$TLN, one of PJM's largest power producers, raised its 2028 free cash flow outlook by 11% today, from $36 to $40/share, as PJM power and capacity prices continue to strengthen. >70% of PJM's 10 highest peak-demand days since 2013 have occurred in the last 15 months. Five were in July alone. Key quote: "We were discussing transacting long-term PPAs with hyperscalers at prices in the $80/MWh range. And now the forward wholesale prices for capacity and energy are approaching those levels, if not exceeding them." >So Talen can increasingly choose to hedge power in the merchant market instead of committing it to a hyperscaler for 15–20 years. Prospective customers will now have to pay more to persuade Talen to lock up that supply. >There is also more visibility than in a typical merchant p
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