California's Industry Leader Has Added 1,350 Megawatts This Summer
SAN JOSE, Calif., July 22 /PRNewswire-FirstCall/ -- With several Western
states, especially California, either setting or on the verge of establishing
new power demand records this summer, Calpine Corporation's (NYSE: CPN) fleet
of energy-efficient and renewable power plants stands ready to meet the
unprecedented power demand.
"With Calpine's Metcalf and Pastoria power plants, Calpine has added 1,350
megawatts of generating capacity in California in time for peak summer
demand," said Calpine Chairman, President and CEO Peter Cartwright.
"Collectively, these projects can meet the energy needs of more than one
million California homes. As well, at 750 megawatts, Calpine's Pastoria
facility is making a fundamental difference in providing for electricity
demand in Southern California."
In a report issued this spring, the California Independent System Operator
(ISO) forecasts record power demand will occur by the end of August, eclipsing
last year's demand record by more than 1,000 megawatts. The California Energy
Commission has issued similar projections and expressed concerns about
adequate power supplies as well as transmission constraints. Already, the ISO
has declared two Stage 2 power emergencies and Nevada has set an all-time
demand record, achieving a demand level projected for 2008.
"Since 2001, Calpine has constructed more than 4,000 megawatts of the
cleanest and most efficient power generation ever built in the state," added
Cartwright. "However, Californians must keep conservation in mind as we use
power this summer."
With the completion of the Metcalf and Pastoria projects, Calpine's
California project portfolio has grown to 41 power plants totaling more than
5,250 megawatts. This is enough power to satisfy the needs of more than five
million households. As well, almost eighty percent of the Calpine portfolio
has been constructed in the last five years, a stark contrast to California's
aging power fleet.
About Calpine
A major power company, Calpine Corporation supplies customers and
communities with electricity from clean, efficient, natural gas-fired and
geothermal power plants. Calpine owns, leases and operates integrated systems
of plants in 21 U.S. states, three Canadian provinces and in the United
Kingdom. Its customized products and services include wholesale and retail
electricity, natural gas, gas turbine components and services, energy
management, and a wide range of power plant engineering, construction and
operations services. Calpine was founded in 1984. It is included in the S&P
500 Index and is publicly traded on the New York Stock Exchange under the
symbol CPN. For more information, visit http://www.calpine.com .
This news release discusses certain matters that may be considered
"forward-looking" statements within the meaning of Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the Securities Exchange
Act of 1934, as amended, including statements regarding the intent, belief or
current expectations of Calpine Corporation ("the Company") and its
management. Prospective investors are cautioned that any such forward-looking
statements are not guarantees of future performance and involve a number of
risks and uncertainties that could materially affect actual results such as,
but not limited to, (i) the timing and extent of deregulation of energy
markets and the rules and regulations adopted on a transitional basis with
respect thereto; (ii) commercial operations of new plants that may be delayed
or prevented because of various development and construction risks, such as a
failure to obtain the necessary permits to operate, failure of third-party
contractors to perform their contractual obligations or failure to obtain
financing on acceptable terms; (iii) unscheduled outages of operating plants;
(iv) a competitor's development of lower cost generating gas-fired power
plants; (v) risks associated with marketing and selling power from power
plants in the newly-competitive energy market; (vi) the effects on the
Company's business resulting from reduced liquidity in the trading and power
industry; (vii) the Company's ability to access the capital markets or obtain
bank financing on attractive terms; and (viii) other risks identified from
time-to-time in the Company's reports and registration statements filed with
the SEC, including the risk factors identified in its Annual Report on Form
10-K for the year ended December 31, 2004, and Quarterly Report on Form 10-Q
for the quarter March 31, 2005, which can be found on the Company's website at
http://www.calpine.com. All information set forth in this news release is as of
today's date, and the Company undertakes no duty to update this information.
SOURCE Calpine Corporation
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Related links:
http://www.calpine.com
CONTACT:
media, Kent Robertson of Calpine Corporation,
+1-408-621-1447
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