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Constellation Announces Agreement to Sell PJM Generation Assets to LS Power as Part of FERC, U.S. DOJ Resolution of Calpine Transaction
BALTIMORE--(BUSINESS WIRE)-- Constellation Energy Corporation (Nasdaq: CEG) and LS Power Equity Advisors, LLC (“LS Power”) today announced an agreement under
About this update from Constellation Energy Corporation
[{"type":"text","content":" BALTIMORE--(BUSINESS WIRE)--\nConstellation Energy Corporation (Nasdaq: CEG) and LS Power Equity Advisors, LLC (“LS Power”) today announced an agreement under which Constellation will sell a portfolio of generation assets in PJM to LS Power, a key step in satisfying regulatory commitments related to Constellation’s acquisition of Calpine.\n\nThis press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260318802061/en/\nThe proposed sale represents the largest portion of the divestitures required by the U.S. Department of Justice (DOJ) as part of its antitrust review of the Calpine transaction, including all assets required to be divested by the Federal Energy Regulatory Commission (FERC). Under the agreement, LS Power will acquire approximately 4.4 gigawatts of predominantly natural gas–fired generation capacity located in Delaware and Pennsylvania, including the Bethlehem, York 1, York 2, Hay Road and Edge Moor Facilities. The transaction is valued at $5 billion before closing adjustments, representing an acquisition price of approximately $1,142/kW.\n\n\n“This transaction is an important step in satisfying the DOJ’s requirements and advancing our path forward,” said Joe Dominguez, president and CEO of Constellation. “These are well-run facilities that will continue powering consumers and businesses for decades to come. We’re pleased to be moving ahead and expect to complete the remaining DOJ requirements later this year.”\n\n\nIn December 2025, Constellation announced a resolution with the DOJ that outlines a series of divestitures designed to address competitive considerations in PJM and other markets. The DOJ resolution followed FERC’s July 2025 approval, which required the divestiture of certain assets in PJM. Today’s announcement represents the largest and most substantive element of the DOJ and FERC resolutions. Closing is conditioned upon receipt of regulatory approvals, including review by the DOJ and FERC, and other customary closing conditions.\n\n\nLS Power Expands PJM Footprint\n\n\n“PJM is at the epicenter of the surge in electricity demand, and these are exactly the kind of assets the grid needs – efficient, dispatchable gas generation that can deliver reliable power around the clock,” said Paul Segal, CEO of LS Power. “LS Power has been developing, building and ope...