Texas' surging growth in power demand was a big driver in the $26.6 billion deal to acquire Houston's largest private company.

Separately, Calpine and Constellation are already among the largest power generation companies in the country.

Baltimore-based Constellation’s plans to acquire a Houston, Texas,-based natural gas  producer in a $26.6 billion deal will create one of the nation’s biggest energy firms at a time

Constellation Energy Group Inc. has agreed to buy a Texas company in a deal worth more than $26 billion that will create one of the largest energy producers in the country.

Constellation is buying power natural gas and geothermal power provider Calpine in a cash-and-stock deal valued at approximately $16.4 billion, joining together two of the country’s biggest power companies.

Constellation Energy’s deal to buy Calpine is being driven by fast-rising demand for electricity in part by the technology industry’s investments in artificial intelligence.

Constellation Energy shares could remain in focus on Monday after surging more than 25% Friday as the energy giant announced that it will acquire rival Calpine in a deal valued at $26.6 billion. Monitor these key chart levels.

Constellation Energy is nearing a roughly $30 billion deal to acquire power producer Calpine, people familiar with the matter said on Wednesday, a move that would significantly expand Constellation's generation assets at a time of rising U.

Constellation Energy agreed to buy Calpine for $16.4 billion, combining two of the country’s largest electricity generators at a time when their product is in high demand from tech companies. Including the assumption of debt,

CEG announces the acquisition of Calpine. This should help CEG provide a broader array of clean energy and sustainability solutions.