May 21, 2025

PJM market monitor challenges Constellation-Calpine merger analysis

The market monitor challenges the merger’s market power analysis, citing insufficient assessment of transmission constraints and dynamic submarkets.

Market Power Probe: PJM Interconnection LLC's Independent Market Monitor (IMM), Monitoring Analytics LLC, challenged the market power analysis conducted for the proposed merger of Constellation Energy and Calpine, arguing the delivered price test (DPT) inadequately assesses potential market manipulation. The IMM contends the DPT overlooks the dynamic nature of PJM's submarkets and the impact of transmission constraints, according to comments ...

Details:

Filing Date: May 19, 2025

Docket Numbers:

EC25-43

Short Summary:

PJM Interconnection LLC’s Independent Market Monitor (IMM), Monitoring Analytics LLC, challenged the market power analysis conducted for the proposed merger of Constellation Energy and Calpine, arguing the delivered price test (DPT) inadequately assesses potential market manipulation. The IMM contends the DPT overlooks the dynamic nature of PJM’s submarkets and the impact of transmission constraints, according to comments filed May 19.

Impact Level:

Categories:

Dealmaking & Transactions

Tags: Market Power Study, Mergers & Acquisitions, Protests

Entities: Calpine Corp., Constellation Energy Corp., PJM Independent Market Monitor

Markets: PJM Interconnection (PJM)

Regions: Mid-Atlantic & Midwest

States:

Regulators: FERC

Courts:

Documents:

Merger & Acquisition – Application – Comments