Enverus Foresees 2025 as a Banner Year for Natural Gas Plant Acquisitions

SEATTLE (Oil Monster): In keeping with the current changes in energy markets, Scott Wilmot, an energy analyst at Enverus, claims that investments have shifted more from renewable energy to natural gas and other dispatchable energy assets, such as nuclear and geothermal, in recent years.

In 2024, M&A for the U.S. generation remained stable. However, the balance has been skewed by Constellation Energy's acquisition of 60GW from Calpine, which has an estimated enterprise value of $30 million. As a result, the total M&A generated in 2025 has most likely exceeded that of 2023 and 2024. It should be mentioned that $22 billion was spent on general purchases in both of these years.

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According to Wilmot, this trend is probably going to continue in 2025 as more low-carbon generation assets are built to fulfill the rising demand for electricity. He emphasized that Constellation's latest agreement is among the biggest purchases of generation assets in American history.

In 2024, the acquisitions of natural gas plants were valued at $4.3 billion, up from $3.1 billion in 2023. In 2023 and 2024, the overall value of mergers and acquisitions across all generations remained unchanged. In 2024, solar generating sales were rather stable, while wind acquisitions saw a decrease.