Jefferies notes that the Federal Energy Regulatory Commission, or FERC, issued an order rejecting the amended Interconnection Service Agreement, or ISA, between Susquehanna Nuclear, a Talen Energy (TLN) subsidiary, PJM Interconnection and PPL Electric Utilities related to the Talen and Amazon (AMZN) nuclear interconnection agreement, which the firm calls “a major setback for the nuclear data center thesis.” Based on the firm’s “extensive investor conversations,” very few investors, “including us, expected an outright FERC rejection of the ISA,” says Jefferies, which expects “a sharp negative share response” for Talen Energy as well as Constellation (CEG), Vistra (VST), and PSEG (PEG).
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