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    Nuclear plant owner Talen Energy Supply files for bankruptcy


    May 13, 2022 - Denise Allabaugh, The Citizens' Voice, Wilkes-Barre, Pa.

     

      May 12—Talen Energy Supply, the owner of the Susquehanna nuclear power plant in Salem Twp., has filed for Chapter 11 bankruptcy.

      The Woodlands, Texas-based company, a unit of Talen Energy Corp. which runs 18 power generation facilities, filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Southern District of Texas on Monday night in an effort to substantially reduce its $4.5 billion debt load and bring in $1.65 billion in new equity from certain bondholders, according to national reports.

      It will not affect employees' jobs, according to a statement from Talen Energy Supply.

      "Talen Energy Supply expects to operate its day-to-day business in the normal course," the statement read. "Talen Energy Supply filed and received approval of customary 'first day' motions with the court to ensure no interruption to employee wages, healthcare and other benefits as well as the ability to conduct routine business with vendors and other business partners."

      About 900 people work at the Susquehanna nuclear power plant, said Talen Energy spokeswoman Taryne Williams.

      Talen Energy's plants, including the Salem Twp. plant near Berwick, will continue to generate "needed electricity for the markets they serve," according to the company's statement.

      In a news release, Talen Energy Corp. officials said the "transformative recapitalization" is expected to greatly strengthen the financial position of Talen Energy Supply and is part of a plan to strengthen its balance sheet.

      The transaction includes a new equity investment of up to $1.65 billion. In a news release, company officials said that investment will accelerate Talen Energy Supply's "clean power transformation, advance carbon-free data center growth initiatives and maximize value to stakeholders."

      Contact the writer:

      dallabaugh@citizensvoice.com, 570-821-2115, @CVAllabaugh

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      (c)2022 The Citizens' Voice (Wilkes-Barre, Pa.)

      Visit The Citizens' Voice (Wilkes-Barre, Pa.) at citizensvoice.com

      Distributed by Tribune Content Agency, LLC.

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