Constellation Energy to Buy Rhode Island Power Plant From Shell for $715 Million

03:43 PM EDT, 09/10/2026 (MT Newswires) -- Constellation Energy (CEG) agreed to acquire RISEC Holdings, owner of the Rhode Island State Energy Center, from Shell's (SHEL) North America energy unit, for $715 million. The natural gas-fired combined-cycle facility in Johnston can generate up to 609 megawatts and sells electricity and capacity into the ISO New England wholesale market. Constellation said Thursday it will become part of its merchant generation portfolio. The price is equivalent to about $580 million net of expected first-year tax benefits, and the deal will be immediately accretive to operating earnings, Constellation said in a statement. The deal delivers returns above the company's 10% unlevered return threshold and won't affect $5 billion in authorized share repurchases by the end of 2027, according to the statement. Shell said in a statement the transaction is subject to regulatory approvals and is expected to close in Q1 2027. Constellation shares fell 2% in Thursday trading, and Shell rose 0.4%. Price: 287.92, Change: -5.98, Percent Change: -2.04