Constellation Energy ($CEG) was trading at ~15x EBITDA pre-Calpine deal, but now closer to 20x—looking stretched even with expected earnings gains.

CreditSights' Andy DeVries says, “It pains me to praise management, but they ($CEG) really are getting a good deal.”

For value, $VST (Vistra) may be a better bet. With natural gas & nuclear assets, it benefits from similar trends but at a more attractive entry point.