Why Constellation wants to buy Calpine, Houston's largest private company: 'They had whupped us a lot'
Claire Hao | Posted 03/13/2025
That rationale was why Calpine, Houston’s largest private company, was a such an attractive buy, Joseph Dominguez, CEO of Baltimore-based power generation company Constellation, told hundreds of energy insiders gathered in downtown Houston Tuesday.
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Constellation, a Baltimore-based power generation company, has announced a landmark $26.6 billion deal to acquire Calpine, Houston's largest private company. This acquisition aims to create the largest independent power producer in North America by merging Constellation's extensive nuclear power fleet with Calpine's significant portfolio of natural gas power plants. CEO Joseph Dominguez highlighted that the move is strategic, as Calpine has been a strong competitor, and the combined entity will enhance Constellation's competitiveness in supplying electricity to major tech companies, particularly those building AI data centers.
The acquisition is also significant for expanding Constellation's presence in Texas, a growing hub for data center investment. Dominguez noted that while data center customers are increasingly interested in emissions-free power, they also require reliable electricity sources that can be rapidly deployed, which favors natural gas. Additionally, Calpine's leadership in carbon sequestration research aligns with Constellation's goals, as the energy industry seeks to balance fossil fuel use with climate considerations amidst the evolving energy landscape.
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