<div id="readability-page-1"><div> With electricity demand in the U.S. 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:<div><table><tbody><tr><td>Company</td><td>Deal Description</td><td>Deal Value</td><td>Expected Closing Date</td></tr><tr><td> NextEra Energy </td><td>Buying Symmetry Energy Solutions from Energy Capital Partners</td><td>Not Disclosed</td><td>First quarter of 2026</td></tr><tr><td> Black Hills </td><td>Acquiring NorthWestern Energy in an all-stock deal </td><td> $3.6 billion</td><td>12 to 15 months</td></tr><tr><td> Constellation Energy </td><td>Acquiring Calpine, a private natural gas and geothermal company</td><td>$16 billion</td><td>Late 2025</td></tr><tr><td> NRG Energy </td><td>Buying power generation assets from LS Power</td><td>$12 billion</td><td>First quarter of 2026</td></tr><tr><td>NRG Energy</td><td>Acquired 738 MW natural gas assets from Rockland Capital</td><td>$560 million</td><td>Closed in April</td></tr><tr><td> TXNM Energy </td><td>To be acquired by Blackstone Infrastructure unit</td><td>$11.5 billion</td><td>Second half of 2026</td></tr><tr><td> Vistra </td><td>Acquiring seven natural gas plants from Lotus Infrastructure Partners</td><td>$1.9 billion</td><td>Late 2025 or early 2026</td></tr><tr><td>American Electric Power</td><td>Selling 20% stake in transmission network to KKR and PSP Investments</td><td>$2.82 billion</td><td>Second half of 2025</td></tr><tr><td> Sempra </td><td>Selling energy infrastructure assets in Mexico and minority stake in Sempra Infrastructure</td><td>Not disclosed</td><td>Mid-2026</td></tr><tr><td> Eversource Energy </td><td>Selling public water supply unit</td><td>$2.4 billion</td><td>Late 2025</td></tr><tr><td> National Grid </td><td>Selling U.S. onshore renewables business to Brookfield Asset Management</td><td>$1.74 billion</td><td>First half of the financial year to March 31, 2026</td></tr><tr><td>Ares Management </td><td>Selling 774 MW natural gas plant in Virginia to Blackstone</td><td>About $1 billion</td><td>Not disclosed</td></tr><tr><td> Partners Group </td><td>Buying energy asset management platform and gas-fired plants in California from Avenue Capital Group</td><td>$2.2 billion</td><td>Not disclosed</td></tr><tr><td> AES Corp </td><td>Selling 30% equity interest in Ohio subsidiary to CDPQ</td><td>$546 million</td><td>First half of 2025</td></tr></tbody></table></div></div></div>

U.S. utilities are engaging in significant mergers and acquisitions to enhance power generation capacity amid rising electricity demand, driven by data centers and AI usage. Notable deals include NextEra Energy's acquisition of Symmetry Energy Solutions, Black Hills' purchase of NorthWestern Energy, and Constellation Energy's acquisition of Calpine. Other transactions involve NRG Energy, TXNM Energy, Vistra, American Electric Power, Sempra, Eversource Energy, National Grid, Ares Management, Partners Group, and AES Corp, with deal values ranging from $546 million to $16 billion.

US utilities on dealmaking spree to blockbuster 2025