Constellation–Calpine Merger Market Power Analysis
Earthjustice
Project completed.
Synapse prepared an independent analysis of the potential PJM market power and price impacts of Constellation Energy Group’s proposed acquisition of Calpine Corporation. Our report assessed whether the transaction is consistent with the public interest by examining ownership across the supply stack, transmission constraints, market conditions, and the limitations of standard HHI-based screens. The analysis concludes that the transaction is likely to exacerbate existing market power concerns in PJM and warrants heightened regulatory scrutiny.