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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