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Constellation Announces Buyer For $5 Billion Sale Of 4.4 GW Portfolio Of PJM Generating Assets
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Constellation Energy Corporation and LS Power Equity Advisors, LLC today announced an agreement under which Constellation will sell a portfolio of generation assets in PJM to LS Power, as part of satisfying regulatory commitments related to Constellation’s acquisition of Calpine.
The 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.
Closing is conditioned upon receipt of regulatory approvals, including review by the DOJ and FERC, and other customary closing conditions.
The asset sale announced today is expected to close later this year, subject to regulatory approvals.
Constellation expects to complete the remaining DOJ requirements later this year
The Jack Fusco Energy Center, a 606-megawatt natural gas fired combined cycle facility located outside Houston, Texas, is the remaining facility in the DOJ resolution agreement that has not yet been divested.
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March 18, 2026
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Copyright 2026 EnergyChoiceMatters.com
Reporting by Paul Ring • ring@energychoicematters.com
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