Talen Energy竞争优势一：立足PJM，享受批发电价和容量电价上升趋势 出售ERCOT发电资产，进一步聚焦在PJM电力市场 AI浪潮及再工业化驱动下，PJM高稳定性电力供需不匹配，促进批发电价以及容量电价上涨， PJM 2026/27容量拍卖电价达329.17美元/MW·日表：发电区域占比（截止至20250331 ）表：PJM远期电价展望、容量电价拍卖结果Pricing SummaryBalance of 20241202520263M west Hub ATC as of 6/28/2024 ($/MWh)$43.64$46.75$49.853M West Hub ATC as of 9/30/2024 ($/MWh)$42.67$46.59$49.01TETCO M3 as of 6/28/2024 ($/MMBtu)$2.14$3.16$3.50TETCO M3 as of 9/30/2024 ($/MMBtu)$2.47$3.13$3.393M west Hub ATC spark Spreads2 as of 6/28/2024 ($/MWh)3M west Hub ATC spark Spreads2 as of 9/30/2024 ($/MWh)$28.64$24.65$25.33$25.34$24.65$25.27资料来源：公司公告, HTIFor full disclosure of risks, valuation methodologies and target price formation on all HTI rated stocks, please refer to the latest full report on our website at equities.htisec.com34
