Calpine Corporation

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Calpine Corporation (NYSE: CPN) is a major U.S. power company founded in 1984 with headquarters in San Jose, California. The company owns and operates the largest fleet of natural gas power plants in the U.S. and is also the nation’s largest geothermal power producer, providing close to 24,000 MW of electricity in 18 states. Calpine’s primary customers are industrial electricity users, government agencies, and electric utilities. 10% of its revenues come from the California Department of Water Resources. [1]

The company's stock was traded on the New York Stock Exchange under the symbol CPN until it was delisted on December 5, 2005 due to low share price. On January 31, 2008, Calpine emerged from bankruptcy and now trades on the NYSE under the ticker symbol "CPN."

Power Projects Sponsored by Calpine

Coal unit conversions

On July 1, 2010, Calpine Corporation's Edge Moor Power Plant and Pepco Holdings' Deepwater Generating Station began burning natural gas exclusively. All coal power will be discontinued. [2]

CEO Compensation

In May 2007, Forbes listed Calpine CEO Robert May as receiving $4.18 million in total compensation for the latest fiscal year. He ranked 24th on the list of CEOs in the Utilities industry, and 322nd among all CEOs in the United States.[3]

History

In response to the 1973 oil crisis and the 1979 energy crisis, much legislation was passed that made domestic energy production an attractive enterprise. In 1984, Peter Cartwright and four of his co-workers, the Guy F. Atkinson Construction Company of South San Francisco, and the Electrowatt corporation struck an investment arrangement and Calpine was born with initial capital of US$1 million. The name "Calpine" is derived from the company's California location and alpine, a reference to the Zürich home base of Electrowatt.

As of 2006, the directors of Calpine are Kenneth T. Derr, Glenn H. Hiner, William J. Keese, Robert P. May, David C. Merritt, Walter L. Revell, George J. Stathakis, and Susan Wang.

In 2004, the directors of Calpine Canada Energy Finance Ulc were Charles B. Clark Jr., Kenneth T. Derr, Jeffery E. Garten, Gerald Greenwald, Susan Schwab, George J. Stathakis, Susan Wang, and John O. Wilson.

  • 1984: provider of management services for independent energy companies
  • 1988: first power production
  • 1992: assets of $21 billion
  • 1994: 141 MW capacity
  • 1996: largest IPO ever for an independent energy company
  • 1997: purchase of Montis Niger natural gas fields and pipelines in the Sacramento Valley
  • 1998: purchased 45 gas turbine power plants
  • 1999: purchased 18 gas turbine power plants
  • 1999: purchase of Houston's Sheridan Energy, a gas exploration and production company
  • 1999: acquired PG&E's plants at The Geysers, making Calpine the world's largest geothermal provider
  • 2000: 3,355 MW capacity from 58 facilities
  • 2001: purchase of first European facility in the United Kingdom
  • 2001: a US$17 billion four-year growth drive with about 50% financing scaled back in face of economic downturn
  • 2001: world's ninth largest electricity producer
  • 2001: stock price exceeds US$50.00 per share
  • 2002: 13,000 MW capacity
  • 2004: 22,000 MW capacity; 89 energy centers in 21 states, Canada, and the UK
  • 2005: December 20: Calpine files bankruptcy, US$22 billion in debt. Calpine's aggressive leveraged expansion plan was unsupportable in the economic environment formed by the 2000-2001 California energy crisis and the collapse of Enron. Stock price dropped to less than US$0.30 per share.
  • 2008: On January 31, 2008, Calpine emerges from bankruptcy. Previous stock has been canceled. New Calpine stock will trade on the NYSE under the ticker symbol "CPN."

References

External links


Wikipedia also has an article on Calpine Corporation. This article may use content from the Wikipedia article under the terms of the GFDL.