Constellation Energy Buys Shell Gas Plant for $715M

This is a reminder that the power-generation layer underpinning data-center and industrial demand is consolidating through plain M&A, not tokenization. The buyer is a large nuclear operator adding gas — a hedging move on dispatchable capacity rather than a bet on any single fuel. What's left unstated is whether the plant is contracted or merchant, and whether more such asset sales follow from Shell's portfolio. That is the open question for anyone tracking energy as RWA collateral.