Constellation-Calpine merger clears New York, Texas regulatory review

Constellation’s Quad Cities Clean Energy Center. Source: Constellation.

Constellation’s previously announced acquisition of Calpine has ben approved by the New York State Public Service Commission. This comes more than a week after the deal cleared Texas regulatory review.

In January, Constellation announced plans to acquire Calpine in a cash and stock transaction valued at an equity purchase price of approximately $16.4 billion. The deal becomes one of the largest in the history of power generation at a time when demand for electricity has exploded. Constellation already owns and operates the largest fleet of nuclear plants in the United States.

According to its website, Calpine has a fleet of 78 energy facilities – including natural gas-fired, geothermal, solar and battery storage, representing around 27,000 MW of capacity. Calpine holds a majority stake in “The Geysers,” a collection of 19 geothermal power plants outside Sonoma, California that is collectively the largest producer of geothermal power in North America, at 725 MW.

Constellation sees the deal as a chance to expand its power generation portfolio in a time a record electricity demand growth. After years of flat demand, electricity load growth forecasts have exploded, largely driven by data centers, industry and electrification.

The transaction — expected to close in the fourth quarter of 2025 — now awaits approval from the Federal Energy Regulatory Commission and the Department of Justice, along with other customary closing conditions.

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