Factbox: US utilities hit the M&A trail as AI boom drives up power demand
18/07/2025 10:31
Adds Talen Energy July 18 (Reuters) - U.S. utilities are snapping up assets and shedding units to fund their deals as they prepare to meet a massive surge in demand over the next two years, driven by power-hungry data centers needed to support the boom in artificial intelligence usage Power demand from data centers in the U.S. is expected to nearly triple in the next three years and consume as much as 12% of the country's electricity, according to a Department of Energy-backed study. Here are some of the biggest mergers, acquisitions and divestitures announced in 2025:
| Company | Deal Description | Deal Value | Expected Closing Date |
| Talen Energy | Acquiring two power plants located in Pennsylvania and Ohio | $3.5 billion net acquisition price | Fourth quarter |
| Constellation Energy | Acquiring Calpine, a private natural gas and geothermal company | $16 billion | Late 2025 |
| NRG Energy | Buying power generation assets from LS Power | $12 billion | First quarter of 2026 |
| NRG Energy | Acquired 738 MW natural gas assets from Rockland Capital | $560 million | Closed in April |
| TXNM Energy | To be acquired by Blackstone Infrastructure unit | $11.5 billion | Second half of 2026 |
| Vistra | Acquiring seven natural gas plants from Lotus Infrastructure Partners | $1.9 billion | Late 2025 or early 2026 |
| American Electric Power | Selling 20% stake in transmission network to KKR and PSP Investments | $2.82 billion | Second half of 2025 |
| Sempra | Selling energy infrastructure assets in Mexico and minority stake in Sempra Infrastructure | Not disclosed | Mid-2026 |
| Eversource Energy | Selling public water supply unit | $2.4 billion | Late 2025 |
| National Grid | Selling U.S. onshore renewables business to Brookfield Asset Management | $1.74 billion | First half of the financial year to March 31, 2026 |
| Ares Management | Selling 774 MW natural gas plant in Virginia to Blackstone | ~$1 billion | Not disclosed |
| Partners Group | Buying energy asset management platform and gas-fired plants in California from Avenue Capital Group | $2.2 billion | Not disclosed |
| AES Corp | Selling 30% equity interest in Ohio subsidiary to CDPQ | $546 million | First half of 2025 |
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