Mon, Aug. 24, 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
Thu, Jul. 30, 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.
Thu, Jul. 30, 6:24 AM
Wed, Jul. 29, 5:30 PM
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Mon, Jul. 20, 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.
Fri, May 1, 6:03 AM
Thu, Apr. 30, 5:30 PM
Wed, Apr. 1, 12:41 PM
- RBC's utilities analyst team turn more positive on the group after the Q1 selloff, and are now focusing on deregulated generators and the new yieldcos.
- RBC expects the yieldcos to raise distributions in the coming years, in effect offsetting the interest rate risk inherent in most of the sector.
- The firm considers four stocks as “best plays” in the sector and rates them Outperform: Abengoa Yield (NASDAQ:ABY), Pattern Energy (NASDAQ:PEGI), Calpine (NYSE:CPN) and Exelon (NYSE:EXC).
Thu, Mar. 19, 5:37 PM
Fri, Feb. 13, 6:08 AM
Thu, Feb. 12, 5:30 PM
Nov. 11, 2014, 8:26 AM
- CB&I (NYSE:CBI) has received a contract from Calpine Mid-Merit, an affiliate of Calpine Corp. (NYSE:CPN), for the initial development phase of a 760 MW gas turbine power station in Pennsylvania.
- Separately, CB&I has been awarded a contract valued in excess of $40M by Coffeyville Resources Refining & Marketing for the engineering, procurement, and field construction of a 22M standard cu. ft. per day hydrogen plant at its refinery in Kansas.
Nov. 6, 2014, 6:05 AM
Nov. 5, 2014, 5:30 PM
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Sep. 3, 2014, 10:18 AM
- Calpine (CPN -0.4%) will keep spending on acquisitions and share buybacks thanks to its ability to profit whether natural gas prices are high or low, CEO Thad Hill tells Bloomberg.
- CPN's fleet of gas power plants is concentrated in combined-cycle natural gas, putting it in a better position than peers that have a mix of coal and nuclear plants, Hill says, and allows the company to make smaller profits when gas prices are below $4/MBtu as volume increases and bigger margins when prices are above $4 as revenue increases.
- Hill says he sees potential in the the mid-Atlantic and Northeast as older plants retire and in Texas as the population and state economy gain.
Aug. 28, 2014, 4:52 PM
- Calpine (NYSE:CPN) says it has agreed in principle to sell a Florida power plant to Duke Energy (NYSE:DUK) but the companies could take at least another month to finalize the terms of the deal.
- CPN says the companies took the unusual step of announcing the deal for the Osprey Energy natural gas-fired plant near Tampa all the details were settled because DUK withdrew its request to the state of Florida for permission to build its own new peaker unit and had to explain why.
- UBS analysts predict a price for Osprey at $120M-$180M.
CPN vs. ETF Alternatives
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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