(Reuters) – U.S. asset management firm Vanguard Group increased its stake in independent power producer Talen Energy Corp to 10.4 percent, according to a filing on Wednesday.
As Big Tech invests billions of dollars in AI technology, the demand for electricity to power energy-hungry data centers has also increased. The main beneficiaries of this demand are utilities such as Talen Energy.
Vanguard, Talen Energy’s second-largest shareholder, revealed it purchased more than 4 million shares of the utility’s common stock. As of October, the asset manager held approximately 9.9% of its shares outstanding.
Talen Energy shares more than tripled in 2024. They were slightly higher in extended trading on Wednesday.
(Reporting by Vallari Srivastava in Bangalore; editing by Mohammed Safi Shamsi)
