Constellation Energy, the nation’s largest nuclear plant operator, announced plans Friday to buy power producer Calpine in a $16.4 billion cash-and-stock deal — adding Calpine’s large fleet of Texas natural gas generators at a time of rising U.S. electricity demand.
Constellation, based in Baltimore, said the deal will help boost electric reliability through the combination of renewable assets and around-the-clock natural gas and nuclear generators.
“By combining Constellation’s unmatched expertise in zero-emission nuclear energy with Calpine’s industry-leading, best-in-class, low-carbon natural gas and geothermal generation fleets, we will be able to offer the broadest array of energy products and services available in the industry,” said Joe Dominguez, the CEO of Constellation.
“Both companies have been at the forefront of America’s transition to cleaner, more reliable and secure energy,” he said in a statement, “and those shared values will guide us as we pursue investments in new and existing clean technologies to meet rising demand.”
