Key Stats
Calpine Corporation stands as the largest generator of electricity from natural gas and geothermal resources in the United States. The company operates 78 power plants across 22 states and Canada, serving millions of customers through wholesale and retail operations.
The name “Calpine” combines California, where the company originated, with alpine, referencing the Zürich headquarters of early investor Electrowatt. Today, Calpine operates natural gas-fired combustion turbines and renewable geothermal steam turbines.
Calpine owns The Geysers in California, the world’s largest geothermal complex. This facility generates 725 MW of clean electricity, enough to power 725,000 homes. Through its retail brands Champion Energy and Calpine Energy Solutions, the company serves commercial and residential customers in deregulated markets.
Calpine History
Calpine Co-founders
Calpine Revenue
Calpine generates approximately $10 billion in annual revenue from wholesale power sales, retail electricity services, and geothermal operations. The company sells electricity to utilities, industrial customers, and retail consumers across deregulated markets.
Revenue streams include commodity sales, capacity payments, renewable energy credits, and ancillary services. The acquisition by Constellation Energy will combine operations to create over $24 billion in combined annual revenues.
Calpine Market Cap
Calpine’s market capitalization reached approximately $5.5 billion before the Constellation Energy acquisition announcement. The $26.6 billion deal valuation includes $16.4 billion in equity and $12.7 billion in assumed debt.
As a private company since 2018, Calpine’s valuation reflected growth under Energy Capital Partners ownership. The Constellation transaction represents one of the largest power industry acquisitions in U.S. history.
Calpine Acquisitions
Calpine has grown through strategic acquisitions that expanded its generation portfolio and retail customer base. The 1999 purchase of PG&E’s Geysers assets transformed Calpine into the world’s largest geothermal producer. This acquisition positioned the company at the forefront of renewable energy infrastructure development.
The 2010 Conectiv Energy acquisition from Pepco Holdings brought 19 power facilities across five states for $1.65 billion. This deal provided access to northeastern markets and diversified Calpine’s geographic footprint. The acquisition included 18 operating plants and one facility under construction.
Champion Energy joined the Calpine portfolio in 2015, followed by Calpine Solutions (formerly Noble Americas Energy Solutions) in 2016 for approximately $800 million. These retail acquisitions created an integrated platform serving commercial and residential customers in Texas, California, and the Northeast.
In January 2025, Constellation Energy announced its agreement to acquire Calpine for $26.6 billion. This transaction creates America’s largest clean energy provider with 60 GW of generation capacity spanning nuclear, natural gas, geothermal, and renewable sources.
Calpine Competitors
Calpine operates in competitive wholesale and retail electricity markets alongside major independent power producers and integrated utilities. The company competes on generation efficiency, fuel diversity, and customer service quality.
| Company | Headquarters | Primary Focus |
|---|---|---|
| NRG Energy | Houston, TX | Integrated power and retail electricity |
| Vistra Corp | Irving, TX | Retail electricity and power generation |
| NextEra Energy | Juno Beach, FL | Renewable energy and regulated utilities |
| Constellation Energy | Baltimore, MD | Nuclear and clean energy generation |
| Entergy Corporation | New Orleans, LA | Integrated utility and nuclear power |
| AES Corporation | Arlington, VA | Global power generation and utilities |
| Southern Company | Atlanta, GA | Regulated utilities and generation |
| American Electric Power | Columbus, OH | Transmission and regulated utilities |
| Capital Power | Edmonton, Canada | Power generation across North America |
| Talen Energy | Houston, TX | Independent power production |