CEG, SHEL Stocks Rise Overnight: Constellation Energy To Acquire Rhode Island State Energy Center From Shell For $715M

• The $715 million purchase price is equivalent to about $580 million net of expected first-year tax benefits.
• The 609-megawatt Rhode Island State Energy Center is a natural gas-fired combined-cycle plant that sells power and capacity into the ISO New England wholesale market.
• The deal is expected to close in the first quarter of 2027 following receipt of customary regulatory approvals and satisfaction of other closing conditions. 

Shares of Constellation Energy Corp. (CEG) and Shell Plc (SHEL) climbed in the overnight session late Thursday after an announcement that the former would acquire 100% of RISEC Holdings, LLC, owner of the Rhode Island State Energy Center, from Shell Energy North America for $715 million. 

The 609-megawatt Rhode Island State Energy Center is a natural gas-fired combined-cycle plant that sells power and capacity into the ISO New England wholesale market and is expected to join Constellation's merchant generation portfolio.

CEG stock was up 0.10% at the time of writing, while SHEL stock gained 0.36%. 

Deal Contours

The $715 million purchase price is equivalent to about $580 million net of expected first-year tax benefits. The transaction is expected to be immediately accretive to Constellation's operating earnings, deliver returns above the company's 10% unlevered return threshold, and will not impact its ability to execute $5 billion of authorized share repurchases by the end of 2027.

The deal is expected to close in the first quarter of 2027 following receipt of customary regulatory approvals and other closing conditions. Until closing, RISEC will continue to operate under its current ownership, as per the statement. 

"The Rhode Island State Energy Center is a high-performing asset that perfectly complements Constellation's extraordinarily successful customer business in New England," said Joe Dominguez, chairman, president and CEO of Constellation. 

"As Constellation's business in New England grows, we need a reliable asset that is well-positioned on both the electric grid and the natural gas pipeline system. RISEC checks all of these boxes and will be immediately accretive to Constellation's business plan. We look forward to closing the transaction and to begin working with the fantastic team at RISEC to build on the plant's strong operating record as we power families and businesses across New England," he added. 

Shell Acquires Hunlock Creek Generating 

In a separate statement, Shell said that in addition to RISEC's sale, it is also acquiring 100% equity in Hunlock Creek Generating LLC, which owns 169 MW of natural gas-fired generation capacity in Pennsylvania.

The company said that the acquisition will strengthen its position in the PJM power market.  The acquisition will secure supply and capacity offtake for SENA in the Mid-Atlantic power grid operated by PJM Interconnection, the largest wholesale electricity market and grid operator in the USA.

“These transactions reflect our dynamic approach to managing our trading portfolio,” said Andrew Smith, Shell's President of Trading & Supply.“We selectively invest in assets that strengthen our market position and create value, while remaining ready to realize value when market conditions present attractive opportunities.”

CEG, SHEL Stocks: Retail Sentiment

On Stocktwits, retail sentiment around CEG stock slipped from 'bullish' to 'neutral' at the time of writing, while it was 'neutral' for SHEL stock. 

Meanwhile, SHEL stock also hit a 52-week high of $96.99 on Thursday. 

CEG stock is down nearly 22% so far in 2026, while SHEL stock is up more than 27%. 

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