Constellation Energy to buy Calpine for $16.4bn

The deal will create the largest clean energy provider in the US, said Alpine, which is already the nation’s largest producer of 24/7 emissions-free electricity.

Constellation noted that Calpine is the largest US producer of energy from low-emission natural gas generation and an expanded renewable energy portfolio, including the largest geothermal generation operation in the US.

Joe Dominguez, president and chief executive of Constellation, said: "This acquisition will help us better serve our customers across America, from families to businesses and utilities.

"By combining Constellation’s unmatched expertise in zero-emission nuclear energy with Calpine’s industry-leading, best-in-class, low-carbon natural gas and geothermal generation fleets, we will be able to offer the broadest array of energy products and services available in the industry.

"Both companies have been at the forefront of America’s transition to cleaner, more reliable and secure energy, and those shared values will guide us as we pursue investments in new and existing clean technologies to meet rising demand.

"What makes this combination even more special is it brings together two world-class teams, with the most talented women and men in the industry, who share a noble passion for safety, sustainability, operational excellence and helping America’s families, businesses and communities thrive and grow."