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Constellation's release is dated "BALTIMORE and HOUSTON (January 7, 2026)" and says it "today announced it has completed its acquisition of Calpine"; POWER also gives 7 January.[1]- Start
- Jan 7, 202690% CONFIDENCEfrom the source
Constellation Completes Its Calpine Acquisition, Creating a 55 GW Power Producer
On 7 January 2026 Constellation closed its purchase of Calpine from Energy Capital Partners in a deal valued at US$26.6 billion including debt, combining its nuclear fleet with Calpine's natural gas and geothermal plants.
- Constellation announced on 7 January 2026 that it had completed its acquisition of Calpine Corporation from Energy Capital Partners, creating what it called the nation's largest producer of electricity[1]
- The combined fleet has 55 gigawatts of capacity from nuclear, natural gas, oil, geothermal, hydro, wind and solar, and serves about 2.5 million customer accounts[1]
- The cash-and-stock deal, first announced as a US$16.4 billion equity purchase, has a total value of US$26.6 billion including debt[3][4]
- To clear antitrust concerns the US Justice Department and the Texas attorney general required, on 5 December 2025, the divestiture of six power plants in Delaware, Pennsylvania and Texas[3]
- The company keeps its headquarters in Baltimore with a significant presence in Houston, and strengthens its footprint in Texas and California[1][3]
MSRP $26.6B
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