Constellation Energy’s deal to buy Calpine is being driven by fast-rising demand for electricity in part by the technology industry’s investments in artificial intelligence.

The net purchase price of the deal is roughly $26.6 billion, which includes the assumption of debt for the privately held Calpine. Constellation Energy rose 9.5% to $266.89 in pre

Houston's largest private company will be acquired by a publicly traded utilities company based in Baltimore in a deal worth $26.6 billion.