Constellation Completes Calpine Acquisition, Boosts Clean Energy Portfolio — Constellation Energy Corporation

Event summary

Constellation completed the acquisition of Calpine Corporation in January 2026, expanding its clean energy portfolio.
Fourth-quarter GAAP net income decreased to $1.38 per share from $2.71 per share in the same period of 2024.
Full-year adjusted operating earnings increased to $9.39 per share in 2025, up from $8.67 per share in 2024.
Constellation secured a $1 billion DOE loan guarantee for the Crane Clean Energy Center restart.
The company announced a 10% increase in its annual dividend and expects another 10% increase in 2026.

The big picture

Constellation's acquisition of Calpine positions it as the largest producer of clean and reliable energy in the U.S., aligning with the growing demand for electricity driven by data centers and advanced manufacturing. The company's focus on nuclear power, coupled with flexible natural gas resources, aims to meet the needs of a rapidly electrifying economy. The strategic partnerships with tech giants like Microsoft and CyrusOne underscore the critical role of reliable energy infrastructure in supporting the AI age.

What we're watching

Integration Challenges: How Constellation will integrate Calpine's natural gas and geothermal assets with its nuclear fleet.
Regulatory Approvals: Whether the NRC will approve the restart of the Crane Clean Energy Center under the PPA with Microsoft.
Dividend Growth: The pace at which Constellation can sustain its dividend growth amid fluctuating market conditions.