8.2.2006: Meldung: Calpine Corp. Files to Reject Two Power Plant Lease Agreements
SAN JOSE, Calif., Feb. 6 / Calpine Corporation has filed a Notice of Rejection of certain Facility Lease Agreements related to the control of two combined-cycle power plants in New England. Calpine filed its Notice with the U.S. Bankruptcy Court for the Southern District of New York as part of its Chapter 11 restructuring proceedings. Today"s action is part of Calpine"s recently announced plan to stabilize, improve, and strengthen the company"s core power generation business and its financial health.
Calpine"s leasehold interest in the two power plants is extinguished as of February 6, 2006, unless the bankruptcy court determines otherwise. The owner- lessor, a subsidiary of Philip Morris Capital Corporation (PMCC), will take possession and control of the plants.
"After careful review, we determined that continuing to operate the facilities under the terms of these leases would be uneconomic for Calpine and would cause significant harm to the bankruptcy estate," said Robert P. May, Calpine"s Chief Executive Officer. "This is a necessary step we must take to ensure Calpine emerges from its Chapter 11 restructuring as a profitable and competitive power company."
The affected power plants, located in Rumford, ME and Tiverton, RI, represent a combined 530 megawatts of installed capacity with the output sold into the New England wholesale market. Calpine will cooperate fully with PMCC to facilitate a smooth transition and ensure the plants" continued ability to deliver clean, reliable power. Notwithstanding the filing of its Notice, Calpine remains available to provide PMCC with necessary transition services related to operations, maintenance, and energy management services until alternate arrangements are made for the facilities.
Calpine Corporation is helping meet the needs of an economy that demands more and cleaner sources of electricity. Founded in 1984, Calpine is a major North American power company, capable of delivering nearly 27,000 megawatts of clean, reliable electricity to customers and communities in 21 U.S. states and three Canadian provinces. The company owns, leases and operates integrated systems of fuel-efficient natural gas-fired and renewable geothermal power plants. Please visit http://www.calpine.com/ to learn more about Calpine.
Source: Calpine Corp.