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Entergy to buy power from Calpine Louisiana plant
June 02, 2005 10:28:49 (ET)
NEW YORK, June 2 (Reuters) - Entergy Corp. (ETR,Trade) agreed to buy up to 485 megawatts of electricity from Calpine Corp.'s (CPN,Trade) Carville Energy Center in Louisiana for up to one year starting on July 1, Calpine's NewSouth Energy LLC subsidiary said in a statement Thursday.
The Louisiana Public Service Commission must approve the power purchase agreement.
New Orleans-based energy company Entergy will supply the power to its customers in the Gulf States region, including parishes in south Louisiana from Baton Rouge to Lake Charles.
Prior to this agreement, Calpine's Calpine Energy Services LP trading and risk management subsidiary sold the power from Carville into the market.
The 500-MW Carville power station is a natural gas-fired, combined-cycle, cogeneration power plant. In addition to the electricity, it can export 750,000 pounds of steam per hour for industrial production. Calpine sells the majority of Carville's steam output to Cos-Mar Inc. under a long-term contract.
One MW powers about 800 homes, according to the North American average.
NewSouth Energy manages nearly 6,000 MW of gas-fired power plants in the U.S. Southeast, serving wholesale power customers in all or parts of Alabama, Arkansas, Florida, Georgia, Louisiana, Mississippi, North Carolina, South Carolina, Tennessee, Texas and Virginia.
California-based energy company 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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Looks like I made a good choice on this stock. buying in at 1.94. Now I just have to decide to hold and see if it goes higher. summer is here and the high cost of all those air conditioners running.
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Calpine`s Metcalf Power Plant in Northern California Online
June 03, 2005 09:00:29 (ET)
SAN JOSE, Calif., June 3, 2005 /PRNewswire-FirstCall via COMTEX/ -- Calpine Corporation's (CPN, Trade) Metcalf Energy Center has begun operation and is delivering up to 600 megawatts of power to the northern California power market. Located in San Jose, Metcalf is the first large power generator in Silicon Valley. It will be the cornerstone of energy supply and reliability for the region.
"The Metcalf Energy Center is an example of cutting edge efficiency, highlighting Calpine's vast experience in power plant construction and operation," said Calpine Chairman, President and CEO Peter Cartwright. "During development of the project, environmental groups -- including local chapters of the Sierra Club, the American Lung Association -- as well as the NAACP, supported Metcalf, further validating that power generation does not have to come at the expense of the environment."
Metcalf is one of two Calpine natural gas-fueled power plants that will come online in California this summer. The first phase of Calpine's Pastoria Energy Center began operating last month and, by the end of this month, the facility will be supplying 750 megawatts to Southern California Edison's transmission system. Together, the projects will increase Calpine's California project portfolio to 41 power plants and more than 5,250 megawatts. Taken as a whole, Calpine's projects produce enough electricity to satisfy the power needs of more than five million California households.
"Calpine has long considered itself a partner with the State of California in developing innovative and environmentally responsible energy solutions for the people of California," Cartwright added. "Metcalf is Calpine's California flagship project and it reflects our commitment to keeping the state's lights on. More than six years in the making, Metcalf is also a testament to Calpine's vision and the determination of Calpine's people to see it through to successful completion."
Calpine's new facilities are coming online at a time when California is once again facing electricity supply challenges. In a report issued this spring, the California Independent System Operator (California ISO) predicts record power demand will occur in July and August, eclipsing last year's demand record by more than 1,000 megawatts. The California Energy Commission has issued similar projections and expressed concerns about power supplies as well as transmission constraints.
Metcalf also helps address regional energy challenges. The California ISO has stated " ... the Bay Area, in particular the San Jose area, is among the most generation deficient areas in the state ... " and that " ... Metcalf will provide substantial reliability benefits." In fact, of the estimated 2,200 megawatts that are needed to meet peak power demand in the San Jose area, less than a third are generated locally. Metcalf specifically addresses this imbalance and reduces the vulnerability of the San Jose and Silicon Valley electrical system.
The Metcalf Energy Center makes use of advanced turbine technology, and the project's "combined-cycle" design allows Metcalf to consume up to 30 percent less natural gas as compared to older power plants in the region. This improvement in operating efficiency means that less fuel is burned and less greenhouse gas is emitted per megawatt generated compared to coal-fired or older gas-fired power plants.
Calpine Energy Services, Calpine's power marketing management arm, will market electricity from the facility through a variety of long, intermediate, and short-term contracts. Prospective buyers may include Pacific Gas and Electric Company as well as energy service providers, retail customers, and municipal utilities.
About Calpine
Calpine Corporation is a North American power company dedicated to providing electric power to customers from clean, efficient, natural gas-fired and geothermal power plants. The company generates power at plants it owns or leases in 21 states in the United States, three provinces in Canada and in the United Kingdom. The company is included in the S&P 500. Calpine was founded in 1984 and is publicly traded on the New York Stock Exchange under the symbol CPN. For more information, visit www.calpine.com.
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Calpine Prices $123.1 Million Project Finance Facility for Its Bethpage Energy Center Tuesday June 28, 1:22 pm ET
SAN JOSE, Calif., June 28 /PRNewswire-FirstCall/ -- Calpine Corporation (NYSE: CPN - News) has priced a $123.1 million, non-recourse project finance facility that will provide funding to complete the construction of the 79.9-megawatt Bethpage Energy Center 3 (Bethpage 3) located in Hicksville, N.Y. The loan facility has been fully underwritten by Calyon New York Branch (Calyon). The loan facility will be comprised of a 20-year Senior Loan, totaling approximately $108.5 million at a fixed rate of 6.13%, and a 15-year Junior Loan of approximately $14.6 million at a fixed rate of 7.94%. In addition, Calyon has provided Letters of Credit in connection with the financing. ADVERTISEMENT
Closing of the financing is expected on June 30, 2005. Upon closing, Calpine will receive approximately $55 million for costs spent to date on the Bethpage 3 project. An additional amount of approximately $11.2 million will be released to Calpine upon satisfying certain conditions. Remaining amounts available under the project loan facility will be used to fund transaction expenses, the final completion of the project and certain reserve accounts.
"The Bethpage financing will enhance Calpine's liquidity and provide cost- competitive, long-term financing for this much-needed source of energy on Long Island," said Calpine Chief Financial Officer Bob Kelly. "We are pleased that Calyon supports our near- and long-term financial goals, and we look forward to working with them on future transactions."
The Bethpage 3 power plant is strategically located on Long Island, an area of the country with a great need for clean, reliable electric power supplies. Calpine has a 20-year power contract with the Long Island Power Authority (LIPA) for the project's full capacity and related energy and ancillary services. Beginning in July 2005, the plant will supply power to Long Island businesses and residents under a comprehensive energy resource plan developed by LIPA.
Bethpage 3 is a natural gas-fired power plant that includes a GE LM6000 combustion turbine in a combined-cycle configuration with a once-through steam generator and steam turbine generator, all supplied from Calpine's existing equipment inventory. It is located adjacent to Calpine's existing Bethpage cogeneration facility.
Calpine currently owns and operates the 56-megawatt Bethpage cogeneration plant, the 46-megawatt Bethpage peaking unit and the 47-megawatt Stony Brook cogeneration facility on Long Island, in addition to a 105-megawatt cogeneration power plant located at Kennedy International Airport.
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Calpine Agrees to Sell Its Oil and Gas Properties for $1.05 Billion Wednesday June 29, 7:30 am ET
SAN JOSE, Calif., June 29 /PRNewswire-FirstCall/ -- Calpine Corporation (NYSE: CPN - News) announced today that it has agreed to sell all of its domestic oil and gas exploration and production assets for $1.05 billion, less transaction fees and expenses. The sale is scheduled to close on July 7, 2005.
Rosetta Resources, Inc. (Rosetta), a newly formed indirect, wholly owned subsidiary of Calpine, has agreed to issue 45,312,500 of its common shares for $725 million. At closing, Rosetta will use the net proceeds from that transaction, together with $325 million of proceeds from a new credit facility, to purchase all of Calpine's domestic oil and gas exploration and production assets. As of May 1, 2005, Calpine's proved oil and gas reserves totaled approximately 383 billion cubic feet equivalent. Following this transaction, which is subject to customary closing conditions, Calpine will no longer own any interest in Rosetta.
The Rosetta common shares have been offered in a private placement under Rule 144A, have not been registered under the Securities Act of 1933, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements. This news release is issued pursuant to Rule 135c under the Securities Act and shall not constitute an offer to sell or the solicitation of an offer to buy. Securities laws applicable to private placements under Rule 144A limit the extent of information that can be provided at this time.
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. 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.
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Calpine's Calif. Metcalf power unit back Thu Jun 30, 2005 07:55 AM ET NEW YORK, June 30 (Reuters) - Calpine Corp.'s (CPN.N: Quote, Profile, Research) 605-megawatt Metcalf natural gas-fired station in California returned to service by late Wednesday, the California Independent System Operator said in a report. The company shut the unit by June 17 for unplanned reasons.
The Metcalf station is located in San Jose about 45 miles southeast of San Francisco. There are two gas-fired turbines and one steam turbine at the station.
One MW powers about 800 homes, according to the North American average.
California-based energy company Calpine's subsidiaries own about 30,000 MW of generating capacity in operation or under construction and markets energy commodities in North America and Britain.
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