17 December 2025 | 6:26PM EST Commodities Research Power Comment: Record Highs for US Data Center Growth and PJM Power Prices Hongcen Wei +1(212)934-4691 | hongcen.wei@gs.com Goldman Sachs & Co. LLC Daan Struyven +1(212)357-4172 | daan.struyven@gs.com Goldman Sachs & Co. LLC Source: Aterio, Goldman Sachs Global Investment Research Samantha Dart +1(212)357-9428 | samantha.dart@gs.com Goldman Sachs & Co. LLC 1 A PJM power generation capacity auction price is the uniform rate all selected power providers get p ...

Core Viewpoint - Talen Energy Corporation reported significant capacity revenues from the PJM Base Residual Auction for the 2027/2028 planning year, clearing 8,745 megawatts at a price of $333.44 per megawatt-day, resulting in approximately $1,067 million in revenues [1] Group 1: Company Overview - Talen Energy is a leading independent power producer and energy infrastructure company, operating approximately 13.2 gigawatts of power infrastructure in the U.S., including 2.2 gigawatts of nuclear power [2] - The company produces and sells electricity, capacity, and ancillary services in wholesale U.S. power markets, with generation assets located in the Mid-Atlantic, Ohio, and Montana [2] - Talen is positioned to support the growing demand for reliable, clean power from artificial intelligence data centers, contributing to the digital infrastructure revolution [2] Group 2: Financial Performance - The company cleared a total of 8,745 megawatts in the PJM Base Residual Auction, equating to capacity revenues of approximately $1,067 million for the 2027/2028 planning year [1] - The clearing price of $333.44 per megawatt-day reflects the market dynamics and demand for capacity in the PJM Interconnection Regional Transmission Organization [1]

Group 1 - Capital Power Corporation announced that less than one million Series 1 Shares were tendered for conversion into Series 2 Shares, resulting in no Series 2 Shares being issued at this time [1] - There are 5,000,000 Series 1 Shares listed on the Toronto Stock Exchange under the symbol CPX.PR.A, with an annual fixed dividend rate reset to 4.95800% effective December 31, 2025 [2] Group 2 - Capital Power is a growth-oriented power producer with approximately 12 GW of power generation capacity across 32 facilities and battery energy storage in North America [5]

Core Viewpoint - Conduit Power, LLC has secured financial agreements with Diamondback Energy, Inc. and Granite Ridge Resources for the development of 200 megawatts of new natural gas power generation assets aimed at supplying energy and ancillary services to ERCOT, Texas's largest power grid operator [1]. Group 1 - Conduit Power is developing 200 megawatts of new natural gas power generation assets [1]. - The agreements involve collaboration with Diamondback Energy and Granite Ridge Resources [1]. - The energy produced will be sold to the Electric Reliability Council of Texas (ERCOT) [1].

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Core Viewpoint - TransAlta has been mandated by the Energy Department to maintain operations at a coal-fired power station in Washington state that was previously scheduled for closure [1] Company Summary - TransAlta is required to keep the coal-fired power station operational for an additional 90 days, indicating a shift in regulatory requirements that may impact the company's operational strategy and financial planning [1]

Core Viewpoint - Goldman Sachs analyst Joe Ritchie has raised the price target for GE Vernova (GEV) to $840 from $735 while maintaining a Buy rating on the shares, indicating a positive outlook for the company in the power market [1]. Group 1: Financial Projections - GE Vernova's 2028 targets have been significantly revised upwards, projecting $52 billion in revenue [1]. - The company anticipates achieving a 20% adjusted EBITDA margin by 2028 [1]. - GE Vernova expects to generate at least $22 billion in cumulative free cash flow from 2025 to 2028 [1]. Group 2: Market Position - The power market is seen as being at an early inflection point, with GE Vernova positioned as a leading option for investors seeking exposure [1].

Core Viewpoint - TransAlta Corporation's subsidiary, TransAlta Centralia Generation LLC, has received a mandate from the U.S. Department of Energy to keep Centralia Unit 2 operational for 90 days until March 16, 2026 [1][2]. Group 1: Company Operations - TransAlta operates a diverse fleet of electrical power generation assets across Canada, the U.S., and Australia, focusing on long-term shareholder value [3]. - The company is one of Canada's largest producers of wind power and the largest producer of thermal generation and hydro-electric power in Alberta [3]. - TransAlta has achieved a 70% reduction in greenhouse gas emissions, equating to 22.7 million tonnes of CO2e since 2015 [3]. Group 2: Corporate Responsibility and Sustainability - TransAlta aligns its corporate goals with the UN Sustainable Development Goals and the Future-Fit Business Benchmark [3]. - The company’s climate change management reporting adheres to the International Financial Reporting Standards (IFRS) S2 Climate-related Disclosures Standard and the Task Force on Climate-related Financial Disclosures (TCFD) recommendations [3]. - TransAlta has received an upgraded MSCI ESG rating of AA, reflecting its commitment to sustainability [3].

Core Viewpoint - The National Company Law Tribunal (NCLT) has approved Vedanta's demerger into four independent, sector-focused companies, creating a total of five listed entities, which aims to enhance strategic focus and operational efficiency [1][9]. Group 1: Demerger Details - The demerger will result in the formation of five separate entities: Vedanta Aluminium, Vedanta Oil & Gas, Vedanta Power, Vedanta Iron & Steel, and a residual entity, Vedanta Limited [2][10]. - Each new entity will have independent access to capital, dedicated management teams, and the ability to respond to sector-specific market trends [5][11]. Group 2: Shareholder Impact - Shareholders of Vedanta will receive proportional equity shares in each of the newly formed entities, in addition to their existing holdings, ensuring continuity of ownership [6][11]. Group 3: Strategic Alignment - The reorganization aligns with India's infrastructure, energy transition, and manufacturing goals, positioning each entity to better meet evolving market demands [7][11]. - Anil Agarwal, Chairman of Vedanta, emphasized that the demerger is a significant step towards creating focused companies that can attract strategic investments and deliver superior value, particularly as sectors are experiencing double-digit growth [8][11].

Core Viewpoint - Hallador Energy Company has finalized its application for the Expedited Resource Addition Study (ERAS) program, which aims to facilitate the addition of up to 515 MW of natural gas generation at its Merom Generating Station, with deposits totaling approximately $13 million made as part of the application process [1][2]. Group 1: Application and Development Plans - The completion of the application is a significant step towards expanding power generation capabilities at the Merom site, allowing Hallador to serve a broader range of customers in the high-demand energy sector [2]. - The company is actively evaluating financing options and plans to secure generating infrastructure while the ERAS application is under review [2]. - To support the development efforts related to the ERAS project, Hallador has filed a prospectus supplement to raise up to $50 million of common stock under its existing ATM program [2]. Group 2: Company Overview - Hallador Energy Company is a vertically-integrated Independent Power Producer (IPP) based in Terre Haute, Indiana, with two main businesses: Hallador Power Company, LLC, which operates the one Gigawatt (GW) Merom Generating Station, and Sunrise Coal, LLC, which supplies fuel to the Merom Generating Station and other companies [5].