Power Play: DOJ’s Antitrust Division Puts Electricity Markets, and Digital Infrastructure Under the Microscope

For nearly fifteen years, DOJ deferred to FERC and state regulators on electricity merger review. That posture ended on December 5, 2025, when the Antitrust Division—joined by the Attorney General of Texas—filed a complaint and proposed consent decree requiring divestiture of six power plants to resolve concerns arising from Constellation Energy’s $26.6 billion acquisition of Calpine. It was the first time since the 2011 Exelon/Constellation matter that the Division sought structural re