Constellation‘s Calpine Deal Clears Texas Regulatory Review

Constellation (CEG) has secured regulatory approval from the Public Utility Commission of Texas (PUCT) for its planned acquisition of Calpine Corporation.

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06/05/2025 - 04:05 PM EDT

PUCT endorsement is another step forward in transaction that will create America’s leading reliable and clean energy provider, with coast-to-coast presence

BALTIMORE--(BUSINESS WIRE)-- Constellation (Nasdaq: CEG) today announced it has received regulatory approval from the Public Utility Commission of Texas (PUCT) for its previously announced acquisition of Calpine Corporation.

The approval is progress in Constellation’s plans to combine the nation’s largest zero-emissions nuclear fleet with Calpine’s premier portfolio of low-emission natural gas and geothermal assets, resulting in a coast-to-coast energy company capable of supporting growing demand for around-the-clock, sustainable power.

“With this approval from the Texas PUC, we’re one step closer to creating the nation’s premier platform for reliable, clean energy, powering families and businesses across America,” said Joe Dominguez, president and CEO of Constellation. “This combination strengthens our ability to serve the growing needs of our customers and communities – especially in high-demand markets like Texas – while continuing to lead the nation’s transition toward a more reliable, secure and clean energy future. Most important, we’re combining two strong teams with a shared commitment to operational excellence, sustainability and supporting healthy, clean and growing communities.”

With approval from the PUCT secured, the transaction now awaits clearance from the New York State Public Service Commission, the Federal Energy Regulatory Commission and the Department of Justice, along with other customary closing conditions. The transaction is expected to close in the fourth quarter of 2025.

About Constellation

Constellation Energy Corporation (Nasdaq: CEG), a Fortune 200 company headquartered in Baltimore, is the nation’s largest producer of reliable, emissions-free energy and a leading energy supplier to businesses, homes and public sector customers nationwide, including three-fourths of Fortune 100 companies. With annual output that is nearly 90% carbon-free, our hydro, wind and solar facilities paired with the nation’s largest nuclear fleet have the generating capacity to power the equivalent of 16 million homes, providing about 10% of the nation’s clean energy. We are committed to investing in innovative technologies to drive the transition to a reliable, sustainable and secure energy future. Follow Constellation on LinkedIn and X.