DOJ Forces Energy Giant to Sell Plants in Merger Deal
Published Date: 4/24/2026
Notice
Summary
The U.S. government is making sure Constellation Energy’s buyout of Calpine doesn’t hurt electricity competition in Texas and nearby states. To keep things fair, Constellation must sell seven power plants to new owners approved by the government. This fix helps protect your power prices and keeps the lights on without delay.
Analyzed Economic Effects
4 provisions identified: 3 benefits, 1 costs, 0 mixed.
Seven Power Plants Must Be Sold
The proposed Final Judgment requires Constellation to divest seven electric generating facilities in ERCOT and PJM Coastal Mid-Atlantic to buyers acceptable to the United States (after consultation with Texas). The Stipulation and Order requiring parties to abide by the proposed Final Judgment was entered on January 2, 2026. The United States says this divestiture is intended to preserve competition for wholesale electricity in those markets.
240-Day Divestiture Deadline and Trustee
The proposed Final Judgment gives Defendants up to a 240-day period to complete the required divestitures. If Defendants have not divested within that 240‑day period, the United States may ask the Court to appoint a divestiture trustee who will have the sole right to sell the assets to acquirers acceptable to the United States.
Buyer Hiring and Asset Condition Requirements
The Final Judgment requires Defendants to help acquirers hire 'Relevant Personnel' at the divested plants by making those employees available for interviews and not interfering with hiring. Defendants must also warrant that the divested assets are operational and without material defect on the transfer date and must use best efforts to assist acquirers in obtaining necessary licenses, registrations, and permits.
Pennsylvania Retail Issues Not Addressed
The Pennsylvania Office of Consumer Advocate commented that the proposed Final Judgment does not address potential effects on default service procurements or Pennsylvania's retail electricity market. The United States responded that those retail issues relate to retail markets and fall outside the scope of this Tunney Act proceeding focused on wholesale markets.
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