Mon, Sep. 28, 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.
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.
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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