Milbank LLP Antitrust partners Adam Di Vincenzo and Fiona Schaeffer and associate John Ceccio authored an article published by Competition Policy International (CPI) examining the recent signaling by the Department of Justice (DOJ) of heightened interest in electricity generation and data center transactions.
In December 2025, the DOJ’s Antitrust Division 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. This is the first time in almost 15 years – since the 2011 Exelon/Constellation matter – that the Division has sought structural relief in a generation merger.
In the article, titled “Power Play: DOJ’s Antitrust Division Puts Electricity Markets, and Digital Infrastructure Under the Microscope,” Milbank attorneys explore what this heightened attention means for dealmakers and M&A counsel in the energy and data center sectors.
To read the full article, please click here. (Subscription may be required).
