Executives of Calpine Corporation (NYSE:CPN) and GE (NYSE:GE)
unit GE Energy Financial Services today joined state and local
officials, construction trade representatives, contractors,
community leaders and business partners in celebrating the
continuing construction of the 619-megawatt, combined-cycle Russell
City Energy Center in Hayward, California. The event honored
hundreds of on-site construction workers.
“We are very proud that the Russell City Energy Center will use
the most advanced emissions control technology available today for
a natural gas-fired power plant and that its construction is
providing jobs at a time when they are greatly needed in
California,” said Jack Fusco, Calpine’s President and Chief
Executive Officer. “Calpine was founded in California and has
always been committed to helping meet the state’s power needs in an
environmentally responsible manner. This project will provide
reliable and cost-effective electricity to citizens of Hayward and
the Bay Area and, importantly, support the integration of increased
renewable power.”
“We are glad to have our crew at work on constructing of the
Russell City Energy Center project, which will put more than 700
people to work in the Bay Area,” said Andreas Cluver,
secretary-treasurer of the Alameda County Building Trades Council.
“Building this efficient, natural gas power plant has generated
union construction jobs in Hayward at a time we need it most.”
“Wherever we work, our goal is to make a positive contribution
in the community, and Russell City is no exception,” said Alasdair
Cathcart, president of Bechtel’s power business. “We are pleased to
be working with Calpine and GE to bring jobs and reliable, cleaner
energy to the Bay Area.”
Construction of the Russell City Energy Center is on schedule.
Several major foundations are completed, and underground pipe
systems are being installed along with electrical duct banks and
vaults. The project is expected to be completed during 2013.
“Today’s event commemorates a great achievement made possible by
the combination of Calpine’s vision, GE’s support as a project
development partner, and the cooperation of governments, our
neighbors, and now the workers who are building this plant that
will provide reliable energy to California,” said Alex Urquhart,
President and CEO of GE Energy Financial Services.
During the celebration, Russell City Energy Center presented a
check for $10 million to the City of Hayward for design and
construction of a new library. In addition, Calpine, in cooperation
with St. Mary’s College, presented six scholarships for the St.
Mary’s summer basketball camp program to St. Bede’s Elementary
School and the Southern Alameda County Catholic Youth Organization
in memory of Rick Thomas, a former Calpine employee who played a
crucial role in the Russell City project’s development.
Calpine began developing the Russell City Energy Center in 2001
and owns 75% of the project, while a GE Energy Financial Services
affiliate owns the balance. In June, an $844.5 million credit
facility was secured to finance construction of the plant, the
nation’s first to receive a federal air permit that includes a
voluntary limit on greenhouse gas emissions. Pacific Gas and
Electric has agreed to purchase the full output of electricity from
Russell City upon completion and will supply natural gas under a
10-year power purchase agreement approved by the California Public
Utilities Commission in September 2010. The facility will play a
critical role in meeting the Bay Area’s power needs as older,
emissions-intensive plants are retired and in supporting the
growing renewable integration projects in California.
The facility will use the most advanced emissions control
technology available today for a natural gas-fired power plant. In
addition to minimizing air emissions, the plant will conserve water
by using reclaimed wastewater from the City of Hayward’s Water
Pollution Control Facility for all cooling and boiler makeup. This
environmentally responsible process will prevent up to four million
gallons of wastewater from being discharged into San Francisco Bay
each day. In addition, the plant will generate approximately $30
million initially in one-time tax revenue, followed by recurring
property tax revenues.
About Calpine
Founded in 1984, Calpine Corporation is a major U.S. power
company, currently capable of delivering approximately 28,000
megawatts of clean, cost-effective, reliable and fuel-efficient
power from its 92 operating plants to customers and communities in
20 U.S. states and Canada. Calpine Corporation is committed to
helping meet the needs of an economy that demands more and cleaner
sources of electricity. Calpine owns, leases and operates primarily
low-carbon, natural gas-fired and renewable geothermal power
plants. Using advanced technologies, Calpine generates power in a
reliable and environmentally responsible manner for the customers
and communities it serves. Please visit our website at
www.calpine.com for more information.
About GE Energy Financial Services
GE Energy Financial Services’ experts invest globally across the
capital spectrum in essential, long-lived, and capital-intensive
energy assets that meet the world’s energy needs. In addition to
capital, GE Energy Financial Services offers the best of GE’s
technical know-how, technology innovation, financial strength, and
rigorous risk management. Based in Stamford, Connecticut, the GE
business unit helps its customers and GE grow through new
investments, strong partnerships, and optimization of its
approximately $20 billion in assets. For more information, visit
http://www.geenergyfinancialservices.com.
About GE
GE (NYSE: GE) is an advanced technology, services and finance
company taking on the world’s toughest challenges. Dedicated to
innovation in energy, health, transportation and infrastructure, GE
operates in more than 100 countries and employs about 300,000
people worldwide. For more information, visit the company's Web
site at www.ge.com.
Forward-Looking Information
In addition to historical information, this release contains
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. Words such as
“believe,” “intend,” “expect,” “anticipate,” “plan,” “may,” “will”
and similar expressions identify forward-looking statements. Such
statements include, among others, those concerning expected
financial performance and strategic and operational plans, as well
as 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. Please see the risks identified in this
release or in Calpine’s reports and registration statements filed
with the Securities and Exchange Commission, including, without
limitation, the risk factors identified in its Annual Report on
Form 10-K for the year ended Dec. 31, 2010, and its Quarterly
Reports on Form 10-Q for the quarters ended March 31 and June 30,
2011. These filings are available by visiting the Securities and
Exchange Commission’s website at www.sec.gov or Calpine’s website
at www.calpine.com. 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.
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