Was ist mit Calpine los - 500 Beiträge pro Seite

[Lonley]

Hallo,ich bin seit §nde Januar in Calpine,lief ja auch ganz gut aber letzertags ist der Wert verprügelt worden,ging straff bergab.Weiss einer warum und was gibt es neues von denen

Tschüss Euer fragender Lonley

[woodawork]

Mit Calpine ist das übliche los, up- und downgrades.
Nun aber das:

Calpine Reports Second Quarter 2001 EPS of $0.39 From Recurring Operations

Strong Earnings Expected to Continue for 2001 and Beyond

SAN JOSE, Calif., July 26 /PRNewswire/ -- San Jose, Calif.-based Calpine Corporation (NYSE: CPN), the nation`s leading independent power company, announced today strong earnings for the three and six months ended June 30, 2001, reflecting the company`s outstanding plant performance and continued expansion in key North American power markets.

For the quarter, diluted earnings per share from recurring operations (before the deduction of nonrecurring merger costs of $0.07 per share incurred in connection with the Encal Energy Ltd. (Encal) pooling of interests transaction) were $0.39 per share, an increase of 95% from the same period last year. Net income from recurring operations for the quarter was $132.2 million, representing a 122% increase compared to net income of $59.5 million for the second quarter of 2000. Revenue for the quarter increased 284% to $1.6 billion, from $417 million a year ago. Earnings Before Interest, Tax, Depreciation and Amortization (EBITDA) rose 70% to $317.2 million for the quarter, compared to $186.9 million a year ago.

For the first half of 2001, diluted earnings per share from recurring operations (before the deduction of nonrecurring merger costs of $0.07 per share incurred in connection with the Encal pooling of interests transaction) rose 168% to $0.75 per share. Net income from recurring operations was $254.9 million, an increase of 216% compared to net income of $80.6 million for the same period in 2000. Revenue for the first six months was $3.0 billion, an increase of 327% from $702 million a year ago. EBITDA for the first six months rose 114% to $642.9 million, from $300.9 million in 2000. Total assets as of June 30, 2001 were approximately $16.0 billion, up 55% from $10.3 billion at December 31, 2000.

As a result of the completion of the Encal pooling of interests transaction, the financial results for the quarter and six months ended June 30, 2000 and for the quarter ended March 31, 2001 have been restated to include Encal. The quarter and six months ended June 30, 2001 benefited primarily from the continued execution of Calpine`s program to own and operate low-cost generating facilities in key U.S. power markets and through Calpine Energy Services` successful power systems program.

"It was a great quarter for Calpine. Our performance validates the effectiveness of our strategy of acquiring and developing systems of clean, fuel-efficient power generating facilities in key power markets," stated Calpine President and CEO Peter Cartwright. "Our unique systems approach enables Calpine to better serve our customers, secure strong long- and short-term contracts, lower costs and maximize value."

"Calpine`s outlook remains strong. We`ve established a first-mover advantage in Texas, California and New England, with programs to expand in other high-growth markets," added Cartwright. "Calpine has the projects, the equipment, the capital and an exceptional team of energy professionals in place to execute our business strategy. More important, our outstanding earnings reflect this proven track record. Calpine expects continued strong financial results through the balance of 2001 and beyond, with 2001 year-end earnings from recurring operations to be approximately $2.00 per share."

Highlights of recent activities include:


Development Program -- Calpine leads the nation in the acquisition and development of modern natural gas-fired energy centers. The company is expanding its fleet of high-efficiency generating facilities to ensure Calpine remains the low-cost generator in the markets it serves.

-- Westbrook Energy Center Enters Commercial Operations -- Calpine`s
Westbrook Energy Center is in full operations, providing up to
525 megawatts of high-efficiency electricity to the New England Power
Pool. Located in Westbrook, Maine, this modern, combined-cycle
facility is Calpine`s fifth New England plant to enter the region`s
power market. Calpine can lay claim to the most modern power
generating fleet serving the New England power system. To date, the
company produces approximately 1,200 megawatts of low-cost electricity
for the region.
-- New Arizona Energy Center Delivering Needed Power -- Calpine`s South
Point Energy Center is in full operations, delivering up to
540 megawatts of needed electricity to Arizona and the Tri-state
wholesale power markets. Located at the Fort Mojave Indian Reservation
in Mohave County, Ariz., South Point is the first merchant power plant
to enter operations in the state.
-- Calpine Fires Up First Major California Plant in Over a Decade -- In a
milestone for California, Calpine`s 540-megawatt Sutter Energy Center
entered operations just in time to help meet peak summer demand.
Located near Sacramento, Sutter is the first major combined-cycle
facility licensed and built in California in over a decade. Sutter is
contracted to deliver electricity to a variety of wholesale customers
including California`s Department of Water Resources (DWR), the
Sacramento Municipal Utility District, and the Modesto and Turlock
Irrigation Districts.
-- Calpine Brings Additional Generation to California -- Calpine`s
555-megawatt Los Medanos Energy Center in Pittsburg, Calif., is
providing needed electricity to the San Francisco Bay Area. Los
Medanos is the second major combined-cycle facility to be licensed and
built in California in over a decade. The natural gas-fired facility
will provide a long-term supply of affordable electricity to
California`s DWR and other wholesale customers. As a cogenerator, the
facility also provides a long-term supply of electricity and steam to
USS-Posco Industries.
-- Hog Bayou Energy Center Enters Operations -- Calpine`s 245-megawatt Hog
Bayou Energy Center is in full operations. Located in Mobile, Ala.,
this combined-cycle, gas-fired facility is serving the fast-growing
Southeast electric power market. Calpine owns a 67 percent interest in
the plant.
-- Aries Energy Center Enters First Phase of Operations -- Calpine`s
Pleasant Hill, Mo. Aries Power Project entered simple-cycle operations
and is generating 320 megawatts for sale to Missouri Public Service.
The company expects to convert the facility to combined-cycle in late
2001. The Aries project is a joint venture between Calpine and
Aquila, Inc.
-- Calpine to Acquire 1,200-Megawatt Gas-Fired Plant in UK -- Calpine
entered the United Kingdom power market, with plans to acquire a
1,200-megawatt natural gas-fired facility at Saltend near Hull,
Yorkshire. The Saltend Energy Centre entered commercial operations in
November 2000 and is one of the largest and most efficient natural
gas-fired power plants in England. Calpine plans to selectively
capitalize on its core power competencies developed in North America in
strategic European markets including the United Kingdom, Italy and
Spain.
-- Calpine Expands Canadian Power Portfolio -- Calpine plans to acquire
and assume operations of two Canadian power generating facilities,
which will add 275 net megawatts of strategic natural gas-fired
generation to its Canadian power portfolio. Calpine will acquire a
100 percent interest in the 250-megawatt Island Cogeneration facility
near Campbell River, British Columbia and a 50 percent interest in the
50-megawatt Whitby Cogeneration facility in Whitby, Ontario. Both
facilities provide energy for industrial processing under long-term
contracts.
-- Calpine Begins Construction of California Peaking Facility
-- Construction is under way for the 135-megawatt Gilroy Peaking Energy
Center at Calpine`s existing Gilroy, Calif. cogeneration plant.
Calpine is adding three 45-megawatt simple-cycle gas turbines in the
first of a two-phase process. Phase One is expected to be commercial
by September 2001. Three additional 45-megawatt generators will be
installed in Phase Two, with full build-out estimated for May 2002.
The Gilroy peaking facility will deliver a long-term supply of
electricity to California`s DWR.
-- Lost Pines 1 Enters Operations -- Located in Bastrop County, the Lost
Pines 1 Energy Center is providing up to 500 megawatts of electricity
for the Central Texas power market. The facility, which entered
operations early this summer, is a joint development of Calpine and
GenTex Power Corporation, a Lower Colorado River Authority (LCRA)
affiliate. Calpine is selling half the output to Texas wholesale
customers. GenTex is selling the remaining output to LCRA`s customers.
-- Calpine Acquires Otay Mesa Energy Center -- Calpine completed the
acquisition of the 500-megawatt Otay Mesa Generating Project in San
Diego County. Calpine will build, own and operate the facility, and
PG&E National Energy Group will contract for up to 250 megawatts of
capacity. Construction is expected to begin later this summer, with
completion targeted for mid-2003.
-- Calpine Receives Approval For New Florida Plant -- The Florida Power
Plant Siting Board granted final state regulatory approval for
Calpine`s proposed 529-megawatt Osprey Energy Center. Calpine will
construct the facility adjacent to its Auburndale, Fla. cogeneration
plant. Osprey will provide output under a long-term contract to
Seminole Electric Cooperative.
-- CEC Recommends Approval for Metcalf Energy Center -- The California
Energy Commission`s (CEC) Presiding Members` Proposed Decision
recommends approval of the Metcalf Energy Center in south San Jose. A
joint development of Calpine and Bechtel Holdings, Metcalf will
generate 600 megawatts of needed generation for California`s Silicon
Valley.
-- Calpine Announces New Wisconsin Energy Center -- Calpine is developing
a 900-megawatt natural gas-fired facility to serve the growing
Wisconsin power market. Under separate 10-year contracts, the Sherry
Energy Center will supply 225 megawatts and 141 megawatts of
electricity to Wisconsin Electric Power Company and Wisconsin Public
Service Company, respectively. Simple-cycle production is expected to
begin in mid-2002, with the combined-cycle build-out in place by
mid-2004. Calpine plans to sell the balance of the plant`s output to
other Wisconsin utilities and wholesale power purchasers.
-- Calpine Enters Michigan Power Market -- Calpine is developing a
1,030-megawatt natural gas-fired facility in Berrien, Mich. The
proposed Berrien Energy Center is Calpine`s first Michigan development
project. Calpine is targeting a commercial operation date of 2004.
-- Russell City Energy Center Approved for Expedited Review -- Calpine and
Bechtel Holdings met the CEC`s data adequacy requirements for a
proposed 600-megawatt natural gas-fired facility in Hayward, Calif.
The Russell City Energy Center is the first combined-cycle energy
project to meet the CEC`s stringent qualifications for a six-month
review.
-- Calpine Acquires WRMS Engineering -- Calpine acquired WRMS Engineering,
an engineering, construction and project management services company
based in Walnut Creek, Calif. With over 100 employees, WRMS is an
acknowledged leader in designing and engineering high reliability
facilities for the digital economy. WRMS significantly enhances
Calpine`s critical power capabilities.
-- Calpine Launches Critical Energy Facility -- Calpine launched plans for
the 180-megawatt Los Esteros Critical Energy Facility. Located in
San Jose, Calif., Calpine`s c*Power program will supply U.S. DataPort`s
planned San Jose Internet Campus with highly reliable critical power
and ancillary services. Calpine is accelerating construction of the
facility to provide California`s DWR with 180 megawatts of peaking
capacity and energy beginning in the summer of 2002 through
April 30, 2005.
-- Calpine Announces Inland Empire Energy Center -- Calpine is planning a
600-megawatt combined-cycle facility for southwestern Riverside County,
Calif. The proposed Inland Empire Energy Center will help relieve
Southern California`s constrained power grid. Permitting activities
are under way, with construction scheduled to begin in mid-2002.
Calpine expects to begin energy deliveries in late 2004.


Calpine Energy Services -- Calpine`s systems approach to the power market allows the company to create energy programs to best meet its customers` unique energy profiles from a variety of power facilities. This pooling approach to power marketing enables Calpine to lower costs and enhance value for the company`s customers and shareholders.

-- PG&E Assumes Calpine`s QF Contracts -- Pacific Gas and Electric Company
(PG&E) assumed Calpine`s modified Qualifying Facility (QF) contracts on
July 12. All past due receivables under the QF contracts will be paid
to Calpine, with interest, upon the effective date of a confirmed plan
of reorganization. As of April 6, 2001, Calpine had recorded
approximately $266 million in accounts receivable with PG&E.
-- Calpine Signs Up Reliant Energy for 1,000 Megawatts -- Under two 5-year
agreements, beginning January 1, 2002, Calpine will deliver
1,000 megawatts of power to Reliant Energy. Calpine plans to serve
Reliant`s load from its Electric Reliability Council of Texas (ERCOT)
system of gas-fired facilities. Calpine is the largest independent
power producer in Texas.
-- Calpine to Sell up to 3,000 Megawatts to Shell -- Calpine will be the
exclusive provider of up to 3,000 megawatts of electricity to Shell
Energy. Under a 5-year agreement, Calpine will service Shell through
its system of high-efficiency generating facilities across Texas. With
the Shell and Reliant announcements, Calpine has sold approximately
85 percent of its ERCOT output for the next few years.


Fuels Program -- Calpine continues to expand and diversify its fuels program to lower costs and maximize value of its North American energy centers.

-- Calpine Strengthens Strategic Natural Gas Reserves -- Calpine will soon
add up to 236 billion cubic feet equivalent (bcfe) of proved, natural
gas reserves. In the second quarter, Calpine acquired approximately
30 bcfe of natural gas reserves in the western San Juan Basin in New
Mexico. By August, Calpine expects to acquire an additional 206 bcfe
of proved reserves and a high quality drilling location within a
94,000-acreage position near Calpine`s south Texas Magic Valley and
Hidalgo Energy Centers.
-- Calpine Completes Successful Open Season for Sonoran Pipeline
-- Calpine and Kinder Morgan received significant interest in the
proposed Sonoran Pipeline project during the open season. More than
1 billion cubic feet (bcf) per day of binding precedent agreement and
non-binding expressions of interest were received for Phase One of the
pipeline, which would run from the San Juan Basin in New Mexico to
Needles and Topock near the California border. Another 1.5 bcf per day
of non-binding commitments and expressions of interest were received
for Phase Two of the pipeline, which would extend the pipeline from the
California border to the San Francisco Bay Area.


Calpine Finance Company -- Calpine Finance continues to lower Calpine`s cost of capital while maximizing the value of the company`s portfolio.

-- Calpine Completes $1 Billion Refinancing Program -- Calpine repaid
approximately $874 million of project debt and redeemed all
$105 million principal amount of its 9-1/4% Senior Notes Due 2004 with
proceeds from its Zero-Coupon Debentures issued in April.

Earnings Conference Call

Calpine will host a conference call to review second quarter results. Calpine`s unaudited consolidated condensed statements of operations for the three and six months ended June 30, 2001 and 2000 are attached. The conference call will take place on Thursday, July 26, 2001, at 7:30 a.m. PDT. The call is available in a listen-only mode by calling 1-877-715-5321 five minutes prior to the start of the conference call. International callers should dial 1-973-321-1030. In addition, Calpine will simulcast the conference call live via the Internet. The web cast can be accessed and will be available for 30 days on the investor relations page of Calpine`s web site at www.calpine.com. About Calpine

Based in San Jose, Calif., Calpine Corporation is dedicated to providing customers with reliable and competitively priced electricity. Calpine is focused on clean, efficient, natural gas-fired generation and is the world`s largest producer of renewable geothermal energy. Calpine has launched the largest power development program in North America. To date, the company has approximately 34,600 megawatts of base load capacity and 8,000 megawatts of peaking capacity in operation, under construction, pending acquisitions and in announced development in 29 states, the United Kingdom and Canada. The company was founded in 1984 and is publicly traded on the New York Stock Exchange under the symbol CPN. For more information about Calpine, visit its web site at 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. You 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) changes in government regulations, including pending changes in California, and anticipated deregulation of the electric energy industry, (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 financing and the necessary permits to operate or the failure of third-party contractors to perform their contractual obligations, (iii) cost estimates are preliminary and actual costs may be higher than estimated, (iv) the assurance that the Company will develop additional plants, (v) a competitor`s development of a lower-cost generating gas-fired power plant, (vi) the risks associated with marketing and selling power from power plants in the newly competitive energy market, (vii) the risks associated with marketing and selling combustion turbine parts and components in the competitive combustion turbine parts market, (viii) the risks associated with engineering, designing and manufacturing combustion turbine parts and components, or (ix) delivery and performance risks associated with combustion turbine parts and components attributable to production, quality control, suppliers and transportation. You are also cautioned that the California energy market remains uncertain. The Company`s management is working closely with a number of parties to resolve the current uncertainty. This is an ongoing process and, therefore, the outcome cannot be predicted. It is possible that any such outcome will include changes in government regulations, business and contractual relationships or other factors that could materially affect the Company; however, the Company believes that a final resolution of the situation in the California energy market will not have a material adverse impact on the Company. For example, Pacific Gas and Electric Company (PG&E) has recently agreed with the Company to assume all of the Company`s Qualifying Facility contracts with PG&E in bankruptcy . You are also referred to the other risks identified from time to time in the Company`s reports and registration statements filed with the Securities and Exchange Commission.


CALPINE CORPORATION AND SUBSIDIARIES
Consolidated Condensed Statements of Operations
For the Three and Six Months Ended June 30, 2001 and 2000
(in thousands, except per share amounts)
(unaudited)


Three Months Ended Six Months Ended
June 30, June 30,
2001 2000 2001 2000
Revenue:
Electric generation
and marketing
revenue $1,257,340 $341,611 $2,307,407 $547,679
Oil and gas
production and
marketing revenue 343,012 69,652 628,871 136,627
Income from
unconsolidated
investments in
power projects 1,600 4,843 2,163 14,617
Other revenue 10,921 1,050 14,183 3,431
Total revenue 1,612,873 417,156 2,952,624 702,354

Cost of revenue:
Power plant
generating and
marketing expense 731,497 78,722 1,283,232 131,607
Oil and gas
production and
marketing expense 245,638 25,104 398,549 55,543
Fuel expenses 228,430 104,044 485,444 177,696
Depreciation
expenses 72,144 50,702 144,157 95,815
Operating lease
expenses 27,449 10,672 55,460 21,130
Other expenses 3,490 1,280 5,989 2,780
Total cost of
revenue 1,308,648 270,524 2,372,831 484,571

Gross profit 304,225 146,632 579,793 217,783

Project development
expenses 4,372 5,228 20,211 9,390
General and
administrative
expenses 50,537 18,508 86,622 28,740
Nonrecurring merger
costs 35,606 -- 41,627 --
Income from
operations 213,710 122,896 431,333 179,653

Other expense (income):
Interest expense 43,331 18,202 63,256 39,955
Distributions on trust
preferred securities 15,387 9,085 30,562 16,063
Interest income (20,531) (5,615) (39,889) (13,177)
Other (income)
expense, net (3,291) 178 (9,018) (380)
Income before
provision for income
taxes 178,814 101,046 386,422 137,192

Provision for income
taxes 69,849 41,538 158,830 56,583
Income before
extraordinary charge
and cumulative effect
of a change in
accounting principle 108,965 59,508 227,592 80,609
Extraordinary
charge, net of
tax benefit (1,300) -- (1,300) --
Cumulative effect of
a change in
accounting principle -- -- 1,036 --
Net income $107,665 $59,508 $227,328 $80,609

Basic earnings per
common share:
Weighted average
shares of common
stock outstanding 302,729 271,505 301,641 270,516
Income before
extraordinary charge
and cumulative effect
of a change in
accounting principle $0.36 $0.22 $0.75 $0.30
Extraordinary charge $-- $-- $-- $--
Cumulative effect of
a change in accounting
principle $-- $-- $-- $--
Net income $0.36 $0.22 $0.75 $0.30

Diluted earnings per
common share:
Weighted average shares
of common stock
outstanding before
dilutive effect of
certain convertible
securities 318,255 287,271 317,544 286,439
Income before dilutive
effect of certain
convertible securities,
extraordinary charge
and change in
accounting principle $0.34 $0.21 $0.71 $0.28
Dilutive effect of
certain convertible
securities(A) $(0.02) $(0.01) $(0.03) $--
Income before
extraordinary charge
and cumulative effect
of a change in
accounting principle $0.32 $0.20 $0.68 $0.28
Extraordinary charge $-- $-- $-- $--
Cumulative effect of
a change in accounting
principle $-- $-- $-- $--
Net income $0.32 $0.20 $0.68 $0.28
EBITDA(B) $317,172 $186,902 $642,916 $300,864

(A) Includes the effect of the assumed conversion of the certain
convertible securities. For the three and six months ended
June 30, 2001, the assumed conversion calculation adds 41,964 and
49,379 shares of common stock and $7,507 and $20,838 to the net income
results, representing the after tax expense on certain convertible
securities avoided upon conversion.
(B) This non-GAAP measure is defined as net income less income from
unconsolidated investments, plus cash received from unconsolidated
investments, plus provision for tax, plus interest expense, plus
one-third of operating lease expenses, plus depreciation and
amortization, plus distributions on trust preferred securities.

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/CONTACT: media, Katherine Potter, ext. 1168, or investors, Rick Barraza, ext. 1125, both of Calpine Corporation, [phone]/
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