(Bloomberg) -- The owners of power-plant giant Calpine Corp. are considering options that include a sale, an initial public offering or a stake divestment that would value the company at $30 billion including debt, Reuters reports.

Reuters characterized the talks with investment banks as early stage and said a deal could happen by beginning of 2025, citing people familiar with the matter. Calpine’s owners include Energy Capital Partners, Access Industries Inc. and Canada Pension Plan Investment Board after a $17 billion acquisition announced in 2017, according to its website. 

The value of power plants in the US has surged in recent months as investors begin to appreciate the heavy energy demands required by artificial intelligence, data centers and factories. The huge energy demands of data centers that run AI computing has turbocharged power demand projections and renewed interest in electricity generation like the gas plants Calpine owns. 

Calpine and Energy Capital Partners didn’t respond to requests for comment. Representatives for Canada Pension Plan Investment Board and Access Industries declined to comment.

--With assistance from Will Wade.

(Updates with company declining to comment in final paragraph)

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