Constellation Energy has agreed to buy Calpine for $16.4 billion, driven by the rising demand for electricity by the technology industry. The deal reflects the importance of natural gas in meeting U.S. electricity demand, with Calpine operating natural gas power plants and geothermal energy facilities. Constellation aims to combine its nuclear expertise with Calpine's low-carbon generation fleets to offer a wide range of energy products and services. The deal comes as power demand from data centers is expected to increase, with Constellation's stock price rising amid expectations for U.S. power demand growth. The acquisition marks a turnaround for Calpine, which had faced pressure to move away from fossil fuels in recent years.
Source: https://www.nytimes.com/2025/01/10/business/energy-environment/constellation-energy-calpine.html