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
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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.
Aug. 25, 2014, 8:44 AM
- Calpine (NYSE:CPN) agrees to purchase the 809 mw, combined-cycle Fore River Generation Station power plant and related plant inventory from Exelon (NYSE:EXC) for $530M, or ~$655/kw.
- CPN says the natural gas-fired plant located in the Boston suburbs will expand its footprint in the New England competitive wholesale power market.
Aug. 1, 2014, 6:12 AM
Jul. 31, 2014, 5:30 PM
Jul. 8, 2014, 5:19 PM
- Calpine (CPN) says it plans to sell $2.8B of senior unsecured bonds in an offering that “will transition the company from a historically secured-basis bond issuer to an unsecured one.”
- Proceeds will be used to repurchase bonds and amend indentures that will eliminate covenants and release liens on the collateral securing outstanding debt.
- CPN, which has $11.3B in debt, is rated four levels below investment grade by Moody’s and S&P.
Jun. 2, 2014, 3:31 PM
- Walter Energy (WLT -6.3%) shares aren't helped by the coal producer's statement that new EPA proposals aimed at controlling carbon emissions from U.S. power plants should have no material impact on the company; in fact, WLT is down more than peers: CNX +1.1%, BTU +0.1%, CLD -0.3%, ACI -2.8%, ANR -4.6%.
- Long-term losers also will include electric companies that burn lots of coal - such as American Electric Power (AEP +0.1%), Duke Energy (DUK -0.3%), Southern Co. (SO -0.3%) and NRG Energy (NRG -0.1%) - but stiff regulations have been expected for some time.
- Likely winners include companies that pump natural gas and those that use it as their primary fuel, such as Calpine (CPN +0.3%), and companies that operate nuclear plants that generate little carbon but have been expensive to run, such as Exelon (EXC -1%), hope that their aging plants will become more competitive.
- A reduction in coal-fired capacity would increase utilities' demand for natural gas by 3B-10B cf/day from 22B cf/day now, potential benefiting major natural gas producers like Chesapeake Energy (CHK +2.1%), Cabot Oil & Gas (COG -0.8%) and Range Resources (RRC -0.6%).
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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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