rayrohn
17 years ago
someone should update the Ibox lol
chart way out of date
this might change thing down the road also:::::
I think lol
DOW JONES NEWSWIRES
February 19, 2008 2:33 p.m.
By Mark H. Anderson
Of DOW JONES NEWSWIRES
WASHINGTON (Dow Jones)--The U.S. Supreme Court on Tuesday indicated it isn't likely to order federal energy regulators to revise long-term wholesale energy contracts signed by several Western utilities during the 2000-2001 energy crisis.
The high court heard arguments from utilities in California, Nevada and Washington state over a series of legal appeals requesting refunds from contracts signed with power sellers, including the power marketing unit of Morgan Stanley (MS), a unit of Allegheny Energy Inc. (AYE) and several other energy companies.
The energy companies reached long-term agreements to provide power at set prices at a time when Western utilities were responding to chaos in the spot electricity markets. After the crisis subsided, the utilities decided the contracts were set at unreasonably high prices that violated federal law. The Federal Energy Regulatory Commission, which oversees electricity prices, declined to order changes in the contracts.
At oral arguments Tuesday, several justices bristled at the idea the contracts could be discarded, absent evidence that the power sellers engaged in market manipulation that impacted the contract prices.
"Didn't your clients know that the market was chaotic at the time they entered into this long-term contract?" Justice Antonin Scalia asked Christopher Wright, the Washington, D.C.-based attorney representing the utilities. "Wasn't that the very reason you entered into the long-term contract?"
Wright responded that the utilities didn't have a choice if they wanted to get wholesale electricity for their operations.
"We didn't have any alternative because of the market manipulation," Wright said.
Justice David Souter asked a series of pointed questions of Wright and, one by one, dismissed the legal reasons the utilities are using to try to overturn the contracts.
Along with Souter and Scalia, Justices Samuel Alito and Anthony Kennedy also posed skeptical questions of the idea the contracts could be abandoned. Justices John Paul Stevens and Ruth Bader Ginsburg appeared more sympathetic.
Chief Justice John Roberts Jr. and Justice Stephen Breyer were recused from the case; both have large public stock portfolios.
Walter Dellinger, the Washington, D.C., attorney representing the power sellers, said FERC was correct when it refused to lower the contract prices because the sanctity of long-term contracts helps stabilize and build the energy industry.
"If you are going to have, as the commission has said, the kind of investment in building of infrastructure to produce energy, people are going to have to be able to rely upon long-term contracts," Dellinger said.
The two appeals before the Supreme Court involve contract disputes in Washington state, California and Nevada utility districts over only a small amount of the refunds being sought by utility districts.
Related cases - on hold at the Supreme Court pending the outcome of the granted appeals - involve a request for $1.4 billion in refunds from Sempra Energy (SRE) by the California Public Utilities Commission.
The Ninth U.S. Circuit Court of Appeals in San Francisco ruled that FERC should reconsider its decision to leave the power contracts intact and suggested guidelines the agency should use in doing so.
U.S. Deputy Solicitor General Edward Kneedler said that ruling should be overturned, even though the government didn't initially think the Ninth Circuit holding posed a problem for how it regulates power contracts.
"Now that the court has granted review we urge affirmance of FERC's position in this case," Kneedler said. He said FERC determined a change in the challenged power contracts wasn't "necessary in the public interest" under federal law.
The cases are Morgan Stanley Capital Group v. Snohomish County Washington Public Utility District No. 1, 06-1457, and American Electric Power Service Corp. v. Snohomish County Washington Public Utility District No. 1, 06-1462.
A decision is expected by July 2008.
Joe Stocks
17 years ago
Harbinger Capital Raises Calpine Stake
February 14, 2008, 7:15 am Link to This
E-mail this
Topics Hedge FundsIndustries Energy/Utilities
Could a sale be in the future for the California power company Calpine?
Less than a week after the company emerged from Chapter 11 protection, two of its three biggest shareholders, the hedge fund Harbinger Capital Partners and the private investment firm SPO Partners, have raised their stakes via open-market purchases.
Harbinger bought 1.07 million shares on Feb. 7 and Feb. 8, bringing its total stake to 20.6 percent, or 102.2 million shares. SPO bought an additional 1.66 million shares the same days, bringing its total stake to 13.6 percent or 60.8 million shares.
The Deal.com notes that Harbinger’s investment recalls its acquisition two years ago of a 20 percent stake in another utility, Northwestern Energy when it came out of bankruptcy. Harbinger then lobbied for a sale of the company.
But analysts said the moves don’t necessarily mean the hedge fund will repeat the same pattern.
Daniele Seitz, an analyst with Dahlman Rose & Company, told The Deal that it is not clear whether Harbinger and SPO will push for big changes. They may have added shares simply because they felt the stock was undervalued, she said.
Go to Article from The Deal.com »
http://dealbook.blogs.nytimes.com/2008/02/14/harbinger-capital-ups-calpine-stake/
Joe Stocks
17 years ago
>>Do you guys remember Project Falcon
On the 1st day of the valuation hearing in April 2005 we all learned for the first time that NRG was trying to make a deal with the creditors committee to buy MIR for about $ 13.2 Billion and that was for 16,000 or so MW of installed capacity.
http://www.reuters.com/article/marketsNews/idUKN3137029720080201?rpc=44
Now, however, we have CPN that has issued about 500 million shares, with 485 million shares going to various creditors and for any number of reasons CPN has not started trading.
CPN has about 22,000 MW of installed capacity not to mention close to 10 million pounds / hour of process steam generation capacity at its various cogeneration plants.
NRG has clearly shown in the past an interest in buying out an IPP soon after exiting ch11. If NRG was willing to pay $ 13.2 Bn for MIR's 16,000 MW, then they certainly would go for let's say $ 10 Bn for CPN's 22,000 MW plus the extensive cogen capacity and let's not forget the 750 MW of geothermal.
Buying CPN or merging with CPN would certainly fit into David Crane's environmental stewardship motto.<<<
Post from the MIR board at Investorvillage.com
http://www1.investorvillage.com/smbd.asp?mb=4142&mn=11198&pt=msg&mid=4060139
Stock
17 years ago
Question - Should this thread morph now into the CPN thread? Or should a new one be started? Opinions? Anyone and all?
Calpine Shares Commence 'Regular Way' Trading on NYSE
Company to Ring Opening Bell at New York Stock Exchange
SAN JOSE, Calif. and HOUSTON, Feb. 7 /PRNewswire-FirstCall/ -- Calpine Corporation (NYSE: CPN) today resumes 'regular way' trading of the Company's newly issued stock on the New York Stock Exchange (NYSE) under the symbol 'CPN.' Company officials will ring the NYSE opening bell on Feb. 8, 2008, to commemorate its relisting and successful emergence from Chapter 11.
'Calpine is proud to once again be traded on the New York Stock Exchange,' said Robert P. May, Calpine's Chief Executive Officer. 'We have streamlined our operations and strengthened our balance sheet, and we are returning to the NYSE as a stronger and more competitive power company with one of the cleanest generating fleets in the United States. We are confident that the new Calpine is well positioned in the market and poised for success as a corporate leader in the nation's energy industry.'
Webcast Information
Calpine's ringing of The Opening Bell(SM) will be available via live and archived webcast as follows: (The live link will become active at approximately 9:25 a.m. EST. The archive link will become active approximately two hours after the event and then will remain available for a period of two years.)
Live --
http://mfile.akamai.com/7096/live/reflector:57489.asx?bkup=59611&prop=n
Archive -- http://mfile.akamai.com/7096/wmv/nyse.download.akamai.com/7096/Obell- 02082008.asx
Webcast links also will be posted on http://www.nyse.com
Calpine Facts-At-A-Glance
Calpine re-initiates trading on the NYSE as one of the largest power generation companies in the United States, with nearly 24,000 megawatts of installed generating capacity and approximately 2,200 employees. Calpine owns and operates a world-class fleet of 80 modern power plants and also is engaged in full-scale construction activities at its 590-megawatt Otay Mesa project in San Diego, Calif., and is a 50 percent equity partner in the 1,000-megawatt Greenfield Energy Centre, currently under construction in Ontario, Canada.
Calpine's power generating assets are located in key market regions throughout the U.S. with an emphasis on high-growth competitive wholesale power markets in California and Texas. Calpine owns and operates the nation's largest fleet of renewable geothermal generation assets located at The Geysers, in northern California, as well as the country's largest fleet of highly efficient combined-heat-and-power (CHP) facilities. Calpine's natural gas-fired power plants are modern, highly efficient generating units with excellent environmental characteristics. On average, Calpine's plants emit half as much CO2 per megawatt-hour as a typical coal-fired power plant.
Calpine Corporation is helping meet the needs of an economy that demands more and cleaner sources of electricity. Founded in 1984, Calpine is a major U.S. power company, currently capable of delivering nearly 24,000 megawatts of clean, cost-effective, reliable, and fuel-efficient electricity to customers and communities in 18 states in the United States. The company owns, leases, and operates low-carbon, natural gas-fired, and renewable geothermal power plants. Using advanced technologies, Calpine generates electricity in a reliable and environmentally responsible manner for the customers and communities it serves. Please visit http://www.calpine.com for more information.
Forward Looking Information:
In addition to historical information, this release contains forward- looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act. We use words such as 'believe,' 'intend,' 'expect,' 'anticipate,' 'plan,' 'may,' 'will' and similar expressions to identify forward-looking statements. Such statements include, among others, those concerning our expected financial performance and strategic and operational plans, as well as all assumptions, expectations, predictions, intentions or beliefs about future events. You are cautioned that any such forward-looking statements are not guarantees of future performance and that a number of risks and uncertainties could cause actual results to differ materially from those anticipated in the forward-looking statements. Such risks and uncertainties include, but are not limited to: (i) the risks and uncertainties associated with our Chapter 11 cases and Companies' Creditors Arrangement Act (CCAA) proceedings of certain of Calpine's Canadian affiliates, including our ability to successfully reorganize and emerge from Chapter 11; (ii) our ability to implement our business plan; (iii) financial results that may be volatile and may not reflect historical trends; (iv) seasonal fluctuations of our results; (v) potential volatility in earnings associated with fluctuations in prices for commodities such as natural gas and power; (vi) our ability to manage liquidity needs and comply with covenants related to our existing financing obligations and anticipated exit financing; (vii) the direct or indirect effects on our business of our impaired credit including increased cash collateral requirements in connection with the use of commodity contracts; (viii) transportation of natural gas and transmission of electricity; (ix) the expiration or termination of our power purchase agreements and the related results on revenues; (x) risks associated with the operation of power plants including unscheduled outages; (xi) factors that impact the output of our geothermal resources and generation facilities, including unusual or unexpected steam field well and pipeline maintenance and variables associated with the waste water injection projects that supply added water to the steam reservoir; (xii) risks associated with power project development and construction activities; (xiii) our ability to attract, retain and motivate key employees; (xiv) our ability to attract and retain customers and contract counterparties; (xv) competition; (xvi) risks associated with marketing and selling power from plants in the evolving energy markets; (xvii) present and possible future claims, litigation and enforcement actions; (xviii) effects of the application of laws or regulations, including changes in laws or regulations or the interpretation thereof; and (xix) other risks identified from time-to-time in Calpine's reports and registration statements filed with the SEC, including, without limitation, the risk factors identified in its Annual Report on Form 10-K for the year ended December 31, 2006 and Quarterly Reports on Form 10-Q. Actual results or developments may differ materially from the expectations expressed or implied in the forward-looking statements and Calpine undertakes no obligation to update any such statements. Unless specified otherwise, all information set forth in this release is as of today's date and Calpine undertakes no duty to update this information. For additional information about Calpine's chapter 11 reorganization or general business operations, please refer to Calpine's Annual Report on Form 10-K for the fiscal year ended December 31, 2006, Calpine's Quarterly Reports on Form 10-Q, and any other recent Calpine report to the Securities and Exchange Commission. These filings are available by visiting the Securities and Exchange Commission's website at http://www.sec.gov or Calpine's website at http://www.calpine.com.
SOURCE Calpine Corporation
Source: PR Newswire (February 7, 2008 - 8:54 AM EST)
News by QuoteMedia
www.quotemedia.com
Joe Stocks
17 years ago
Reborn Calpine in 'really good position,' CEO says
REBORN CALPINE LEANER, GREENER BUT ENERGY EXPERTS WONDER IF IT CAN RETURN TO PROFITABILITY
By Matt Nauman
Mercury News
Article Launched: 02/07/2008 01:51:31 AM PST
During two-plus years in bankruptcy, Calpine trimmed about 1,100 jobs, cut its debt by $7 billion and closed 19 offices. Now the San Jose energy company is emerging both leaner and greener, its CEO said, with power plants well-suited for the growing appetite for clean energy.
Calpine wrapped up Chapter 11 proceedings Jan. 31, and its stock could begin trading again on the New York Stock Exchange as early as today.
In an interview with the Mercury News, Chief Executive Robert May ticked off what he sees as Calpine's strengths: its plants and how they make power, its smaller staff, its power contracts and its stronger balance sheet.
May, a turnaround specialist who joined Calpine in late 2005 just weeks before the company went bankrupt with $18 billion in debt, said the reborn company is "in a really, really good position."
Not everyone agrees. One expert questions whether the energy market, especially in California, has changed enough so that an independent supplier like Calpine can make money.
But Calpine argues that it's got the right energy at the right time. It now operates 80 power plants, including the Metcalf Energy Center in South San Jose, down from 92 in 2005. More important, all of them are either natural-gas plants or geothermal facilities.
States like California are demanding that utilities get more power from renewable sources such as geothermal, wind and solar. And natural gas is considered a cleaner technology
than coal-fired power plants.
"We're sitting here with assets we feel are as green as anybody's, and in some cases, greener," May said.
The "old" Calpine ran into trouble because of an aggressive expansion strategy. With about 6,000 megawatts of generating capacity in 2001, the company said it would expand to 70,000 megawatts by 2005, making it the nation's biggest power company.
But financial and legal woes, and the high price of natural gas, forced the company into bankruptcy.
"I do look at this as a rebirth or rebuilding," May said. "One of the things this organization learned during this process was that your growth needs to be measured growth. You can't get too far out in front."
As an example of how it defines measured growth, Calpine is constructing only two new natural-gas plants - in San Diego and Canada - that would add between 1,285 and 1,601 megawatts to its 24,000-megawatt portfolio. It has been granted permission by the state to build another in Hayward. On Wednesday, the company said it had completed the sale of a partially constructed plant in Alabama.
"We're happy with where we are in terms of size and scope," May said. "We know gas-fired generation and geothermal. That's where our sweet spot is."
For John Bohn, a commissioner with California's Public Utilities Commission, Calpine's emergence from bankruptcy is another sign that the state is putting the energy crisis behind it.
"It shows institutions are recovering," he said, "that there are viable energy suppliers out there other than utilities."
But whether independent producers such as Calpine are on equal footing with utilities such as Pacific Gas & Electric - one of the hallmarks of deregulation - remains an open question.
"In my personal view, we're not there yet," Bohn said. "There's much too much ambiguity in the marketplace to provide vigorous competition from the independent suppliers that we want to see."
Less optimistic about Calpine's future is Jacob Rudisill, a former Calpine executive who now heads DAREnterprises, an energy consultancy in Pleasanton.
"We don't have a transparent, functional power market," he said. "And when you don't have that, it's very difficult for an independent power producer to survive."
He points to the fallout from the energy crisis of 2000-2001. Many independent power producers went bankrupt and "got out of the business," he said. "That's not a very good trend."
May agreed that the market for independent power companies in California is "improving," but "may not be all the way there."
Still, he said, "we like the California marketplace an awful lot. We've had some bumps and bruises there, we know."
Calpine might like the state's marketplace, but there's uncertainty about whether it will keep its corporate headquarters in the state. Calpine now lists San Jose and Houston as its principal offices.
Asked directly about its plans to stay in San Jose, May said he thinks of it as a California company. Still, his answer wasn't definitive.
"I don't want people to get nervous about where we hang our particular shingle," he said.
--------------------------------------------------------------------------------
Contact Matt Nauman at mnauman@mercurynews.com or (408) 920-5701.
Joe Stocks
17 years ago
Calpine Closes $90 Million Senior Term Loan Refinancing for Blue Spruce Energy Center
Tuesday February 5, 1:00 pm ET
SAN JOSE, Calif. and HOUSTON, Feb. 5 /PRNewswire-FirstCall/ -- Calpine Corporation (NYSE: CPN-WI - News) announced today that its indirect subsidiary Blue Spruce Energy Center, LLC (Blue Spruce LLC) has received funding for its $90 million senior term loan refinancing, maturing December 31, 2017.
Blue Spruce LLC owns the Blue Spruce Energy Center (BSEC) in Aurora, Colo. and is a stand-alone, indirect subsidiary of Calpine. BSEC currently operates under a 10-year power contract with Public Service Company of Colorado for up to 310 megawatts of the power plant's full capacity and related energy and ancillary services. Power deliveries commenced in mid-2003 and extend through April 2013.
Joint Lead Arrangers Co-Bank, ACB ("CoBank") and Siemens Financial Services, Inc. underwrote the project finance facility, and CoBank will serve as administrative agent. Net proceeds from the senior term loan will be used to refinance all outstanding indebtedness under the existing Blue Spruce LLC term loan facility, to pay fees and expenses related to the transaction and for general corporate purposes. This financing extends the tenor of the previous loan and is at a significantly lower interest rate. The benefits of the additional liquidity and lower interest expense flow through to Calpine. Calpine and other Calpine affiliates will not be responsible for the debts or other obligations of Blue Spruce LLC.
Calpine Corporation is helping meet the needs of an economy that demands more and cleaner sources of electricity. Founded in 1984, Calpine is a major U.S. power company, currently capable of delivering nearly 24,000 megawatts of clean, cost-effective, reliable, and fuel-efficient electricity to customers and communities in 18 states in the U.S. The company owns, leases, and operates low-carbon, natural gas-fired, and renewable geothermal power plants. Using advanced technologies, Calpine generates electricity in a reliable and environmentally responsible manner for the customers and communities it serves. Please visit http://www.calpine.com for more information.
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