Texas signs off on proposed Constellation-Calpine merger

Texas regulators on Thursday approved Constellation Energy’s proposed $26 billion acquisition of Calpine, pushing forward one of the most consequential power industry mergers in recent years.

The sign-off from the Public Utility Commission of Texas helps pave the way for the nation’s largest fleet of nuclear power plants to merge with one of the biggest operators of natural gas-fired generators.

“This approval from the Texas PUC brings us one step closer to creating the nation’s premier platform for reliable, clean energy,” said Constellation CEO Joe Dominguez in a statement. He emphasized that the merged company would meet growing power demands in high-load regions like Texas, while advancing a “secure and clean energy future.”

Constellation, already the nation’s largest producer of zero-emissions electricity through its nuclear fleet, stands to gain a vast footprint in gas-fired and geothermal assets through Calpine. The resulting coast-to-coast platform aims to position itself as the leading provider of around-the-clock, sustainable power amid surging data center demand and the broader energy transition.

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