U.S. utilities on dealmaking spree to blockbuster 2025
With electricity demand in the United States set to hit record highs over the next two years, utilities are doubling down on assets that can boost their power generation capacity while shedding others to fund their massive spending plans.
The dealmaking spree comes as the industry prepares for rapid growth in electricity consumption nationwide, partly 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 |
|
Black Hills |
Acquiring NorthWestern Energy in an all-stock deal |
$3.6 B |
12 to 15 months |
|
Constellation Energy |
Acquiring Calpine, a private natural gas and geothermal company |
$16 B |
Late 2025 |
|
NRG Energy |
Buying power generation assets from LS Power |
$12 B |
First quarter of 2026 |
|
NRG Energy |
Acquired 738 MW natural gas assets from Rockland Capital |
$560 MM |
Closed in April |
|
TXNM Energy |
To be acquired by Blackstone Infrastructure unit |
$11.5 B |
Second half of 2026 |
|
Vistra |
Acquiring seven natural gas plants from Lotus Infrastructure Partners |
$1.9 B |
Late 2025 or early 2026 |
|
American Electric Power |
Selling 20% stake in transmission network to KKR and PSP Investments |
$2.82 B |
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 B |
Late 2025 |
|
National Grid |
Selling U.S. onshore renewables business to Brookfield Asset Management |
$1.74 B |
First half of the financial year to March 31, 2026 |
|
Ares Management |
Selling 774 MW natural gas plant in Virginia to Blackstone |
~$1 B |
Not disclosed |
|
Partners Group |
Buying energy asset management platform and gas-fired plants in California from Avenue Capital Group |
$2.2 B |
Not disclosed |
|
AES Corp. |
Selling 30% equity interest in Ohio subsidiary to CDPQ |
$546 MM |
First half of 2025 |
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