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Mon, Jan. 25, 11:18 AM
- EnerNOC (ENOC +53.1%) surges more than 50% after the U.S. Supreme Court upholds a federal rule that pays large users to conserve power.
- The Court says the FERC acted within its authority with its Demand Response Rule, which helps large consumers reduce their power use.
- "This case has been an overhang for the industry of demand response for a number of years, so to have a final resolution at the highest court in the land is a huge victory," ENOC President David Brewster tells Bloomberg.
- U.S. power producers that sell into competitive markets such as include NRG Energy (NRG -6.7%), Exelon (EXC -2.1%), Dynegy (DYN -9.1%), Calpine (CPN -5.7%) and American Electric Power (AEP -0.9%) would have benefited if the rule was eliminated.
Sat, Jan. 16, 3:34 PM
- The group got together last Monday, meaning it had the year's ugly first week to mull over, but not the year's equally ugly second week. Jeff Gundlach is a new member and fans won't be surprised at his bearish macro outlook.
- He's been outspokenly against the Fed's tightening monetary policy and drops a few interesting points: There's only a 60-basis point difference between GDP growth rates in the U.S. and Europe - with European GDP actually trending higher while U.S. GDP tracks lower. Yet the ECB has set negative rates and is talking about boosting QE, while Fed has eliminated QE and is raising rates. More? Of 118 Fed rate hikes since about 1945, nominal GDP was above 5.5% on 112 of those occasions, and averaged 8.6%. Only twice since 1945 has the Fed boosted while GDP was below 4.5% - the last time was 1982, and the central bank had to reverse course almost immediately. Nominal GDP today looks to be headed to about 2%.
- As for stock picks, Oscar Schafer finds a number of beaten-up names. Among them is Evertec (NYSE:EVTC), which owns the transaction-processing business in Puerto Rico (it was spun out of BPOP in 2010). Suffice it to say, Evertec is being penalized by its domicile. But the company is expanding across Central and South America. Even if things don't improve in Puerto Rico, the company should do fine. If things get better there, the stock's a home run.
- His other favorites: Calpine (NYSE:CPN), CommScope Holding (NASDAQ:COMM), and NICE-Systems (NASDAQ:NICE).
Tue, Jan. 12, 3:02 PM
- Morgan Stanley upgrades the regulated utilities industry to In-Line from Cautious, believing the market will better differentiate high-growth names from others in 2016 and that the valuation gap between undervalued public companies and overvalued private companies will begin to close.
- The firm names Dynegy (DYN -2.7%) its top overall pick in the space, but also remains Overweight on NRG Energy (NRG -2.7%) and Calpine (CPN -4.5%), while maintaining its Underweight rating on Consolidated Edison (ED -1.5%), Southern Co. (SO -0.9%) and Public Service Enterprise (PEG -0.5%).
- Stanley also downgrades Laclede (LG -1.9%) and Pinnacle West (PNW -2.4%) to Underweight from Equal Weight.
Nov. 5, 2015, 6:38 PM
- Calpine (NYSE:CPN), PG&E (NYSE:PCG), London-based National Grid (NYSE:NGG), which has a sizable U.S. presence, and others joined to file a joint court motion today in support of the Obama administration’s Clean Power Plan, which is being challenged by several states.
- The group of companies argue that the EPA plan will only hasten existing market trends toward natural gas and renewable power reliance in order to significantly reduce carbon dioxide emissions.
- FuelFix's Jordan Blum notes the companies may stand to benefit financially from the Clean Power Plan because they are much less reliant on coal-fired power plants, which are most affected by the proposal to reduce emissions on existing power plants.
Nov. 2, 2015, 12:57 PM
- Calpine (CPN -1.2%) is downgraded to Hold from Buy with a $20 price target, cut from $25, at Deutsche Bank, which says 2016 looks like a larger than expected headwind and argues that a premium stock price is misplaced.
- While the firm says it does not expect any company to react to every market gyration, CPN has had opportunities over the past year to create value through M&A, cost cutting, debt reduction or perhaps even a dividend, and none has been forthcoming.
Oct. 30, 2015, 6:04 AM
- Calpine (NYSE:CPN): Q3 Adjusted Net Income of $347M.
- Revenue of $1.95B (-11.0% Y/Y) beats by $160M.
Oct. 29, 2015, 5:30 PM| Oct. 29, 2015, 5:30 PM | 19 Comments
Oct. 14, 2015, 5:53 PM
- The 14 companies that issued a joint statement today endorsing an international agreement to reduce carbon emissions included leaders of some of the world’s most carbon-intensive industries: coal miners BHP Billiton (NYSE:BHP) and Rio Tinto (NYSE:RIO), oil majors Shell (RDS.A, RDS.B) and BP, aluminum producer Alcoa (NYSE:AA) and cement maker LarfargeHolcim (OTCPK:HCMLF).
- A climate deal could eventually mean new taxes and regulations on products central to the companies’ business models, but the companies say they seek clear direction from world leaders to guide long-term investments and transparency to ensure all countries apply the same rules to emissions.
- While UN climate talks scheduled for December in Paris are not likely to result in a global price on carbon, individual countries are submitting their own plans that could lead to market opportunities for major players.
- The statement was also joined by Alstom (OTCPK:ALSMY, OTCPK:AOMFF), Calpine (NYSE:CPN), Hewlett-Packard (NYSE:HPQ), Intel (NASDAQ:INTC), National Grid (NYSE:NGG), PG&E (NYSE:PCG), Schneider Electric (OTCPK:SBGSF) and Siemens (OTCPK:SIEGY).
Oct. 13, 2015, 8:28 AM
- Calpine (NYSE:CPN) agrees to acquire the Granite Ridge Energy Center gas-fired power plant from Granite Ridge Holdings for $500M.
- CPN says the addition of Granite Ridge brings its New England footprint to ~2K MW of generation, making it "a meaningful supplier in one of the nation's leading wholesale power markets."
- The 745 MW power plant, is located in Londonderry, N.H., ~45 miles northwest of Boston.
Sep. 28, 2015, 2:32 PM
- Calpine (CPN -0.2%) says its geothermal power generation facilities at The Geysers in California have reopened after closing earlier this month because of wildfires, and it expects insurance to cover ~$35M in damages and lost revenues.
- The geothermal plants are now producing 540 MW of power out of its net generating capacity of ~725 MW of electricity; full repairs are expected to take another 6-12 months.
- Earlier this month, CPN reported that five cooling towers were destroyed or damaged at its 14 geothermal power plants at The Geysers, which represents 10% of the capacity of CPN’s total California fleet.
- The fire is now 97% contained and is no longer considered a threat to the geothermal complex.
Aug. 24, 2015, 2:47 PM
- Utility companies including Exelon (EXC +0.4%) and NRG Energy (NRG -0.8%), Calpine (CPN -2.8%), Dynegy (DYN -1.1%) and Public Service Enterprise Group (PEG -2.1%) show mixed results after analysts said they would be among the biggest beneficiaries of an increase in power prices awarded Friday by PJM Interconnection, the largest U.S. grid operator.
- PJM, which helps supply power to one in five Americans living from Newark and Chicago, announced it would boost capacity prices between 37% and 88%, which could add $2-$3 to the average consumers’ monthly bill across its territory.
- Moody’s had called it “arguably the most important” PJM auction in the operator's eight-year history both for PJM’s plan to improve reliability and as an earnings driver to help companies.
- Earlier: Three Exelon plants do not clear capacity auction
Jul. 30, 2015, 2:33 PM
- Calpine (CPN +4.8%) is higher after easily beating low expectations for Q2 earnings, benefiting from low Mid-Atlantic gas prices as the region switches from more coal to gas generation.
- "We’re on the right side of history [in] "the battle between gas and coal," CPN President/CEO Thad Hill says, adding that the company's Texas and eastern natural gas-fired plant fleets are displacing more of the industry’s uneconomic coal-fired generation.
- In today's earnings conference call, Hill said California also was a big part of CPN’s success because of the state’s drought conditions and diminished hydro-power generation; as a result, more gas-fired power was needed.
- CPN's Q2 adjusted net income came in $36M higher than the same time last year while generating a Q2 record of ~28M MW hours.
Jul. 30, 2015, 6:24 AM
- Calpine (NYSE:CPN): Q2 net income of $33M
- Revenue of $1.44B (-25.8% Y/Y) misses by $10M.
Jul. 29, 2015, 5:30 PM
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Jul. 20, 2015, 10:15 AM
- Calpine (CPN +0.1%) agrees to acquire residential electricity provider Champion Energy Services from Houston Astros owner Jim Crane and his Crane Capital Group for $240M.
- CPN was one of the few top power generators without a residential retail arm, but the deal for Champion, with ~2.5M residential customers in Texas and the northeast U.S., will help it move into the sector.
May 1, 2015, 6:03 AM
- Calpine (NYSE:CPN): Q1 net income of -$62M.
- Revenue of $1.64B (-16.3% Y/Y) beats by $210M.
Calpine Corp is a wholesale power producer. The Company owns and operates natural gas-fired and geothermal power plants in North America. It sells wholesale power, steam, capacity and ancillary services to utilities, independent electric system operators.
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