Talen Energy Corporation (TLN)

Talen Energy owns a nuclear plant and sells its output on the market — without a tariff and without guarantees.

The company emerged from bankruptcy and concentrated around a large nuclear plant in Pennsylvania. No regulator guarantees a return here: output is sold at market prices, and the result depends on how expensive electricity is in the region.

Data centres changed that: round-the-clock carbon-free capacity turned out to be scarce, and a computing operator will sign a decade-long contract above market price to secure its power. Such a contract turns a merchant generator into something close to a regulated one. Risks: power prices, unit condition and regulatory disputes about connecting a customer directly to the plant.