Talen Energy $TLN ( ▲ 11.8% ) ripped higher after announcing a $3.45B cash-and-stock acquisition of three natural gas power plants in the PJM grid.
The deal includes one plant in Indiana and two in Ohio, expanding Talen’s footprint inside the PJM Interconnection, the massive 13-state power market that serves 67M people from New Jersey to Kentucky and includes high data center density zones like Virginia and Ohio.
Even though PJM just lowered its forecast for peak summer 2027 electricity demand (hinting data center power needs may have been overstated), Talen’s move signals the company is still fully betting on the AI/data center buildout staying real and staying huge.
The stock surged the most since last July, extending a run of investor enthusiasm as Talen continues aggressively expanding its PJM portfolio.