Constellation PJM natural gas generation portfolio — 4.4 GW across Delaware and Pennsylvania (Bethlehem, York 1 & 2, Hay Road, Edge Moor)
Required divestiture for Constellation's $16.4B Calpine acquisition (closed Jan 2026). DOJ and FERC required disposal of overlapping PJM assets to clear antitrust review. At ~$1,142/kW, reflects premium valuation for dispatchable PJM capacity. Constellation still must divest the 606 MW Jack Fusco plant in ERCOT.
$5.00B
Deal Value
4,400MW
Capacity
Natural Gas
Technology
DE, PA
Location
Deal Details
- Deal Type
- Project & Portfolio M&A
- Seller / Sponsor
- Constellation Energy
- Buyer / Financier
- LS Power
- Deal Value
- $5B
- Stage
- Operating
- ISO/RTO
- PJM
- Source
- Constellation Energy
Service Providers
Advisory & Legal
- Buyer Counsel
- White & Case LLP; Willkie Farr & Gallagher LLP
- Seller Counsel
- Kirkland & Ellis
- Buyer Financial Advisor
- Santander
- Seller Financial Advisor
- Barclays; SMBC/Jefferies
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Capital Dynamics
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Leadership at the Counterparties
Recent executive moves at the firms named in this deal.
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