

^[2]

Additional paid-in capital

1,709

1,725

Accumulated retained earnings (deficit)

(612)

(326)

Accumulated other comprehensive income (loss)

(4)

(12)

Total Stockholders' Equity

1,093

1,387

Total Liabilities and Stockholders' Equity

$ 1,093

$ 1,387

Common stock, par value (in dollars per share)

$ 0.001

Common stock, shares authorized (in shares)

350,000,000

Shares outstanding (in shares)

45,687,828

45,961,910

Shares issued (in shares)

45,687,828

45,961,910

[1]	(a)45,687,828 and 45,961,910 shares issued and outstanding as of December 31, 2025 (Successor) and December 31, 2024 (Successor), respectively.
[2]	Shares issued and outstanding were 45,687,828 and 45,961,910 as of December 31, 2025 (Successor) and December 31, 2024 (Successor), respectively.

Earnings Per Share - Schedule of Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	5 Months Ended	7 Months Ended	12 Months Ended
	May 17, 2023	Dec. 31, 2023	Dec. 31, 2025	Dec. 31, 2024
Numerator: (Millions of Dollars)
Income (Loss) Before Income Taxes	$ 465	$ 143	$ (219)	$ 1,013
Less:
Net income (loss) attributable to noncontrolling interest	(14)	9	0	15
Net Income (Loss) Attributable to Stockholders (Successor) / Member (Predecessor)	$ 479	$ 134	$ (219)	$ 998
Denominator: (Thousands)
Weighted-Average Number of Common Shares Outstanding - Basic (in shares)	0	59,029	45,692	54,254
Warrants (in shares)	0	84	0	0
Weighted-Average Number of Common Shares Outstanding - Diluted (in shares)	0	59,399	45,692	56,486
Earnings per Share - Basic (in dollars per share)		$ 2.27	$ (4.79)	$ 18.40
Earnings per Share - Diluted (in dollars per share)		$ 2.26	$ (4.79)	$ 17.67
Restricted stock units
Denominator: (Thousands)
Stock units (in shares)	0	166	0	354
Performance stock units
Denominator: (Thousands)
Stock units (in shares)	0	120	0	1,878

Acquisitions and Divestitures - Schedule of Unaudited Pro Forma Financial Information (Details) - Freedom And Guernsey - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Business Combination, Pro Forma Information [Line Items]
Operating Revenues	$ 3,346	$ 2,704
Net Income (Loss) Attributable to Stockholders	$ (146)	$ 902

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Emergence from Restructuring (Details) $ in Millions		1 Months Ended	3 Months Ended
Emergence from Restructuring (Details) $ in Millions	May 17, 2023 USD ($)	May 31, 2022 subsidiary	Sep. 30, 2023 USD ($)
Debt Instrument [Line Items]
Number of subsidiaries \| subsidiary		71
Common rights equity offering, subscription rights available for purchase, percent		0.30
Proceeds from issuance or sale of equity	$ 1,400
Payments for other secured claims	3,100
Designated pool of cash	26
PPL/Talen Montana Litigation \| Settled Litigation
Debt Instrument [Line Items]
Litigation settlement, remitted amount	$ 11
Riverstone
Debt Instrument [Line Items]
Common rights equity offering, receivable of additional equity, percent	1.00%
Payment in exchange for surrendered warrants			$ 40

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Dec. 31, 2025
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	9. Commitments and Contingencies Legal, Regulatory, and Environmental Matters We are regularly subject to various legal, regulatory, and environmental matters in connection with our business. While we believe we have meritorious positions and will continue to vigorously defend our positions in these matters, we may not be successful in our efforts, and we cannot predict the effect of an adverse outcome of any such matter. If an unfavorable outcome is probable and can be reasonably estimated, a liability is recognized. In the event of an unfavorable outcome, the liability may be in excess of amounts currently accrued. Because of the inherently unpredictable nature of legal, regulatory, and environmental matters and the wide range of potential outcomes for any such matter, no estimate of the possible losses in excess of amounts accrued, if any, can be made at this time regarding any matter specifically described below. As a result, additional losses actually incurred in excess of amounts accrued could be substantial. Unless otherwise disclosed below, we are unable to predict the outcome of any matter discussed below or reasonably estimate the amount of any associated costs and (or) potential liabilities. Additionally, it is possible that the outcome of any such matter, including market modifications, could materially impact our business, financial condition, results of operations, cash flows, and (or) liquidity. Legal Matters We are involved in various legal and administrative proceedings, investigations, claims, and litigation from time to time in the course of our business. Such matters may include, but are not limited to, those relating to employment and benefits, commercial disputes, personal injury, property damage, regulatory matters, environmental matters, and various other claims for injuries and (or) damages. While we believe we have meritorious positions and will continue to appropriately respond to all legal matters, because of the inherently unpredictable nature of legal proceedings, there is a wide range of potential outcomes for any such matter. Brunner Island CCR Litigation. In April 2025, the Center for Biological Diversity (the “CBD”) filed a citizen suit in the U.S. District Court for the Middle District of Pennsylvania alleging that the Company and its subsidiary, Brunner Island, LLC, have failed to comply with groundwater monitoring and corrective action requirements at Brunner Island’s Ash Basin 5 and have therefore violated the RCRA and the EPA CCR Rule. The complaint seeks declaratory and injunctive relief. Talen believes the alleged claims are without merit and that the CBD’s factual and legal conclusions are incorrect. Talen filed a motion to dismiss the lawsuit which was followed by an amicus brief from the Utility Solid Waste Activities Group in support of Talen’s motion; briefing on the motion to dismiss was completed on June 30, 2025. No assurance can be provided as to the outcome of the litigation or its impacts on Talen’s operations. ERCOT Weather Event (Winter Storm Uri) Lawsuits. In connection with the ERCOT Sale, the Company retained certain potential liabilities relating to claims filed from 2021 onward against its former Texas subsidiaries seeking unspecified damages for alleged losses caused by the defendants’ failure to provide sufficient power to the grid during Winter Storm Uri. The claims also allege similar liability against numerous other ERCOT power market participants. In December 2023, five multi-district litigation (“MDL”) bellwether lawsuits, which were selected by the MDL court as representative of all 58 cases filed in the Uri litigation, were dismissed by the MDL court, a ruling subsequently upheld by the Texas First Court of Appeals. In January and February 2025, the plaintiffs (in two groups) filed for relief in the Texas Supreme Court, seeking to overturn the lower courts. In July 2025, the Texas Supreme Court ordered merits briefing by the parties, which has since concluded. If the Court of Appeals decision is affirmed by the Texas Supreme Court, Talen expects the dismissal ruling to apply broadly to all Uri cases against Talen’s former subsidiaries. Pursuant to the Plan of Reorganization, Talen’s maximum potential damages on prepetition Uri claims are expressly limited to payments from Talen’s insurers. However, claims filed after Talen’s restructuring by plaintiffs who did not receive effective notice of the restructuring, if any, may not be subject to the limitations in the Plan of Reorganization. Talen cannot predict the effect of an adverse outcome for any such claims. Spent Nuclear Fuel Litigation. Federal law requires the U.S. government to provide for the permanent disposal of commercial spent nuclear fuel (“SNF”), but the government has not yet done so. Until May 2014, the DOE required nuclear generation facility operators to contribute to a fund intended to pay for the transportation and disposal of SNF, and Talen cannot predict if or when the government will reinstate any such fee in the future. In May 2023, an existing settlement agreement between Susquehanna and the U.S. government was extended through the end of 2025. The settlement agreement requires the government to reimburse Susquehanna for certain SNF storage costs through 2025 and requires Susquehanna to waive certain claims against the government relating to temporary SNF storage. In July 2025, the Company reached an agreement with the DOE for a reimbursement of $14 million (reflecting Talen’s 90% share) related to the 2023-2024 period and received the reimbursement in August 2025. Regulatory Matters We are subject to regulation by federal and state agencies and other bodies that exercise regulatory authority in the various regions where we conduct business, including but not limited to the FERC; the DOE; the NRC; NERC; the Federal Communications Commission; and state public utility commissions. In addition, the RTOs and ISOs in the regions in which we conduct business inherently have complex rules that are intended to balance the interests of market stakeholders. Proposed market structure modifications may lead to disputes among stakeholders that might not be resolved for a period of time as a result of regulatory and (or) legal proceedings. Accordingly, we are subject to uncertainty with respect to: (i) new or amended regulations issued by regulatory agencies; and (ii) changes in market design, tariff structure, capacity auctions, and (or) pricing rules. PJM Capacity Market Reform. In June 2023, the FERC accepted a request by PJM to delay certain PJM Base Residual Auctions in order for PJM to propose market reforms. PJM filed its market reform proposals with the FERC in October 2023. In early 2024, the FERC accepted portions of PJM’s proposed market changes and PJM scheduled certain PJM BRAs on a delayed basis. In September 2024, the Sierra Club and other organizations filed a complaint at the FERC challenging PJM’s rules establishing must-offer exceptions for PJM BRA participation by RMR resources. In October 2024, PJM announced it had concerns about the FERC considering the Sierra Club’s complaints about RMR resources in isolation and therefore intended to file a Section 205 proceeding under the Federal Power Act seeking the FERC’s approval of to-be-determined market reforms, including but not limited to potential revisions to the treatment of RMR resources. As a result, in October 2024, PJM formally requested, which the FERC approved, six-month delays to the scheduled PJM BRAs for the 2028/2029, and 2029/2030 PJM Capacity Years to June 2026, and December 2026, respectively. Currently, the auction for the 2030/2031 PJM Capacity Year in May 2027 is scheduled on a non-delayed basis. Talen can provide no assurance that these or any scheduled PJM BRAs will be held on such dates or at all. A series of filings aimed at reforming the PJM capacity market were filed at the FERC. In November 2024, the Joint Consumer Advocates, comprised of consumer advocacy groups and government entities from Illinois, Maryland, New Jersey, Ohio, and the District of Columbia filed a complaint against PJM asking the FERC to find that PJM’s existing capacity market rules are unjust and unreasonable and to issue an order requiring certain short-term and longer-term changes to PJM’s capacity market rules. In response, PJM made two FERC filings in December 2024 to address what they perceive as capacity market design issues (the “PJM Capacity Market 205 Proceeding”). PJM proposed to retain the dual fuel combustion turbine as the reference resource and to implement a uniform non-performance charge throughout the RTO for the 2026/2027 and 2027/2028 PJM Capacity Years, and to administratively include RMR units that meet certain criteria as price takers in the capacity auctions for the next two delivery years and will not assess penalties or pay bonuses to these RMR units. PJM’s filing also clarifies that being excused from being required to offer into the capacity market is no defense to exercising market power by electing not to offer. Further, PJM proposed to make changes to the capacity market mitigation rules. This proposal will eliminate the must-offer exception for intermittent and limited duration resources that are eligible to participate in the capacity market and will allow market sellers to incorporate a risk component in their capacity market offers. In February 2025, the FERC accepted PJM’s proposals in the PJM Capacity Market 205 Proceeding and as a result, the changes to the PJM BRA parameters described above as part of that proceeding were adopted for the 2026/2027 and 2027/2028 PJM Capacity Years. In December 2024, the Pennsylvania Governor filed a complaint against PJM at the FERC to address alleged elevated costs to consumers from the PJM capacity market in the 2026/2027 and 2027/2028 PJM Capacity Years and proposed, among other things, a lower capacity price cap. As a result of a subsequent agreement between the State of Pennsylvania and PJM that resolved the Governor’s complaint, the Governor withdrew the complaint in February 2025. In April 2025, the FERC accepted PJM’s proposals reflecting its agreement with the Commonwealth of Pennsylvania. As a result, the PJM BRA imposed a price collar with an approximate minimum and maximum price of $175/MWd and $325/MWd, respectively, which was effective for the 2026/2027 PJM BRA in July 2025 and for the 2027/2028 PJM BRA in December 2025. It is uncertain whether price collars will be in effect for future PJM BRAs. In February 2025, the FERC initiated a technical conference docket to consider broad resource adequacy issues across all RTOs, with the initial proceedings taking place in June 2025. The Company has intervened in the new technical conference docket and is closely monitoring those proceedings. Interconnection of Large Loads. In October 2025, DOE directed the FERC to consider reforms to expedite and facilitate how large loads interconnect to the interstate transmission system. DOE stated that the Federal Power Act permits the FERC to exert jurisdiction over load interconnections even though it has not historically done so. DOE provided a draft advance notice of proposed rulemaking (“ANOPR”) and directed the FERC to initiate rulemaking procedures. In November 2025, the FERC requested public comment on the ANOPR, and the Company provided comments. DOE directed the FERC to take final action by the end of April 2026. In August 2025, PJM began an accelerated process known as a Critical Issue Fast Path (“CIFP”) process with stakeholders to address how to integrate large load customers quickly and reliably. The CIFP stakeholders represented a wide range of views about resource allocations, costs, and how the addition of large loads like data centers to PJM should be managed in the context of the capacity market. The Company was an active participant in the CIFP process and submitted a joint proposal amongst itself, Constellation, Calpine, Amazon, Microsoft, and Google representing the group’s collective views on the best approach to large load additions. Neither the joint proposal nor any of the other proposals submitted received broad stakeholder support during voting. Nevertheless, PJM had planned to make a filing at the FERC in January 2026 containing PJM’s ultimate proposal to be in place for the 2028/2029 PJM BRA. In December 2025, however, the FERC issued an order in a show cause proceeding on large loads co-located with generation. The FERC directed PJM to submit an informational report containing, among other items, all of the CIFP proposals. The FERC also found that the PJM tariff was unjust and unreasonable as to the interconnection of co-located loads. The FERC requested tariff revisions be submitted over the next 30-60 days and established a hearing schedule, which begins in February 2026, to establish rates, terms, and conditions of several new transmission services. In January 2026, the National Energy Dominance Council (“NEDC”) and the Governors from each of the 13 states in PJM issued a “Statement of Principles” for PJM. Among other things, the statement calls for PJM to conduct a reliability backstop auction for new baseload capacity with 15-year contracts by September 2026. It also urges PJM to extend the existing price collar for the next two BRAs. Hours after the NEDC/Governors’ principles were released, the PJM Board of Managers issued a Board Decisional Letter — the final step in the Large Load Addition CIFP process. The Board’s Decisional Letter adopted specific elements of various proposals, including load forecasting improvements, voluntary bring your own generation paired with an expedited interconnection track, a holistic review in the coming year of investment incentives in PJM’s markets, and immediate initiation of a reliability backstop procurement. PJM also requested feedback on an extension of the price collar for the next two BRAs. Environmental Matters Extensive federal, state, and local environmental laws and regulations are applicable to our business, including those related to air emissions, water discharges, hazardous substances, and solid waste management. From time to time, in the ordinary course of our business, Talen may be: (i) subject to environmental remediation work at its facilities; (ii) involved in other environmental matters; or (iii) become subject to other, new or revised environmental statutes, regulations, or requirements. It may be necessary for us to modify, curtail, replace, or cease operation of certain facilities or performance of certain operations to comply with statutes, regulations, and other requirements imposed by regulatory bodies, courts, or environmental groups. We may incur significant costs to comply with these requirements, including increased capital expenditures or operation and maintenance expenses, monetary fines, remediation costs, penalties, or other restrictions. Legal challenges to environmental rules or permits add to the uncertainty of estimating future compliance costs. In addition, in January 2025, President Trump issued executive orders directing the heads of all federal agencies to identify and begin the processes to suspend, revise, or rescind all agency actions, including existing regulations, that are unduly burdensome on the identification, development, or use of domestic energy resources. Consequently, in March 2025, the EPA announced that it will reconsider and potentially roll back 31 regulations and policies, many of which directly impact Talen, and various executive actions were taken in April 2025 to further encourage deregulation. The EPA’s reconsiderations for many of these regulations and policies remain ongoing, and certain executive orders have subsequently been challenged by states and individual plaintiffs. Future provisions, implementation, and enforcement of these executive actions and the environmental rules continue to be uncertain. Further, costs may increase significantly if the requirements or scope of environmental laws or regulations, or similar rules, are expanded or changed in other ways. EPA CSAPR and Nitrogen Oxides (“NOx”) Requirements. Coal-fired generation facilities, including those in which Talen has ownership, have been the subject of EPA regulations and efforts by certain states and other parties to strengthen applicable NOx emission limits under the Clean Air Act. In 2015, the EPA revised the 8-hour ozone National Ambient Air Quality Standards for ground-level ozone to 70 parts per billion (the “EPA 2015 Ozone Standard”). This action triggered updates to state-specific compliance requirements as well as provisions that are intended to limit cross-state emissions. In June 2023, the EPA published a rule in connection with the EPA 2015 Ozone Standard updating the EPA CSAPR ozone season NOx allowance trading program for 2023 and beyond (the “Good Neighbor Plan”). Talen’s facilities in Maryland, Pennsylvania, and New Jersey were subject to the new rule; however, the entire rule was challenged by multiple parties, and subsequently the Good Neighbor Plan was stayed in its entirety by the U.S. Supreme Court in June 2024 pending a complete review of the rule by the D.C. Circuit Court of Appeals. In November 2024, the EPA issued an interim final rule indicating it plans to provide NOx allocations and budgets from the previously applicable and less restrictive Revised CSAPR Update Rule until the Good Neighbor Plan matter is resolved. After initially denying the EPA’s request in February 2025, the D.C. Circuit Court of Appeals in April 2025, granted the EPA’s motion requesting the Good Neighbor Plan litigation be held in abeyance pending the EPA’s review of the stayed rule and further orders by the court. As a result, future implementation and enforcement of the Good Neighbor Plan has continued to be uncertain. In January 2026, the EPA proposed Phase 1 of its reconsideration of the Good Neighbor Plan. In its proposal, the EPA proposes to approve state implementation plan submissions governing interstate emissions from eight states (Alabama, Arizona, Kentucky, Minnesota, Mississippi, Nevada, New Mexico, and Tennessee). If finalized, these states would no longer be subject to Good Neighbor Plan requirements. Although Talen does not operate in any of the states identified in the proposed rule, EPA in its proposal states that it intends to undertake a separate action to address interstate transport obligations for the remaining states covered under the Good Neighbor Plan. EPA MATS Rule. In May 2024, the EPA published a rule that requires coal-fired generation facilities to reduce particulate matter emissions by the middle of 2027 (or 2028, if an extension is approved) (the “2024 EPA MATS Rule”). In February 2026, however, the EPA issued a subsequent final rule repealing the lower particulate matter standards set in the 2024 amendments and reverting to particulate matter standards promulgated in the 2012 EPA MATS Rule (the “MATS Repeal Rule”). Challenges to the 2024 EPA MATS Rule were filed in the D.C. Circuit Court of Appeals, including by Talen and 23 states. The appeal on the merits of the 2024 rule remains pending in the D.C. Circuit Court of Appeals, but the litigation has been held in abeyance since February 2025, while the EPA reconsidered the rule. As a result of the EPA’s MATS Repeal Rule, the litigation over the 2024 EPA MATS Rule will likely be deemed moot. However, challenges to the MATS Repeal Rule are expected. No assurance can be provided as to whether the MATS Repeal Rule will survive judicial challenge and when such challenges will be resolved. Colstrip was not expected to meet the 2024 particulate matter standard without substantial upgrades to its control equipment. As a result, if the MATS Repeal Rule is vacated by a court or reconsidered by the EPA in the future, Talen Montana and the other Colstrip co-owners will face the decision either to invest in new cost-prohibitive control equipment or retire the Colstrip facility. Such a decision must be evaluated in conjunction with other compliance requirements. In March 2025, the EPA formally announced that it was reconsidering the 2024 EPA MATS Rule as part of its deregulation agenda. Concurrently, the Trump administration announced it was considering a two-year exemption from compliance obligations via Section 112(i)(4) of the Clean Air Act for affected power plants while the EPA reconsidered the rule. Talen applied for the exemption, which was granted in April 2025. This authorization affords more time for the Colstrip owners to consider the operational future of Colstrip. Environmental groups filed separate lawsuits in the D.C. Circuit Court of Appeals and the U.S. District Court for D.C., challenging the presidential exemptions issued to Colstrip and other fossil fuel-fired power plants. On August 5, 2025, the EPA filed a motion in each case requesting the courts hold the litigation in abeyance for six months pending the EPA’s efforts to repeal the 2024 EPA MATS Rule. Talen filed motions to intervene in both cases on August 8, 2025. On September 3, 2025, the U.S. District Court for D.C. granted the EPA’s motion to hold the case in abeyance for six months and also granted Talen’s motion to intervene. Plaintiffs filed a motion asking the court to reconsider its decision to hold the case in abeyance. The U.S. District Court for D.C. denied that motion in November 2025. The D.C. Circuit Court of Appeals granted the EPA’s motion for an abeyance and Talen’s motion to intervene in October 2025. The litigation may be deemed moot as a result of the EPA’s MATS Repeal Rule, but no assurance can be provided as to the outcome of this litigation at this time. The Company could be forced to make operating decisions about the future of Colstrip before clarity is obtained on legal challenges regarding the MATS Repeal Rule and the presidential exemption litigation. EPA GHG Rule. In May 2024, the EPA published a rule that establishes carbon dioxide limits for new electric generating units (“EGUs”) and greenhouse gas (“GHG”) guidelines for certain existing EGUs. Under the guidelines, if existing coal-fired EGUs operate beyond 2031, GHG reductions, such as those achieved by the addition of carbon capture and sequestration (“CCS”), are required to be implemented by the end of 2031. Colstrip is not expected to meet the new rules without substantial technology upgrades and pipeline infrastructure build-out. As a result, Talen Montana and the other Colstrip co-owners face the decision either to invest in new cost-prohibitive controls (e.g., CCS technology) or retire the Colstrip facility by the end of 2031. Such a decision must be evaluated in conjunction with compliance requirements under the May 2024 EPA MATS Rule. Petitions have been filed in the D.C. Circuit Court of Appeals, including by coalitions representing 27 states and an ad hoc coalition of power producers of which Talen is a member, requesting a review of the EPA GHG Rule. Stay motions were denied by the D.C. Circuit Court of Appeals in July 2024 and the U.S. Supreme Court in October 2024. Appeals of the EPA GHG Rule remain pending in the D.C. Circuit Court of Appeals. The D.C. Circuit Court of Appeals has held the litigation in abeyance since February 2025 to allow the EPA to reconsider the rule. No assurance can be provided as to when the challenges to the EPA GHG Rule will be resolved or whether such challenges will be resolved in the Company’s favor. In June 2025, the EPA released a proposed rule to repeal all GHG emission standards for fossil fuel-fired power plants. As an alternative, the EPA is proposing a narrow repeal of GHG standards, which would eliminate all emissions guidelines and standards for existing power plants and the Phase 2 GHG emissions standards that would apply to new combustion turbines beginning in 2032. Under the alternative proposal, Phase 1 GHG emissions standards applicable to new and reconstructed baseload fossil fuel-fired stationary combustion turbines would be retained. The public comment period on the proposal expired on August 7, 2025. No assurance can be provided as to whether the rule will be finalized and whether a final rule will survive judicial challenge. The EPA has also in the past stated its intent to develop GHG regulations for existing natural gas combustion turbines; however, no rule has been proposed, and no recent statements have been made. Operating decisions about the future of Colstrip are highly dependent on the fate of the EPA GHG Rule as well as the EPA MATS Rule. Given the legal and regulatory uncertainties with both rules, it is possible the Company will be required to make decisions about Colstrip’s future before it has clarity about the outcome of litigation and (or) the EPA’s regulations. GHG Endangerment Finding. In February 2026, the EPA issued a final rule rescinding its 2009 finding that GHG emissions endanger public health and welfare and repealing all GHG emissions standards for light-, medium-, and heavy-duty vehicles and engines. The EPA made the 2009 endangerment finding in order to promulgate GHG emission standards for new motor vehicles under Section 202(a) of the Clean Air Act and has subsequently relied on this finding as a basis to regulate other sources of GHGs. In the final rule, EPA states it must rescind the endangerment finding because it lacks the statutory authority to regulate GHG emissions from vehicles in response to global climate changes concerns. The EPA does not explicitly state how the rescission impacts its authority to regulate GHG emissions from stationary sources. However, the final rule acknowledges that EPA has relied on the endangerment finding “to extend the GHG regulatory program to new and existing stationary source performance standards and guidelines for power plants under CAA section 111.” Citizen groups have challenged the final rule in the D.C. Circuit Court of Appeals. No assurance can be provided as to whether the rule will survive judicial challenge. Pennsylvania RGGI. In October 2019, the then-Governor of Pennsylvania signed an executive order directing the Pennsylvania Department of Environmental Protection (the “PADEP”) to draft regulations establishing a cap-and-trade program with the intent of enabling Pennsylvania to join the RGGI, a multi-state regional cap-and-trade program comprised of several Eastern U.S. states. In April 2022, Pennsylvania entered the RGGI program, with compliance set to begin on July 1, 2022. However, in November 2023, the Commonwealth Court of Pennsylvania ruled RGGI was an invalid tax and voided the rulemaking. The PADEP appealed this decision to the Pennsylvania Supreme Court and filed notice with the court that the RGGI program would not be implemented while the appeal is pending. In July 2024, the Pennsylvania Supreme Court permitted certain non-profit environmental groups to intervene in the case. Oral argument in the case took place in May 2025. In November 2025, the Pennsylvania legislature passed a budget that included provisions requiring Pennsylvania to withdraw from RGGI. As a result, the PADEP filed an application to the Pennsylvania Supreme Court requesting to discontinue its appeal. The Pennsylvania Supreme Court granted the application and dismissed the case on January 6, 2026. EPA ELG Rule. In November 2015, the EPA revised the effluent limitation guidelines (“ELGs”) for certain power generation facilities, which imposed more stringent standards for wastewater streams as facility discharge permits are renewed. In 2020, the EPA issued changes that would exempt coal generation facility operators from meeting certain wastewater standards if the facility would commit to cease coal-fired generation by the end of 2028, which Talen elected for its wholly owned coal operations. In May 2024, the EPA published revisions to the EPA ELG Rule, which imposed additional requirements for legacy wastewater and combustion residual leachate. These revisions impact Talen’s active generation facilities that have both CCR units and hold National Pollutant Discharge Elimination System (“NPDES”) discharge permits. These sites include Brandon Shores, Brunner Island, Montour, and potentially Martins Creek. Talen is evaluating what: (i) potential discharge limits may apply; (ii) treatment may be required; and (iii) the implementation timeline may be. Obligations for installing any new wastewater treatment equipment, if necessary, will not be known until each applicable state where the active generation facilities operate makes its own determination with respect to NPDES permit renewals with new limits and associated timing. As a result of the future permit conditions, additional capital expenditures and (or) AROs may be required, which may have a material impact on Talen’s operations and (or) financial condition. Multiple challenges, including stay requests, to the EPA ELG Rule have been filed in various U.S. Courts of Appeal by parties that include 15 states, environmental groups, and industry groups, including the Utility Water Act Group (“UWAG”), of which Talen is a member. The appeals have been consolidated in the U.S. Court of Appeals for the Eighth Circuit, which denied requests to stay the rule in October 2024. At the EPA’s request, the Eighth Circuit has held the consolidated challenges in abeyance since February 2025 to allow the EPA to reconsider the rule. In March 2025, the EPA announced that it will revise the EPA ELG Rule as part of its deregulation agenda while considering immediate relief from some of the existing leachate requirements. In June 2025, the EPA announced that it will issue a proposal in 2025 to extend compliance deadlines under the 2024 EPA ELG Rule and seek information to potentially inform further rulemaking. In September 2025, the EPA issued a direct final rule extending a short-term deadline and a companion proposal extending many compliance deadlines for the 2024 EPA ELG Rule and providing some flexibility relating to some deadlines in the 2020 ELG Rule. In November 2025, the EPA issued a notice withdrawing the direct final rule due to the receipt of adverse comments. The EPA finalized its proposal in December 2025. Among other things, the final rule extends zero-discharge compliance deadlines established in the 2024 EPA ELG Rule by five years from December 31, 2029 to December 31, 2034. The extension rule has been legally challenged by environmental groups. These challenges have been consolidated in the U.S. Court of Appeals for the Second Circuit. UWAG has filed a motion to intervene in the consolidated litigation. In the final rule, the EPA also stated it is considering further rulemaking to revise the regulatory standards in the 2024 EPA ELG Rule. No assurance can be provided as to whether the EPA’s final rule will be challenged, when the challenges to the EPA ELG Rule merits will be resolved, or whether such changes and challenges will be resolved in the Company’s favor. EPA CCR Rule. In April 2015, the EPA established regulations under the RCRA to identify CCRs as nonhazardous solid waste and provided CCR management and siting requirements. The 2015 rule was modified in 2020 after a 2018 D.C. Circuit Court of Appeals ruling found that, among other things, the EPA did not adequately regulate unlined impoundments. In its 2020 rulemaking, the EPA specified procedures for owners to extend the operating timeline of certain unlined impoundments. Talen submitted an extension request under this process for an unlined impoundment at Montour, which was withdrawn in December 2024, following the end of basin operations and the initiation of basin closure. The 2018 D.C. Circuit Court of Appeals ruling also found that the EPA did not properly address legacy surface impoundments in the 2015 CCR rule. As a result of the finding, in May 2024, the EPA finalized additional federal CCR regulations effective in November 2024 (the “Legacy CCR Rule”), which provided new requirements for legacy CCR surface impoundments and new requirements for other CCR disposal and management areas at active power plants (“CCR Management Units” or “CCRMUs”). This rule has been challenged in the D.C. Circuit Court of Appeals by multiple parties, including two industry groups of which Talen is a member. In December 2024, the U.S. Supreme Court denied a requested stay of the Legacy CCR Rule. At the EPA’s request, the D.C. Circuit Court of Appeals has held the case in abeyance since February 2025 to allow the EPA to reconsider the rule. Additionally, the EPA is being challenged by other industry parties on new regulatory interpretations that could be consequential to CCR unit closure practices and costs. In March 2025, the EPA announced that it will prioritize the coal ash program by expediting state permit reviews. The EPA has also announced it will reform the federal CCR Rule and provided in the Legacy CCR Rule litigation proceeding that CCR Rule reforms will be completed in 2026. As an initial reform step, in February 2026, the EPA issued a final rule extending compliance deadlines for elements in the Legacy CCR Rule, including required applicability assessments, the initiation of new groundwater monitoring detection, and the initiation of unit closure. No assurance can be provided as to when and how federal CCR regulations will change further, when the legal challenges to the Legacy CCR Rule, how the EPA’s interpretations or further CCR Rule reforms will be resolved, or whether such challenges will be decided in the Company’s favor. Talen continues to review the Legacy CCR Rule provisions that went into effect in 2024, perform the required applicability assessments, and await additional CCR Rule reforms. As a result of the EPA’s February 2026 CCRMU Extension Rule, initial facility evaluation reports to identify CCR areas which may become regulated and subject to the rule’s requirements are now due in February 2027. Following that, site investigation may be required to further investigate applicability, and a subsequent facility report is due in February 2028. The Company has initiated reviews under the facility evaluation report requirements at locations with ash impoundments that have long since ceased coal operations as well as at locations with current coal operations to meet these deadlines. No assurance can be provided as to whether any specific ash impoundments owned by the Company may or may not be within scope of the updated Legacy CCR Rule until the Company completes its assessments within the regulatory timeframe. As of December 31, 2025 (Successor), the Company has recognized cost estimates in complying with the Legacy CCR Rule’s initial compliance requirements and deadlines, including the initial groundwater monitoring requirements. The Company does not yet have sufficient information available to estimate costs for the future compliance obligations under the rule. As the Company continues its applicability evaluations and site assessments to determine the scope of work on its properties imposed by the new rule, additional new AROs and (or) revisions could be required. It is expected estimates will be available, under the timeline provided for by the regulations, as described above, at the completion of the initial facility evaluation reports or at the completion of a subsequent site investigation. Such AROs or ARO changes could be material and, as a result, may have a material impact on Talen’s operations and (or) financial condition. In April 2025, a citizen suit was filed in the U.S. District Court for the Middle District of Pennsylvania alleging that the Company and its subsidiary, Brunner Island, LLC, are in violation of RCRA and the EPA CCR Rule. See the “Legal Matters” section above for additional information. Certain Resolved Matters PPL/Talen Montana Litigation. In December 2023, a settlement was reached in litigation between Talen and PPL regarding Talen’s claim that a $733 million distribution paid to PPL in 2014 left Talen Montana insolvent. Under the terms of the settlement, PPL paid Talen Montana $115 million in exchange for a full release of claims, with $11 million of that amount remitted to the general unsecured creditors trust established under the Plan of Reorganization. As a result, a $104 million net gain is presented as “Other non-operating income (expense), net” on the Consolidated Statements of Operations for the period May 18 through December 31, 2023 (Successor). Guarantees and Other Assurances In the normal course of business, the Company enters into agreements to provide financial performance assurance to third parties on behalf of certain subsidiaries. These agreements primarily support or enhance the stand-alone creditworthiness attributed to a subsidiary or facilitate the commercial activities in which these subsidiaries engage. Such agreements may include guarantees, stand-by LCs, and (or) surety bonds. Additionally, they may include customary indemnifications to third parties related to asset sales and other transactions. The probability of expected material payment and (or) performance for these assurance agreements is believed to be remote. Surety Bonds. Surety bonds provide financial performance assurance to third parties on behalf of certain Company subsidiaries for obligations including but not limited to environmental obligations and AROs. In the event of nonperformance by the applicable subsidiary, the beneficiary would make a claim to the surety, and the Company would be required to reimburse any payment by the surety. Talen’s liability with respect to any particular surety bond is released once the obligations secured by the surety bond are performed. Surety bond providers generally have the right to request additional collateral or request that such bonds be replaced by alternate surety providers. As of December 31, 2025 (Successor) and 2024 (Successor), the aggregate amount of surety bonds outstanding was $228 million and $234 million, respectively, including surety bonds posted on behalf of Talen Montana as discussed below. Talen Montana Financial Assurance. Pursuant to the Colstrip Administrative Order on Consent (the “Colstrip AOC”), Talen Montana, in its capacity as the Colstrip operator, is obligated to close and remediate coal ash disposal impoundments at Colstrip. The Colstrip AOC specifies an evaluation process between Talen Montana and the Montana Department of Environmental Quality (the “MDEQ”) on the scope of remediation and closure activities, requires the MDEQ to approve such scope, and requires financial assurance to be provided to the MDEQ on approved plans. Each of the co-owners of Colstrip has provided its proportionate share of financial assurance to the MDEQ for estimates of coal ash disposal impoundments remediation and closure activities approved by the MDEQ. The aggregate amount of surety bonds posted to the MDEQ on behalf of Talen Montana’s proportionate share of such activities was $114 million and $125 million as of December 31, 2025 (Successor) and 2024 (Successor), respectively. Talen Montana’s surety bond requirements may increase due to scope changes, cost revisions, and (or) other factors when the MDEQ conducts annual reviews of approved remediation and closure plans as required under the Colstrip AOC. The surety bond requirements are expected to decrease as Colstrip’s coal ash impoundments remediation and closure activities are completed. See Note 8 for additional information on Colstrip AROs. Other Commitments and Contingencies Nuclear Insurance. The Price-Anderson Act is a federal law that governs liability-related issues and ensures the availability of funds for public liability claims arising from a nuclear incident at any U.S. licensed nuclear facility. It also seeks to limit the liability of nuclear reactor owners for such claims from any single incident. As of December 31, 2025 (Successor), the liability limit per incident is $16.3 billion for such claims, which is funded by insurance coverage from American Nuclear Insurers ($500 million in coverage), with the remainder covered by an industry retrospective assessment program. As of December 31, 2025 (Successor), under the industry retrospective assessment program, in the event of a nuclear incident at any of the reactors covered by the Price-Anderson Act, Susquehanna could be assessed deferred premiums of up to $332 million per incident, payable at a maximum of $49 million per year. Additionally, Susquehanna purchases property insurance programs from Nuclear Electric Insurance Limited (“NEIL”), an industry mutual insurance company of which Susquehanna is a member. As of December 31, 2025 (Successor), facilities at Susquehanna are insured against nuclear property damage losses up to $2 billion and non-nuclear property damage losses up to $1 billion. Susquehanna also purchases an insurance program that provides coverage for the cost of replacement power during prolonged outages of nuclear units caused by certain specified conditions. Under the NEIL property and replacement power insurance programs, Susquehanna could be assessed retrospective premiums in the event of the insurers’ adverse loss experience. The maximum assessment for this premium is $50 million as of December 31, 2025 (Successor). Talen has additional coverage that, under certain conditions, may reduce this exposure. Talen Montana Fuel Supply. Talen Montana purchases coal from a mine owned by Westmoreland Rosebud Mining, LLC (the “Rosebud Mine”) for its interest in Colstrip Units 3 and 4 under a full requirements contract with the mine operator. Several lawsuits have been brought against the Rosebud Mine challenging permits and approvals to expand its operations. Talen Montana is not party to these lawsuits but is monitoring the progress of each to assess the impact to its operations. In the first lawsuit, the Montana Supreme Court in 2023 affirmed a lower court’s ruling to vacate a mining permit and require the Montana Board of Environmental Review to perform an additional review of the permit. In the second lawsuit, the Montana Federal District Court ordered a branch of the U.S. Department of the Interior to complete an updated Environmental Impact Statement (“EIS”) for a separate expansion project. In August 2025, the U.S. Department of Interior issued a supplemental EIS and approved an expansion of operations to authorize the mining of federal coal through 2039. In the third lawsuit, plaintiffs challenged a water pollution permit authorizing a separate expansion to the mine in 2023. In September 2025, a Montana State District Court upheld the permit. Plaintiffs appealed that ruling to the Montana Supreme Court in November 2025. At this time, Talen cannot predict the effect that an adverse outcome of these lawsuits to Rosebud Mine would have on: (i) Talen Montana’s ability to source fuel for its share of Colstrip operations; or (ii) Talen Montana’s operations, results of operations, or liquidity.

Earnings Per Share

12 Months Ended

Dec. 31, 2025

Earnings Per Share [Abstract]

Earnings Per Share

14. Earnings Per Share

Basic EPS is computed by dividing net income (loss) by the weighted average number of shares of common stock outstanding during the applicable period. Diluted EPS is computed by dividing income by the weighted-average number of shares of common stock outstanding, increased by incremental shares that would be outstanding if potentially dilutive non-participating securities were converted to common stock as calculated using the treasury stock method. EPS for the periods were:


	Successor							Predecessor
		Year Ended December 31, 2025		Year Ended December 31, 2024		May 18 through December 31, 2023			January 1 through May 17, 2023
Numerator: (Millions of Dollars)
Net Income (Loss)		$	(219)	$	1,013	$	143		$	465
Less:
Net income (loss) attributable to noncontrolling interest		—		15		9			(14)
Net Income (Loss) Attributable to Stockholders		$	(219)	$	998	$	134		$	479

Denominator: (Thousands)
Weighted-Average Number of Common Shares Outstanding - Basic		45,692		54,254		59,029			—
Warrants		—		—		84			—
Restricted stock units		—		354		166			—
Performance stock units		—		1,878		120			—
Weighted-Average Number of Common Shares Outstanding - Diluted		45,692		56,486		59,399			—

Earnings per Share - Basic		$	(4.79)	$	18.40	$	2.27		N/A
Earnings per Share - Diluted		(4.79)		17.67		2.26			N/A

There were 151,505 RSUs and 1,631,614 PSUs excluded from dilutive EPS for the year ended December 31, 2025 (Successor) because the Company generated a net loss. No shares were excluded from diluted EPS for the year ended December 31, 2024 (Successor). 134,798 PSUs were excluded from diluted EPS for the period from May 18 through December 31, 2023 (Successor) due to their anti-dilutive nature. These awards are excluded from the calculation of EPS because the performance conditions have not been met during the reporting period.

For the period from January 1 through May 17, 2023 (Predecessor), there were no outstanding shares of common stock.

Supplemental Cash Flow Information

12 Months Ended

Dec. 31, 2025

Supplemental Cash Flow Elements [Abstract]

Supplemental Cash Flow Information

16. Supplemental Cash Flow Information

Supplemental information for the Consolidated Statements of Cash Flows for the periods was:


	Successor						Predecessor
	Year Ended December 31, 2025		Year Ended December 31, 2024		May 18 through December 31, 2023		January 1 through May 17, 2023
Cash paid during the period
Interest and other finance charges, net of capitalized interest (a)	$	233	$	255	$	133	$	283
Income taxes	71		20		12		7

Unrealized (gain) loss on derivative instruments included on the Statements of Cash Flows
Commodity contracts	$	106	$	(62)	$	(52)	$	63
Interest rate swap contracts (interest expense)	15		(7)		12		2
Unrealized (gain) loss on derivative instruments	$	121	$	(69)	$	(40)	$	65

Depreciation, amortization and accretion included on the Statements of Cash Flows
Depreciation, amortization and accretion	$	279	$	298	$	165	$	200

Other	—		(13)		(8)		8
Depreciation, amortization and accretion	$	279	$	285	$	157	$	208

Reconciliation of other non-cash operating activities
Derivative option premium amortization	$	37	$	11	$	52	$	29


Bitcoin revenue	—		(91)		(81)		(27)

Fair value adjustment on distribution of miners	—		14		—		—








Other	14		7		17		5
Total	$	51	$	(59)	$	(12)	$	7

Non-cash investing activities
Accrued PP&E additions not paid at period end	$	23	$	14	$	13	$	22


Non-cash financing activities
Non-cash increase to PP&E and decrease to other current assets for contribution of Bitcoin miners to Nautilus	$	—	$	—	$	—	$	14
Non-cash decrease to PP&E and decrease to noncontrolling interest for distribution of Bitcoin miners to TeraWulf	—		43		—		3
Non-cash increase to PP&E and increase to noncontrolling interest for contribution of Bitcoin miners by TeraWulf	—		—		—		38

__________________

Cash and Restricted Cash


	Successor
	December 31, 2025		December 31, 2024
Cash and cash equivalents	$	689	$	328
Restricted cash and cash equivalents (a)	63		37
Total	$	752	$	365

__________________

(a)Comprised of commodity exchange margin deposits.

Acquisitions and Divestitures (Tables)

12 Months Ended

Dec. 31, 2025

Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]

Schedule of Consideration Paid and Allocation of Purchase Price to the Fair Value

The following table summarizes the provisional purchase price allocation for the identifiable assets acquired and liabilities assumed:


	November 25, 2025
Cash and cash equivalents	$	47
Accounts receivable	29
Other assets	10
Property, plant, and equipment	4,509
Fair value of assets acquired	$	4,595

Accounts payable and other accrued liabilities	$	28
Derivative instruments	49
Other liabilities	11
Acquired fuel supply contract liabilities	667
Fair value of liabilities assumed	$	755
Aggregate purchase price	$	3,840

Schedule of Revenues and Earnings

The following table presents revenues and earnings included in the Consolidated Statements of Operations for Freedom and Guernsey since the acquisition date (November 25, 2025) through December 31, 2025 (Successor):


	Year ended December 31, 2025
Operating Revenues	$	153
Net Income (Loss) Attributable to Stockholders	62

Schedule of Unaudited Pro Forma Financial Information

The following unaudited pro forma financial information for the years ended December 31, 2025 (Successor) and 2024 (Successor) assumes the Freedom and Guernsey Acquisitions occurred on January 1, 2024. The unaudited pro forma financial information is provided for information purposes only and is not necessarily indicative of the results of operations that would have occurred had the Freedom and Guernsey Acquisitions been completed on January 1, 2024, nor is the unaudited pro forma financial information indicative of future results of operations.


	Year ended December 31, 2025		Year ended December 31, 2024
Operating Revenues	$	3,346	$	2,704
Net Income (Loss) Attributable to Stockholders	(146)		902

Schedule of Acquired Contract Liabilities, Future Amortization Expense

The estimated future amortization as of December 31, 2025 (Successor) is:


	2026		2027		2028		2029		2030		Thereafter (a)		Total
Estimated amortization of acquired fuel supply contract liabilities	$	93	$	101	$	102	$	83	$	84	$	198	$	661

__________________

(a)Contracts expire in 2028 and 2033.

- Definition

Tabular disclosure of business combination. Includes, but is not limited to, recognized asset and liability.

+ References + Details

Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Current Year) (Details) - USD ($) $ in Millions	5 Months Ended	7 Months Ended	12 Months Ended
	May 17, 2023	Dec. 31, 2023	Dec. 31, 2025	Dec. 31, 2024
Amount
Federal income tax at statutory tax rate	$ (143)	$ (41)	$ 35	$ (234)
State income taxes, net of federal benefit	(34)	1	4	(48)
Stock-based compensation			(72)
Nuclear PTC	0	0	(2)	46
Other permanent differences	(16)	22	(1)	3
Change in valuation allowance	129	(43)	(2)	128
Return to provision	0	0	13	11
Tax on NDT	(9)	(16)	(28)	(27)
Income tax benefit (expense)	$ (212)	$ (51)	$ (53)	$ (98)
Percent
Federal income tax at statutory tax rate			21.00%	21.00%
State income taxes, net of federal benefit			2.40%
Stock-based compensation			(43.20%)
Nuclear PTC			(1.20%)
Other permanent differences			(0.60%)
Changes in valuation allowances			(1.20%)
Return to provision			7.80%
Tax on NDT			(16.90%)
Income tax benefit (expense)	31.30%	26.30%	(31.90%)	8.80%

Income Taxes - Schedule of Components of Income Tax (Expense) Benefit (Details) - USD ($) $ in Millions	5 Months Ended	7 Months Ended	12 Months Ended
	May 17, 2023	Dec. 31, 2023	Dec. 31, 2025	Dec. 31, 2024
Current:
Federal	$ (15)	$ 3	$ 54	$ (113)
State	(2)	1	13	(31)
Current income taxes	(17)	4	67	(144)
Deferred:
Federal	(184)	(55)	(135)	47
State	(11)	0	15	(1)
Deferred income taxes	(195)	(55)	(120)	46
Income tax benefit (expense)	(212)	(51)	(53)	(98)
Income (loss) before income taxes	$ 677	$ 194	$ (166)	$ 1,111
Effective income tax rate	31.30%	26.30%	(31.90%)	8.80%

Income Taxes - Schedule of Income Taxes Paid, Net of Refunds (Details) - USD ($) $ in Millions	5 Months Ended	7 Months Ended	12 Months Ended
	May 17, 2023	Dec. 31, 2023	Dec. 31, 2025	Dec. 31, 2024
Income Tax Paid, by Individual Jurisdiction [Line Items]
Total federal tax			$ 41
Total state tax			30
Total	$ 7	$ 12	71	$ 20
US Federal - Corporate
Income Tax Paid, by Individual Jurisdiction [Line Items]
Total federal tax			26
US Federal - NDT
Income Tax Paid, by Individual Jurisdiction [Line Items]
Total federal tax			15
Pennsylvania
Income Tax Paid, by Individual Jurisdiction [Line Items]
Total state tax			17
Other states
Income Tax Paid, by Individual Jurisdiction [Line Items]
Total state tax			$ 13

Acquisitions and Divestitures - 2026 Pending Acquisitions (Details) - Cornerstone Acquisition - Forecast $ in Millions	6 Months Ended
	Jun. 30, 2026 USD ($) MW shares
Asset Acquisition [Line Items]
Consideration transferred \| $	$ 3,450
Payments to acquire businesses \| $	$ 2,550
Payments to acquire business, number of shares (in shares) \| shares	2,400,000
Payments to acquire business, value of stock \| $	$ 900
Lawrenceburg Power Plant
Asset Acquisition [Line Items]
Power generating capacity or generation plant \| MW	1,120
Waterford Energy Center
Asset Acquisition [Line Items]
Power generating capacity or generation plant \| MW	875
Darby Generating Station
Asset Acquisition [Line Items]
Power generating capacity of combustion turbine \| MW	456

Stock-Based Compensation - Schedule of Unrecognized Stock-Based Compensation Expense (Details) $ in Millions	12 Months Ended
	Dec. 31, 2025 USD ($)
Equity-Classified PSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized stock-based compensation expense	$ 33
Weighted-average period of recognition (in years)	6 months
Liability-Classified PSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized stock-based compensation expense	$ 64
Weighted-average period of recognition (in years)	4 months 24 days
Equity-Classified RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized stock-based compensation expense	$ 9
Weighted-average period of recognition (in years)	7 months 6 days
Liability-Classified RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized stock-based compensation expense	$ 9
Weighted-average period of recognition (in years)	4 months 24 days

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Risk Management, Derivative Instruments and Hedging Activities - Statements of Operations Presentation (Details) - USD ($) $ in Millions	5 Months Ended	7 Months Ended	12 Months Ended
	May 17, 2023	Dec. 31, 2023	Dec. 31, 2025	Dec. 31, 2024
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Unrealized gain (loss) on commodity contracts	$ (63)	$ 52	$ (106)	$ 62
Realized and unrealized gain (loss) on interest rate contracts	732	179	56	307
Interest rate derivatives
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Realized and unrealized gain (loss) on interest rate contracts	0	(4)	(13)	9
Energy Revenues
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Realized gain (loss) on commodity contracts	644	360	102	317
Fuel and Energy Purchases
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Realized gain (loss) on commodity contracts	(34)	(91)	(14)	(35)
Operating Revenues
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Unrealized gain (loss) on commodity contracts	60	55	(45)	42
Energy Expenses
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Unrealized gain (loss) on commodity contracts	$ (123)	$ (3)	$ (61)	$ 20

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Inventory (Tables)

12 Months Ended

Dec. 31, 2025

Inventory Disclosure [Abstract]

Schedule of Inventory


	Successor
	December 31, 2025		December 31, 2024
Coal	$	94	$	92
Oil products	57		65
Fuel inventory for electric generation	151		157
Materials and supplies, net	124		88
Environmental products	3		57
Inventory, net	$	278	$	302

Income Taxes - Narrative (Details) - USD ($) $ in Millions	1 Months Ended	5 Months Ended	7 Months Ended	12 Months Ended
Income Taxes - Narrative (Details) - USD ($) $ in Millions	Sep. 30, 2025	May 17, 2023	Dec. 31, 2023	Dec. 31, 2025	Dec. 31, 2024
Income Tax Disclosure [Abstract]
Current tax receivable				$ 35	$ 0
Current taxes payable				0	53
Cancellation of debt income				1,200
Change in valuation allowance		$ (129)	$ 43	$ 2	$ (128)
Nuclear PTC, carrying value	$ 202
Nuclear PTC, cash consideration	191
Loss on sale of nuclear PTC	$ 11

Fresh Start Accounting - Narrative (Details) - USD ($) $ in Millions		5 Months Ended	12 Months Ended
	May 17, 2023	May 17, 2023	Dec. 31, 2025	Dec. 31, 2024	May 16, 2023
Reorganization, Chapter 11 [Line Items]
Voting shares of successor, percentage	50.00%	50.00%
Total Assets	$ 7,059	$ 7,059	$ 10,905	$ 6,106	$ 7,800
Total Liabilities	4,628	4,628	$ 9,812	$ 4,719	$ 9,800
Enterprise value	$ 4,500	$ 4,500
Nuclear fuel discount rate			8.50%
Shares outstanding (in shares)	59,028,843	59,028,843	45,687,828	45,961,910
Equity-classified warrants	$ 8	$ 8
Cash paid for reorganization expenses		308
Reorganization Adjustments
Reorganization, Chapter 11 [Line Items]
Total Assets	(722)	(722)
Total Liabilities	(4,138)	$ (4,138)
Payment of professional fees	$ 52
Minimum
Reorganization, Chapter 11 [Line Items]
Weighted average cost of capital, discount rate	8.50%	8.50%
Maximum
Reorganization, Chapter 11 [Line Items]
Weighted average cost of capital, discount rate	46.50%	46.50%

Asset Retirement Obligations and Accrued Environmental Costs - Schedule of Disaggregation of Asset Retirement Obligations (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Asset Retirement Obligation [Line Items]
Asset retirement obligations	$ 514	$ 498	$ 464
Nuclear
Asset Retirement Obligation [Line Items]
Asset retirement obligations	272	242
Non-nuclear
Asset Retirement Obligation [Line Items]
Asset retirement obligations	$ 242	$ 256

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2025
Audit Information [Abstract]
Auditor Firm ID	238
Auditor Name	PricewaterhouseCoopers LLP
Auditor Location	Houston, Texas

Emergence from Restructuring

12 Months Ended

Dec. 31, 2025

Plan of Reorganization [Abstract]

Emergence from Restructuring

19. Emergence from Restructuring

Voluntary Reorganization Under Chapter 11 of the U.S. Bankruptcy Code

Restructuring Transactions and Emergence

The Restructuring transactions were completed, and the Company emerged from the Restructuring, on May 17, 2023. Pursuant to the Plan of Reorganization, among other things:

•Claims against TEC were paid in full in cash or reinstated. All existing equity interests in TEC were extinguished, and new equity interests in TEC were issued as follows:

•The existing intercompany ownership structure of the debtors remained in place and intercompany claims were extinguished.

20. Fresh Start Accounting

Reorganization Value


	May 17, 2023
Enterprise value (a)	$	4,500
Plus: Cash and cash equivalents and Restricted cash and cash equivalents (b)	701
Plus: Current liabilities excluding long-term debt due within one year	514
Plus: Non-current liabilities excluding long-term debt and liability-classified warrants	1,234
Plus: Fair value of noncontrolling interest	110
Reorganization value to be allocated	$	7,059

__________________

(a)Excludes any value associated with noncontrolling interest.

(b)Excludes $52 million for payment of professional fees.

The following table reconciles TES’s enterprise value to the estimated fair value at Emergence:


	May 17, 2023
Enterprise value (a)	$	4,500
Plus: Cash and cash equivalents and Restricted cash and cash equivalents (b)	701
Less: Fair value of debt	(2,845)
Less: Liability-classified warrants	(35)
Fair value of member’s equity (c)	2,321
Plus: Fair value of noncontrolling interest	110
Fair value of equity	$	2,431

__________________

(a)Excludes any value associated with noncontrolling interest.

(b)Excludes $52 million for payment of professional fees.

(c)Issued in accordance with the Plan of Reorganization. Includes 59,028,843 shares of TEC common stock and $8 million of equity-classified warrants.

Consolidated Balance Sheet


	May 17, 2023
Assets	Predecessor		Reorganization Adjustments (a)			Fresh Start Adjustments			Successor
Cash and cash equivalents	$	1,302	$	(1,133)	(b)	$	—		$	169
Restricted cash and cash equivalents	240		426		(c)	(81)		(q)	585
Accounts receivable, net	148		(3)		(d)	—			145
Inventory, net	448		—			(141)		(r)	307
Derivative instruments	818		—			(632)		(q)	186
Other current assets	135		—			(5)		(s)	130
Total current assets	3,091		(710)			(859)			1,522
Property, plant and equipment, net	4,322		—			(458)		(t)	3,864
Nuclear decommissioning trust funds	1,465		—			—			1,465
Derivative instruments	37		—			(37)		(q)	—
Other noncurrent assets	146		(12)		(e)	74		(u)	208
Total Assets	$	9,061	$	(722)		$	(1,280)		$	7,059

Liabilities and Equity
Revolving credit facilities	$	848	$	(848)	(f)	$	—		$	—
Long-term debt, due within one year	1,005		(1,000)		(g)	—			5
Accrued interest	288		(284)		(h)	—			4
Accounts payable and other accrued liabilities	382		3		(i)	—			385
Derivative instruments	711		—			(654)		(q)	57
Other current liabilities	414		(349)		(j)	3		(v)	68
Total current liabilities	3,648		(2,478)			(651)			519
Long-term debt	2,504		281		(k)	55		(w)	2,840
Liabilities subject to compromise	2,788		(2,788)		(l)	—			—
Derivative instruments	135		—			(93)		(q)	42
Postretirement benefit obligations	(1)		302		(m)	34		(x)	335
Asset retirement obligations and accrued environmental costs	580		202		(m)	(340)		(y)	442
Deferred income taxes	82		283		(n)	(8)		(z)	357
Other noncurrent liabilities	19		60		(o)	14		(aa)	93
Total Liabilities	9,755		(4,138)			(989)			4,628
Member’s equity	(818)		3,416		(p)	(277)		(bb)	2,321
Noncontrolling interests	124		—			(14)		(cc)	110
Total Equity	(694)		3,416			(291)			2,431
Total Liabilities and Equity	$	9,061	$	(722)		$	(1,280)		$	7,059

Reorganization Adjustments

The reorganization adjustments required in connection with the application of fresh start accounting and the allocation of the enterprise value were:

(b)The uses of “Cash and cash equivalents” at Emergence resulting from the implementation of the Plan of Reorganization were:


Proceeds from rights offering	$	1,400
Proceeds from TLB-1 and TLC	1,019
Proceeds from Secured Notes	1,200
Release of restricted cash	89
Payment of claims under prepetition senior secured revolving credit facility	(1,029)
Payment of claims under other prepetition secured indebtedness	(2,136)
Payment of debtor-in-possession term loan	(1,012)
Restriction of cash relating to TLC LCF	(470)
Payment of debt issuance costs on exit financing (TLB-1, TLC, and Secured Notes)	(54)
Funding of professional fees escrow account	(52)
Payment of hedge rejections	(42)
Payment to general unsecured creditors trust	(26)
Payment of professional fees	(22)
Other (a)	2
Total uses of Cash and cash equivalents	$	(1,133)

__________________

(a)Includes $1 million of proceeds from Riverstone for payment to general unsecured creditors trust.

(c)“Restricted cash and cash equivalents” net change:


Restriction of cash relating to TLC LCF	$	470
Funding of professional fees escrow account	52
Release of restricted cash	(89)
Payment of professional fees	(7)
Net change in Restricted cash and cash equivalents	$	426

(d)“Accounts receivable, net” net change related to settlement of affiliate receivables.

(e)“Other noncurrent assets” net change:


Write-off of debt issuance costs associated with prepetition senior secured revolving credit facility	$	(22)
Reclassification of previously capitalized debt issuance costs to Long-term debt	(14)
Capitalization of debt issuance costs	24
Net change in Other noncurrent assets	$	(12)

(f)Payment of principal amounts owed under prepetition senior secured revolving credit facility.

(g)Repayment of debtor-in-possession credit facilities.

(h)“Accrued interest” net change:


Payment of accrued interest on prepetition senior secured revolving credit facility	$	(183)
Payment of accrued interest on other prepetition secured indebtedness	(89)
Payment of accrued interest on debtor-in-possession credit facilities	(12)
Net change in Accrued interest	$	(284)

(i)“Accounts payable and other accrued liabilities” net change:


Payment of hedge contract rejections	$	(42)
Payment of professional fees	(6)
Reinstatement of liabilities subject to compromise	38
Accrual for professional fees incurred at Emergence	13
Net change in Accounts payable and other accrued liabilities	$	3

(j)“Other current liabilities” net change:


Issuance of equity for backstop premium	$	(380)
Reinstatement of liabilities subject to compromise	31
Net change in Other current liabilities	$	(349)

(k)“Long-term debt” net change:


Payment of claims under prepetition secured indebtedness	$	(2,048)
Borrowings of $1.2 billion under the Secured Notes (a)	1,179
Borrowings of $580 million under TLB-1 (b)	548
Borrowings of $470 million under TLC (c)	446
Reinstatement of PEDFA 2009B Bonds and PEDFA 2009C Bonds (d)	130
Write-off of prepetition secured indebtedness issuance costs	26
Net change in Long-term debt	$	281

______________

(a)Net of an aggregate initial purchaser discount and debt issuance costs of $21 million.

(b)Net of an aggregate original issue discount and debt issuance costs of $32 million.

(c)Net of an aggregate original issue discount and debt issuance costs of $24 million.

(d)Includes recognition of $4 million of interest expense.

(l)“Liabilities subject to compromise” settled or reinstated at Emergence in accordance with the Plan of Reorganization:


Liabilities subject to compromise prior to Emergence
Debt	$	1,555
Termination of retail contracts	447
Postretirement benefit obligations	305
Asset retirement obligations and accrued environmental costs	220
Other liabilities	92
Deferred tax liabilities	77
Accounts payable and accrued liabilities	51
Accrued interest	41
Total	2,788

Reinstatement and settlements of certain Liabilities subject to compromise
Reinstatement of liabilities subject to compromise (a)	(801)
Excess fair value ascribed to lenders participating in rights offering	(315)
Issuance of member’s equity to holders of claims under prepetition unsecured notes and PEDFA 2009A Bonds	(186)
Payment to general unsecured creditors trust	(24)
Total	(1,326)
Gain on derecognition of certain Liabilities subject to compromise (b)	$	1,462

______________

(a)Primarily includes postretirement benefit obligations, AROs, and deferred income taxes.

(b)Represents liabilities subject to compromise that were discharged in accordance with the Plan of Reorganization.

(m)Reinstatement of “Liabilities subject to compromise.”

(n)“Deferred income taxes” net change:


Increase in deferred tax liabilities primarily due to estimated tax attribute reduction from the recognition of cancellation of debt income, partially offset by change in valuation allowance	$	206
Reinstatement of liabilities subject to compromise	77
Net change in Deferred income taxes	$	283

(o)“Other noncurrent liabilities” net change:


Issuance of liability-classified warrants	$	35
Reinstatement of liabilities subject to compromise	25
Net change in Other noncurrent liabilities	$	60

The estimated fair value of liability-classified warrants was determined using a Black-Scholes Option Pricing Model with the following assumptions at Emergence:


Expected volatility	30		%
Expected term (years)	5
Expected dividend yield	—		%
Risk-free interest rate	3.6		%
Strike price per share	$	52.92
Fair value per share	$	11.29

(p)“Member’s equity” net change:


Gain on settlement of liabilities subject to compromise	$	1,462
Other losses attributable to gain on debt discharge	(3)
Gain on debt discharge	1,459
Write-off of deferred financing cost	(46)
Professional fees expensed at Emergence	(27)
Restructuring-related compensation expense	(8)
Total reorganization items from reorganization adjustments	1,378
Interest expense incurred at Emergence	(4)
Income from reorganization adjustments before income taxes	1,374
Income tax expense	(206)
Net income from reorganization adjustments	1,168
Issuance of member’s equity in connection with rights offering	1,715
Issuance of member’s equity for backstop premium	380
Issuance of member’s equity to holders of claims under prepetition unsecured notes and PEDFA 2009A Bonds	186
Issuance of equity-classified warrants	8
Issuance of liability-classified warrants	(35)
Other (a)	(6)
Net change in Member’s equity	$	3,416

______________

(a)Includes $1 million of proceeds from Riverstone for payment to general unsecured creditors trust.

Fresh Start Adjustments

(q)Net presentation of derivatives on the Consolidated Balance Sheets. See Note 1 for additional information on the related accounting policy.

(r)“Inventory, net” fair value adjustments:


Coal	$	(33)
Oil products	11
Materials and supplies	(133)
Environmental products	14
Total adjustment to Inventory, net	$	(141)

(s)“Other current assets” primarily represents miscellaneous fair value adjustments.

(t)“Property, plant and equipment, net” fair value adjustments:


Electric generation	$	(350)
Other property and equipment	(80)
Intangible assets	(65)
Capitalized software	(3)
Construction work in progress	40
Total adjustment to Property, plant and equipment, net	$	(458)

(u)“Other noncurrent assets” fair value adjustments:


Favorable supply contracts (a)	$	109
Fair value adjustment to equity method investments	3
Eliminate debt issuance costs associated with debtor-in-possession credit facilities	(29)
Fair value reduction to other miscellaneous assets	(9)
Total adjustment to Other noncurrent assets	$	74

__________________

(a)The fair value of supply contracts was determined utilizing the present value of the after-tax difference between the pricing of actual contracts in place and a current market benchmark.

(v)“Other current liabilities” fair value adjustments, primarily related to short-term AROs.

(w)“Long-term debt” fair value adjustments:


Eliminate debt issuance costs associated with prepetition secured notes, prepetition TLB and LMBE-MC TLB	$	48
Fair value adjustment to Cumulus Digital TLF	11
Fair value adjustment to LMBE-MC TLB	(4)
Total adjustment to Long-term debt	$	55

Fair value adjustments to “Long-term debt” were determined using a lattice model, given that the debt can be prepaid by the borrower prior to the maturity date.

(x)Change in accounting policy for discount rates used to estimate postretirement obligations from a bond-matching model to yield curve approach.

(z)Adjustment to “Deferred income taxes” for the change in financial reporting basis of assets and liabilities as a result of the adoption of fresh start accounting.

(bb)Cumulative impact of fresh start accounting adjustments presented herein.

(cc)“Noncontrolling interests” fair value adjustments for certain subsidiaries.

Liabilities Subject to Compromise


	Predecessor
	December 31, 2022
Debt (a)	$	1,558
Termination of retail power and other contracts	447
Postretirement benefit obligations (a)	309
Asset retirement obligations and accrued environmental costs (a)	219
Other liabilities (a)	114
Deferred tax liabilities	83
Accounts payable and accrued liabilities	53
Accrued interest	41
Derivatives (a)	1
Liabilities Subject to Compromise	$	2,825

__________________

(a)Includes both current and noncurrent amounts.

Reorganization Income (Expense), net

“Reorganization income (expense), net” for the relevant periods were:


	Predecessor
	January 1 through May 17, 2023		Year Ended December 31, 2022
Backstop premium	$	(70)	$	(310)
Gain (loss) on debt discharge	1,459		—
Gain (loss) on revaluation adjustments	(460)		—
Professional fees	(56)		(210)
Make-whole premiums and accrued interest on certain indebtedness	(21)		(183)
Professional fees incurred to obtain the debtor-in-possession credit facilities	—		(70)
Write-off of deferred financing cost and original issue discount	(46)		(30)
Other	(7)		(9)
Reorganization Income (Expense), net	$	799	$	(812)

Cash paid for certain reorganization expenses was $308 million for the period from January 1 through May 17, 2023 (Predecessor)

Acquisitions and Divestitures - 2024 Divestitures (Details) $ in Millions	1 Months Ended		5 Months Ended	6 Months Ended	7 Months Ended	12 Months Ended
	May 31, 2024 USD ($) MW	Mar. 31, 2024 USD ($)	May 17, 2023 USD ($)	Aug. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)	Jun. 30, 2025 MW
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from divestiture			$ 0		$ 0	$ 0	$ 1,398
Gain (loss) on sale of assets, net			$ 0		$ 0	$ 0	886
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| ERCOT Assets
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Power generating capacity \| MW	1,710
Proceeds from divestiture	$ 785
Gain (loss) on sale of assets, net							564
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| AWS Data Campus
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Power generating capacity \| MW								1,920
Proceeds from divestiture		$ 350		$ 650
Gain (loss) on sale of assets, net							$ 324
Funding of professional fees escrow account				$ 300

Consolidated Statements Of Equity (Parenthetical) $ in Millions	12 Months Ended
	Dec. 31, 2025 USD ($)
Statement of Stockholders' Equity [Abstract]
Cash payments for tax withholding obligations	$ 26

Nuclear Decommissioning Trust Funds - Schedule of Sales Proceeds, Gains, and Losses for Available-for-Sale Debt Securities (Details) - USD ($) $ in Millions	5 Months Ended	7 Months Ended	12 Months Ended
	May 17, 2023	Dec. 31, 2023	Dec. 31, 2025	Dec. 31, 2024
Investments, Debt and Equity Securities [Abstract]
Sales proceeds of NDT funds investments	$ 839	$ 1,259	$ 1,689	$ 2,132
Gross realized gains	7	5	10	12
Gross realized losses	$ (12)	$ (11)	$ (6)	$ (13)

Long-Term Debt and Other Credit Facilities - Narrative (Details) - USD ($) $ in Millions	1 Months Ended		5 Months Ended	7 Months Ended	12 Months Ended
	Dec. 31, 2024	Jun. 30, 2024	May 17, 2023	Dec. 31, 2023	Dec. 31, 2025	Dec. 31, 2024	Nov. 25, 2025	Oct. 31, 2025
Debt Instrument [Line Items]
Covenant consolidated series step-ups first lien net leverage ratio					4.25
Total principal	$ 3,038				$ 6,911	$ 3,038
Revolving credit facility repayments (Note 10)			$ 0	$ 0	$ 75	0
Letter of Credit
Debt Instrument [Line Items]
Letters of credit terminated		$ 133
RCF \| Revolving Credit Facility
Debt Instrument [Line Items]
Minimum percentage exceeding revolving commitments					50.00%
RCF \| Secured Debt
Debt Instrument [Line Items]
Total principal	700					700
Aggregate principal amount	$ 700					700
Reduction in interest rate	1.00%
Applicable interest rate	2.00%
Increase in borrowing capacity	$ 475					475
RCF \| Line of Credit
Debt Instrument [Line Items]
Aggregate principal amount							$ 900	$ 700
Applicable interest rate					2.00%
Secured ISDAs \| Secured Debt
Debt Instrument [Line Items]
Total principal					$ 269
2034 Unsecured Notes \| Unsecured Debt
Debt Instrument [Line Items]
Total principal	0				$ 1,400	0
Aggregate principal amount							1,400
Interest rate					6.25%
2036 Unsecured Notes \| Unsecured Debt
Debt Instrument [Line Items]
Total principal	0				$ 1,290	0
Aggregate principal amount							1,300
Interest rate					6.50%
TLB-3 \| Secured Debt
Debt Instrument [Line Items]
Total principal	0				$ 1,200	0
Applicable interest rate					2.00%
Interest rate					5.67%
TLB-3 \| Line of Credit
Debt Instrument [Line Items]
Aggregate principal amount							1,200
LCF \| Secured Debt
Debt Instrument [Line Items]
Total principal	$ 900					900
Commitment percentage	2.00%
Fronting fee percentage	0.125%
LCF \| Line of Credit
Debt Instrument [Line Items]
Aggregate principal amount							$ 1,100	$ 900
TLB-2 \| Secured Debt
Debt Instrument [Line Items]
Total principal	$ 850				$ 842	850
Interest rate					6.35%
TLB-1 \| Secured Debt
Debt Instrument [Line Items]
Total principal	$ 857		580		$ 848	857
Reduction in interest rate	1.00%
Applicable interest rate	2.50%				2.50%
Interest rate					6.35%
TLC \| Secured Debt
Debt Instrument [Line Items]
Total principal			$ 470
Revolving credit facility repayments (Note 10)	$ 470
TLC LCF \| Secured Debt
Debt Instrument [Line Items]
Letters of credit terminated	470
Bilateral LCF \| Secured Debt
Debt Instrument [Line Items]
Letters of credit terminated	75
PEDFA 2009B Bonds \| Bonds
Debt Instrument [Line Items]
Total principal	50	$ 50			$ 50	50
Interest rate		5.25%			5.25%
PEDFA 2009C Bonds \| Bonds
Debt Instrument [Line Items]
Total principal	$ 81	$ 81			$ 81	$ 81
Interest rate		5.25%			5.25%
TEC \| Parent Company
Debt Instrument [Line Items]
Debt instrument, pro forma consolidated total net leverage ratio					3.75
Consolidated-adjusted earnings before interest taxes depreciations and amortization minus, percentage					140.00%
Debt instrument, fixed charge coverage ratio					2.0
TEC \| Parent Company \| Minimum
Debt Instrument [Line Items]
Debt instrument, pro forma consolidated total net leverage ratio					2.5
TEC \| Threshold One \| Parent Company
Debt Instrument [Line Items]
Maximum adjusted EBITDA					$ 420
Percentage of adjusted EBITDA					40.00%
TEC \| Threshold Two \| Parent Company
Debt Instrument [Line Items]
Maximum adjusted EBITDA					$ 525
Percentage of adjusted EBITDA					50.00%

Schedule I - Condensed Financial Information of Registrant - Condensed Unconsolidated Statements of Comprehensive Income (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	5 Months Ended	7 Months Ended	12 Months Ended
	May 17, 2023	Dec. 31, 2023	Dec. 31, 2025	Dec. 31, 2024
Condensed Financial Statements, Captions [Line Items]
Operating Revenue	$ 1,210	$ 1,344	$ 2,581	$ 2,115
Operating Income (Loss)	(76)	160	(90)	226
Income (Loss) Before Income Taxes	677	194	(166)	1,111
Income tax benefit (expense) (Note 4)	(212)	(51)	(53)	(98)
Income (Loss) Before Income Taxes	465	143	(219)	1,013
Other comprehensive income (loss)	6	(23)	8	11
Comprehensive Income (Loss)	$ 471	$ 120	$ (211)	$ 1,024
Net Income (Loss) Attributable to Stockholders - Basic (in dollars per share)		$ 2.27	$ (4.79)	$ 18.40
Net Income (Loss) Attributable to Stockholders - Diluted (in dollars per share)		$ 2.26	$ (4.79)	$ 17.67
Weighted-average shares outstanding - Basic (in shares)	0	59,029	45,692	54,254
Weighted-Average Number of Common Shares Outstanding - Diluted (in shares)	0	59,399	45,692	56,486
Parent Company
Condensed Financial Statements, Captions [Line Items]
Operating Revenue		$ 0	$ 0	$ 0
Operating Expenses		0	0	0
Operating Income (Loss)		0	0	0
Equity in earnings of TES		134	(219)	998
Income (Loss) Before Income Taxes		134	(219)	998
Income tax benefit (expense) (Note 4)		0	0	0
Income (Loss) Before Income Taxes		134	(219)	998
Other comprehensive income (loss)		(23)	8	11
Comprehensive Income (Loss)		$ 111	$ (211)	$ 1,009
Net Income (Loss) Attributable to Stockholders - Basic (in dollars per share)		$ 2.27	$ (4.79)	$ 18.40
Net Income (Loss) Attributable to Stockholders - Diluted (in dollars per share)		$ 2.26	$ (4.79)	$ 17.67
Weighted-average shares outstanding - Basic (in shares)		59,029	45,692	54,254
Weighted-Average Number of Common Shares Outstanding - Diluted (in shares)		59,399	45,692	56,486

Supplemental Cash Flow Information - Schedule of Reconciliation of Cash and Cash Equivalents and Restricted Cash and Cash Equivalents (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	May 17, 2023	Dec. 31, 2022
Supplemental Cash Flow Elements [Abstract]
Cash and cash equivalents	$ 689	$ 328		$ 169
Restricted cash and cash equivalents	63	37		585
Total	$ 752	$ 365	$ 901	$ 754	$ 988

Long-Term Debt and Other Credit Facilities

12 Months Ended

Dec. 31, 2025

Debt Disclosure [Abstract]

Long-Term Debt and Other Credit Facilities

10. Long-Term Debt and Other Credit Facilities

TES is the borrower/issuer under all the Company’s debt and credit facilities. As of December 31, 2025 (Successor), TES was not in default under any of its debt or credit agreements.

Long-Term Debt


		Successor
	Interest Rate (a)	December 31, 2025		December 31, 2024
TLB-1	6.35 %	$	848	$	857
TLB-2	6.35 %	842		850

TLB-3	5.67 %	1,200		—
Secured Notes	8.63 %	1,200		1,200
2034 Unsecured Notes	6.25 %	1,400		—
2036 Unsecured Notes	6.50 %	1,290		—
PEDFA 2009B Bonds	5.25 %	50		50
PEDFA 2009C Bonds	5.25 %	81		81

Total principal		6,911		3,038
Unamortized deferred financing costs and original issuance discounts		(100)		(34)
Total carrying value		6,811		3,004
Less: long-term debt, due within one year		29		17
Long-term debt		$	6,782	$	2,987

__________________

(a)Computed interest rate as of December 31, 2025 (Successor).

Long-term debt maturities as of December 31, 2025 (Successor) were:


	2026		2027		2028		2029		2030		Thereafter		Total
Principal debt maturities	$	29	$	29	$	29	$	29	$	2,034	$	4,761	$	6,911

Revolving Credit and Other Facilities


		Successor
		December 31, 2025
	Maturity	Committed Capacity (a)		Direct Cash Borrowings		LCs Issued		Unused Capacity
RCF	December 2029	$	900	$	—	$	—	$	900
LCF	December 2027	1,100		—		448		652


Total		$	2,000	$	—	$	448	$	1,552

__________________

(a)RCF committed capacity can be used for direct cash borrowings and (or) LCs. Direct cash borrowings are not permitted under the LCF, which can only be used for LCs.

Long-Term Debt, Revolving Credit, and Other Facilities

Certain key terms of our indebtedness include:

Maturity:

Index:

Rate, Applicable Margin, and Amortization:

Prepayment Penalty:

Secured Notes

June 2030

None

8.625% per annum fixed rate

No applicable margin

No amortization

On or after June 1 of the following years: 2026: 104.313%; 2027: 102.156%; 2028 and after: par

2034 Unsecured Notes

February 2034

None

6.250% per annum fixed rate

No applicable margin

No amortization

Prior to October 15, 2028: Redeemable at par plus a customary “make-whole” premium. 40% redeemable from the proceeds of certain equity offerings at 106.250%

On or after October 15 of the following years: 2028: 103.125%; 2029: 101.563%; 2030 and after: par

2036 Unsecured Notes

February 2036

None

6.500% per annum fixed rate

No applicable margin

No amortization

Prior to October 15, 2030: Redeemable at par plus a customary “make-whole” premium. 40% redeemable from the proceeds of certain equity offerings at 106.500%

On or after October 15 of the following years: 2030: 103.250%; 2031: 101.625%; 2032 and after: par

TLB-1

May 2030

Term SOFR

2.50% per annum applicable margin; leverage-based step-downs to 2.25% and 2.00%

Amortization 1.00% per annum; paid quarterly

Currently none

TLB-2

December 2031

Term SOFR

Same as TLB-1

Currently none

TLB-3

November 2032

Term SOFR

2.00% per annum applicable margin; leverage-based step-downs to 1.75% and 1.50%

Amortization 1.00% per annum; paid quarterly

1.00% to the extent prepaid prior to May 25, 2026 in connection with a repricing transaction

RCF

December 2029

Term SOFR

Cash borrowings: 2.00% per annum applicable margin; leverage-based step-downs to 1.75% and 1.50%

LCs: LC fee equal to applicable margin above + fronting fee of 0.125%

Unused commitments: 0.375%; leverage-based step-down to 0.25%

No amortization

None

LCF

December 2027

None

LCs: Same as RCF

Unused commitments: Same as RCF

None

PEDFA
Bonds

2009B: December 2038

2009C: December 2037

None

5.25% per annum fixed rate

No applicable margin

No amortization

Prior to June 1, 2026: Par plus a customary “make-whole” premium

On or after June 1, 2026: Par

Credit Agreement. The Credit Agreement governs the RCF, TLB-1, TLB-2, TLB-3, and LCF. The Credit Agreement contains customary negative covenants including but not limited to limitations on incurrence of liens and additional indebtedness, making investments, payment of dividends, and asset sales. The Credit Agreement also contains customary affirmative covenants. Solely with respect to the RCF and LCF, and solely during a compliance period (i.e., when RCF cash borrowings exceed 50% of revolving commitments on the last day of a fiscal quarter), the Credit Agreement requires TES’s consolidated first lien net leverage ratio not to exceed 4.25x. This financial covenant does not apply to the TLB-1, TLB-2, or TLB-3. The Credit Agreement also contains customary representations and warranties, events of default, and remedies (including acceleration of amounts due and (or) termination of commitments).

Secured Notes. Interest on the Secured Notes is payable semi-annually on June 1 and December 1 of each year and at maturity. The Secured Notes are subject to customary negative covenants for secured notes, including but not limited to certain limitations on incurrence of liens and additional indebtedness, making investments, payment of dividends, and transactions involving the Susquehanna assets, but do not contain any financial covenants. The Secured Notes also contain customary affirmative covenants, events of default, and remedies (including acceleration).

Unsecured Notes. Interest on the Unsecured Notes is payable semi-annually on February 1 and August 1 of each year and at maturity. The Unsecured Notes are subject to customary negative covenants for unsecured notes, including but not limited to certain limitations on incurrence of liens and transactions involving the Susquehanna assets, but do not contain any financial covenants. The Unsecured Notes also contain customary affirmative covenants, events of default, and remedies (including acceleration).

PEDFA Bonds. The PEDFA 2009B and 2009C Bonds were issued by the PEDFA on behalf of TES, and TES then received the proceeds under corresponding back-to-back exempt facilities loan agreements with the PEDFA. Corresponding TES unsecured promissory notes for each series contain the applicable principal, interest, and prepayment provisions. The PEDFA Bonds bear interest at a fixed rate until the end of the current term rate period on June 1, 2027, at which time they are subject to mandatory remarketing during which TES may elect a different interest rate mode. Aside from principal amount and final maturity, the terms of the PEDFA 2009B Bonds and 2009C Bonds are substantially identical. The PEDFA Bonds are subject to customary affirmative and negative covenants appropriate for such tax-exempt facilities, including but not limited to limitations on incurrence of liens (but not unsecured indebtedness), and asset sales. The PEDFA Bonds are also subject customary events of default and remedies (including acceleration).

Secured ISDAs. Talen Energy Marketing is party to certain Secured ISDAs, under which TES and the Subsidiary Guarantors provide the applicable counterparties with a first priority lien on and security interest (which ranks pari passu with the liens securing the Credit Facilities and the Secured Notes) in certain assets in lieu of posting collateral in the form of cash equivalents or LCs. The secured obligations under the Secured ISDAs were $269 million as of December 31, 2025 (Successor).

Security Interests, Guarantees, Cross-Defaults, and Restrictions on Dividends

Secured Obligations. The obligations under the Credit Facilities, Secured Notes, and Secured ISDAs are secured by a first-priority lien on and security interest in substantially all of the assets of TES and the Subsidiary Guarantors. The Subsidiary Guarantors guarantee TES’s obligations under the Credit Facilities and the Secured Notes. TES and the Subsidiary Guarantors guarantee Talen Energy Marketing’s obligations under the Secured ISDAs. The amount for which TES and the Subsidiary Guarantors may be liable is equal to the amount of obligations outstanding under such agreements and may also include unpaid interest, premiums, penalties, and (or) other fees and expenses. An event of default under the Credit Facilities, Secured Notes, or Secured ISDAs, if not cured or waived, may result in a cross acceleration of amounts due and (or) cross termination across all these agreements.

Restrictions on Dividends. Agreements governing TES’s indebtedness restrict the ability of TES and the Subsidiary Guarantors to pay dividends or distributions or otherwise transfer assets to TEC, subject to certain exceptions. Notable exceptions include the ability to pay dividends or distributions: (1) in an amount not to exceed the greater of $420 million and 40% of TES’s consolidated adjusted EBITDA, (2) in an unlimited amount so long as TES’s pro forma consolidated total net leverage ratio is less than or equal to 2.5 to 1.0, and (3) in an amount not to exceed the sum of: (a) the greater of $525 million and 50% of TES’s consolidated adjusted EBITDA, (b) TES’s consolidated adjusted EBITDA minus 140% of TES’s consolidated interest expense, in each case, for the period from June 1, 2023 through the most recent fiscal quarter (subject to compliance with either (x) a pro forma consolidated total net leverage ratio of less than or equal to 3.75 to 1.0 or (y) a fixed charge coverage ratio greater than or equal to 2.0 to 1.0), (c) equity contributions to TES, and (d) other customary “builder basket” components.

As of December 31, 2025 (Successor), substantially all net assets of TES and the Subsidiary Guarantors were subject to restrictions on dividends.

Unsecured Obligations. The Unsecured Notes and the PEDFA Bonds are senior unsecured obligations of TES that are effectively subordinated to TES’s secured obligations, including the Credit Facilities, Secured Notes, and Secured ISDAs, to the extent of the value of the assets securing those obligations. The Subsidiary Guarantors guarantee TES’s obligations under the Unsecured Notes and certain of the Subsidiary Guarantors also guarantee TES’s obligations under the PEDFA Bonds. These guarantees are the general unsecured obligations of such Subsidiary Guarantors, rank equally with all of their other senior unsecured indebtedness, and are effectively subordinated to their secured obligations, including guarantees under the Credit Facilities, Secured Notes, and Secured ISDAs, to the extent of the value of the assets securing those obligations.

2025 Financing Transactions

Freedom and Guernsey Acquisitions Financing. In October and November 2025, TES completed several financing transactions and used the proceeds from the Unsecured Notes and the TLB-3 to finance the Freedom and Guernsey Acquisitions.

•Unsecured Notes. Issued: (i) $1.4 billion in aggregate principal amount of the 2034 Unsecured Notes and (ii) $1.3 billion in aggregate principal amount of the 2036 Unsecured Notes.

•TLB-3. Drew in full the $1.2 billion senior secured term loan B credit facility (the TLB-3), which constitutes a new tranche of term loans separate from TLB-1 and TLB-2.

•RCF. Increased its existing RCF (including its revolving LC capacity) from $700 million to $900 million.

•LCF. Increased its existing $900 million LCF to $1.1 billion and extended the maturity from December 2026 to December 2027.

Additionally, in November 2025, in connection with the closing of the Freedom and Guernsey Acquisitions, the Company entered into the Fifth Supplemental Indenture to the Secured Notes Indenture and First Supplemental Indentures to each of the Unsecured Notes Indentures to add certain entities as Subsidiary Guarantors of the Secured Notes and Unsecured Notes, respectively.

See Note 17 for additional information on the Freedom and Guernsey Acquisitions.

2024 Financing Transactions

Credit Facilities. In December 2024, TES completed several refinancing transactions:

•TLB-2. Issued a new $850 million TLB-2, the proceeds of which were used, together with cash on hand, to repurchase shares of our outstanding common stock from Rubric.

•TLB-1. Repriced the existing $857 million TLB-1 to reduce the current interest rate margin by 100 basis points (to SOFR plus 250 basis points, with further leverage-based step downs available) to align pricing with the new TLB-2.

•RCF. Repriced the existing $700 million RCF to reduce the current interest rate margin by 100 basis points (to SOFR plus 200 basis points, with further leverage-based step downs available), increased revolving LC capacity from $475 million to $700 million, and extended the maturity from May 2028 to December 2029.

•LCF. Issued a new $900 million standalone secured LCF to transition LCs from the TLC LCF and Bilateral LCF. LCs issued under the LCF are subject to an LC fee of 2.00% per annum (with leverage-based step downs available) plus a fronting fee of 0.125% per annum.

•TLC/TLC LCF. Repaid in full the $470 million TLC utilizing the restricted cash collateralizing the TLC LCF, and terminated the TLC and associated $470 million TLC LCF.

•Bilateral LCF. Terminated the $75 million Bilateral LCF.

In connection with these transactions, the requisite lenders under the Credit Agreement also consented to certain amendments, among other things, increasing the Company’s flexibility for restricted payments, investments, and dispositions under the Credit Facilities. As a result of these transactions, the Company derecognized the carrying value of the extinguished TLC and presents the carrying value of the newly issued TLB-2 on the Consolidated Balance Sheet.

In May 2024, TES repriced the TLB-1 and TLC, and the lenders, as part of these debt modifications, agreed to waive mandatory prepayment obligations related to the ERCOT Sale. See Note 17 for additional information on the ERCOT Sale. Additionally, the lenders under the TLB-1, TLC, and RCF consented to certain other covenant improvements.

PEDFA Bonds. In June 2024, TES completed the remarketing of its outstanding $50 million in PEDFA 2009B Bonds and $81 million in PEDFA 2009C Bonds. As part of the remarketing, (i) the PEDFA Bonds were transitioned from a variable daily interest rate to a fixed term rate of 5.25% until June 1, 2027, at which time they are subject to mandatory remarketing during which TES may elect a different interest rate mode; (ii) $133 million of TES LCs that had previously supported the PEDFA Bonds were terminated; (iii) mandatory repurchase and optional redemption provisions were modified; and (iv) certain covenants relating to changes of control, incurrence of liens, and asset sales were amended and became operative. The remarketing transaction is excluded from the Consolidated Statements of Cash Flows as a non-cash item.

Cumulus Digital TLF Repayment. In connection with the AWS Data Campus Sale, the Cumulus Digital TLF was paid in full in March 2024, together with all accrued interest and other outstanding amounts, and related liens, guarantees, and LCs were released and terminated. See Note 17 for additional information on the AWS Data Campus Sale.

Stockholder's Equity - Narrative (Details) $ in Millions	1 Months Ended		5 Months Ended	7 Months Ended	12 Months Ended
Stockholder's Equity - Narrative (Details) $ in Millions	Oct. 31, 2024 USD ($)	Mar. 31, 2024 USD ($) member	May 17, 2023 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2025 USD ($) Rate	Dec. 31, 2024 USD ($)	Nov. 25, 2025 USD ($)	Sep. 30, 2025 USD ($)
Equity, Class of Treasury Stock [Line Items]
Share repurchase program, remaining authorized amount					$ 2,000		$ 2,000	$ 995
Percentage of common stock purchased \| Rate					23.00%
Stock repurchased, excluding excise tax					$ 2,000
Repurchase of noncontrolling interest			$ 0	$ 19	$ 0	$ 125
Number of former members, equity units acquired \| member		2
Nautilus Cryptomine LLC [Member]
Equity, Class of Treasury Stock [Line Items]
Repurchase of noncontrolling interest	$ 85
Ownership percentage	100.00%
Nautilus Cryptomine LLC [Member] \| TeraWulf
Equity, Class of Treasury Stock [Line Items]
Ownership percentage, noncontrolling owner	25.00%
Cumulus Digital Holdings LLC
Equity, Class of Treasury Stock [Line Items]
Repurchase of noncontrolling interest		$ 39
Ownership percentage		100.00%

Fair Value - Schedule of Carrying Value and Fair Value of Indebtedness (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024	May 17, 2023
Carrying Value
Long-term debt	$ 6,811	$ 3,004
Fair Value
Long-term debt	$ 7,069	$ 3,120	$ 2,845

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(22))
-SubTopic 10
-Topic 210
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477314/942-235-S99-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-4

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-3

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 55
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482949/835-30-55-8

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(16))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69B

Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69C

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1D
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1D

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 944
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-03(a)(16)(a)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478777/944-210-S99-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (b)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-4

+ Details

- Definition

The fair value amount of long-term debt whether such amount is presented as a separate caption or as a parenthetical disclosure. Additionally, this element may be used in connection with the fair value disclosures required in the footnote disclosures to the financial statements. The element may be used in both the balance sheet and disclosure in the same submission.

+ References

+ Details

Postretirement Benefit Obligations - Schedule of Net Benefit Costs (Details) - USD ($) $ in Millions	5 Months Ended	7 Months Ended	12 Months Ended
	May 17, 2023	Dec. 31, 2023	Dec. 31, 2025	Dec. 31, 2024
Net periodic benefit costs (credits):
Net actuarial (gain) loss	$ 0	$ 38	$ (7)	$ (5)
Amortization of net (gain) loss	0	0	(1)	(21)
Reclassifications due to settlement and (or) curtailment:
Amortization of prior service cost (credit)	0	0	4	1
Amortization of net (gain) loss	(2)	0	$ 1	0
Assumptions
Grading period			7 years
Pension Benefits
Net periodic benefit costs (credits):
Service cost	1	2	$ 2	2
Interest cost	25	40	65	63
Expected return on plan assets	(30)	(41)	(70)	(66)
Amortization of net (gain) loss	2	0	0	0
Resolved litigation settlement and other charges	0	1	0	15
Net periodic defined benefit cost (credit)	(2)	2	(3)	14
Net actuarial (gain) loss	2	38	(7)	(3)
Reclassifications due to settlement and (or) curtailment:
Amortization of net (gain) loss	0	0	0	0
Total recognized in OCI	2	38	(7)	(3)
Total recognized in net periodic costs and OCI	$ 0	$ 40	$ (10)	$ 11
Assumptions
Rate of compensation increase	3.45%	3.45%	3.45%	3.45%
Expected return on plan assets	7.50%	7.25%	7.50%	7.25%
Pension Benefits \| Pension Plan, Periodic Benefit Costs
Assumptions
Discount rate	5.41%	5.12%	5.65%	5.00%
Other Postretirement Benefits
Net periodic benefit costs (credits):
Service cost	$ 1	$ 1	$ 1	$ 1
Interest cost	1	2	3	3
Expected return on plan assets	(2)	(2)	(4)	(4)
Amortization of prior service cost (credit)	0	0	(4)	(1)
Amortization of net (gain) loss	0	0	(1)	0
Net periodic defined benefit cost (credit)	0	1	(5)	(1)
Net actuarial (gain) loss	0	(1)	0	(2)
Amortization of net (gain) loss	0	0	(1)	(21)
Reclassifications due to settlement and (or) curtailment:
Amortization of prior service cost (credit)	0	0	4	1
Amortization of net (gain) loss	0	0	1	0
Total recognized in OCI	0	(1)	4	(22)
Total recognized in net periodic costs and OCI	$ 0	$ 0	$ (1)	$ (23)
Assumptions
Rate of compensation increase	2.31%	2.31%	4.19%	2.31%
Expected return on plan assets	5.74%	5.49%	6.07%	5.49%
Other Postretirement Benefits \| Other Postretirement Benefit Plan, Periodic Benefit Costs
Assumptions
Discount rate	5.41%	5.13%	5.63%	5.01%
Other Postretirement Benefits \| Minimum
Assumptions
Health care grading trend rates	6.50%	6.50%	8.00%	7.10%
Other Postretirement Benefits \| Maximum
Assumptions
Health care grading trend rates	4.50%	4.50%	4.40%	4.40%

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax (Expense) Benefit

The components of “Income tax benefit (expense)” for the periods were:


	Successor									Predecessor
	Year Ended December 31, 2025			Year Ended December 31, 2024			May 18 through December 31, 2023			January 1 through May 17, 2023
Federal	$	54		$	(113)		$	3		$	(15)
State	13			(31)			1			(2)
Current income taxes	67			(144)			4			(17)
Federal	(135)			47			(55)			(184)
State	15			(1)			—			(11)
Deferred income taxes	(120)			46			(55)			(195)

Income tax benefit (expense)	$	(53)		$	(98)		$	(51)		$	(212)
Income (loss) before income taxes	(166)			1,111			194			677
Effective income tax rate	(31.9)		%	8.8		%	26.3		%	31.3		%

Schedule of Effective Income Tax Rate Reconciliation

The following table presents required disclosures pursuant to ASU 2023-09 and reconciles the U.S. federal statutory tax amount and rate to our effective tax amount and rate for the year ended December 31, 2025 (Successor):


		Successor
	Year Ended December 31, 2025
Federal income tax at statutory tax rate		$	35	21.0%
State income taxes, net of federal benefit (a)		4		2.4%
Nontaxable or nondeductible items:
Stock-based compensation		(72)		(43.2)%
Nuclear PTC		(2)		(1.2)%
Other permanent differences		(1)		(0.6)%
Changes in valuation allowances		(2)		(1.2)%
Other adjustments:
Return to provision		13		7.8%
Tax on NDT		(28)		(16.9)%
Income tax benefit (expense)		$	(53)	(31.9)%

__________________

(a)Pennsylvania state income taxes comprised the majority of the tax effect in this category.

The following table presents the required disclosures prior to our adoption of ASU 2023-09 and reconciles the income tax benefit (expense) at our statutory rate to the income tax benefit (expense) at our effective rate for the following periods:


	Successor				Predecessor
	Year Ended December 31, 2024		May 18 through December 31, 2023		January 1 through May 17, 2023
Income tax benefit (expense) computed at the federal income tax statutory tax rate of 21%	$	(234)	$	(41)	$	(143)
Income tax increase (decrease) due to:
Change in valuation allowance	128		(43)		129
State income taxes, net of federal benefit	(48)		1		(34)
Nuclear PTC	46		—		—
Nuclear decommissioning trust taxes	(27)		(16)		(9)
Reorganization adjustments	23		26		(138)
Return to provision	11		—		—
Permanent differences	3		22		(16)


Other	—		—		(1)
Income tax benefit (expense)	$	(98)	$	(51)	$	(212)

Schedule of Deferred Tax Assets and Liabilities

The components of deferred tax liabilities and deferred tax assets were:


	Successor
	December 31, 2025		December 31, 2024

Property, plant and equipment, net	$	1,305	$	465
Nuclear decommissioning trust	540		502
Unrealized gain on qualifying derivatives	—		32

Other	3		—
Deferred tax liabilities	1,848		999
Less:
Federal net operating loss carryforwards	749		164
Interest limitation carryforward	331		340
Acquired fuel supply contract liabilities (a)	151		—
Accrued liabilities	53		30
Accrued pension costs	45		80
State net operating loss carryforwards	19		15

Unrealized loss on qualifying derivatives	16		—
Other	—		8
Deferred tax assets	1,364		637
Valuation allowance	(2)		—
Deferred tax liabilities, net	$	486	$	362

__________________

(a)See Note 17 for additional information on acquired fuel supply contract liabilities.

Schedule of Operating Loss Carryforwards

The components of NOL carryforwards were:


	Successor
	December 31, 2025		December 31, 2024

Federal, indefinite expiration, limited to annual utilization of 80%	$	3,566	$	783
State, expirations 2026 - 2041	407		310

Schedule of Income Taxes Paid, Net of Refunds

The amounts of income taxes paid, net of refunds, were:


	Successor
	Year Ended December 31, 2025
US Federal - Corporate	$	26
US Federal - NDT	15
Total federal tax	41

Pennsylvania	17



Other states (a)	13
Total state tax	30
Total	$	71

__________________

(a)Consists primarily of New Jersey, Maryland, and Texas.

Supplemental information for the Consolidated Statements of Cash Flows for the periods was:


	Successor						Predecessor
	Year Ended December 31, 2025		Year Ended December 31, 2024		May 18 through December 31, 2023		January 1 through May 17, 2023
Cash paid during the period
Interest and other finance charges, net of capitalized interest (a)	$	233	$	255	$	133	$	283
Income taxes	71		20		12		7

Unrealized (gain) loss on derivative instruments included on the Statements of Cash Flows
Commodity contracts	$	106	$	(62)	$	(52)	$	63
Interest rate swap contracts (interest expense)	15		(7)		12		2
Unrealized (gain) loss on derivative instruments	$	121	$	(69)	$	(40)	$	65

Depreciation, amortization and accretion included on the Statements of Cash Flows
Depreciation, amortization and accretion	$	279	$	298	$	165	$	200

Other	—		(13)		(8)		8
Depreciation, amortization and accretion	$	279	$	285	$	157	$	208

Reconciliation of other non-cash operating activities
Derivative option premium amortization	$	37	$	11	$	52	$	29


Bitcoin revenue	—		(91)		(81)		(27)

Fair value adjustment on distribution of miners	—		14		—		—








Other	14		7		17		5
Total	$	51	$	(59)	$	(12)	$	7

Non-cash investing activities
Accrued PP&E additions not paid at period end	$	23	$	14	$	13	$	22


Non-cash financing activities
Non-cash increase to PP&E and decrease to other current assets for contribution of Bitcoin miners to Nautilus	$	—	$	—	$	—	$	14
Non-cash decrease to PP&E and decrease to noncontrolling interest for distribution of Bitcoin miners to TeraWulf	—		43		—		3
Non-cash increase to PP&E and increase to noncontrolling interest for contribution of Bitcoin miners by TeraWulf	—		—		—		38

__________________


	Successor
	December 31, 2025		December 31, 2024
Cash and cash equivalents	$	689	$	328
Restricted cash and cash equivalents (a)	63		37
Total	$	752	$	365

__________________

(a)Comprised of commodity exchange margin deposits.

Fresh Start Accounting (Tables)

12 Months Ended

Dec. 31, 2025

Plan of Reorganization [Abstract]

Reorganization, Chapter 11

The following table reconciles the Company’s enterprise value to the estimated reorganization value at Emergence:


	May 17, 2023
Enterprise value (a)	$	4,500
Plus: Cash and cash equivalents and Restricted cash and cash equivalents (b)	701
Plus: Current liabilities excluding long-term debt due within one year	514
Plus: Non-current liabilities excluding long-term debt and liability-classified warrants	1,234
Plus: Fair value of noncontrolling interest	110
Reorganization value to be allocated	$	7,059

__________________

(a)Excludes any value associated with noncontrolling interest.

(b)Excludes $52 million for payment of professional fees.

The following table reconciles TES’s enterprise value to the estimated fair value at Emergence:


	May 17, 2023
Enterprise value (a)	$	4,500
Plus: Cash and cash equivalents and Restricted cash and cash equivalents (b)	701
Less: Fair value of debt	(2,845)
Less: Liability-classified warrants	(35)
Fair value of member’s equity (c)	2,321
Plus: Fair value of noncontrolling interest	110
Fair value of equity	$	2,431

__________________

(a)Excludes any value associated with noncontrolling interest.

(b)Excludes $52 million for payment of professional fees.

(c)Issued in accordance with the Plan of Reorganization. Includes 59,028,843 shares of TEC common stock and $8 million of equity-classified warrants.


	May 17, 2023
Assets	Predecessor		Reorganization Adjustments (a)			Fresh Start Adjustments			Successor
Cash and cash equivalents	$	1,302	$	(1,133)	(b)	$	—		$	169
Restricted cash and cash equivalents	240		426		(c)	(81)		(q)	585
Accounts receivable, net	148		(3)		(d)	—			145
Inventory, net	448		—			(141)		(r)	307
Derivative instruments	818		—			(632)		(q)	186
Other current assets	135		—			(5)		(s)	130
Total current assets	3,091		(710)			(859)			1,522
Property, plant and equipment, net	4,322		—			(458)		(t)	3,864
Nuclear decommissioning trust funds	1,465		—			—			1,465
Derivative instruments	37		—			(37)		(q)	—
Other noncurrent assets	146		(12)		(e)	74		(u)	208
Total Assets	$	9,061	$	(722)		$	(1,280)		$	7,059

Liabilities and Equity
Revolving credit facilities	$	848	$	(848)	(f)	$	—		$	—
Long-term debt, due within one year	1,005		(1,000)		(g)	—			5
Accrued interest	288		(284)		(h)	—			4
Accounts payable and other accrued liabilities	382		3		(i)	—			385
Derivative instruments	711		—			(654)		(q)	57
Other current liabilities	414		(349)		(j)	3		(v)	68
Total current liabilities	3,648		(2,478)			(651)			519
Long-term debt	2,504		281		(k)	55		(w)	2,840
Liabilities subject to compromise	2,788		(2,788)		(l)	—			—
Derivative instruments	135		—			(93)		(q)	42
Postretirement benefit obligations	(1)		302		(m)	34		(x)	335
Asset retirement obligations and accrued environmental costs	580		202		(m)	(340)		(y)	442
Deferred income taxes	82		283		(n)	(8)		(z)	357
Other noncurrent liabilities	19		60		(o)	14		(aa)	93
Total Liabilities	9,755		(4,138)			(989)			4,628
Member’s equity	(818)		3,416		(p)	(277)		(bb)	2,321
Noncontrolling interests	124		—			(14)		(cc)	110
Total Equity	(694)		3,416			(291)			2,431
Total Liabilities and Equity	$	9,061	$	(722)		$	(1,280)		$	7,059

The reorganization adjustments required in connection with the application of fresh start accounting and the allocation of the enterprise value were:

(b)The uses of “Cash and cash equivalents” at Emergence resulting from the implementation of the Plan of Reorganization were:


Proceeds from rights offering	$	1,400
Proceeds from TLB-1 and TLC	1,019
Proceeds from Secured Notes	1,200
Release of restricted cash	89
Payment of claims under prepetition senior secured revolving credit facility	(1,029)
Payment of claims under other prepetition secured indebtedness	(2,136)
Payment of debtor-in-possession term loan	(1,012)
Restriction of cash relating to TLC LCF	(470)
Payment of debt issuance costs on exit financing (TLB-1, TLC, and Secured Notes)	(54)
Funding of professional fees escrow account	(52)
Payment of hedge rejections	(42)
Payment to general unsecured creditors trust	(26)
Payment of professional fees	(22)
Other (a)	2
Total uses of Cash and cash equivalents	$	(1,133)

__________________

(a)Includes $1 million of proceeds from Riverstone for payment to general unsecured creditors trust.

(c)“Restricted cash and cash equivalents” net change:


Restriction of cash relating to TLC LCF	$	470
Funding of professional fees escrow account	52
Release of restricted cash	(89)
Payment of professional fees	(7)
Net change in Restricted cash and cash equivalents	$	426

(d)“Accounts receivable, net” net change related to settlement of affiliate receivables.

(e)“Other noncurrent assets” net change:


Write-off of debt issuance costs associated with prepetition senior secured revolving credit facility	$	(22)
Reclassification of previously capitalized debt issuance costs to Long-term debt	(14)
Capitalization of debt issuance costs	24
Net change in Other noncurrent assets	$	(12)

(f)Payment of principal amounts owed under prepetition senior secured revolving credit facility.

(g)Repayment of debtor-in-possession credit facilities.

(h)“Accrued interest” net change:


Payment of accrued interest on prepetition senior secured revolving credit facility	$	(183)
Payment of accrued interest on other prepetition secured indebtedness	(89)
Payment of accrued interest on debtor-in-possession credit facilities	(12)
Net change in Accrued interest	$	(284)

(i)“Accounts payable and other accrued liabilities” net change:


Payment of hedge contract rejections	$	(42)
Payment of professional fees	(6)
Reinstatement of liabilities subject to compromise	38
Accrual for professional fees incurred at Emergence	13
Net change in Accounts payable and other accrued liabilities	$	3

(j)“Other current liabilities” net change:


Issuance of equity for backstop premium	$	(380)
Reinstatement of liabilities subject to compromise	31
Net change in Other current liabilities	$	(349)

(k)“Long-term debt” net change:


Payment of claims under prepetition secured indebtedness	$	(2,048)
Borrowings of $1.2 billion under the Secured Notes (a)	1,179
Borrowings of $580 million under TLB-1 (b)	548
Borrowings of $470 million under TLC (c)	446
Reinstatement of PEDFA 2009B Bonds and PEDFA 2009C Bonds (d)	130
Write-off of prepetition secured indebtedness issuance costs	26
Net change in Long-term debt	$	281

______________

(a)Net of an aggregate initial purchaser discount and debt issuance costs of $21 million.

(b)Net of an aggregate original issue discount and debt issuance costs of $32 million.

(c)Net of an aggregate original issue discount and debt issuance costs of $24 million.

(d)Includes recognition of $4 million of interest expense.

(l)“Liabilities subject to compromise” settled or reinstated at Emergence in accordance with the Plan of Reorganization:


Liabilities subject to compromise prior to Emergence
Debt	$	1,555
Termination of retail contracts	447
Postretirement benefit obligations	305
Asset retirement obligations and accrued environmental costs	220
Other liabilities	92
Deferred tax liabilities	77
Accounts payable and accrued liabilities	51
Accrued interest	41
Total	2,788

Reinstatement and settlements of certain Liabilities subject to compromise
Reinstatement of liabilities subject to compromise (a)	(801)
Excess fair value ascribed to lenders participating in rights offering	(315)
Issuance of member’s equity to holders of claims under prepetition unsecured notes and PEDFA 2009A Bonds	(186)
Payment to general unsecured creditors trust	(24)
Total	(1,326)
Gain on derecognition of certain Liabilities subject to compromise (b)	$	1,462

______________

(a)Primarily includes postretirement benefit obligations, AROs, and deferred income taxes.

(b)Represents liabilities subject to compromise that were discharged in accordance with the Plan of Reorganization.

(m)Reinstatement of “Liabilities subject to compromise.”

(n)“Deferred income taxes” net change:


Increase in deferred tax liabilities primarily due to estimated tax attribute reduction from the recognition of cancellation of debt income, partially offset by change in valuation allowance	$	206
Reinstatement of liabilities subject to compromise	77
Net change in Deferred income taxes	$	283

(o)“Other noncurrent liabilities” net change:


Issuance of liability-classified warrants	$	35
Reinstatement of liabilities subject to compromise	25
Net change in Other noncurrent liabilities	$	60

The estimated fair value of liability-classified warrants was determined using a Black-Scholes Option Pricing Model with the following assumptions at Emergence:


Expected volatility	30		%
Expected term (years)	5
Expected dividend yield	—		%
Risk-free interest rate	3.6		%
Strike price per share	$	52.92
Fair value per share	$	11.29

(p)“Member’s equity” net change:


Gain on settlement of liabilities subject to compromise	$	1,462
Other losses attributable to gain on debt discharge	(3)
Gain on debt discharge	1,459
Write-off of deferred financing cost	(46)
Professional fees expensed at Emergence	(27)
Restructuring-related compensation expense	(8)
Total reorganization items from reorganization adjustments	1,378
Interest expense incurred at Emergence	(4)
Income from reorganization adjustments before income taxes	1,374
Income tax expense	(206)
Net income from reorganization adjustments	1,168
Issuance of member’s equity in connection with rights offering	1,715
Issuance of member’s equity for backstop premium	380
Issuance of member’s equity to holders of claims under prepetition unsecured notes and PEDFA 2009A Bonds	186
Issuance of equity-classified warrants	8
Issuance of liability-classified warrants	(35)
Other (a)	(6)
Net change in Member’s equity	$	3,416

______________

(a)Includes $1 million of proceeds from Riverstone for payment to general unsecured creditors trust.

Fresh Start Adjustments

(q)Net presentation of derivatives on the Consolidated Balance Sheets. See Note 1 for additional information on the related accounting policy.

(r)“Inventory, net” fair value adjustments:


Coal	$	(33)
Oil products	11
Materials and supplies	(133)
Environmental products	14
Total adjustment to Inventory, net	$	(141)

(s)“Other current assets” primarily represents miscellaneous fair value adjustments.

(t)“Property, plant and equipment, net” fair value adjustments:


Electric generation	$	(350)
Other property and equipment	(80)
Intangible assets	(65)
Capitalized software	(3)
Construction work in progress	40
Total adjustment to Property, plant and equipment, net	$	(458)

(u)“Other noncurrent assets” fair value adjustments:


Favorable supply contracts (a)	$	109
Fair value adjustment to equity method investments	3
Eliminate debt issuance costs associated with debtor-in-possession credit facilities	(29)
Fair value reduction to other miscellaneous assets	(9)
Total adjustment to Other noncurrent assets	$	74

__________________

(a)The fair value of supply contracts was determined utilizing the present value of the after-tax difference between the pricing of actual contracts in place and a current market benchmark.

(v)“Other current liabilities” fair value adjustments, primarily related to short-term AROs.

(w)“Long-term debt” fair value adjustments:


Eliminate debt issuance costs associated with prepetition secured notes, prepetition TLB and LMBE-MC TLB	$	48
Fair value adjustment to Cumulus Digital TLF	11
Fair value adjustment to LMBE-MC TLB	(4)
Total adjustment to Long-term debt	$	55

Fair value adjustments to “Long-term debt” were determined using a lattice model, given that the debt can be prepaid by the borrower prior to the maturity date.

(x)Change in accounting policy for discount rates used to estimate postretirement obligations from a bond-matching model to yield curve approach.

(z)Adjustment to “Deferred income taxes” for the change in financial reporting basis of assets and liabilities as a result of the adoption of fresh start accounting.

(bb)Cumulative impact of fresh start accounting adjustments presented herein.

(cc)“Noncontrolling interests” fair value adjustments for certain subsidiaries


	Predecessor
	December 31, 2022
Debt (a)	$	1,558
Termination of retail power and other contracts	447
Postretirement benefit obligations (a)	309
Asset retirement obligations and accrued environmental costs (a)	219
Other liabilities (a)	114
Deferred tax liabilities	83
Accounts payable and accrued liabilities	53
Accrued interest	41
Derivatives (a)	1
Liabilities Subject to Compromise	$	2,825

__________________

(a)Includes both current and noncurrent amounts.

“Reorganization income (expense), net” for the relevant periods were:


	Predecessor
	January 1 through May 17, 2023		Year Ended December 31, 2022
Backstop premium	$	(70)	$	(310)
Gain (loss) on debt discharge	1,459		—
Gain (loss) on revaluation adjustments	(460)		—
Professional fees	(56)		(210)
Make-whole premiums and accrued interest on certain indebtedness	(21)		(183)
Professional fees incurred to obtain the debtor-in-possession credit facilities	—		(70)
Write-off of deferred financing cost and original issue discount	(46)		(30)
Other	(7)		(9)
Reorganization Income (Expense), net	$	799	$	(812)

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Stock-Based Compensation - Schedule of Significant Inputs and Assumptions of Fair Value (Details) - Performance stock units	7 Months Ended	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2025	Dec. 31, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Minimum volatility		40.00%
Maximum volatility		50.00%
Volatility	25.00%		25.00%
Expected term (in years)	3 years		2 years 4 months 24 days
Risk-free rate, minimum	4.35%	3.52%
Risk-free rate, maximum	4.59%	3.99%
Risk-free rate			4.29%
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term (in years)		1 year 2 months 12 days
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term (in years)		2 years

Income Taxes

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Income Taxes

4. Income Taxes

The components of “Income tax benefit (expense)” for the periods were:


	Successor									Predecessor
	Year Ended December 31, 2025			Year Ended December 31, 2024			May 18 through December 31, 2023			January 1 through May 17, 2023
Federal	$	54		$	(113)		$	3		$	(15)
State	13			(31)			1			(2)
Current income taxes	67			(144)			4			(17)
Federal	(135)			47			(55)			(184)
State	15			(1)			—			(11)
Deferred income taxes	(120)			46			(55)			(195)

Income tax benefit (expense)	$	(53)		$	(98)		$	(51)		$	(212)
Income (loss) before income taxes	(166)			1,111			194			677
Effective income tax rate	(31.9)		%	8.8		%	26.3		%	31.3		%

Current tax receivable presented as “Other current assets” on the Consolidated Balance Sheets were $35 million as of December 31, 2025 (Successor) and non-material as of December 31, 2024 (Successor). Current tax liabilities presented as “Other current liabilities” on the Consolidated Balance Sheets were non-material as of December 31, 2025 (Successor) and $53 million as of December 31, 2024 (Successor).

Effective Tax Rate Reconciliations


		Successor
	Year Ended December 31, 2025
Federal income tax at statutory tax rate		$	35	21.0%
State income taxes, net of federal benefit (a)		4		2.4%
Nontaxable or nondeductible items:
Stock-based compensation		(72)		(43.2)%
Nuclear PTC		(2)		(1.2)%
Other permanent differences		(1)		(0.6)%
Changes in valuation allowances		(2)		(1.2)%
Other adjustments:
Return to provision		13		7.8%
Tax on NDT		(28)		(16.9)%
Income tax benefit (expense)		$	(53)	(31.9)%

__________________

(a)Pennsylvania state income taxes comprised the majority of the tax effect in this category.


	Successor				Predecessor
	Year Ended December 31, 2024		May 18 through December 31, 2023		January 1 through May 17, 2023
Income tax benefit (expense) computed at the federal income tax statutory tax rate of 21%	$	(234)	$	(41)	$	(143)
Income tax increase (decrease) due to:
Change in valuation allowance	128		(43)		129
State income taxes, net of federal benefit	(48)		1		(34)
Nuclear PTC	46		—		—
Nuclear decommissioning trust taxes	(27)		(16)		(9)
Reorganization adjustments	23		26		(138)
Return to provision	11		—		—
Permanent differences	3		22		(16)


Other	—		—		(1)
Income tax benefit (expense)	$	(98)	$	(51)	$	(212)

Deferred Taxes

The components of deferred tax liabilities and deferred tax assets were:


	Successor
	December 31, 2025		December 31, 2024

Property, plant and equipment, net	$	1,305	$	465
Nuclear decommissioning trust	540		502
Unrealized gain on qualifying derivatives	—		32

Other	3		—
Deferred tax liabilities	1,848		999
Less:
Federal net operating loss carryforwards	749		164
Interest limitation carryforward	331		340
Acquired fuel supply contract liabilities (a)	151		—
Accrued liabilities	53		30
Accrued pension costs	45		80
State net operating loss carryforwards	19		15

Unrealized loss on qualifying derivatives	16		—
Other	—		8
Deferred tax assets	1,364		637
Valuation allowance	(2)		—
Deferred tax liabilities, net	$	486	$	362

__________________

(a)See Note 17 for additional information on acquired fuel supply contract liabilities.

Net Operating Losses

The components of NOL carryforwards were:


	Successor
	December 31, 2025		December 31, 2024

Federal, indefinite expiration, limited to annual utilization of 80%	$	3,566	$	783
State, expirations 2026 - 2041	407		310

See “Emergence from Restructuring” below for information on limitations on our NOLs.

Income Taxes Paid Net of Refunds

The amounts of income taxes paid, net of refunds, were:


	Successor
	Year Ended December 31, 2025
US Federal - Corporate	$	26
US Federal - NDT	15
Total federal tax	41

Pennsylvania	17



Other states (a)	13
Total state tax	30
Total	$	71

__________________

(a)Consists primarily of New Jersey, Maryland, and Texas.

Unrecognized Tax Benefits

Unrecognized tax benefits as of December 31, 2025 (Successor) and 2024 (Successor) were a non-material amount. All tax returns filed for years December 31, 2022 and forward are open to examination by the relevant taxing authorities.

Emergence from Restructuring

The Company evaluated, including the change in control resulting from its Emergence from bankruptcy, the tax impact of its Restructuring as described in Note 19. As part of the Restructuring, a substantial portion of the Company’s prepetition debt was extinguished, resulting in cancellation of debt income (“CODI”). A taxpayer emerging from bankruptcy may exclude CODI from taxable income but must first reduce its tax attributes by the amount of CODI realized. The Company realized CODI of $1.2 billion, which resulted in a partial reduction in tax basis in PP&E assets.

Upon Emergence, the Company experienced an ownership change under Section 382 of the Internal Revenue Code of 1986, as amended (the “Code”). The Code’s Sections 382 and 383 impose limitations on the ability of a company to utilize tax attributes after experiencing an ownership change. States generally have similar tax attribute limitation rules following an ownership change. The Company also applied fresh start accounting. As a result, deferred tax assets and liabilities were adjusted based on the Successor GAAP financial statements. See Note 20 for additional information on fresh start accounting.

Valuation Allowance

Management assesses the available positive and negative evidence to estimate whether it is more likely than not that sufficient future taxable income will be generated to permit the use of existing deferred tax assets. Negative evidence in the form of cumulative losses are no longer present as the Company has returned to profitability. The existence of objective positive evidence allows for consideration of other subjective evidence, including (but not limited to) Talen’s projections for future income which would allow for utilization of all net operating losses and interest limitation carryforwards.

As a result of the assessment, it was determined that it is more likely than not that all federal and most state deferred tax assets will be fully utilized by future taxable income. As of December 31, 2025 (Successor), the Company’s valuation allowance was non-material.

As of December 31, 2024 (Successor), it was more likely than not that federal and state deferred tax assets would be fully utilized by future taxable income. The entire federal and state valuation allowances were released, resulting in a $128 million tax benefit. For the period from May 18 through December 31, 2023 (Successor), a $43 million tax expense was recognized for the increase in federal and state valuation allowances based on the realizability of deferred tax assets. For the period from January 1 through May 17, 2023 (Predecessor), a $129 million benefit was recognized for the reduction in federal and state valuation allowances. The change in valuation allowance estimates was the result of tax attribute reduction from the cancellation of debt income that was realized upon Emergence.

Sale of Nuclear Production Tax Credits

In September 2025, Nuclear PTCs with an aggregate carrying value of $202 million were sold to an unaffiliated third party for cash consideration of $191 million. The $11 million difference between the carrying value and the sales price resulted in loss presented in “Other operating income (expense), net” on the Consolidated Statements of Operations. The Company’s Nuclear PTCs remaining after the sale were utilized in reducing federal income taxes payable.

One Big Beautiful Bill Act

In 2025, the One Big Beautiful Bill Act (the “OBBB”) was signed into law. The OBBB, among other things, makes key elements of the Tax Cuts and Jobs Act permanent, including 100% bonus depreciation, domestic research cost expensing, and the business interest expense limitation. The Company has included the known effects of the OBBB in its income tax provision

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477617/942-740-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478822/944-740-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-13

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/740/tableOfContent

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-14

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-21

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-17

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-2

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

Revenue - Schedule of Components of Operating Revenues (Details) - USD ($) $ in Millions	5 Months Ended	7 Months Ended	12 Months Ended
	May 17, 2023	Dec. 31, 2023	Dec. 31, 2025	Dec. 31, 2024
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	$ 478	$ 1,165	$ 2,518	$ 1,574
Realized and unrealized gain (loss) on derivative instruments	732	179	56	307
Nuclear PTC	0	0	0	220
Other revenue	0	0	7	14
Operating revenues	1,210	1,344	2,581	2,115
Electricity sales and ancillary services, ISO/RTO
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	281	880	1,940	1,144
Capacity revenues
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	108	133	485	192
Operating revenues	108	133	485	192
Physical electricity sales, bilateral contracts, other
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	62	71	93	147
Other revenue from customers
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	$ 27	$ 81	$ 0	$ 91

Postretirement Benefit Obligations (Tables)

12 Months Ended

Dec. 31, 2025

Postemployment Benefits [Abstract]

Schedule of Funded Status

The aggregate funded status and the weighted average assumptions for the periods were:


	Pension Benefits
	Successor
	Year Ended December 31, 2025			Year Ended December 31, 2024

Change in benefit obligation
Benefit obligation beginning balance	$	1,202		$	1,308
Service cost	2			2
Interest cost	65			63
Actuarial (gain) loss	26			(81)
Actual benefits paid	(92)			(105)
Resolved litigation settlement and other charges	—			15
Benefit obligation ending balance	$	1,203		$	1,202
Change in plan assets
Plan assets fair value beginning balance	911			975
Actual return on plan assets	102			(13)
Employer contributions	70			54
Actual benefits paid	(92)			(105)
Plan assets fair value ending balance	$	991		$	911
Funded status	$	(212)		$	(291)
Accumulated benefit obligation	$	1,203		$	1,202
Aggregate amounts of underfunded plans
Benefit obligation/Accumulated benefit obligation	$	1,203		$	1,202
Fair value of plan assets	991			911
Amounts recognized in accumulated other comprehensive income
Net (gain) loss	28			34
Total accumulated other comprehensive income	$	28		$	34
Assumptions
Discount rate	5.43		%	5.65		%
Interest crediting rate	6.00		%	6.00		%
Rate of compensation increase	3.45		%	3.45		%


	Other Postretirement Benefits
	Successor
	Year Ended December 31, 2025			Year Ended December 31, 2024

Change in benefit obligation
Benefit obligation beginning balance	$	52		$	79
Service cost	1			1
Interest cost	3			3
Plan amendments	(1)			(21)
Actuarial (gain) loss	—			(3)
Plan participant contributions	2			2
Actual benefits paid	(10)			(9)
Benefit obligation ending balance	$	47		$	52
Change in plan assets
Plan assets fair value beginning balance	71			75
Actual return on plan assets	5			3
Employer contributions	1			—
Plan participant contributions	2			2
Actual benefits paid	(9)			(9)
Plan assets fair value ending balance	$	70		$	71
Funded status	$	23		$	19

Aggregate amounts of underfunded plans
Benefit obligation / Accumulated benefit obligation	$	47		$	52
Fair value of plan assets	70			71
Amounts recognized in accumulated other comprehensive income
Net (gain) loss	(3)			(2)
Prior service cost (credit)	(16)			(20)
Total accumulated other comprehensive income	$	(19)		$	(22)
Assumptions
Discount rate	5.42		%	5.63		%
Rate of compensation increase	4.19		%	2.31		%

Schedule of Net Periodic Benefit Costs

The components of net periodic benefit cost (credit), the amounts recognized in OCI and the associated weighted average assumptions for pension and other postretirement plans for the periods were:


	Pension Benefits
	Successor									Predecessor
	Year Ended December 31, 2025			Year Ended December 31, 2024			May 18 through December 31, 2023			January 1 through May 17, 2023
Net periodic benefit costs (credits):
Service cost	$	2		$	2		$	2		$	1
Interest cost	65			63			40			25
Expected return on plan assets	(70)			(66)			(41)			(30)
Amortization of net (gain) loss	—			—			—			2
Resolved litigation settlement and other charges	—			15			1			—
Net periodic defined benefit cost (credit)	(3)			14			2			(2)
Net actuarial (gain) loss	(7)			(3)			38			2
Reclassifications due to settlement and (or) curtailment:
Amortization of net (gain) loss	—			—			—			—
Total recognized in OCI	$	(7)		$	(3)		$	38		$	2
Total recognized in net periodic costs and OCI	$	(10)		$	11		$	40		$	—
Assumptions
Discount rate	5.65		%	5.00		%	5.12		%	5.41		%
Rate of compensation increase	3.45		%	3.45		%	3.45		%	3.45		%
Expected return on plan assets	7.50		%	7.25		%	7.25		%	7.50		%


	Other Postretirement Benefits
	Successor									Predecessor
	Year Ended December 31, 2025			Year Ended December 31, 2024			May 18 through December 31, 2023			January 1 through May 17, 2023
Net periodic benefit costs (credits):
Service cost	$	1		$	1		$	1		$	1
Interest cost	3			3			2			1
Expected return on plan assets	(4)			(4)			(2)			(2)
Amortization of prior service cost (credit)	(4)			(1)			—			—
Amortization of net (gain) loss	(1)			—			—			—
Net periodic defined benefit cost (credit)	(5)			(1)			1			—
Net actuarial (gain) loss	—			(2)			(1)			—
Prior service credit	(1)			(21)			—			—
Reclassifications due to settlement and (or) curtailment:
Amortization of prior service cost (credit)	4			1			—			—
Amortization of net (gain) loss	1			—			—			—
Total recognized in OCI	$	4		$	(22)		$	(1)		$	—
Total recognized in net periodic costs and OCI	$	(1)		$	(23)		$	—		$	—
Assumptions
Discount rate	5.63		%	5.01		%	5.13		%	5.41		%
Rate of compensation increase	4.19		%	2.31		%	2.31		%	2.31		%
Expected return on plan assets	6.07		%	5.49		%	5.49		%	5.74		%
Health care grading trend rates (a)	8.00% to 4.40%			7.10% to 4.40%			6.50% to 4.50%			6.50% to 4.50%

__________________

(a)Trend rates based on a 7 year grading period.

Schedule of Expected Benefit Payments

The forecasted undiscounted benefit payments to plan participants as of December 31, 2025 (Successor) were:


	2026		2027		2028		2029		2030		2031-2035
Pension plans	$	98	$	94	$	94	$	93	$	92	$	447
Other postretirement plans	5		5		5		4		3		16

Schedule of Defined Benefit Plan, Assets Target Allocations

The weighted-average target asset allocations for the pension plan assets as of December 31, 2025 (Successor) were:



Equity securities	31	%
Debt securities	9	%
Other	7	%
Growth portfolio	47	%
Debt securities	37	%
Other	11	%
Immunizing portfolio	48	%
Liquidity portfolio	4	%
Total	100	%

The target asset allocations for other postretirement benefit assets were:


	Successor
	December 31, 2025
Cash and cash equivalents	—	%
Equity securities	10	%
Debt securities	90	%
Total	100	%

Schedule of Fair Value of Plan Assets by Measurement

The classifications of pension plan asset fair value measurements within the fair value hierarchy were:


	Successor
	December 31, 2025				December 31, 2024
	Level 1		NAV		Total		Level 1		NAV		Total
Cash equivalents	$	—	$	151	$	151	$	—	$	100	$	100
Commingled equity securities	—		300		300		—		274		274
Commingled debt securities	—		336		336		—		286		286
Alternative and other investments	(3)		186		183		(15)		231		216
Receivables (payables), net (a)	—		—		21		—		—		35


Total plan assets	$	(3)	$	973	$	991	$	(15)	$	891	$	911

__________________

(a) Represents: (i) interest and dividends earned but not received; and (ii) net sold or purchased investments, but not settled.

The classifications of other postretirement benefit plan asset fair value measurements within the fair value hierarchy were:


	Successor
	December 31, 2025								December 31, 2024
	Level 1		Level 2		NAV		Total			Level 1		Level 2		NAV		Total
Cash equivalents	$	—	$	—	$	1	$	1		$	—	$	—	$	4	$	4
Commingled equity securities	—		—		10		10			—		—		10		10
U.S. Government debt securities	6		—		—		6			7		—		—		7
Corporate debt securities	—		18		—		18			—		18		—		18
Commingled debt securities	—		—		35		35			—		—		32		32


Total plan assets	$	6	$	18	$	46	$	70		$	7	$	18	$	46	$	71

Inventory - Narrative (Details) $ in Millions	5 Months Ended
Inventory - Narrative (Details) $ in Millions	May 17, 2023 USD ($)
Inventory [Line Items]
Net realizable value and obsolescence charges	$ 37
Brandon Shores Inventory
Inventory [Line Items]
Net realizable value and obsolescence charges	$ 24

Fresh Start Accounting - Reorganization Income (Expense), net (Details) - USD ($) $ in Millions	5 Months Ended	7 Months Ended	12 Months Ended
	May 17, 2023	Dec. 31, 2023	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2022
Reorganizations [Abstract]
Backstop premium	$ (70)				$ (310)
Gain on debt discharge	1,459				0
Gain (loss) on revaluation adjustments	(460)				0
Professional fees	(56)				(210)
Make-whole premiums and accrued interest on certain indebtedness	(21)				(183)
Professional fees incurred to obtain the debtor-in-possession credit facilities	0				(70)
Write-off of deferred financing cost and original issue discount	(46)				(30)
Other	(7)				(9)
Reorganization Items	$ 799	$ 0	$ 0	$ 0	$ (812)

Earnings Per Share - Narrative (Details) - shares	7 Months Ended	12 Months Ended
Earnings Per Share - Narrative (Details) - shares	Dec. 31, 2023	Dec. 31, 2025	Dec. 31, 2024
Restricted stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive shares (in shares)		151,505	0
Performance stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive shares (in shares)	134,798	1,631,614	0

Consolidated Statements Of Operations (Parenthetical) - USD ($) $ in Millions	5 Months Ended	7 Months Ended	12 Months Ended
	May 17, 2023	Dec. 31, 2023	Dec. 31, 2025	Dec. 31, 2024
Income Statement [Abstract]
Stock-based compensation expense, equity-classified awards	$ 0	$ (19)	$ (526)	$ (33)

Commitments and Contingencies - Other Commitments and Contingencies (Details) $ in Millions	Dec. 31, 2025 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Nuclear insurance, liability limit per accident	$ 16,300
Nuclear insurance, coverage	500
Nuclear insurance, maximum deferred premiums	332
Nuclear insurance, annual maximum deferred premiums	49
Maximum insurance converge, nuclear	2,000
Maximum insurance converge, non-nuclear	1,000
Retrospective premiums, maximum assessment	$ 50

Property, Plant and Equipment - Schedule of Proportionate Share of Property, Plant and Equipment (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024	May 17, 2023
Property, Plant and Equipment [Line Items]
Gross Value	$ 8,256	$ 3,619
Less: accumulated depreciation and amortization	710	465
Carrying Value	7,546	3,154	$ 3,864
Electric generation
Property, Plant and Equipment [Line Items]
Gross Value	7,522	3,030
Less: accumulated depreciation and amortization	481	292
Carrying Value	7,041	2,738
Nuclear fuel
Property, Plant and Equipment [Line Items]
Gross Value	403	322
Less: accumulated depreciation and amortization	213	152
Carrying Value	190	170
Other property and equipment
Property, Plant and Equipment [Line Items]
Gross Value	63	90
Less: accumulated depreciation and amortization	11	18
Carrying Value	52	72
Capitalized software
Property, Plant and Equipment [Line Items]
Gross Value	10	8
Less: accumulated depreciation and amortization	5	3
Carrying Value	5	5
Construction work in progress
Property, Plant and Equipment [Line Items]
Gross Value	258	169
Carrying Value	$ 258	$ 169
Susquehanna
Property, Plant and Equipment [Line Items]
Ownership interest	90.00%	90.00%
Gross Value	$ 2,789	$ 2,664
Less: accumulated depreciation and amortization	494	326
Carrying Value	2,295	2,338
Susquehanna \| Electric generation
Property, Plant and Equipment [Line Items]
Gross Value	2,241	2,206
Susquehanna \| Nuclear fuel
Property, Plant and Equipment [Line Items]
Gross Value	403	322
Susquehanna \| Other property and equipment
Property, Plant and Equipment [Line Items]
Gross Value	28	25
Susquehanna \| Capitalized software
Property, Plant and Equipment [Line Items]
Gross Value	3	2
Susquehanna \| Construction work in progress
Property, Plant and Equipment [Line Items]
Gross Value	$ 114	$ 109

Revenue - Schedule of Accounts Receivable (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024	May 17, 2023
Revenue from Contract with Customer [Abstract]
Customer accounts receivable	$ 160	$ 66
Other accounts receivable	36	57
Accounts receivable	$ 196	$ 123	$ 145

Property, Plant and Equipment - Schedule of Property, Plant and Equipment (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024	May 17, 2023
Finite-Lived Assets
Gross Value	$ 8,256	$ 3,619
Accumulated Depreciation	(710)	(465)
Carrying Value	7,546	3,154	$ 3,864
Electric generation
Finite-Lived Assets
Gross Value	7,522	3,030
Accumulated Depreciation	(481)	(292)
Carrying Value	7,041	2,738
Nuclear fuel
Finite-Lived Assets
Gross Value	403	322
Accumulated Depreciation	(213)	(152)
Carrying Value	190	170
Other property and equipment
Finite-Lived Assets
Gross Value	63	90
Accumulated Depreciation	(11)	(18)
Carrying Value	52	72
Capitalized software
Finite-Lived Assets
Gross Value	10	8
Accumulated Depreciation	(5)	(3)
Carrying Value	5	5
Construction work in progress
Finite-Lived Assets
Gross Value	258	169
Carrying Value	$ 258	$ 169
Minimum \| Electric generation
Finite-Lived Assets
Estimated Useful Life (years)	3 years
Minimum \| Nuclear fuel
Finite-Lived Assets
Estimated Useful Life (years)	1 year
Minimum \| Other property and equipment
Finite-Lived Assets
Estimated Useful Life (years)	3 years
Minimum \| Capitalized software
Finite-Lived Assets
Estimated Useful Life (years)	1 year
Maximum \| Electric generation
Finite-Lived Assets
Estimated Useful Life (years)	37 years
Maximum \| Nuclear fuel
Finite-Lived Assets
Estimated Useful Life (years)	6 years
Maximum \| Other property and equipment
Finite-Lived Assets
Estimated Useful Life (years)	24 years
Maximum \| Capitalized software
Finite-Lived Assets
Estimated Useful Life (years)	5 years

Fair Value (Tables)

12 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

Schedule of Recurring Fair Value Measurements

The classifications of recurring fair value measurements within the fair value hierarchy were:


	Successor
	December 31, 2025								December 31, 2024
	Level 1		Level 2		NAV		Netting (a)		Total		Level 1		Level 2		NAV		Netting (a)		Total
Assets
Cash equivalents	$	—	$	—	$	16	$	—	$	16	$	—	$	—	$	3	$	—	$	3
Equity securities (b)	871		—		234		—		1,105		758		—		347		—		1,105
U.S. government debt securities	297		102		—		—		399		353		—		—		—		353
Municipal debt securities	—		101		—		—		101		—		85		—		—		85
Corporate debt securities	—		277		—		—		277		—		173		—		—		173

Receivables (payables), net (c)	—		—		—		—		2		—		—		—		—		5
NDT funds	1,168		480		250		—		1,900		1,111		258		350		—		1,724

Commodity derivatives	361		95		—		(396)		60		134		91		—		(156)		69
Interest rate derivatives	—		—		—		—		—		—		2		—		—		2
Total assets	$	1,529	$	575	$	250	$	(396)	$	1,960	$	1,245	$	351	$	350	$	(156)	$	1,795

Liabilities
Commodity derivatives	$	407	$	189	$	—	$	(440)	$	156	$	145	$	29	$	—	$	(167)	$	7
Interest rate derivatives	—		12		—		—		12		—		—		—		—		—

Total liabilities	$	407	$	201	$	—	$	(440)	$	168	$	145	$	29	$	—	$	(167)	$	7

__________________

(a)Amounts represent netting pursuant to master netting arrangements and cash collateral held or placed with the same counterparty.

(b)Includes fixed income funds and real estate investment trusts.

(c)Represents: (i) interest and dividends earned but not received; and (ii) net sold or purchased investments, but not settled.

Schedule of Carrying Value and Fair Value of Indebtedness

The carrying value and fair value of indebtedness presented on the Consolidated Balance Sheets were:


	Successor
	December 31, 2025				December 31, 2024
	Carrying Value		Fair Value		Carrying Value		Fair Value

Long-term debt (a)	$	6,811	$	7,069	$	3,004	$	3,120

__________________

(a)Aggregate value of “Long-term debt” and “Long-term debt, due within one year” presented on the Consolidated Balance Sheets.

Stock-Based Compensation - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Jun. 30, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized (in shares)			7,083,461
Cash settlement, percentage	60.00%
Stock-based compensation liabilities	$ 501	$ 0
Share price (in dollars per share)	$ 374.84
Performance stock units \| Cliff Vesting Schedule \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	2 years
Performance stock units \| Cliff Vesting Schedule \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years
Restricted stock units \| Ratable Vesting Schedule
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years
Restricted stock units \| Cliff Vesting Schedule
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	2 years

Property, Plant and Equipment (Tables)

12 Months Ended

Dec. 31, 2025

Property, Plant and Equipment [Abstract]

Schedule of Components of Depreciation, Amortization and Accretion Expense


		Successor
		December 31, 2025						December 31, 2024
	Estimated Useful Life (years)	Gross Value		Accumulated Depreciation		Carrying Value		Gross Value		Accumulated Depreciation		Carrying Value
Electric generation	3-37	$	7,522	$	(481)	$	7,041	$	3,030	$	(292)	$	2,738
Nuclear fuel	1-6	403		(213)		190		322		(152)		170
Other property and equipment	3-24	63		(11)		52		90		(18)		72

Capitalized software	1-5	10		(5)		5		8		(3)		5
Construction work in progress		258		—		258		169		—		169
Property, plant and equipment, net		$	8,256	$	(710)	$	7,546	$	3,619	$	(465)	$	3,154

The components of “Depreciation, amortization and accretion” presented on the Consolidated Statements of Operations for the periods were:


	Successor							Predecessor
		Year Ended December 31, 2025		Year Ended December 31, 2024		May 18 through December 31, 2023			January 1 through May 17, 2023
Depreciation expense (a)		$	211	$	225	$	133		$	173
Amortization expense (b)		10		16		1			4
Accretion expense (c)		58		57		31			24
Other		—		—		—			(1)
Depreciation, amortization and accretion		$	279	$	298	$	165		$	200

__________________

(a)Electric generation and other property and equipment.

(b)Intangible assets and capitalized software.

(c)ARO and accrued environmental cost accretion. See Note 8 for additional information.

The proportionate share of “Property, plant and equipment, net” related to Susquehanna presented on the Consolidated Balance Sheets was:


	Successor
	December 31, 2025		December 31, 2024
Ownership interest	90%		90%

Electric generation	$	2,241	$	2,206
Nuclear fuel	403		322
Other property and equipment	28		25
Capitalized software	3		2

Construction work in progress	114		109
Proportionate property, plant and equipment, cost	2,789		2,664
Less: accumulated depreciation and amortization	494		326
Proportionate property, plant and equipment, net	$	2,295	$	2,338

Fresh Start Accounting - Fresh Start Adjustments (Details) - USD ($) $ in Millions		12 Months Ended
	May 17, 2023	Dec. 31, 2025	Dec. 31, 2024
Inventory Adjustments:
Coal		$ 94	$ 92
Oil products		57	65
Materials and supplies, net		124	88
Environmental products		3	57
Inventory, net	$ 307	278	302
Property, plant and equipment, net:
Property, plant and equipment, net (Note 7)	3,864	7,546	3,154
Other noncurrent assets:
Other noncurrent assets	208	106	183
Adjustments to long-term debt:
Long-term debt (Notes 10 and 11)	2,840	$ 6,782	2,987
Fair value adjustments, unfavorable supply contracts	13
Minimum \| Measurement Input, Inflation Rate
Adjustments to long-term debt:
Fair value adjustments, asset retirement obligation, percentage		2.00%
Minimum \| Measurement Input, Risk Free Interest Rate
Adjustments to long-term debt:
Fair value adjustments, asset retirement obligation, percentage		8.00%
Fair value adjustments, asset retirement obligation, estimated period		5 years
Maximum \| Measurement Input, Inflation Rate
Adjustments to long-term debt:
Fair value adjustments, asset retirement obligation, percentage		3.00%
Maximum \| Measurement Input, Risk Free Interest Rate
Adjustments to long-term debt:
Fair value adjustments, asset retirement obligation, percentage		12.00%
Fair value adjustments, asset retirement obligation, estimated period		20 years
Fresh Start Adjustments
Inventory Adjustments:
Coal	(33)
Oil products	11
Materials and supplies, net	(133)
Environmental products	14
Inventory, net	(141)
Property, plant and equipment, net:
Property, plant and equipment, net (Note 7)	(458)
Other noncurrent assets:
Favorable supply contracts	109
Fair value adjustment to equity method investments	3
Eliminate debt issuance costs associated with debtor-in-possession credit facilities	(29)
Fair value reduction to other miscellaneous assets	(9)
Other noncurrent assets	74
Adjustments to long-term debt:
Eliminate debt issuance costs associated with prepetition secured notes, prepetition TLB and LMBE-MC TLB	48
Fair value adjustment to Cumulus Digital TLF	11
Fair value adjustment to LMBE-MC TLB	(4)
Long-term debt (Notes 10 and 11)	55
Electric generation
Property, plant and equipment, net:
Property, plant and equipment, net (Note 7)		$ 7,041	2,738
Electric generation \| Fresh Start Adjustments
Property, plant and equipment, net:
Property, plant and equipment, net (Note 7)	(350)
Other property and equipment
Property, plant and equipment, net:
Property, plant and equipment, net (Note 7)		52	72
Other property and equipment \| Fresh Start Adjustments
Property, plant and equipment, net:
Property, plant and equipment, net (Note 7)	(80)
Intangible assets \| Fresh Start Adjustments
Property, plant and equipment, net:
Property, plant and equipment, net (Note 7)	(65)
Capitalized software
Property, plant and equipment, net:
Property, plant and equipment, net (Note 7)		5	5
Capitalized software \| Fresh Start Adjustments
Property, plant and equipment, net:
Property, plant and equipment, net (Note 7)	(3)
Construction work in progress
Property, plant and equipment, net:
Property, plant and equipment, net (Note 7)		$ 258	$ 169
Construction work in progress \| Fresh Start Adjustments
Property, plant and equipment, net:
Property, plant and equipment, net (Note 7)	$ 40

Segments (Tables)

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

Schedule of Consolidated Segment and Reconciliation


	PJM		Other		Corporate and Eliminations		Total
Year Ended December 31, 2025 (Successor)
Operating revenues	$	2,477	$	161	$	(57)	$	2,581
Operation, maintenance and development expenses (a)	586		34
Interest expense and other finance charges	—		—		302		302
Other segment items (b)	817
Adjusted EBITDA	1,074
Capital expenditures	195		3		8		206

Year Ended December 31, 2024 (Successor)
Operating revenues	$	1,866	$	367	$	(118)	$	2,115
Operation, maintenance and development expenses (a)	518		74
Interest expense and other finance charges	—		—		238		238
Other segment items (b)	573
Adjusted EBITDA	775
Capital expenditures	164		24		1		189

May 18 through December 31, 2023 (Successor)
Operating revenues	$	1,120	$	397	$	(173)	$	1,344
Operation, maintenance and development expenses (a)	294		78
Interest expense and other finance charges	—		—		176		176
Other segment items (b)	449
Adjusted EBITDA	377
Capital expenditures	110		45		6		161


January 1 through May 17, 2023 (Predecessor)
Operating revenues	$	1,052	$	195	$	(37)	$	1,210
Operation, maintenance and development expenses (a)	245		47
Interest expense and other finance charges	—		—		163		163
Other segment items (b)	119
Adjusted EBITDA	688
Capital expenditures	132		53		2		187

__________________

(a)This significant segment expense category aligns with the segment-level information that is regularly provided to the CODM.

(b)Other segment items are primarily comprised of fuel and energy purchases.

Reconciliation of segment Adjusted EBITDA to Income (Loss) Before Income Taxes:


	Successor							Predecessor
		Year Ended December 31, 2025		Year Ended December 31, 2024		May 18 through December 31, 2023			January 1 through May 17, 2023

PJM Segment Adjusted EBITDA		$	1,074	$	775	$	377		$	688


Reconciling Items:
Interest expense and other finance charges		$	(302)	$	(238)	$	(176)		$	(163)
Depreciation, amortization and accretion (a)		(266)		(281)		(157)			(200)
Nuclear fuel amortization (a)		(97)		(123)		(108)			(33)
Reorganization income (expense), net (Note 20) (b)		—		—		—			799
Unrealized gain (loss) on commodity derivative contracts		(106)		62		52			(63)
Nuclear decommissioning trust funds gain (loss), net		182		178		108			57
Stock-based and other long-term incentive compensation expense (Note 13) (b)		(535)		(54)		(21)			—


Gain (loss) on asset sales, net (Note 17) (b)		34		884		7			50
Non-cash impairments and other charges (c)		(11)		(24)		(15)			(438)
Legal settlements and litigation costs		(6)		(4)		84			(1)
Acquisition and divestiture activities (d)		(65)		(62)		—			—


Operational and other restructuring activities (e)		(21)		(9)		(30)			(19)




"Other" operating segment		32		71		113			37
Noncontrolling interest		—		21		42			14
Corporate and Eliminations		(71)		(76)		(64)			(30)
Other items		(8)		(9)		(18)			(21)
Income (Loss) Before Income Taxes		$	(166)	$	1,111	$	194		$	677

__________________

(a)Includes the periodic amortization of fair value adjustments associated with acquired executory contracts and intangible assets.

(b)See the corresponding Note to the Annual Financial Statements for additional information.

(c)Includes impairments, net realizable value adjustments and other write-offs. See Note 7 for additional information associated with the Brandon Shores impairment group recognized during the period of January 1 through May 17, 2023 (Predecessor).

(d)Includes the non-recurring: (i) advisory fees associated with completed acquisitions and divestitures; (ii) remaining settlements on contracts of divested assets; and (iii) non-recurring finance fees charged to the Consolidated Statement of Operations associated with acquisition financing fee arrangements.

(e)Non-recurring severance and retention costs and strategic initiative costs.

Revenue (Tables)

12 Months Ended

Dec. 31, 2025

Revenue from Contract with Customer [Abstract]

Schedule of Components of Operating Revenues

The components of operating revenues for the periods were:


	Successor							Predecessor
		Year Ended December 31, 2025		Year Ended December 31, 2024		May 18 through December 31, 2023			January 1 through May 17, 2023
Electricity sales and ancillary services, ISO/RTO		$	1,940	$	1,144	$	880		$	281
Capacity revenues		485		192		133			108
Physical electricity sales, bilateral contracts, other		93		147		71			62
Other revenue from customers		—		91		81			27
Total revenue from contracts with customers		2,518		1,574		1,165			478
Realized and unrealized gain (loss) on derivative instruments		56		307		179			732
Nuclear PTC		—		220		—			—
Other revenue		7		14		—			—
Operating revenues		$	2,581	$	2,115	$	1,344		$	1,210

Schedule of Accounts Receivable

“Accounts receivable” presented on the Consolidated Balance Sheets were:


	Successor
	December 31, 2025		December 31, 2024
Customer accounts receivable	$	160	$	66
Other accounts receivable	36		57
Accounts receivable	$	196	$	123

Schedule of Future Performance Obligations

As of December 31, 2025 (Successor), future performance obligations that were unsatisfied or partially unsatisfied were:


	2026		2027		2028 (a)		2029 (a)		2030 (a)
Future performance obligations	$	963	$	1,053	$	443	$	—	$	—

__________________

(a)As PJM BRAs have not yet occurred for periods after the 2027/2028 PJM Capacity Year, there are no future performance obligations after May 31, 2028.

Commitments and Contingencies - Legal Matters (Details) $ in Millions	1 Months Ended
	Jul. 31, 2025 USD ($)	Dec. 31, 2023 lawsuit case	Feb. 28, 2025 group	Jan. 31, 2025 group
ERCOT Weather Event (Winter Storm Uri) \| Pending Litigation
Other Commitments [Line Items]
Number of suits \| lawsuit		5
Number of claims on appeal \| case		58
Number of plaintiff groups \| group			2	2
Spent Nuclear Fuel \| Settled Litigation
Other Commitments [Line Items]
Settlement agreement, reimbursement received \| $	$ 14
Percentage share of storage costs	90.00%

Segments

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

Segments

18. Segments

Talen’s operating segments are based on the market areas in which our generation facilities operate and reflect the manner in which our Chief Executive Officer, who is the chief operating decision maker (the “CODM”), reviews results. Adjusted EBITDA is the key profit metric used by the CODM to review segment performance and allocate resources as it provides a clearer view of segment profitability by focusing on operational performance. Total assets or other asset metrics are not considered a key metric or reviewed by the chief operating decision maker.

“PJM” is engaged in electricity generation, marketing activities, and commodity risk and fuel management within the PJM market and is comprised of Susquehanna and Talen’s natural gas and coal generation facilities in PJM.

“Other” represents an operating segment that includes the operating and marketing activities of Talen Montana’s proportionate share of Colstrip in the WECC market and other non-material operating and development activities. “Other” also includes the operating activities of Nautilus until Bitcoin mining operations were suspended in October 2024 and the operating activities of our Texas power generation facilities in the ERCOT market prior to their disposition in May 2024. We have determined it appropriate to aggregate results of Talen’s remaining non-reportable segments and other operating activities.

“Corporate and Eliminations” represents a non-reportable segment that includes: (i) general and administrative expenses incurred by our corporate function; (ii) interest expense and other corporate activities not allocated to our operating segments; and (iii) intercompany eliminations. This grouping is presented to reconcile the reportable segments to our consolidated results.


	PJM		Other		Corporate and Eliminations		Total
Year Ended December 31, 2025 (Successor)
Operating revenues	$	2,477	$	161	$	(57)	$	2,581
Operation, maintenance and development expenses (a)	586		34
Interest expense and other finance charges	—		—		302		302
Other segment items (b)	817
Adjusted EBITDA	1,074
Capital expenditures	195		3		8		206

Year Ended December 31, 2024 (Successor)
Operating revenues	$	1,866	$	367	$	(118)	$	2,115
Operation, maintenance and development expenses (a)	518		74
Interest expense and other finance charges	—		—		238		238
Other segment items (b)	573
Adjusted EBITDA	775
Capital expenditures	164		24		1		189

May 18 through December 31, 2023 (Successor)
Operating revenues	$	1,120	$	397	$	(173)	$	1,344
Operation, maintenance and development expenses (a)	294		78
Interest expense and other finance charges	—		—		176		176
Other segment items (b)	449
Adjusted EBITDA	377
Capital expenditures	110		45		6		161


January 1 through May 17, 2023 (Predecessor)
Operating revenues	$	1,052	$	195	$	(37)	$	1,210
Operation, maintenance and development expenses (a)	245		47
Interest expense and other finance charges	—		—		163		163
Other segment items (b)	119
Adjusted EBITDA	688
Capital expenditures	132		53		2		187

__________________

(a)This significant segment expense category aligns with the segment-level information that is regularly provided to the CODM.

(b)Other segment items are primarily comprised of fuel and energy purchases.

Reconciliation of segment Adjusted EBITDA to Income (Loss) Before Income Taxes:


	Successor							Predecessor
		Year Ended December 31, 2025		Year Ended December 31, 2024		May 18 through December 31, 2023			January 1 through May 17, 2023

PJM Segment Adjusted EBITDA		$	1,074	$	775	$	377		$	688


Reconciling Items:
Interest expense and other finance charges		$	(302)	$	(238)	$	(176)		$	(163)
Depreciation, amortization and accretion (a)		(266)		(281)		(157)			(200)
Nuclear fuel amortization (a)		(97)		(123)		(108)			(33)
Reorganization income (expense), net (Note 20) (b)		—		—		—			799
Unrealized gain (loss) on commodity derivative contracts		(106)		62		52			(63)
Nuclear decommissioning trust funds gain (loss), net		182		178		108			57
Stock-based and other long-term incentive compensation expense (Note 13) (b)		(535)		(54)		(21)			—


Gain (loss) on asset sales, net (Note 17) (b)		34		884		7			50
Non-cash impairments and other charges (c)		(11)		(24)		(15)			(438)
Legal settlements and litigation costs		(6)		(4)		84			(1)
Acquisition and divestiture activities (d)		(65)		(62)		—			—


Operational and other restructuring activities (e)		(21)		(9)		(30)			(19)




"Other" operating segment		32		71		113			37
Noncontrolling interest		—		21		42			14
Corporate and Eliminations		(71)		(76)		(64)			(30)
Other items		(8)		(9)		(18)			(21)
Income (Loss) Before Income Taxes		$	(166)	$	1,111	$	194		$	677

__________________

(a)Includes the periodic amortization of fair value adjustments associated with acquired executory contracts and intangible assets.

(b)See the corresponding Note to the Annual Financial Statements for additional information.

(e)Non-recurring severance and retention costs and strategic initiative costs.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-21

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-21

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-31

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-15

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-42

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 48
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-48

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (ee)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 11: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 12: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 54
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-54

Reference 13: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 47
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-47

Reference 14: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 54
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-54

Reference 15: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 47
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-47

Reference 16: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 54
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-54

Reference 17: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 47
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-47

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-34

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26C

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26B

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-40

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/280/tableOfContent

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-41

+ Details

Acquisitions and Divestitures - 2025 Divestitures (Details) - Disposal Group, Disposed of by Sale, Not Discontinued Operations - Camden and Dartmouth - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Sep. 30, 2025
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Divestiture consideration		$ 25
Gain (loss) on asset sales, net	$ 22

Nuclear Decommissioning Trust Funds - Schedule of Maturities for Available-for-Sale Debt Securities (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Investments, Debt and Equity Securities [Abstract]
Maturities within one year	$ 23	$ 82
Maturities within two to five years	233	220
Maturities thereafter	521	309
Debt securities, fair value	$ 777	$ 611

- Definition

Amount of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-SubTopic 10
-Topic 825
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482881/825-10-55-10

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482736/825-10-45-1A

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-11

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-11

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-10

Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482881/825-10-55-12

Reference 10: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 103
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-103

Reference 11: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aa)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 14: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481830/320-10-45-1

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(6))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479130/326-30-45-1

+ Details

Property, Plant and Equipment - Schedule of Components of Depreciation, Amortization and Accretion Expense (Details) - USD ($) $ in Millions	5 Months Ended	7 Months Ended	12 Months Ended
	May 17, 2023	Dec. 31, 2023	Dec. 31, 2025	Dec. 31, 2024
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 173	$ 133	$ 211	$ 225
Amortization expense	4	1	10	16
Accretion expense	24	31	58	57
Other	(1)	0	0	0
Depreciation, amortization and accretion	$ 200	$ 165	$ 279	$ 298

- Definition

The aggregate expense recognized in the current period that allocates the cost of tangible assets, intangible assets, or depleting assets to periods that benefit from use of the assets.

+ References + Details

Revenue - Schedule of Future Performance Obligations (Details) - Capacity Revenue, Other $ in Millions	Dec. 31, 2025 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Future performance obligations	$ 963
Remaining performance obligation period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Future performance obligations	$ 1,053
Remaining performance obligation period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Future performance obligations	$ 443
Remaining performance obligation period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2029-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Future performance obligations	$ 0
Remaining performance obligation period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2030-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Future performance obligations	$ 0
Remaining performance obligation period	1 year

Stockholders' Equity

12 Months Ended

Dec. 31, 2025

Equity [Abstract]

Stockholders' Equity

15. Stockholders’ Equity

Share Repurchase Program

In September 2025, the Board of Directors approved an increase in the existing capacity of the Company’s SRP from $995 million to $2 billion and extended the expiration date from December 31, 2026 to December 31, 2028. These changes to the SRP became effective in November 2025 upon the completion of the Freedom and Guernsey Acquisitions. The remaining capacity under the SRP as of December 31, 2025 (Successor) was $2 billion.

As of December 31, 2025 (Successor), the Company had repurchased approximately 23% of its outstanding shares of common stock for a total of approximately $2 billion, exclusive of transaction costs and excise taxes.

Summary of activity under the SRP:


		Successor
	Year Ended December 31, 2025			Year Ended December 31, 2024
			Number of Shares	Share Price (a)		Total Amount		Number of Shares (b)(c)	Share Price (a)		Total Amount
Share repurchases			452,130	$	186.24	$	85	13,227,222	$	149.50	$	1,977
Share retirements			452,130	186.24		85		13,227,222	149.50		1,977

__________________

(a)Weighted average price per share, including transaction costs and excise taxes.

(c)Includes 5,275,862 shares repurchased as result of a tender offer in June 2024 at a weighted average price of $117.16 per share.

As of December 31, 2025 (Successor), all repurchased shares have been retired. See Note 1 for the accounting policy related to treasury stock and retirement of treasury stock.

Noncontrolling Interests

Purchase of Equity in Nautilus. In October 2024, the Company acquired TeraWulf’s 25% equity interest in Nautilus in exchange for $85 million and the distribution by Nautilus of its Bitcoin mining equipment to TeraWulf. As a result of the transaction, the Company owns 100% of the equity of Nautilus. In conjunction with the transaction, we suspended Bitcoin mining operations at the facility.

Purchase of Equity in Cumulus Digital. In March 2024, TES acquired all of the equity of Cumulus Digital held by affiliates of Orion Energy Partners and two former members of Talen senior management in exchange for an aggregate of $39 million in cash. Following these transactions, TES owns 100% of the equity of Cumulus Digital.

Accumulated Other Comprehensive Income

Changes in AOCI for the periods were:


	Successor						Predecessor
	Year Ended December 31, 2025		Year Ended December 31, 2024		May 18 through December 31, 2023			January 1 through May 17, 2023
Beginning balance	$	(12)	$	(23)	$	—		$	(167)
Gains (losses) arising during the period	21		12		(36)			6
Reclassifications to Consolidated Statements of Operations	(9)		—		7			5
Income tax benefit (expense)	(4)		(1)		6			(5)
Other comprehensive income (loss)	8		11		(23)			6
Cancellation of equity at Emergence	—		—		—			161
Accumulated other comprehensive income (loss)	$	(4)	$	(12)	$	(23)		$	—

The components of AOCI, net of tax, as of December 31, were:


	Successor
	2025		2024
Available-for-sale securities unrealized gain (loss), net	$	2	$	(3)

Postretirement benefit prior service credits (costs), net	12		14
Postretirement benefit actuarial gain (loss), net	(18)		(23)
Accumulated other comprehensive income (loss)	$	(4)	$	(12)

Reclassification adjustments from AOCI to the Consolidated Statements of Operations were non-material amounts for the years ended December 31, 2025 (Successor) and 2024 (Successor).

The postretirement obligations components of AOCI are not presented in their entirety on the Consolidated Statements of Operations during the periods; rather, they are included in the computation of net periodic defined benefit costs (credits). See Note 12 for additional information.

- Definition

The entire disclosure for equity.

+ References

+ Details

Consolidated Balance Sheets - USD ($)
$ in Millions

Dec. 31, 2025

Dec. 31, 2024

Assets

Cash and cash equivalents

$ 689

$ 328

Restricted cash and cash equivalents (Note 16)

Accounts receivable (Note 3)

196

123

Inventory, net (Note 5)

278

302

Derivative instruments (Notes 2 and 11)

Other current assets

184

Total current assets

1,349

1,040

Property, plant and equipment, net (Note 7)

7,546

3,154

Nuclear decommissioning trust funds (Notes 6 and 11)

1,900

1,724

Derivative instruments (Notes 2 and 11)

Other noncurrent assets

106

183

Total Assets

10,905

6,106

Liabilities and Equity

Long-term debt, due within one year (Notes 10 and 11)

Accrued interest

Accounts payable and other accrued liabilities

281

266

Derivative instruments (Notes 2 and 11)

101

Stock-based compensation liabilities (Note 13)

501

Other current liabilities

154

Total current liabilities

1,050

455

Long-term debt (Notes 10 and 11)

6,782

2,987

Derivative instruments (Notes 2 and 11)

Postretirement benefit obligations (Note 12)

229

305

Asset retirement obligations and accrued environmental costs (Note 8)

494

468

Deferred income taxes (Note 4)

486

362

Acquired fuel supply contract liabilities (Note 17)

662

Other noncurrent liabilities

135

Total Liabilities

9,812

4,719

Commitments and Contingencies (Note 9)

Stockholders' Equity (Note 15)

Common stock

^[1]

Additional paid-in capital

1,709

1,725

Accumulated retained earnings (deficit)

(612)

(326)

Accumulated other comprehensive income (loss)

(4)

(12)

Total Stockholders' Equity

1,093

1,387

Total Liabilities and Stockholders' Equity

$ 10,905

$ 6,106

[1]	(a)45,687,828 and 45,961,910 shares issued and outstanding as of December 31, 2025 (Successor) and December 31, 2024 (Successor), respectively.

Commitments and Contingencies - Certain Resolved Matters (Details) - PPL/Talen Montana Litigation - Settled Litigation - USD ($) $ in Millions	1 Months Ended	7 Months Ended
	Dec. 31, 2023	Dec. 31, 2023
Other Commitments [Line Items]
Improper payment	$ 733
Proceeds from legal settlements	115
Litigation settlement, amount remitted to GUC trust	$ 11
Litigation settlement, gain		$ 104

Stockholders' Equity - Components of AOCI (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	May 17, 2023	Dec. 31, 2022
Accumulated Other Comprehensive Income (Loss) [Line Items]
Total Equity	$ 1,093	$ 1,387	$ 2,534	$ 2,431	$ (482)
Accumulated other comprehensive income (loss)
Accumulated Other Comprehensive Income (Loss) [Line Items]
Total Equity	(4)	(12)	$ (23)	$ 0	$ (167)
Available-for-sale securities unrealized gain (loss), net
Accumulated Other Comprehensive Income (Loss) [Line Items]
Total Equity	2	(3)
Postretirement benefit prior service credits (costs), net
Accumulated Other Comprehensive Income (Loss) [Line Items]
Total Equity	12	14
Postretirement benefit actuarial gain (loss), net
Accumulated Other Comprehensive Income (Loss) [Line Items]
Total Equity	$ (18)	$ (23)

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480870/815-30-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480870/815-30-50-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480870/815-30-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480870/815-30-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482765/220-10-50-4

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482765/220-10-50-5

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 830
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481674/830-30-50-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 830
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481694/830-30-45-17

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 830
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 20
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481694/830-30-45-20

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 830
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 20
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481694/830-30-45-20

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 830
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 20
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481694/830-30-45-20

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 830
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 20
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481694/830-30-45-20

+ Details

- Definition

Amount of equity (deficit) attributable to parent and noncontrolling interest. Excludes temporary equity.

+ References

+ Details

Fresh Start Accounting - Schedule of Enterprise Value (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	May 17, 2023	Dec. 31, 2022
Plan of Reorganization [Abstract]
Enterprise value				$ 4,500
Plus: Cash and cash equivalents and Restricted cash and cash equivalents				701
Less: Fair value of debt	$ (7,069)	$ (3,120)		(2,845)
Less: Liability-classified warrants				(35)
Total Stockholders' Equity	1,093	1,387		2,321
Plus: Fair value of noncontrolling interest				110
Total Equity	$ 1,093	$ 1,387	$ 2,534	$ 2,431	$ (482)

Amount of equity (deficit) attributable to noncontrolling interest. Excludes temporary equity.

+ References

+ Details

- Definition

Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

+ References

+ Details

- Definition

Amount of equity (deficit) attributable to parent and noncontrolling interest. Excludes temporary equity.

+ References

+ Details

Risk Management, Derivative Instruments and Hedging Activities - Schedule of Net Notional Volumes of Open Commodity Derivatives and Interest Rate Derivatives (Details) $ in Millions	12 Months Ended
	Dec. 31, 2025 USD ($) MWh MMBTU T	Dec. 31, 2024 USD ($) MWh MMBTU T
Commodity derivatives \| Short
Derivative [Line Items]
Commodity purchase (sales) derivatives, power and natural gas \| MWh	59,634,723	38,615,192
Commodity derivatives \| Long
Derivative [Line Items]
Commodity purchase (sales) derivatives, power and natural gas \| MMBTU	169,209,022	32,405,460
Commodity purchase (sales) derivatives, emission allowances \| T	0	100,000
Interest rate derivatives
Derivative [Line Items]
Interest rate (in millions) \| $	$ 990	$ 290

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2025
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Risk Management, Derivative Instruments and Hedging Activities - Effect of Netting (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Assets, Gross Derivative Instruments	$ 456	$ 227
Assets, Eligible for Offset	(396)	(154)
Assets, Net Derivative Instruments	60	73
Assets, Collateral (Posted) Received	0	(2)
Assets, Net Amounts	60	71
Liabilities, Gross Derivative Instruments	608	173
Liabilities, Eligible for Offset	(396)	(154)
Liabilities, Net Derivative Instruments	212	19
Liabilities, Collateral (Posted) Received	(44)	(12)
Liabilities, Net Amounts	$ 168	$ 7

Fresh Start Accounting - Liabilities Subject To Compromise (Details) - USD ($) $ in Millions	Dec. 31, 2023	May 17, 2023
Reorganizations [Abstract]
Debt	$ 1,558
Termination of retail power and other contracts	447
Postretirement benefit obligations	309
Asset retirement obligations and accrued environmental costs	219
Other liabilities	114
Deferred tax liabilities	83
Accounts payable and accrued liabilities	53
Accrued interest	41
Derivatives	1
Liabilities subject to compromise	$ 2,825	$ 0

Cover Page - USD ($) $ in Billions	12 Months Ended
Cover Page - USD ($) $ in Billions	Dec. 31, 2025	Feb. 26, 2026	Jun. 30, 2025
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2025
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	001-37388
Entity Registrant Name	Talen Energy Corporation
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	47-1197305
Entity Address, Address Line One	2929 Allen Pkwy, Suite 2200
Entity Address, City or Town	Houston
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	77019
City Area Code	888
Local Phone Number	211-6011
Title of 12(b) Security	Common stock, par value $0.001 per share
Trading Symbol	TLN
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction Flag	false
Entity Shell Company	false
Entity Public Float			$ 13.3
Entity Common Stock, Shares Outstanding		45,695,007
Documents Incorporated by Reference	The information required pursuant to Part III of this Annual Report on Form 10-K will be set forth in, and incorporated by reference from, the registrant’s definitive proxy statement for the 2026 annual meeting of stockholders (the “2026 Proxy Statement”), which will be filed with the U.S. Securities and Exchange Commission not later than 120 days after the end of the fiscal year ended December 31, 2025.
Entity Central Key Index	0001622536
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	FY
Amendment Flag	false

Consolidated Statements Of Equity - USD ($)
$ in Millions

Total

Cash Distribution To Non-Controlling Interests

^[6]

Non-Cash Distribution To Non-Controlling Interests

^[7]

TeraWulf

Common Stock [Member]

Additional paid-in capital

Accumulated earnings (deficit)

Accumulated other comprehensive income (loss)

Treasury Stock

Member's Equity

Non controlling Interest

Cash Distribution To Non-Controlling Interests

^[6]

Non controlling Interest

Non-Cash Distribution To Non-Controlling Interests

^[7]

Non controlling Interest

TeraWulf

Beginning balance at Dec. 31, 2022

$ (482)

$ (167)

$ (573)

$ 91

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Net income (loss)

465

479

(14)

Other comprehensive income (loss)

Cancellation of member’s equity

^[1]

161

^[1]

Issuance of member’s equity

^[1]

2,313

Issuance of warrants

^[1]

Common equity from member's equity exchange (in shares)

^[2]

59,029,000

Common equity from member’s equity exchange

$ 2,321

(2,321)

Non-cash contributions

^[3]

$ 38

Cash distributions/ Non-cash distributions

^[4]

$ (5)

Ending balance (in shares) at May. 17, 2023

59,028,843

59,029,000

^[2]

Ending balance at May. 17, 2023

$ 2,431

2,321

$ 0

110

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Net income (loss)

143

134

Other comprehensive income (loss)

(23)

Cancellation of member’s equity

Purchase of noncontrolling interest

^[5]

(19)

(24)

Cash contributions

Cash distributions/ Non-cash distributions

^[4]

$ (20)

Equity incentive plans

Other

Ending balance (in shares) at Dec. 31, 2023

^[2]

59,029,000

Ending balance at Dec. 31, 2023

2,534

2,346

134

(23)

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Net income (loss)

1,013

998

Other comprehensive income (loss)

$ 11

Cancellation of member’s equity

Share repurchase (in shares)

(13,227,222)

(13,227,000)

^[2]

Share repurchases

$ (1,977)

(1,977)

Retirement of treasury stock

(519)

(1,458)

1,977

Purchase of noncontrolling interest

^[5]

(125)

(87)

(38)

Cash settlement of restricted stock units

(32)

Exercise of warrants (in shares)

^[2]

160,000

Exercise of warrants

(16)

Cash distributions/ Non-cash distributions

$ (2)

$ (52)

$ (2)

$ (52)

Equity incentive plans

$ 33

Ending balance (in shares) at Dec. 31, 2024

45,961,910

45,962,000

^[2]

Ending balance at Dec. 31, 2024

$ 1,387

1,725

(326)

(12)

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Net income (loss)

(219)

Other comprehensive income (loss)

$ 8

Cancellation of member’s equity

Share repurchase (in shares)

(452,130)

(452,000)

^[2]

Share repurchases

$ (85)

(85)

Retirement of treasury stock

(18)

(67)

Equity incentive plans (in shares)

^[2],[8]

178,000

Equity incentive plans

^[8]

$ 2

Ending balance (in shares) at Dec. 31, 2025

45,687,828

45,688,000

^[2]

Ending balance at Dec. 31, 2025

$ 1,093

$ 1,709

$ (612)

$ (4)

$ 0

[1]	Pursuant to the Plan of Reorganization: (i) existing equity interests were canceled; and (ii) new equity interests and equity-classified warrants were issued.
[2]	Shares in thousands.
[3]	Related to contributions of cryptocurrency miners by TeraWulf to Nautilus.
[4]	Related primarily to distribution of Bitcoin to TeraWulf.
[5]	TES acquisition of remaining noncontrolling interests in Cumulus Digital and Nautilus.
[6]	Distributions to noncontrolling interest owners of Cumulus Digital and Nautilus.
[7]	Related primarily to distribution of Bitcoin and cryptocurrency miners to TeraWulf.
[8]	Includes cash payments for tax withholdings on vested stock-based awards of $26 million and impact of modification of certain awards from equity to liability.

Stock-Based Compensation

12 Months Ended

Dec. 31, 2025

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

13. Stock-Based Compensation

In June 2023, TEC began granting performance stock units (“PSUs”) and restricted stock units (“RSUs”) to certain employees and non-employee directors under the Company’s 2023 Equity Incentive Plan (the “Equity Plan”). The aggregate number of shares authorized for issuance under the Equity Plan is 7,083,461 shares of common stock.

Equity to Liability Modification

In December 2025, certain executive officers executed agreements providing for certain PSU and RSU awards that are scheduled to vest in 2026 to be partially settled in cash. Generally, the cash settlement amount will be equal up to 60% of the net after-tax value on the vesting date of each such award. However, the cash settlement amount is subject to a cap. Additionally, all non-employee directors are expected to be offered the ability to net-settle (to account for income taxes) all of their PSUs and RSUs. Accordingly, the portion of each participant’s applicable awards that are expected to be settled in cash and all non-employee director awards were reclassified from equity to liability. As a result of the modification, a $501 million liability was recognized and presented as “Stock-based compensation liabilities” on the Consolidated Balance Sheets and was measured based on the closing share price of Talen’s common stock of $374.84 as of December 31, 2025 (Successor).

Performance Stock Units

PSUs have three-year or two-year cliff vesting schedules or vest upon consummation of a change in control event based on the satisfaction of a continued employment condition and the achievement of certain market conditions over a performance period. Participants will be awarded additional PSUs if market conditions exceed targets at the time of vesting. If the Company declares any cash dividends while the PSUs are outstanding, participants will be credited a dividend, payable at the time of vesting, based on the number of shares of common stock underlying the PSUs.

Changes in non-vested PSUs during the year ended December 31, 2025 (Successor) were:


	Liability-Classified PSUs	Equity-Classified PSUs	Total PSUs	Weighted-Average Grant Date Fair Value per Unit
Non-vested as of December 31, 2024 (Successor)	—	956,347	956,347	$	54.23
Granted (a)	—	102,275	102,275	498.40
Forfeited	—	(288)	(288)	645.03

Equity to liability modification (b)	569,477	(569,477)	—	53.69
Non-vested as of December 31, 2025 (Successor) (c)	569,477	488,857	1,058,334	$	147.45

_____________

(b)See description of December 2025 equity to liability modification above.


	Successor
	Year Ended December 31, 2025	Year Ended December 31, 2024		May 18 through December 31, 2023
Volatility (a)	40% - 50%	25	%	25	%
Expected term (in years)	1.2 - 2	2.4		3
Risk-free rate (b)	3.52% - 3.99%	4.29	%	4.35% - 4.59%

__________________

(a) Derived from an option pricing method based on the average asset volatility of peer companies and the Company’s leverage ratio.

(b) Based on the U.S. constant maturity treasury rate with a term matching the expected time to the end of the performance measurement period.

Restricted Stock Units

RSUs have three-year ratable or two-year cliff vesting schedules beginning on the grant date, with restrictions on transferring settled shares prior to the final scheduled vesting date for the three-year awards. The fair value of RSUs granted is based on the closing price of TEC common stock on the grant date.

Changes in non-vested RSUs during the year ended December 31, 2025 (Successor) were:



	Liability-Classified RSUs	Equity-Classified RSUs	Total RSUs	Weighted-Average Grant Date Fair Value per Unit
Non-vested as of December 31, 2024 (Successor)	—	549,405	549,405	$	55.07
Granted (a)	—	53,096	53,096	209.82
Forfeited	—	(372)	(372)	378.67
Vested	—	(261,476)	(261,476)	48.71
Equity to liability modification (b)	169,642	(169,642)	—	61.08
Non-vested as of December 31, 2025 (Successor)	169,642	171,011	340,653	$	106.18

_____________

(b)See description of December 2025 equity to liability modification above.

Stock-based Compensation Expense

Stock-based compensation expense presented as “General and administrative” on the Consolidated Statement of Operations was:


	Successor
		Year Ended December 31, 2025		Year Ended December 31, 2024		May 18 through December 31, 2023

Stock-based compensation expense, liability-classified awards		$	501	$	—	$	—
Stock-based compensation expense, equity-classified awards		25		33		19
Income tax benefit		(132)		(8)		(5)
After-tax stock-based compensation expense		$	395	$	24	$	14

Unrecognized stock-based compensation expense and related periods of recognition as of December 31, 2025 (Successor) were:


	PSUs				RSUs
	Equity-Classified		Liability-Classified		Equity-Classified		Liability-Classified
Unrecognized stock-based compensation expense (a)	$	33	$	64	$	9	$	9
Weighted-average period of recognition (in years)	0.5		0.4		0.6		0.4

__________________

(a) Stock-based compensation expense related to liability-classified awards is subject to variability due to changes in their value through the settlement date.

Postretirement Benefit Obligations - Narrative (Details) - USD ($) $ in Millions	1 Months Ended	5 Months Ended	7 Months Ended	12 Months Ended
	Sep. 30, 2024	May 17, 2023	Dec. 31, 2023	Dec. 31, 2025	Dec. 31, 2024
Defined Benefit Plan Disclosure [Line Items]
Postretirement benefit prior service (credits) costs, net (Note 12)	$ 21
Actual benefits paid				$ 102	$ 114
Net periodic defined benefit cost (credit)		$ 10	$ 9	29	25
Certain Other Postretirement Benefit Plans
Defined Benefit Plan Disclosure [Line Items]
Overfunded Status				39	36
Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Overfunded Status				(212)	(291)
Employer contributions				70	54
Actual benefits paid				92	105
Pension Plan \| TES Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Employer contributions				62	43
Expected future employer contributions, next fiscal year				26
Pension Plan \| Talen Montana Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Employer contributions				$ 8	$ 10