Constellation's $16.4 Billion Calpine Acquisition Progresses Toward Q4 Closing

Researched by Industrial Info Resources (Sugar Land, Texas)--New York state regulators recently approved Constellation Energy Corporation's (NASDAQ:CEG) (Baltimore, Maryland) previously announced $16.4 billion cash-and-stock acquisition of Calpine Corporation (Houston, Texas), which now is expected to close in the fourth quarter, although the deal still needs approval from the U.S. Federal Energy Regulatory Commission (FERC) and the U.S. Department of Justice and is subject to other closing conditions. Constellation is the largest nuclear power company in the U.S., while Calpine's holdings include natural gas-fired and geothermal facilities.

"This transaction will unite two diverse generation portfolios to create the leading reliable and clean generation fleet to help the U.S. win the AI race while meeting the growing needs of families, communities and businesses coast to coast," said Joe Dominguez, chief executive officer of Constellation, in a press release.

The transaction received approval from Texas' Public Utilities Commission earlier this month.

Constellation first announced plans for the acquisition in January. For more information, see January 13, 2025, article - Constellation Energy to Acquire Calpine for $16.4 Billion.

Industrial Info is tracking more than $8 billion worth of active and planned projects from Constellation, which includes the proposed restart of one of the reactors of the Three Mile Island nuclear power plant in Pennsylvania. The plant will be renamed the Crane Clean Energy Center. Subscribers to Industrial Info's Global Market Intelligence (GMI) Power Project and Plant databases can learn more by viewing the project report and plant profile.

Much of the company's other project activity involves refueling outages for its nuclear fleet.

In the company's fourth-quarter 2024 earnings report, Chief Financial Officer Dan Eggers said the company would invest more than $2.5 billion in capital expenditures (capex) in 2025; the most recent earnings report indicated $806 million in capex for the first quarter of 2025.

Constellation has been in the news this month, whether that's for signing a major power purchase agreement to support data center development or being forced to pause the retirement of a Pennsylvania natural gas-fired power plant. For more information, see June 4, 2025, article - Meta to Buy Nuclear Power from Illinois Constellation Plant and June 3, 2025, article - Feds Postpone Pennsylvania Power Plant Retirement.

Subscribers can click here for a full list of Constellation's nuclear plants.

Meanwhile, Industrial Info is tracking 58 operational Calpine plants in the U.S., including The Geysers geothermal field north of San Francisco, California, which the company touts as "the largest complex of geothermal energy facilities in the world." Subscribers can learn more by viewing the plant profile.

Calpine also owns the Baytown Energy Center along the Gulf Coast in Texas, where the company has been planning a $1 billion+ carbon capture and storage project; however, the U.S. Department of Energy (DOE) recently cut a previously pledged grant of $270 million for the project, which could alter, delay or eliminate the overall project investment. Subscribers can click here for the project report and here for the plant profile.

In April, Exxon Mobil Corporation (Spring, Texas) announced an agreement with Calpine to transport and permanently store up to 2 million metric tons per annum (MTPA) of carbon dioxide (CO2) from the Baytown site, "enabling the 24/7 supply of low-carbon electricity to Texas customers as well as steam to nearby industrial facilities."

Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking over 200,000 current and future projects worth $17.8 Trillion (USD).