Talen Energy Corporation (NYSE:TLN) Q2 2016 Earnings Conference Call - Final Transcript

Aug 04, 2016 • 08:00 am ET

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Talen Energy Corporation (NYSE:TLN) Q2 2016 Earnings Conference Call - Final Transcript

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Presentation
Executive
Paul Farr

the respective years as we expected, and an incremental unit 1 outage in June to address a water leak in the drywell. The higher taxes were driven by property taxes on assets acquired in late 2015. The segment breakdown on the bottom right incorporates these drivers.

Moving now to Slide 6 for a transaction update. We provided updates on the key regulatory approvals. On June 24, the DOJ granted early termination of the waiting period associated with anti-trust review. We have submitted the required applications and petitions with the FERC, the NRC, and the New York Public Service Commission, and are awaiting their approvals for the acquisition by Riverstone. Once the SEC completes their review of the proxy statement that was filed on July 1, we will set the meeting date for the shareowner meeting and deliver shareowners a definitive proxy statement and a form of proxy.

Before we open up the line for questions, given that we are in a proxy review period, let me make one last remark. We know that some of you may have questions about our transactions with Riverstone. That transaction is pending stockholder and regulatory approvals and is subject to satisfaction or waiver of other closing conditions as I just summarized.

Given that the SEC is still reviewing the form of proxy statement to be used at the special stockholder meeting to approve the transaction and that we are still going through several regulatory approval processes, we do not intend to discuss the pending transaction as part of the Q&A session. As a result, please limit your questions accordingly.

Operator, we're ready to take questions.