Key Points
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Constellation Energy announced a $26.6 billion acquisition of Calpine, enhancing its natural gas and geothermal capacity alongside its nuclear fleet.
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The deal closed on January 7, 2026, with projections indicating a 20% increase in adjusted earnings per share for 2026.
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Estimated peak electricity load projections for the ERCOT and PJM regions increased by 81% and 31%, respectively, in 2025.
Constellation Energy (NASDAQ: CEG) started 2025 with a significant announcement about its acquisition of Calpine, which added a capacity of 21 nuclear reactors and over 50 natural gas plants to its portfolio. This acquisition was part of a broader strategy to meet rising electricity demand, particularly from AI data centers, as the company also reported a 57.9% rise in stock value during the year.
With the integration of Calpine’s assets, Constellation anticipates enhanced earnings, projecting an increase of $2.00 per share by 2029. The company signed a second 20-year power purchase agreement with Meta Platforms, solidifying its role in the increasing electricity demand landscape as it aims for a restart of its Three Mile Island unit in mid-2027, spurred by favorable regulatory conditions.
