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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. That enterprise value doesn’t look all that expensive considering it represents about 7.9 times Calpine’s 2026 earnings before interest, taxes, depreciation and amortization. That compares with 20 times for Constellation and 13 times for Vistra.