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Talen Energy beats third-quarter core profit estimates on higher rates

U.S. utility firm Talen Energy beat Wall Street quotes for thirdquarter core profit on Thursday, assisted by higher electrical power rates and durable need for power.

Shares of the energy were up almost 7% in premarket trading.

Power intake is expected to reach record highs in 2024 and 2025 due to surging demand from expert system and information centers.

This demand growth will benefit energies such as Talen Energy, whose shares have actually risen more than twofold in 2024.

Earlier this year, the company sold Amazon a data center that is connected directly to a nuclear power plant in Pennsylvania. Talen had wished to enhance the data center's. capacity.

Nevertheless, the Federal Energy Regulatory Commission (FERC). declined the demand this month over concerns that expanding the. information center's capability could raise power bills for the public. and impact the grid's dependability.

Talen CEO Mac McFarland said the FERC's recent rejection was. disappointing but added that the business would progress with. Amazon Web Solutions (AWS) to offer business services.

The company stated it was examining options to supply the. most effective course to develop the AWS data center campus.

This consists of the possible submission of a revised kind of. a modified affiliation service agreement or alternate. contract structures with AWS.

Talen published adjusted incomes before interest, taxes,. depreciation and amortization of $230 million for the 3. months ended Sept. 30, compared to experts' typical estimate. of $212.9 million, according to data compiled by LSEG.

(source: Reuters)