Power Giant Strikes While the Iron Is Hot
Constellation Energy, the owner of America’s biggest nuclear power fleet, is buying the owner of the largest natural-gas-fired power fleet. The deal is a win-win for both parties and highlights just how much fortunes have shifted for once-ignored power stocks. Constellation on Friday announced that it will buy privately held Calpine for $29.1 billion, including $12.7 billion of net debt.