Talen Energy Corporation reported a net income of $63 million for Q1 2026, a significant improvement from a net loss of $135 million in Q1 2025. Operating revenues increased substantially to $1,129 million in Q1 2026 from $390 million in Q1 2025, primarily due to higher realized prices at Susquehanna and the PJM fossil fleet, and increased generation volumes at Freedom and Guernsey. Capacity revenues saw a favorable increase of $158 million, driven by higher cleared capacity prices, partially offset by lower volumes cleared through the 2025/2026 PJM Base Residual Auction. Adjusted EBITDA for Q1 2026 was $473 million, up from $200 million in Q1 2025. Talen Energy Supply, LLC (TES) issued $1.5 billion of 6.125% Senior Unsecured Notes due 2031 and $2.5 billion of 6.375% Senior Unsecured Notes due 2033 in April 2026, totaling $4.0 billion. Proceeds from the new notes were used to redeem $1.2 billion of outstanding Secured Notes in April 2026, incurring approximately $60 million in expenses for make-whole payments and derecognition of capitalized deferred finance costs. TES secured commitments to increase its existing Revolving Credit Facility (RCF) from $900 million to $1.35 billion and upsize its Letter of Credit Facility (LCF) from $1.1 billion to $1.5 billion, extending its maturity from December 2027 to December 2029. The company is pending the Cornerstone Acquisition of three natural gas-fired combined cycle generation plants (Lawrenceburg Power Plant, Waterford Energy Center, Darby Generating Station) for $3.45 billion, expected to close in early H2 2026. The Cornerstone Acquisition will add approximately 2.5 GW of natural gas generation capacity, expanding Talen's presence in the western PJM market. The company repurchased and retired 300,000 shares of its common stock for $101 million in Q1 2026, with $1.9 billion remaining under the Share Repurchase Program (SRP) through 2028. The Talen Montana defined benefit pension plan was frozen as of April 30, 2026, ceasing additional benefit accruals for participants.