Constellation announced it has completed its acquisition of Calpine Corporation from Energy Capital Partners, combining Constellation’s nuclear fleet with Calpine’s natural gas and geothermal generation to form a power platform with 55 gigawatts of generating capacity.
The company said the combined organization will serve approximately 2.5 million retail and business customers nationwide with a broader mix of clean and reliable energy offerings, including tailored clean energy products. Constellation said the transaction strengthens its footprint in high-demand markets such as Texas and California while maintaining significant operations in Illinois, Maryland, New York and Pennsylvania.
Constellation framed the deal as positioning the company to meet rising U.S. electricity demand tied to data centers, advanced manufacturing and critical infrastructure, and to provide a platform for scaling emerging clean technologies. The company said the combined fleet and commercial platform will support growth areas including advanced nuclear, geothermal, carbon capture and sequestration, and long-duration energy storage, while emphasizing safety, operational excellence and community partnership.
Constellation said it will maintain its headquarters in Baltimore and a significant presence in Houston. The company also said it plans to expand community impact through workforce development and philanthropy, contributing more than $23 million annually in foundation, corporate and employee giving, along with thousands of volunteer hours.
KEY QUOTES:
“This isn’t just about two great companies coming together — it’s about strengthening America’s future. Constellation is stepping up to power America’s growth when our nation’s demand for energy is surging, and our global competitors are racing to capture AI leadership. By uniting Constellation and Calpine, we’re providing the reliable, clean energy that keeps our communities strong, our businesses competitive and our nation secure.”
Joe Dominguez, President and CEO, Constellation
“This is an exciting day for both our companies and for the customers and communities we serve. We have the assets that power America today and meet the needs of tomorrow. Our expanded capabilities will allow us to better serve customers and communities, enable investment in critical infrastructure and support national priorities for energy security, economic competitiveness and technological leadership. Our teams share a relentless commitment to safety, sustainability and operational excellence, and I’m excited about what we will accomplish together.”
Andrew Novotny, President and CEO, Calpine
“As a decades-long investor in power generation, ECP aims to unlock value, drive long-term growth opportunities and strengthen asset reliability — often serving as a bridge between public and private markets. We are proud to have achieved those goals in partnership with Calpine’s management team and believe this combination validates that vision, setting the company up for future success while meeting the evolving needs of its customers, communities and the U.S.’s electrical grid.”
Tyler Reeder, President and Managing Partner, Energy Capital Partners
