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BALTIMORE and HOUSTON (January 7, 2026) — Constellation (Nasdaq: CEG) today announced it has completed its acquisition of Calpine Corporation from Energy Capital Partners (ECP), creating the nation’s largest producer of electricity. With millions of customers depending on the company every day, the combined organization will deliver reliable, clean power that keeps America moving forward. By uniting Constellation’s zero-emission nuclear fleet with Calpine’s industry-leading natural gas and geothermal generation, the company is building the foundation for America’s next great era of innovation – powering the data centers, advanced manufacturing facilities and critical infrastructure that will define the AI age and secure the nation’s economic leadership.

“This isn’t just about two great companies coming together – it’s about strengthening America’s future,” said Joe Dominguez, president and CEO of Constellation. “Constellation is stepping up to power America’s growth when our nation’s demand for energy is surging, and our global competitors are racing to capture AI leadership. By uniting Constellation and Calpine, we’re providing the reliable, clean energy that keeps our communities strong, our businesses competitive and our nation secure.”

Andrew Novotny, president and CEO of Calpine, said, “This is an exciting day for both our companies and for the customers and communities we serve. We have the assets that power America today and meet the needs of tomorrow. Our expanded capabilities will allow us to better serve customers and communities, enable investment in critical infrastructure and support national priorities for energy security, economic competitiveness and technological leadership. Our teams share a relentless commitment to safety, sustainability and operational excellence, and I’m excited about what we will accomplish together.”

“As a decades-long investor in power generation, ECP aims to unlock value, drive long-term growth opportunities and strengthen asset reliability – often serving as a bridge between public and private markets,” said Tyler Reeder, president and managing partner of ECP. “We are proud to have achieved those goals in partnership with Calpine’s management team and believe this combination validates that vision, setting the company up for future success while meeting the evolving needs of its customers, communities and the U.S.’s electrical grid.”

The combined company provides 2.5 million retail and business customers nationwide with access to the broadest array of clean and reliable energy solutions in the industry, offering customers greater choice, competitive prices and tailored clean energy products. The acquisition also strengthens Constellation’s footprint in high-demand regions, including Texas and California, while maintaining significant operations in Illinois, Maryland, New York and Pennsylvania.

With 55 gigawatts of capacity, Constellation and Calpine together will be the platform where new clean technologies can scale – including advanced nuclear, geothermal, carbon capture and sequestration, and long-duration storage. Building on shared cultures of safety, operational excellence and community partnership, the combined company is positioned to drive innovation and sustained investment in clean and reliable energy.

The company will maintain headquarters in Baltimore and a significant presence in Houston, continuing its commitment to the communities where it operates. Constellation will also expand its community impact through workforce development and philanthropy, contributing more than $23 million each year in foundation, corporate and employee giving, along with thousands of volunteer hours.