Talen focused on data center demand as it considers axing crypto business

NEW YORK (Reuters) – Independent energy company Talen Energy is focusing on meeting growing demand from data center developers, company executives said on a conference call on Tuesday, after it announced plans to move away from crypto mining operations.

Talen is among a group of U.S. power companies that are tapping into the power needs of AI and cloud computing data centers, and its shares have surged nearly 100 percent since the beginning of the year.

Reuters reported this month that Talen was in the process of selling its bitcoin mining center on the site of a nuclear power plant in Pennsylvania

“It’s not a strategic asset for us, and we’re looking at what other alternatives there are to the coin,” Talen Energy Chief Executive Officer Mark McFarland said on the second-quarter earnings call.

Talen raised its earnings and free cash flow forecasts for the year as it benefited from higher power usage and prices, larger payments from regional grid operator PJM and a payment for a data center sold to Amazon earlier this year.

(Reporting by Laila Kearney; Editing by Emelia Sithole-Matarise)

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