Constellation Energy announced it has received regulatory approval from the Public Utility Commission of Texas for its previously announced acquisition of Calpine Corporation. This marks a significant step forward in the process of combining Constellation's nuclear fleet with Calpine's diversified generation assets.
The approval from Texas is a key milestone for the $26.6 billion transaction, which aims to create the nation's largest clean energy provider. The acquisition is designed to enhance Constellation's scale, diversify its generation portfolio, and expand its retail electric supplier platform.
The transaction, which is expected to close in the fourth quarter of 2025, still requires further regulatory approvals from the Federal Energy Regulatory Commission and the Department of Justice, along with other customary closing conditions. This Texas approval reduces some of the regulatory uncertainty surrounding the deal.
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