Constellation Energy to Sell Portfolio of Assets for $5 Billion to Satisfy Regulators

By Kelly Cloonan

Constellation Energy plans to sell a portfolio of generation assets for $5 billion to LS Power Equity Advisors in a move aimed at satisfying regulatory commitments related to its acquisition of Calpine.

The power company said Wednesday the proposed sale is the largest portion of the divestitures required by the Justice Department as part of its antitrust review of the Calpine deal, and would include all assets required for divestiture by the Federal Energy Regulatory Commission.

Under the agreement, LS Power will acquire about 4.4 gigawatts of mostly natural gas-fired generation capacity located in Delaware and Pennsylvania, Constellation said. The transaction value is before closing adjustments, Constellation said.

The company expects to complete the remaining DOJ requirements later this year.

The transaction comes after Constellation closed its acquisition of Calpine in January, creating a massive U.S. electricity producer at a time of rising demand. Including the assumption of debt, Constellation valued the cash-and-stock deal at $26.6 billion.

Write to Kelly Cloonan at kelly.cloonan@wsj.com

(END) Dow Jones Newswires

March 18, 2026 17:40 ET (21:40 GMT)