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Calpine sells British power plant for $925 mln
May 31, 2005 06:10:42 (ET)
NEW YORK, May 31 (Reuters) - Calpine Corp. (CPN,Trade) on Tuesday said it agreed to sell its British power plant for $925 million to a partnership between International Power Plc ((IPR.L)) and Japan's Mitsui & Co. Ltd., as the power company works to cut debt and regain financial flexibility.
Big Movers in the Stock Market TUESDAY, MAY 31, 2005 12:21 PM - AP Online
CPN 2.97 +0.27
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NEW YORK, May 31, 2005 (AP Online via COMTEX) -- Stocks that were moving substantially or trading heavily Tuesday on the New York Stock Exchange and Nasdaq Stock Market.
NYSE
Advanced Micro Devices Inc., up 24 cents at $16.45
The semiconductor maker launched its first microprocessors using with two computing engines on a single chip.
Calpine Corp., up 24 cents at $2.94
The San Jose, Calif.-based energy producer said it would sell a British power plant to London-based International Power PLC and Japanese trading firm Mitsui & Co. for $925 million.
-------------------- Nashoba Holba Chepulechi Adventures in microcapitalism...
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I'm looking to sell this if the price runs up like it did yesterday in Pre-market. If I sell in pre-market, I'm looking to buy it back during normal trading hours for under 3.00 if possible. Wait and see what happens.
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Calpine Expands and Extends Power Contract With Safeway
June 01, 2005 08:30:40 (ET)
SAN JOSE, Calif., June 1, 2005 /PRNewswire-FirstCall via COMTEX/ -- Calpine Corporation (CPN, Trade) and Safeway Inc. have agreed to expand and extend the term of their retail power sales contract, enhancing the single largest California retail transaction Calpine has entered into to date. The new agreement calls for the delivery of approximately 130 megawatts, a 20-megawatt increase, and extends the term of the existing contract one additional year through mid-2008. Increased power deliveries are scheduled to begin June 1, 2005.
"We are pleased to have such a well respected customer as Safeway and are gratified that they are extending and expanding our relationship," according to Curt Hildebrand, Calpine's senior vice president of marketing and sales. "Calpine's ability to deliver customized energy products for industry leaders such as Safeway is further illustrated through this agreement."
The newly expanded Safeway contract now facilitates energy deliveries to more than 400 Safeway locations throughout California. Due to the geographic distribution of Calpine's California assets, the company can deliver system-based energy solutions to customers across the State. Moreover, Calpine's Geysers geothermal operation provides renewable power attributes that can be blended into retail and wholesale power products. Taken as a whole, Calpine's California asset base allows the company to offer unique energy solutions for customers at competitive pricing and commercial terms.
Calpine has made an unprecedented investment in California's energy infrastructure through the construction and operation of the State's newest, cleanest, and most efficient fleet of power projects. In the coming weeks, Calpine will complete construction of two power plants, Pastoria and Metcalf, increasing the company's California project portfolio to 41 power plants totaling more than 5,250 megawatts. The Pastoria Energy Center, 30 miles south of Bakersfield in southern California, is already producing 250 megawatts and will increase its total output to 750 megawatts in June. Also in June, Calpine's Metcalf Energy Center in San Jose will begin operation, supplying more than 600 megawatts to the Silicon Valley and the Greater San Francisco Bay Area.
About Calpine
A major power company, Calpine Corporation supplies customers and communities with electricity from clean, efficient, natural gas-fired and geothermal power plants. Calpine owns, leases and operates integrated systems of plants in 21 U.S. states, three Canadian provinces and the United Kingdom. Its customized products and services include wholesale and retail electricity, natural gas, gas turbine components and services, energy management, and a wide range of power plant engineering, construction and operations services. Calpine was founded in 1984. It is included in the S&P 500 Index and is publicly traded on the New York Stock Exchange under the symbol CPN. For more information, visit www.calpine.com.
This news release discusses certain matters that may be considered "forward-looking" statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements regarding the intent, belief or current expectations of Calpine Corporation ("the Company") and its management. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve a number of risks and uncertainties that could materially affect actual results such as, but not limited to, (i) commercial operations of new plants that may be delayed or prevented because of various development and construction risks, such as a failure to obtain the necessary permits to operate or failure of third-party contractors to perform their contractual obligations; and (ii) other risks identified from time-to-time in the Company's reports and registration statements filed with the SEC, including the risk factors identified in its Annual Report on Form 10-K for the year ended December 31, 2004 and its Quarterly Report on Form 10-Q for the quarter ended March 31, 2005, which can be found on the Company's website at www.calpine.com. All information set forth in this news release is as of today's date, and the Company undertakes no duty to update this information.
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Related Quotes Sym. Price Chg. CPN Trade News 2.88 -0.1 SWY Trade News 22.14 0.13 Calpine extends power supply pact with Safeway
June 01, 2005 09:36:29 (ET)
NEW YORK, June 1 (Reuters) - Calpine Corp. (CPN,Trade) and grocery store chain Safeway Inc. (SWY,Trade) agreed to expand and extend the term of their retail power sales contract, the California-based energy company said in a statement Wednesday.
The new agreement calls for Calpine to deliver about 130 megawatts, a 20 MW increase, to more than 400 Safeway locations in California starting Wednesday. The agreement also extends the term of the existing contract one additional year, through mid-2008.
In the coming weeks, Calpine said it would complete construction of two power plants in California, Pastoria and Metcalf, increasing the company's fleet to 41 plants in the state with a total generating capacity of more than 5,250 MW.
One MW powers about 800 homes, according to the North American average.
The Pastoria Energy Center, 30 miles south of Bakersfield in Southern California, is already producing 250 MW and will increase its total output to 750 MW in June.
Also in June, Calpine's Metcalf Energy Center in San Jose will begin operation, supplying more than 600 megawatts to the Silicon Valley and the Greater San Francisco Bay Area.
Calpine's subsidiaries own more than 30,000 MW of generating capacity in operation or under construction and markets energy commodities in North America and Britain.
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Ontario OKs 2 natgas power plants for Toronto area
June 01, 2005 11:36:57 (ET)
NEW YORK, June 1 (Reuters) - Ontario selected Eastern Power Ltd to build two 280-megawatt natural gas-fired power plants in the greater Toronto area, the province's Ministry of Energy said in a statement.
Toronto-based Eastern Power will build the Greenfield North Power Project and Greenfield South Power Project in Mississauga about 15 miles southwest of Toronto along Lake Ontario.
Officials at the Ministry of Energy and Eastern Power were not immediately available for comment.
The two plants are in addition to the four projects the Ministry announced on April 13 as part of the government's request for proposals for 2,500 MW of new generation capacity and demand reduction projects.
The new capacity will replace part of the province's 6,400 MW of coal-fired generation, which the government wants to retire by the end of 2007.
One MW powers about 800 homes, according to the North American average.
When Dalton McGuinty ran for premier in 2003, his Liberal Party said it would seek to shut the coal-fired plants owned by province-owned Ontario Power Generation by 2007 for health and environmental reasons.
Eastern Power will sell the power generated at the plants into the province's wholesale power market operated by the Independent Electricity System Operator under a contract administered by the Ontario Power Authority.
The four projects the province approved of in addition to Eastern Power's proposal include three power plants and one demand response program:
- California-based energy company Calpine Corp.'s (CPN,Trade) and Japanese trading firm Mitsui & Co Ltd's ((8031.T)) 1,005 MW natural gas-fired Greenfield Energy Centre in Sarnia-Lambton
- Energy development company Invenergy and its investment company Stark Investments' 570 MW natural gas-fired St. Clair Power in Sarnia-Lambton
- Greater Toronto Airports Authority's 90 MW cogeneration project in Mississauga, and
- Loblaw Cos Ltd's ((L.TO)) Loblaw Properties subsidiary's 10 MW demand response program
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NewSouth Energy Announces Carville Energy Center to Supply Entergy With 485 MW of Electricity
June 02, 2005 08:30:29 (ET)
ATLANTA, June 2, 2005 /PRNewswire-FirstCall via COMTEX/ -- NewSouth Energy LLC has announced an agreement for the Carville Energy Center in St. Gabriel, La. to provide a one-year supply of up to 485 megawatts of electricity to Entergy Corporation. Entergy and its customers in the Gulf States region, including parishes in South Louisiana from Baton Rouge to Lake Charles, will benefit from this modern, reliable power resource that will provide needed capacity and energy in time for this year's peak summer demand. NewSouth Energy is responsible for managing a network of nearly 6,000 megawatts of modern, gas-fired power plants operating in the Southeast United States.
NewSouth Energy, on behalf of Calpine Energy Services, L.P. (CES), Calpine's trading and risk management subsidiary, reported that under the agreement between Entergy and CES, the Carville Energy Center will deliver electricity from July 1, 2005 through June 30, 2006. The contract is subject to final approval by the Louisiana Public Service Commission.
Tim Eves, vice president of marketing and sales for NewSouth Energy, said, "We're very pleased to announce this agreement with Entergy, and we look forward to continuing to work with them to create additional opportunities that will benefit consumers. This agreement illustrates NewSouth Energy's commitment to pursing win-win opportunities that will fully maximize our highly efficient, environmentally responsible assets in the Southeast."
The Carville Energy Center is a natural gas-fired, combined-cycle, cogeneration power plant. It can generate up to 531 megawatts of electricity and is capable of exporting 750,000 pounds of steam per hour for industrial production. The majority of Carville's steam output is sold under long-term contract to Cos-Mar Incorporated.
About NewSouth Energy
NewSouth Energy LLC, headquartered in Atlanta, Ga., serves wholesale power customers in all or parts of Alabama, Arkansas, Florida, Georgia, Louisiana, Mississippi, North Carolina, South Carolina, Tennessee, Texas, and Virginia. NewSouth Energy is a subsidiary of Calpine Corporation (CPN, Trade). The company offers a wide range of cost-effective and environmentally responsible power generation, energy products and services. NewSouth Energy also has locations in Flora, Miss.; Tampa, Fla.; and Houston, Texas.
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