{"slug":"talen-energy","name":"Talen Energy","name_en":"Talen Energy","ticker":"TLN","updated_at":"2026-07-12T04:16:54.87323+00:00","canonical":"https://valuechain.wiki/talen-energy","same_as":["https://finance.yahoo.com/quote/TLN","https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=1622536"],"citable":"밸류체인 그래프 기준 Talen Energy의 직접 연결 기업은 2곳(관계 기준 공급 1·매출 1)이고, 사슬을 2차까지 넓히면 15곳에 닿는다. 링크의 근거 출처는 4건이며 그중 1차공시가 2건이다 (valuechain.wiki, 2026-07-12 기준).","citable_en":"Per the valuechain.wiki graph, Talen Energy is directly linked to 2 companies (1 supply, 1 revenue relationships) and reaches 15 companies within two hops; the links are backed by 4 dated sources, 2 of them primary filings (as of 2026-07-12).","kicker":"원전 발전·데이터센터 PPA","kicker_en":"Nuclear power · datacenter PPA","lead":"미국 독립 발전사로 서스쿼해나 원전을 보유. 아마존(AWS)과 1,920MW 무탄소 전력 PPA(2042년까지, 생애 매출 약 $180억)를 맺어 펜실베이니아 AI 데이터센터에 공급한다. AWS와 SMR(소형모듈원자로) 신설·출력증강도 추진. 전력 병목 구간의 또 다른 발전 축.","lead_en":"A US independent power producer that owns the Susquehanna nuclear plant. It signed a 1,920MW carbon-free PPA with Amazon (AWS) through 2042 (~$18B lifetime revenue) to power Pennsylvania AI datacenters. It is also exploring SMRs and uprates with AWS. Another generation pillar of the power bottleneck.","segments":{"parts":[{"desc":"무탄소 기저부하 원전 서스쿼해나 — 24시간 안정 출력이 AI 데이터센터의 상시 전력 수요와 맞아떨어지는 핵심 자산이다.","name":"원전 발전(서스쿼해나)"},{"desc":"아마존 1,920MW PPA(2042년까지) — 원전 출력을 장기 고정수익으로 전환해 도매가 변동성을 헤지하는 재평가 축이다.","name":"데이터센터 PPA"},{"desc":"PJM 도매시장 판매 — 계약 외 물량을 시장가에 파는 축으로, 전력 가격 상승기의 상방 노출이다.","name":"도매 전력"}],"total":"아마존 PPA 1,920MW·생애 ~$18B","concentration":"아마존 원전 PPA. AI 데이터센터 전력."},"segments_en":{"parts":[{"desc":"The carbon-free baseload Susquehanna nuclear plant — its round-the-clock output matches the always-on power demand of AI data centers, the core asset.","name":"Nuclear (Susquehanna)"},{"desc":"The Amazon 1,920MW PPA (through 2042) — converts plant output into long-term fixed revenue, hedging wholesale-price volatility, the re-rating axis.","name":"Datacenter PPAs"},{"desc":"PJM wholesale sales — selling uncontracted volume at market prices, offering upside exposure when power prices rise.","name":"Wholesale power"}],"total":"Amazon PPA 1,920MW, ~$18B lifetime","concentration":"Amazon nuclear PPA for AI datacenters."},"returns_yearly":{"2024":214.8,"2025":86.1,"2026":2.9},"return_asof":"2026-07-10","value_chain":{"leading":[{"slug":"tempus-ai","name":"Tempus AI","name_en":"Tempus AI","tier":3,"returns_yearly":{"2025":74.9,"2026":-1.4}},{"slug":"shopify","name":"Shopify","name_en":"Shopify","tier":3,"returns_yearly":{"2021":21.7,"2022":-74.8,"2023":124.4,"2024":36.5,"2025":51.4,"2026":-23.9}},{"slug":"datadog","name":"Datadog","name_en":"Datadog","tier":2,"returns_yearly":{"2021":80.9,"2022":-58.7,"2023":65.1,"2024":17.7,"2025":-4.8,"2026":89.4}},{"slug":"palo-alto-networks","name":"팔로알토 네트웍스","name_en":"Palo Alto Networks","tier":2,"returns_yearly":{"2021":56.7,"2022":-24.8,"2023":111.3,"2024":23.4,"2025":1.2,"2026":76.9}},{"slug":"crowdstrike","name":"CrowdStrike","name_en":"CrowdStrike","tier":2,"returns_yearly":{"2021":-3.3,"2022":-48.6,"2023":142.5,"2024":34,"2025":37,"2026":59.7}},{"slug":"illumina","name":"Illumina","name_en":"Illumina","tier":2,"returns_yearly":{"2021":2.8,"2022":-46.9,"2023":-31.1,"2024":-1.3,"2025":-1.8,"2026":45}},{"slug":"snowflake","name":"Snowflake","name_en":"Snowflake","tier":2,"returns_yearly":{"2021":20.4,"2022":-57.6,"2023":38.6,"2024":-22.4,"2025":42.1,"2026":19.2}},{"slug":"airbnb","name":"Airbnb Inc","name_en":"Airbnb Inc","tier":2,"returns_yearly":{"2022":-48.6,"2023":59.2,"2024":-3.5,"2025":3.3,"2026":9.5}},{"slug":"schrodinger","name":"Schrödinger","name_en":"Schrodinger","tier":2,"returns_yearly":{"2021":-56,"2022":-46.3,"2023":91.5,"2024":-46.1,"2025":-7.3,"2026":-7.8}},{"slug":"mercadolibre","name":"MercadoLibre","name_en":"MercadoLibre, Inc.","tier":2,"returns_yearly":{"2021":-19.5,"2022":-37.2,"2023":85.7,"2024":8.2,"2025":18.5,"2026":-8}},{"slug":"uber","name":"Uber","name_en":"Uber","tier":2,"returns_yearly":{"2021":-17.8,"2022":-41,"2023":149,"2024":-2,"2025":35.5,"2026":-8.8}},{"slug":"disney","name":"Disney","name_en":"The Walt Disney Company","tier":2,"returns_yearly":{"2021":-14.5,"2022":-43.9,"2023":4.3,"2024":24.4,"2025":3.3,"2026":-15.3}},{"slug":"coupang","name":"Coupang","name_en":"Coupang","tier":2,"returns_yearly":{"2022":-49.9,"2023":10.1,"2024":35.8,"2025":7.3,"2026":-20.3}},{"slug":"netflix","name":"Netflix","name_en":"Netflix","tier":2,"returns_yearly":{"2021":11.4,"2022":-51.1,"2023":65.1,"2024":83.1,"2025":5.2,"2026":-21.7}},{"slug":"anthropic","name":"Anthropic","name_en":"Anthropic","tier":2,"returns_yearly":null},{"slug":"amazon","name":"아마존","name_en":"Amazon","tier":1,"returns_yearly":{"2021":2.4,"2022":-49.6,"2023":80.9,"2024":44.4,"2025":5.2,"2026":6.3}}],"benefiting":[{"slug":"cameco","name":"Cameco","name_en":"Cameco","tier":1,"returns_yearly":{"2021":63.2,"2022":4.3,"2023":90.5,"2024":19.5,"2025":78.4,"2026":4.9}}],"analysis":"Talen Energy의 핵심 논점은 서스쿼해나 원전이라는 무탄소 기저부하 자산이 AI 데이터센터 전력 병목의 최대 수혜가 됐다는 점이다. 아마존(AWS)과 1,920MW·2042년까지·생애 약 $180억 규모 PPA를 맺어 원전 출력의 상당분을 장기 고정수익으로 전환했고, 이는 도매시장 가격 변동성에 대한 헤지이자 재평가의 핵심이다. 성장 옵션은 AWS와의 SMR 신설·출력증강으로, 원전 신설이 어려운 환경에서 기존 자산의 증설이 가장 빠른 공급 확대 경로다. 그래프상 Talen은 아마존에 대한 매출 노드이자 카메코(우라늄 연료)에 대한 비용 노드로, PPA 확대·SMR 실현과 원전 가동률이 밸류에이션을 좌우하며, PJM 도매가격은 계약 외 물량의 변수다.","analysis_en":"The core of Talen Energy is that its Susquehanna nuclear plant — a carbon-free baseload asset — has become a prime beneficiary of the AI data-center power bottleneck. A 1,920MW PPA with Amazon (AWS) through 2042 (~$18bn lifetime) converts a large share of the plant's output into long-term fixed revenue, a hedge against wholesale-price volatility and the crux of the re-rating. The growth option is SMRs and uprates with AWS: where new nuclear is hard to build, expanding existing assets is the fastest path to added supply. In graph terms Talen is a revenue node to Amazon and a cost node to Cameco (uranium fuel), so PPA expansion, SMR realization and plant availability drive valuation, while PJM wholesale prices are the variable for uncontracted volume.","analysis_asof":"2026-07-09"},"edges":[{"direction":"revenue","counterparty":"아마존","counterparty_slug":"amazon","confidence":"high","metric":null,"note":"아마존(AWS)에 서스쿼해나 원전 1,920MW 전력 PPA 공급(2042년까지, ~$18B).","note_en":"1,920MW Susquehanna nuclear PPA to Amazon (AWS) through 2042 (~$18B).","sources":[{"stance":"confirms","publisher":"DCD","publisher_en":"DCD","kind":"news","lang":"en","published_at":"2025-06-11","url":"https://www.datacenterdynamics.com/en/news/aws-acquires-talens-nuclear-data-center-campus-in-pennsylvania/","title":"AWS, 탈렌 원전 데이터센터 캠퍼스·1,920MW PPA","title_en":"AWS and Talen: nuclear datacenter campus and 1,920MW PPA","excerpt":"아마존이 탈렌 서스쿼해나 원전 1,920MW를 PPA로 조달.","excerpt_en":"Amazon sources 1,920MW of Talen Susquehanna nuclear via PPA."},{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2025-06-11","url":"https://www.sec.gov/Archives/edgar/data/0001622536/000162828025030559/a20250611pressreleasebusin.htm","title":"Talen Energy, 아마존 원전 PPA 확대(8-K)","title_en":"Talen Energy expands Amazon nuclear PPA (8-K)","excerpt":"아마존이 탈렌 서스쿼해나 원전 1,920MW를 PPA로 조달.","excerpt_en":"Amazon sources 1,920MW of Talen Susquehanna nuclear via PPA."}]},{"direction":"revenue","counterparty":"도매 전력시장 (PJM)","counterparty_slug":null,"confidence":"mid","metric":{"type":"qualifier","value":null,"qualifier":"confirmed_no_disclosed_value"},"note":"PJM 도매 전력시장 판매 — 아마존 PPA 계약분을 제외한 물량을 시장가에 판매하는 축으로, 전력 가격에 노출된다.","note_en":"PJM wholesale power sales — selling volume outside the Amazon PPA at market prices, exposed to power-price swings.","sources":[{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2025-06-11","url":"https://www.sec.gov/Archives/edgar/data/0001622536/000162828025030559/a20250611pressreleasebusin.htm","title":"Talen Energy, 아마존 원전 PPA 확대(8-K)","title_en":"Talen Energy expands Amazon nuclear PPA (8-K)","excerpt":"서스쿼해나 원전 기반 발전사.","excerpt_en":"A generator anchored by the Susquehanna nuclear plant."},{"stance":"confirms","publisher":"Utility Dive","publisher_en":"Utility Dive","kind":"news","lang":"en","published_at":"2025-06-11","url":"https://www.utilitydive.com/news/talen-amazon-aws-susquehanna-nuclear-data-centert/750440/","title":"Talen, 아마존에 서스쿼해나 원전 1.9GW","title_en":"Talen to sell Amazon 1.9GW from Susquehanna","excerpt":"탈렌이 아마존에 서스쿼해나 원전 1,920MW 판매.","excerpt_en":"Talen sells Amazon 1,920MW from the Susquehanna nuclear plant."}]},{"direction":"cost","counterparty":"Cameco","counterparty_slug":"cameco","confidence":"mid","metric":null,"note":"원전 연료(우라늄)를 카메코에서 조달 — 연료비 비중은 낮지만 장기 연료 확보가 원전 가동의 전제로, 우라늄 공급망 안정이 리스크 관리 축이다.","note_en":"Sources nuclear fuel (uranium) from Cameco — fuel is a small cost share, but securing long-term fuel is a precondition for running the plant, so uranium supply stability is a risk-management axis.","sources":[{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-02-23","url":"https://www.sec.gov/Archives/edgar/data/0001009001/000119312525253372/d935274dex991.htm","title":"Cameco FY2025 실적(6-K)","title_en":"Cameco FY2025 results (6-K)","excerpt":"원전 연료(우라늄)를 카메코에서 조달.","excerpt_en":"Sources nuclear fuel (uranium) from Cameco."}]},{"direction":"cost","counterparty":"발전소 운영·정비·증설 (비공개)","counterparty_slug":null,"confidence":"low","metric":{"type":"qualifier","value":null,"qualifier":"confirmed_no_disclosed_value"},"note":"서스쿼해나 원전 운영·정비·출력증강 비용 — 원전 가동률과 안전 규제 대응이 공급 안정의 축이다.","note_en":"Susquehanna operations, maintenance and uprate costs — plant availability and safety-regulatory compliance anchor supply reliability.","sources":[{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2025-06-11","url":"https://www.sec.gov/Archives/edgar/data/0001622536/000162828025030559/a20250611pressreleasebusin.htm","title":"Talen Energy, 아마존 원전 PPA 확대(8-K)","title_en":"Talen Energy expands Amazon nuclear PPA (8-K)","excerpt":"원전 운영·정비·SMR 검토.","excerpt_en":"Nuclear operations/maintenance and SMR exploration."}]},{"direction":"cost","counterparty":"원전 연료·운영·SMR (비공개)","counterparty_slug":null,"confidence":"low","metric":{"type":"qualifier","value":null,"qualifier":"confirmed_no_disclosed_value"},"note":"원전 연료·운영과 AWS와의 SMR 검토 — 기존 자산 증설·SMR이 신규 공급의 가장 빠른 경로다.","note_en":"Nuclear fuel and operations plus SMRs explored with AWS — expanding existing assets and SMRs are the fastest path to new supply.","sources":[{"stance":"confirms","publisher":"DCD","publisher_en":"DCD","kind":"news","lang":"en","published_at":"2025-06-11","url":"https://www.datacenterdynamics.com/en/news/aws-acquires-talens-nuclear-data-center-campus-in-pennsylvania/","title":"AWS, 탈렌 원전 데이터센터 캠퍼스·1,920MW PPA","title_en":"AWS and Talen: nuclear datacenter campus and 1,920MW PPA","excerpt":"AWS와 SMR 신설·출력증강 추진.","excerpt_en":"Exploring SMRs and uprates with AWS."}]}]}