As of July 23, 2025, the Federal Energy Regulatory Commission (FERC) approved Constellation Energy’s proposal to buy Calpine from Energy Capital Partners. [1] The deal is valued at $16.4 billion and subject to conditions that aim to reduce the expanded company’s ability to exert market power. [2] The proposed mitigation plan involves Constellation selling five power plants in the PJM Interconnection, and FERC believes that the transaction “will not have an adverse effect on competition.” Although Constellation agreed not to enter into colocation data center deals until mid-2026 or until FERC issues an order clarifying PJM’s rules on the issue, the company will be free to partake in above-market data center transactions under the approved conditions. As part of the plan, Constellation will sell four power plants in the PJM Interconnection totaling 3,546 MW. They include: the 1,134 MW gas-fired combined cycle Bethlehem Energy Center; the 569 MW dual-fuel combined cycle Hay Road Energy Center; and the 707-MW, gas-fired simple cycle Edge Moor Energy Center.
[2] https://elibrary.ferc.gov/eLibrary/filelist?accession_number=20250703-5191&optimized=false