Vanguard Group has raised its stake in Talen Energy Corp to 10.4%, according to a filing made public on Wednesday. The asset management firm, which is now the second-largest shareholder of the independent power producer, purchased over 4 million shares of Talen Energy’s common stock. Prior to this acquisition, Vanguard held about 9.9% of Talen Energy’s outstanding shares as of October.
The increase in Vanguard’s stake comes at a time when demand for electricity has surged due to the growing investment in artificial intelligence (AI) by major tech companies. Data centers, which are central to AI operations, require significant power, and utilities like Talen Energy are seeing the benefits. Talen Energy’s stock price has tripled in 2024, and it continued to show slight gains in after-hours trading on Wednesday.
