LLC ("LS Power") today announced an agreement under which Constellation will sell a portfolio of generation assets in PJM to LS Power, a key step in satisfying regulatory commitments related to Constellation's acquisition of Calpine.

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The proposed sale represents the largest portion of the divestitures required by the U.S. Department of Justice (DOJ) as part of its antitrust review of the Calpine transaction, including all assets required to be divested by the Federal Energy Regulatory Commission (FERC). Under the agreement, LS Power will acquire approximately 4.4 gigawatts of predominantly natural gas–fired generation capacity located in Delaware and Pennsylvania, including the Bethlehem, York 1, York 2, Hay Road and Edge Moor Facilities. The transaction is valued at $5 billion before closing adjustments, representing an acquisition price of approximately $1,142/kW.