Constellation Energy announced on September 14, 2026, that it has agreed to acquire the 609-megawatt Rhode Island State Energy Center from Shell Energy North America for $715 million. The transaction expands Constellation’s footprint in the ISO New England market and is expected to close in the first quarter of 2027. The facility, which Shell purchased from Carlyle in 2025, will join Constellation’s merchant generation portfolio.
What it means
The acquisition adds substantial capacity to Constellation’s operations in New England. Joe Dominguez, Constellation’s chairman, president and CEO, described the Rhode Island State Energy Center as “a high-performing asset that perfectly complements Constellation’s extraordinarily successful customer business in New England.” The deal reflects a broader shift in power market activity driven by rising electricity demand.
PricewaterhouseCoopers reported in June that electric load growth, partly fueled by artificial intelligence data center requirements, is driving a new wave of mergers and acquisitions. M&A value in the power sector reached $216 billion in the first half of 2026, a 173 percent increase compared to the same period in 2025. Shell is simultaneously restructuring its own holdings; Andrew Smith, Shell’s president of trading and supply, said the transactions “reflect our dynamic approach to managing our trading portfolio.” In a separate move, Shell announced it will acquire 100 percent equity in Hunlock Creek Generating LLC from Riverview Power Holdings LLC, an indirect subsidiary of Castleton Commodities International. The Hunlock Creek facility includes a 125-MW combined-cycle plant and a 44-MW simple-cycle peaking unit, serving the PJM Interconnection market. Financial terms for the Hunlock Creek sale were not disclosed.
Key facts
- $715 million: Purchase price for the Rhode Island State Energy Center.
- 609 MW: Capacity of the Rhode Island State Energy Center.
- First quarter 2027: Expected closing date for both Constellation and Shell transactions.
- 173 percent: Growth in power market M&A value in the first half of 2026 versus 2025.
- $216 billion: Total value of power sector M&A in the first half of 2026.
- 169 MW: Total gas-fired capacity at Hunlock Creek Generating LLC (125 MW combined-cycle, 44 MW simple-cycle).
- Carlyle: Previous owner of the Rhode Island State Energy Center before Shell’s 2025 acquisition.
- Castleton Commodities International: Parent company of Riverview Power Holdings LLC, seller of Hunlock Creek.
Source: Constellation Energy and Shell Energy North America news releases