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Baltimore’s Constellation Energy plans mega $16B acquisition

By Jeff Clabaugh

Baltimore-based Constellation Energy Corp. will acquire Houston-based energy company Calpine Corp. in a deal worth $16.4 billion, one of the largest energy acquisitions on record.

Constellation, which was spun off by Baltimore Gas & Electric owner Exelon Corp. in 2022, will pay $4.5 billion in cash, with the balance of the transaction in company stock. It will also assume $12.7 billion in Calpine debt.

The merger will create the nation’s largest clean energy provider. Constellation is the largest owner and operator of nuclear power plants. Calpine operates the largest geothermal generation plant in the country, and is the largest producer of energy from low-emission natural gas generation.

Combined, the two companies will serve 2.5 million customers.

Constellation also operates natural gas and hydroelectric power plants. Calpine has a total of 78 energy producing facilities.

The acquisition still needs regulatory approval. Constellation expects it to close within 12 months.

It is the second large acquisition for Constellation since being spun off from Exelon. In 2023, it paid $1.75 billion for NRG Energy’s stake run a Texas nuclear power plant.

Massachusetts court hears arguments in lawsuit alleging Meta designed apps to be addictive to kids

By The Associated Press
BOSTON (AP) — Massachusetts' highest court heard oral arguments Friday in the state's lawsuit arguing that Meta designed features on Facebook and Instagram to make them addictive to young users. The lawsuit, filed in 2023 by Attorney General Andrea Campbell, alleges that Meta did this to make a profit and that its actions affected hundreds of thousands of teenagers in Massachusetts who use the social media platforms. “We are making claims based only on the tools that Meta has developed because its own research shows they encourage addiction to the platform in a variety of ways,” said State Solicitor David Kravitz, adding that the state's claim has nothing to do the company's algorithms or failure to moderate content. Meta said Friday that it strongly disagrees with the allegations and is “confident the evidence will show our longstanding commitment to supporting young people.” Its attorney, Mark Mosier, argued in court that the lawsuit “would impose liabilities for performing traditional publishing functions” and that its actions are protected by the First Amendment.
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