Constellation Completes Acquisition of Calpine; Teams Have 55 GW of Era Capability

Main U.S. utility Constellation stated it has accomplished its acquisition of Calpine Corp. from Vitality Capital Companions (ECP), creating the nation’s largest producer of electrical energy. The businesses on January 7 famous that the transaction, first introduced as a $16.4-billion deal a 12 months in the past, unites Constellation’s nuclear energy fleet with Calpine’s pure gas-fired and geothermal era. The cash-and-stock deal, when together with debt, has a complete worth of $26.6 billion. The teams stated the merged firm will energy knowledge facilities, superior manufacturing services, and demanding infrastructure. “This isn’t nearly two nice corporations coming collectively—it’s about strengthening America’s future,” stated Joe Dominguez, president and CEO of Constellation, in a press release “Constellation is stepping as much as energy America’s development when our nation’s demand for power is surging, and our world rivals are racing to seize AI management. By uniting Constellation and Calpine, we’re offering the dependable, clear power that retains our communities sturdy, our companies aggressive and our nation safe.”

Andrew Novotny, president and CEO of Calpine, stated, “That is an thrilling day for each our corporations and for the purchasers and communities we serve. We have now the belongings that energy America as we speak and meet the wants of tomorrow. Our expanded capabilities will enable us to higher serve clients and communities, allow funding in vital infrastructure and help nationwide priorities for power safety, financial competitiveness and technological management. Our groups share a relentless dedication to security, sustainability and operational excellence, and I’m enthusiastic about what we are going to accomplish collectively.” “As a decades-long investor in energy era, ECP goals to unlock worth, drive long-term development alternatives and strengthen asset reliability—usually serving as a bridge between private and non-private markets,” stated Tyler Reeder, president and managing accomplice of ECP. “We’re proud to have achieved these objectives in partnership with Calpine’s administration workforce and imagine this mix validates that imaginative and prescient, setting the corporate up for future success whereas assembly the evolving wants of its clients, communities and the U.S.’s electrical grid.” The mixed firm will serve 2.5 million retail and enterprise clients nationwide. The teams stated the acquisition additionally strengthens Constellation’s footprint in high-demand areas, together with Texas and California, whereas sustaining important operations in Illinois, Maryland, New York and Pennsylvania. Constellation and Calpine collectively have 55 GW of era capability. The corporate will keep headquarters in Baltimore, Maryland, together with a major presence in Houston, Texas.

The U.S. Justice Division’s Antitrust Division, along with the legal professional basic of Texas, on December 5 stated it could require divestiture of six energy vegetation in Delaware, Pennsylvania, and Texas to resolve antitrust considerations arising from Constellation’s acquisition of Calpine. The Antitrust Division had filed a civil antitrust lawsuit within the U.S. District Court docket for the District of Columbia to dam the proposed acquisition. On the similar time, the Division filed a proposed settlement that it stated, upon court docket approval, would resolve the Division’s aggressive considerations. “The worth of electrical energy is a pocketbook situation to American shoppers working exhausting to afford their month-to-month utility payments. In relation to their electrical energy payments, Individuals deserve the good thing about strong competitors amongst electrical energy turbines,” stated Assistant Legal professional Basic Abigail Slater of the Justice Division’s Antitrust Division. “This settlement features a six-plant divestiture to an acquisition that risked harming tens of hundreds of thousands of electrical energy shoppers within the mid-Atlantic and Texas. I’m appreciative of the partnership with our co-plaintiff, the State of Texas, to safe reduction for shoppers.” The DOJ stated the divestitures “resolve the Division’s considerations that the acquisition would hurt competitors and result in greater costs on shoppers reliant on the ERCOT and PJM electrical energy grids.” Particularly, the settlement requires the businesses to divest their possession pursuits in 4 electrical energy vegetation serving PJM and two electrical energy vegetation serving ERCOT. The divested vegetation are:

• Bethlehem Vitality Middle, a pure gasoline mixed cycle plant, positioned in Bethlehem, Pennsylvania.

• York Vitality Middle (York 1 and York 2), a dual-fuel mixed cycle plant, positioned southeast of town of York, Pennsylvania.

• Hay Highway Vitality Middle, a dual-fuel combined-cycle plant, positioned in Wilmington, Delaware.

• Edge Moor Vitality Middle, a simple-cycle pure gasoline plant, positioned in Wilmington, Delaware.

• Jack A. Fusco Vitality Middle, a pure gasoline combined-cycle plant, positioned southwest of Houston, Texas.

• Gregory Energy Plant, a pure gasoline combined-cycle plant, positioned northeast of Corpus Christi, Texas.

Officers stated it’s first settlement consent decree that the Division has filed in an electrical energy merger in 14 years. —Darrell Proctor is a senior editor for POWER. This story was initially revealed on January 9, 2026, and was up to date January 19, 2026, with new data from the U.S. Dept. of Justice.