Constellation Energy to Acquire Calpine in $26.6 Billion Deal

The acquisition will create the largest clean energy provider in the U.S., expanding Constellation's footprint in key markets like Texas and California.

Constellation Energy announced it will acquire private energy company Calpine for $26.6 billion in a cash and stock deal, including the assumption of $12.7 billion in debt.
The combined company will have nearly 60 gigawatts of capacity from nuclear, natural gas, geothermal, wind, solar, and battery storage energy sources.
This acquisition significantly expands Constellation's presence in high-demand markets, including Texas and California, while maintaining headquarters in Baltimore and a major presence in Houston.
The deal is expected to generate over $2 billion in annual free cash flow and $2 in earnings per share beyond 2026, enabling further investments in clean energy technologies.
Pending regulatory approvals, the transaction is anticipated to close within 12 months, positioning the merged entity as the nation's leading retail electricity supplier with 2.5 million customers.