3.8.2005: Meldung: Calpine, GE Energy Mobilize for Construction of Power Plant
The companies have now signed definitive agreements whereby GE will finance, own and operate the Inland Empire Energy Center. Calpine Power Services will manage plant construction, and Calpine Energy Services will market the plant"s output and manage its fuel requirements under a long-term marketing arrangement with GE. Following an extended period of GE ownership, Calpine will purchase the plant and become its sole owner and operator, with GE continuing to provide critical plant maintenance services under a long-term agreement with Calpine.
"Southern California is one of the most energy-deficient power markets in the U.S. In fact, just this summer, the region has experienced two Stage Two Alerts," said Calpine Executive Vice President Bob Fishman. "GE and Calpine are demonstrating that private investment, combined with industry-leading technology and power generation experience, will continue to keep the lights on in California."
As part of GE"s recently announced ecomagination(SM) initiative to bring to market new technologies that will help customers address pressing environmental challenges, the H System(TM) represents the industry"s most fuel-efficient, gas turbine combined-cycle technology and is the first capable of achieving 60 percent thermal efficiency. Powered by two GE 107H Systems, the Inland Empire Energy Center will generate enough electricity to supply nearly 600,000 households while reducing future carbon dioxide emissions by more than 146,000 tons per year compared to a typical gas turbine combined-cycle plant.
"California is the seventh largest economy in the world, and we are very pleased to bring to the state GE"s most efficient gas turbine combined-cycle technology," said John Krenicki, president and CEO of GE Energy. "We look forward to working with Calpine in making this valuable energy resource a reality."
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 and three Canadian provinces. 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.
About GE Energy
GE Energy (http://www.gepower.com/) is one of the world"s leading suppliers of power generation and energy delivery technology, with 2004 revenues of $17.3 billion. Based in Atlanta, Georgia, GE Energy provides equipment, service and management solutions across the power generation, oil and gas, transmission and distribution, distributed power and energy rental industries.
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) the timing and extent of changes in commodity prices for energy, particularly natural gas and electricity; (iii) 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; (iv) unscheduled outages of operating plants; (v) a competitor"s development of lower cost generating gas-fired power plants; (vi) risks associated with marketing and selling power from power plants in the newly-competitive energy market; 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 in its Quarterly Report on Form 10-Q for the quarter ended March 31, 2005, which can also 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.
Rick Barraza, +1-408-995-5515, ext. 1125