Shares of Constellation Energy surged Thursday after the company announced a pair of contracts with the federal government.

Constellation Energy is nearing a roughly $30 billion deal to acquire power producer Calpine, people familiar with the matter said on Wednesday, a move that would significantly expand Constellation's generation assets at a time of rising U.

Microsoft signed a deal with Constellation last year to fulfill its growing need for electricity for its data centers. Barron’s made an investment case for Constellation and Vis