The US power utility company Constellation Energy has received regulatory approval from the Federal Energy Regulatory Commission (FERC) for its previously announced US$16.4bn acquisition of Calpine Corporation, first disclosed in January 2025.
In January 2025, Constellation had entered into a definitive agreement to acquire Calpine Corporation, which would create the largest "low emission" power generation company, with nearly 60 GW of capacity, including nuclear, natural gas, geothermal, hydro, wind, solar, cogeneration, and battery storage assets. Calpine currently operates 27 GW of generation capacity, while Constellation Energy Corporation has the largest nuclear fleet in the United States, operating over 32 GW of nuclear, wind, solar, gas-fired and hydropower capacity, enough to power the equivalent of 16 million homes and providing about 10% of the country’s clean energy.
This FERC approval represents a key milestone in the transaction process, following earlier clearances from the New York Public Service Commission and the Public Utility Commission of Texas. The deal is expected to close in the fourth quarter of 2025, pending approval from the US Department of Justice and other customary closing conditions.
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