Constellation Energy closed its $21.8 billion acquisition of Calpine on 7 January 2026 — six days after the end of the financial year its most recent Annual Report covers. That report describes a 31,676 megawatt company whose generation was 89% nuclear, and states on its first page that it excludes Calpine. The company that exists today has 55 gigawatts, of which 21 burn natural gas. There is no restated history, which means the step between the two is not growth, and the only like-for-like view of the combined business anywhere in the public record is an unaudited pro forma filed as an exhibit in April 2026.
Research Study
Purchase this study for full access, or subscribe to get every research study included — the entire catalogue, not one at a time, plus all premium content.