Utilities are cutting billion-dollar checks at a pace not seen in years, reshaping portfolios ahead of a demand surge that could see data centers consume 12% of the nation’s electricity by 2028. (Reuters)
2025’s blockbuster deals include Constellation’s $16B buyout of Calpine, NRG’s $12B purchase of LS Power assets, and Black Hills’ $3.6B merger with NorthWestern Energy. Vistra, American Electric Power, and National Grid are also swapping major generation and transmission stakes.
The strategy is clear: Bulk up on dispatchable natural gas and transmission capacity while selling non-core renewables, water utilities, and overseas assets.