DOJ Antitrust Division Scrutinizes Power Generation and Data Centers

The DOJ’s Antitrust Division filed a complaint and proposed consent decree requiring divestiture of six power plants to resolve concerns arising from Constellation Energy’s $26.6 billion acquisition of Calpine.

• DOJ action and remedy: The Antitrust Division filed a complaint and proposed consent decree seeking divestiture of six power plants to address competitive concerns from Constellation Energy’s $26.6 billion acquisition of Calpine (December 2025). This is described as structural relief and the first time in almost 15 years the Division has sought such relief in a generation merger (since the 2011 Exelon/Constellation matter).
• Article and analysis:Milbank LLP partners Adam Di Vincenzo and Fiona Schaeffer and associate John Ceccio authored an article in Competition Policy International analyzing implications for electricity markets and digital infrastructure (data centers), and advising dealmakers and M&A counsel in the energy and data center sectors. The article is hosted/copied on PYMNTS (link provided); access may require subscription.