Constellation Settles With US on $16.4 Billion Calpine Deal
The Calpine Corp. thermal energy power plant in Middletown, California.
Photographer: Ken James/Bloomberg
Constellation Energy Corp. reached a settlement with the US Justice Department to complete its $16.4 billion purchase of Calpine Corp. in a deal aimed at addressing mounting concerns over soaring power prices.
The combination will create America’s biggest fleet of power plants, even after Friday’s deal that calls for the companies to divest two sites and a minority stake in one more. The settlement, if approved by the courts, would resolve a civil antitrust lawsuit seeking to maintain competition, and is in addition to four other plants the companies agreed to divest in July under a separate agreement.