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Meldungen 01.11.2002

1.11.2002: Meldung: Calpine Corporation: $22 Million For Energy Deliveries

Calpine Receives $22 Million From Nevada Power for All Past-Due Payments For Energy Deliveries

Thursday October 31, 11:00 am ET

 

SAN JOSE, Calif., Oct. 31 -- Calpine Corporation (NYSE: CPN - News) today announced it has received approximately $22 million from Las Vegas-based Nevada Power Company (Nevada Power) for all outstanding payables owed to Calpine for power deliveries Calpine made to Nevada Power during the period of May 1, 2002 through September 15, 2002. Calpine provides power and other ancillary services to Nevada Power through a variety of short-term contracts.

 

In April 2002, Nevada Power requested that its power suppliers extend payment terms to help overcome the utility"s short-term liquidity problems. Subsequently, Nevada Power withheld a significant portion of the power payments owed to Calpine for power deliveries during the period from May 1, 2002 through September 15, 2002.

 

Although Nevada Power was no longer meeting its full payment obligations, Calpine continued to deliver much needed electricity to Nevada Power customers during the hot summer months, when power demand is at its highest.

 

Curt Hildebrand, Calpine vice president, stated, "Calpine recognizes that with a vital product like electricity, customers require a reliable energy provider. Calpine continues to demonstrate our long-term commitment to the Nevada power market by continuing to provide a dependable source of electricity to Nevada Power customers."

 

Based in San Jose, Calif., Calpine Corporation is an independent power company that is dedicated to providing wholesale and industrial customers with clean, efficient, natural gas-fired power generation. It generates and markets power through plants it develops, owns and operates in 23 states in the United States, three provinces in Canada and in the United Kingdom. Calpine also is the world"s largest producer of renewable geothermal energy, and it owns approximately 1.0 trillion cubic feet equivalent of proved natural gas reserves in Canada and the United States. 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 website at www.calpine.com.

 

Source: Calpine Corporation

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