Profile: Calpine Corp (CPN)
25 May 2017
Calpine Corporation, incorporated on June 27, 1996, is a power generation company. The Company is engaged in the ownership and operation of primarily natural gas-fired and geothermal power plants in North America. The Company's segments include West (including geothermal), Texas and East (including Canada). In the Northeast and Mid-Atlantic regions, the Company has generating units capable of burning either natural gas or fuel oil. As of December 31, 2016, the Company, through its power generation portfolio and retail sales platforms, served customers in 25 states in the United States, and in Canada and Mexico.
As of December 31, 2016, the Company's portfolio consisted of two types of power generation technologies, including natural gas-fired combustion turbines, such as combined-cycle plants, and renewable geothermal conventional steam turbines. Its Geysers Assets are located in northern California. The Company sells power, steam, capacity, renewable energy credits and ancillary services to its customers, which include utilities, independent electric system operators, industrial and agricultural companies, retail power providers, municipalities and other governmental entities, and power marketers, as well as retail commercial, industrial, governmental and residential customers.
The Company purchases primarily natural gas and fuel oil as fuel for its power plants and engages in related natural gas transportation and storage transactions. The Company purchases electric transmission rights to deliver power to its customers. It is engaged in the retail market through its subsidiaries, Champion Energy Marketing, LLC, Calpine Energy Solutions, LLC and North American Power & Gas, LLC. It has investments in clean power generation to develop, construct, own and operate a portfolio of reliable power plants. The Company's power plants in West segment are located in California, in the California Independent System Operator (CAISO) region. As of December 31, 2016, the Company also owned one power plant in Arizona and one in Oregon. The Company, through its East segment, operated three power plants located in Massachusetts, Maine and New Hampshire, and five power plants located in New York, as of December 31, 2016.
As of December 31, 2016, the Company's portfolio included 80 power plants, including one under construction, with an aggregate generation capacity of 25,908 Megawatt (MW) and 828 MW under construction. As of December 31, 2016, the Company's fleet, including projects under construction, had 65 natural gas-fired combustion turbine-based plants, one fuel oil-fired steam-based plant, 13 geothermal steam turbine-based plants and one photovoltaic solar plant. As of December 31, 2016, its segments had an aggregate generation capacity of 7,425 MW in the West, 9,027 MW in Texas and 9,456 MW with an additional 828 MW under construction in the East.
As of February 1, 2017, its portfolio of power plants and projects under construction and development in West included Calistoga, Eagle Rock, Big Geysers, Lake View, Quicksilver, Sonoma, Los Medanos Energy Center, King City Cogeneration Plant, Wolfskill Energy Center and Agnews Power Plant. As of February 1, 2017, its portfolio of power plants and projects under construction and development in Texas included Deer Park Energy Center, Guadalupe Energy Center, Channel Energy Center, Freestone Energy Center, Magic Valley Generating Station and Texas City Power Plant. Its portfolio of power plants and projects under construction and development in East included Morgan Energy Center, York Energy Center, Zion Energy Center, Kennedy International Airport Power Plant and Bethpage Power Plant, as of February 1, 2017.
As of December 31, 2016, the Company's natural gas-fired power plants utilized two types of designs, including 2,260 MW of simple-cycle combustion turbines and 22,194 MW of combined-cycle combustion turbines and a portion from conventional natural gas/oil-fired boilers with steam turbines. Its Steam Adjusted Heat Rate includes all fuel required to dispatch the Company's power plants, including start-up and shut-down fuel, as well as all non-steady state operations. Additionally, the Company also sells steam from combined heat and power plants.
As of December 31, 2016, its Geysers Assets included a 725 MW fleet of 13 operating power plants in northern California. The Company injects water back into the steam reservoir, which helps to maintain the output of Geysers Assets. The Company leases the geothermal steam fields from which it extracts steam for its Geysers Assets. As of December 31, 2016, it had leasehold mineral interests in 107 leases comprising approximately 29,000 acres of federal, state and private geothermal resource lands in the Geysers region of northern California. As of December 31, 2016, the Company also had four MW of capacity from solar power generation technology at its Vineland Solar Energy Center in New Jersey. The Company provides operations and maintenance services for the power plants in which it holds an interest. Its services include the operation of power plants, geothermal steam fields, wells and well pumps, and natural gas pipelines. It also supervises maintenance, materials purchasing and inventory control, staff training, and preparing operations and maintenance manuals for each power plant that it operates.
717 Texas St Ste 1000
HOUSTON TX 77002