The US power utility Constellation Energy has entered into a definitive agreement to acquire Calpine Corporation in a cash and stock transaction with a value of approximately US$26.6bn (Constellation press release, 10/01/2025).
- The acquisition is expected to create a reliable and diverse portfolio within the United States with nearly 60 GW of zero to low-emission assets including nuclear, natural gas, geothermal, hydro, wind, solar, cogeneration and battery storage.
- The portfolio expands through the US states of Texas, California, Delaware, New York, Pennsylvania and Virginia, providing to approximately 2.5 million customers.
- The transaction is expected to close within 12 months, subject to customary closing conditions and respective regulatory approvals.
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.
Constellation secured the approval from the Federal Energy Regulatory Commission (FERC) for the acquisition in July 2025 (Enerdata’s Key Energy Intelligence, 28/07/2025).
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