Shares of power producers fell, but not by as much as the broad market, as traders rotated into defensive sectors amid a flight from risk.

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. Constellation, which operates nuclear-power plants will gain access to Calpine's natural-gas and alternative energy assets in a deal that will create the largest independent -- or non-regulated -- U.S. utility.


Write to Rob Curran at rob.curran@dowjones.com

(END) Dow Jones Newswires

01-10-25 1747ET