CEG · 8-K · 20260806PR000097

Acquisition / Partnership / Divestiture

Constellation Energy Corp · 2026-08-06 · Importance 71 · Surprise 60 · No source text

Constellation completed the Calpine acquisition in January 2026, and the transaction used $2,537 million of cash net of cash and restricted cash acquired during the first six months. In August 2026, the company agreed to sell the 606-MW Brazos Valley Energy Center in ERCOT to LS Power for $860 million before closing adjustments. The sale is intended to satisfy the final regulatory divestiture commitment from the Calpine acquisition and is expected to close by year-end subject to DOJ approval and customary conditions. Calpine-related commodity contract amortization and merger-integration costs reduced second-quarter adjusted earnings by $149 million and $84 million, respectively, before tax effects.

Key facts

• Entered into agreement in August 2026 to divest the Brazos Valley Energy Center, a 606 MW natural gas-fired plant in ERCOT, to LS Power for $860 million before closing adjustments. source
• Assets held for sale at June 30, 2026: $5,743 million (compared with $126 million at Dec 31, 2025). source
• Goodwill at June 30, 2026: $11,527 million (compared with $420 million at Dec 31, 2025). source
• Acquisition of Calpine, net of cash and restricted cash acquired, was $2,537 million in six months ended June 30, 2026. source
• Amortization of Acquired Commodity Contracts (net of taxes of $51) in Q2 2026: $149 million (0.41 per share) related to Calpine acquisition. source
• Calpine merger and integration costs (net of taxes of $17) in Q2 2026: $84 million (0.23 per share). source

Impact estimates