The American energy company Constellation Energy Corp. received permission from the US Justice Department to complete the deal with Calpine Corp. against the background of the growing demand for electricity in the USA. This is reported in a press release from Constellation.
The value of the deal is $16.4 billion plus debt obligations of $12.7 billion.
In accordance with the regulator's requirement, the parties to the deal will sell two natural gas plants — York 2 in Pennsylvania, as well as Jack Fusco and a minority stake in the Gregory facility in Texas.
In July 2025, the parties to the deal proposed decommissioning four Calpine power plants in Pennsylvania and Delaware as part of a separate agreement with the Federal Energy Regulatory Commission.
The agreement signed in January 2025 between Constellation, the largest American owner of nuclear power plants, and Calpine, which owns the largest fleet of gas plants, will create the largest fleet of power plants in the United States.
The deal will bring significant profits to the shareholders of Calpine Energy Capital Partners, Canada Pension Plan Investments and Access Industries, which jointly privatized the company in 2018 for $5.5 billion in 2018.
The demand for electricity in the United States has grown dramatically amid the creation of artificial intelligence-based data centers, the construction of new factories and the growth of electrification, and is projected to increase by 16% over the next five years. In 2023, Constellation bought a 44% stake in the Texas nuclear power plant from NRG Energy Inc. for $1.75 billion.
In 2024, the value of transactions in the electricity generation sector amounted to about $129 billion in total. One of the largest deals was the takeover of Atlantica Sustainable Infrastructure Plc by ECP and a group of co-investors.
Constellation Energy is an American energy company for the production and sale of electricity. The company includes nuclear, wind, solar, gas and hydroelectric power plants. Constellation was formed in 2022 and is headquartered in Baltimore, Maryland. In 2024, Constellation's market value doubled to $79 billion.
Calpine Corporation is the largest American producer of electricity from natural gas and geothermal sources. Calpine operates 80 facilities in 22 U.S. states and Canada to provide electricity to about 27 million homes. The headquarters is located in Houston, Texas.
Read also in our Telegram channel "Mergers and acquisitions. AK&M».
