Constellation Energy Corp., an electricity provider whose stock has doubled over the last year on hopes it will help meet the voracious energy demand created by artificial-intelligence technologies, on Friday reached a $16.

Separately, Calpine and Constellation are already among the largest power generation companies in the country.

Baltimore's Constellation Energy buying Calpine in a deal that joins two huge U.S. power companies

Constellation Energy agreed to buy Calpine for $16.4 billion, combining two of the country’s largest electricity generators at a time when their product is in high demand from tech companies. Including the assumption of debt,

U.S. nuclear power provider Constellation Energy on Friday agreed to buy privately held natural gas and geothermal company Calpine Corp for $16.4 billion, one of the biggest acquisitions in U.S. power industry history.

Few people saw it coming then, but 2024 would be the year the proverbial planets aligned for this utility name.

When a company issues more shares to pay for an acquisition, its stock usually falls. Constellation Energy stock popped instead, which says something about the quality of its deal to buy Calpine.Shares of Constellation,