Constellation Expands Gas Fleet with Rhode Island Acquisition

Constellation Energy Corporation has agreed to purchase RISEC Holdings LLC from a Shell plc subsidiary for $715 million. The deal secures ownership of the Rhode Island State Energy Center, a natural gas-fired combined-cycle plant in Johnston with an operational capacity of 596 megawatts. The facility sells its output into the ISO New England wholesale power market, providing Constellation with a significant asset in the New England region.

This acquisition follows the company’s earlier purchase of Calpine Corporation in January. According to data from Industrial Info Resources, Constellation is currently tracking more than $20 billion in active and proposed projects. Of this total, over $7 billion is allocated specifically to gas-fired power generation, signaling a strategic shift toward expanding dispatchable energy sources alongside its existing nuclear fleet.

Strategic Positioning in New England

Joe Dominguez, Constellation’s chief executive officer, stated that the company requires reliable assets well-positioned on both the electric grid and natural gas pipeline systems as it grows its business in New England. The Rhode Island plant fits this criterion, offering a stable output of up to 609 megawatts. The acquisition is expected to close after regulatory approvals, with RISEC continuing to operate under current ownership until the transaction finalizes.

Reviving Dormant West Virginia Project

Through the Calpine acquisition, Constellation also inherited the Moundsville Energy Center in West Virginia. This 549-megawatt project was permitted in 2014 but never reached construction due to slowing demand in the PJM Interconnection region. However, PJM’s 2025 Long-Term Load Forecast Report now cites large, unanticipated load changes, largely driven by data center buildouts, as a driver for increased capacity.

West Virginia Governor Patrick Morrisey and other advocates have championed the project to secure more dispatchable capacity. The Moundsville project remains in permitting phases, with construction potentially beginning as early as mid-2028. This move underscores Constellation’s intent to capitalize on rising regional demand for stable power generation.

Balancing Nuclear and Gas Assets

Despite the expansion of its gas-fired fleet, Constellation remains the owner of the largest U.S.-based nuclear fleet, with more than 19,000 megawatts of operational capacity. The company’s portfolio now includes proposed expansions, such as the Wolf Hollow II Power Station in Texas, which aims to add 300 megawatts via a third unit. This dual approach allows Constellation to leverage both baseload nuclear power and flexible gas generation to meet evolving market demands.