FERC has approved Constellation Energy’s $16.4B acquisition of Calpine, though the deal is subject to checks and balances that lessen the combined entity’s influence over the PJM market. (Utility Dive)
Constellation agreed to sell five PJM power plants, cap capacity market offers through 2036, and forgo colocation data center deals until mid-2026.
Some terms and conditions: Constellation agreed not to sell power plants to Dominion Energy or American Electric Power, which own the most capacity in PJM. But, assuming the DOJ approves the transaction, Constellation will own nearly 60 GW of generation capacity.