Constellation Energy acquires geothermal operator Calpine Energy
Energy company Constellation Energy has acquired Calpine Energy, the operator of the Geysers geothermal power complex in California.
Constellation Energy has agreed to acquire Calpine Energy in a deal that combines two of the largest electricity generators in the United States. The acquisition will be via a cash and stock transaction with a net purchase price of USD 26.6 billion.
Notably, Calpine Energy operates the Geysers geothermal power complex in California, making it the largest geothermal operator in the US. Calpine is also the largest US producer of natural gas generation. The acquisition significantly increases the power generation portfolio of Constellation Energy, which is already the nation’s largest nuclear power plant operator.
“This acquisition will help us better serve our customers across America, from families to businesses and utilities,” said Joe Dominguez, President and CEO of Constellation Energy. “By combining Constellation’s unmatched expertise in zero-emission nuclear energy with Calpine’s industry-leading, best-in-class, low-carbon natural gas and geothermal generation fleets, we will be able to offer the broadest array of energy products and services available in the industry.”
“Both companies have been at the forefront of America’s transition to cleaner, more reliable and secure energy, and those shared values will guide us as we pursue investments in new and existing clean technologies to meet rising demand.”
“This is an incredible opportunity to bring together top tier generation fleets, leading retail customer businesses and the best people in our industry to help drive a stronger American economy for a cleaner, healthier and more sustainable future,” added Andrew Novotny, President and CEO of Calpine.
“Together, we will be better positioned to bring accelerated investment in everything from zero-emission nuclear to battery storage that will power our economy in a way that puts people and our environment first. It’s a win for every American family and business in our newly combined footprint that wants clean and reliable energy.”
Source: Constellation Energy and The New York Times
