Constellation’s Calpine deal to drive 35% revenue growth in 2026

Constellation Energy Corp.'s (NASDAQ: CEG) acquisition of Calpine, completed on Jan. 7, is set to materially reshape the power producer’s financial and operating profile in 2026. The deal combines Constellation’s nuclear-heavy fleet with Calpine’s natural-gas and geothermal generation and competitive retail electricity business.

Visible Alpha consensus estimates point to a sharp step-up in revenue as Calpine’s results are consolidated. Revenue is forecast at $34.5 billion in 2026, up from $25.5 billion in 2025, implying 35% growth. The acquisition is also expected to expand the group’s physical scale, with total generation capacity forecast to rise 27% year-on-year to 40,212 MW and total volume to increase 26% to 271,102 GWh.

The enlarged portfolio gives Constellation greater exposure to dispatchable natural-gas generation alongside its nuclear fleet, while also expanding its ability to serve the rising power needs of data centers and other large electricity users. Constellation has already signed agreements tied to new data-center demand, including a 380 MW arrangement with CyrusOne in Texas.

This article was published by Visible Alpha, part of S&P Global Market Intelligence and not by S&P Global Ratings, which is a separately managed division of S&P Global.