Constellation Energy Acquires Calpine Corporation
January 7, 2026
Constellation Energy completed its acquisition of Calpine Corporation from Energy Capital Partners, creating the largest electricity producer in the United States with a combined 55 GW of generating capacity and ~2.5 million retail and business customers. The deal brings Calpine's natural gas and geothermal fleet together with Constellation's nuclear platform to expand capabilities, scale in high-demand regions (notably Texas and California), and support emerging clean-energy technologies.
- Buyers
- Constellation Energy Corporation
- Targets
- Calpine Corporation
- Sellers
- Energy Capital Partners
- Industry
- Energy
- Location
- Texas, United States
- Transaction Type
- Buyout
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