April 11, 2025

Constellation, Calpine defend $16.4B merger against anti-competition claims at FERC

Pennsylvania’s rate advocate warns the deal gives Constellation nearly 40% of the state’s retail power market, raising anti-competitive concerns.

Deal Defense: Constellation Energy Corp. and Calpine Corp. countered opposition to their planned merger, addressing stakeholder challenges in their first formal response at FERC. The companies assert that the proposed divestiture of 3,546 MW of generation capacity in PJM resolves all competitive concerns, according to a filing with FERC on April 8. Merger Overview: Constellation announced its acquisition of Calpine ...

Details:

Filing Date: April 8, 2025

Docket Numbers:

EC25-43

Short Summary:

Constellation Energy Corp. and Calpine Corp. countered opposition to their planned merger, addressing stakeholder challenges in their first formal response at FERC. The companies assert that their proposed divestiture of 3,546 MW of generation capacity in PJM resolves all competitive concerns, according to a filing with FERC on April 8.

Impact Level:

Categories:

Dealmaking & Transactions

Tags: Mergers & Acquisitions, Protests

Entities: Calpine Corp., Constellation Energy Corp.

Markets: PJM Interconnection (PJM)

Regions: Mid-Atlantic & Midwest

States:

Regulators: FERC

Courts:

Documents:

Merger & Acquisition – Application