Constellation Energy — the electricity provider whose stock has doubled over the last year on hopes it’ll help meet the voracious energy demand from artificial intelligence — reached a $16 billion deal to buy Calpine.

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.

Constellation's acquisition of Calpine to bolster its energy portfolio with nuclear, natural gas, and geothermal to meet surging US electricity demand but also expose it to commodity risks.