Analysis Group Helps Client Secure Federal Approval for $26.6 Billion Energy Merger

January 28, 2026

Analysis Group was retained by Energy Capital Partners (ECP) and Calpine in the $26.6 billion merger of Calpine with Constellation. Calpine is one of the largest US producers of electricity from natural gas and geothermal power. The transaction created the United States’ largest producer of electricity as well as one of the largest competitive retail electric suppliers in the country, with a combined 2.5 million customers. 

An Analysis Group team led by Principal Eric Korman, Vice Presidents Megan Accordino and Joseph Cavicchi, and Managers Robert Calzaretta and Phillip Ross helped ECP and Calpine secure approval for the merger from the US Department of Justice and the Federal Energy Regulatory Commission.