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Constellation-Calpine deal requires behavioral remedy, market monitor tells US FERC

( March 25, 2025, 14:00 GMT | Official Statement) -- MLex Summary: A merger between power companies Constellation Energy and Calpine Corp. would result in excessive market power for the merged entity unless the dealmaker's proposed divestiture remedy is improved, PJM Interconnection's independent market monitor wrote in an analysis submitted to the US Federal Energy Regulatory Commission. The divestiture asset purchaser should "not include any owner of more than three percent of PJM installed capacity," the market monitor advised, adding that other conditions for approval of the Constellation-Calpine deal might also be necessary. "Given Constellation’s market power in PJM, as the largest single provider of capacity and energy, the behavioral rules would ensure competitive energy market offers and would prevent physical withholding of Constellation’s resources," the monitor stated.See attached document. ...

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