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Calpine: Q2 Results
Die texanische Calpine Corporation hat auch im zweiten Quartal rote Zahlen geschrieben. Wir veröffentlichen die Mitteilung des Betreibers von Gas- und Geothermiekraftwerken hierzu im Wortlaut.
Die untenstehende Meldung ist eine Original-Meldung des Unternehmens. Sie ist nicht von der ECOreporter.de-Redaktion bearbeitet. Die presserechtliche Verantwortlichkeit liegt bei dem meldenden Unternehmen.
Recent Achievements:
Power and Commercial Operations:
— Generated approximately 27 million MWh3 in the second quarter of 2016
— Achieved top quartile4 safety metrics: 0.86 total recordable incident rate through second quarter
— Delivered strong second quarter fleetwide starting reliability: 97.4%
— Texas fleet set a record for highest second quarter capacity factor of 62%
— Northern California peaker fleet set a record for most starts in a second quarter
— Received approval from California Public Utilities Commission for our ten-year PPA with Southern California Edison for 50 MW of capacity and renewable energy from our Geysers assets commencing in January 2018
— Geysers wildfire recovery on track for full capacity with insurance proceeds throughout the year
Portfolio and Balance Sheet Management:
— Announcing plan to file with ERCOT for retirement of our 400 MW Clear Lake Power Plant no later than summer of 2018, and possibly sooner depending on negotiations with the facility's bilateral counterparties
— Continued construction of our 760 MW York 2 Energy Center in PJM, targeting COD in the third quarter of 2017
— Advanced development of 345 MW contracted expansion of our Mankato Power Plant in Minnesota, targeting COD by June 2019
— Successfully refinanced approximately $1.2 billion of term loans, ensuring no corporate maturities until 2022
Calpine Corporation (CPN) reported a Net Loss1 of $29 million, or $0.08 per diluted share, for the second quarter of 2016 compared to Net Income of $19 million, or $0.05 per diluted share, in the prior year period. Net Loss for the first half of 2016 was $227 million, or $0.64 per diluted share, compared to Net Income of $9 million, or $0.02 per diluted share, in the prior year period. The increase in Net Loss during the second quarter and first half of 2016 was primarily due to net mark-to-market losses driven by increases in forward power and natural gas prices.
Adjusted EBITDA2 for the second quarter was $452 million, roughly consistent with $457 million in the prior year period. Adjusted Free Cash Flow2 was $158 million compared to $144 million in the prior year period. The increase in Adjusted Free Cash Flow was primarily driven by a decrease in major maintenance expense and capital expenditures. Net Income, As Adjusted2, for the second quarter of 2016 was $22 million compared to $33 million in the prior year period. The decrease in Net Income, As Adjusted, was primarily due to a decrease in commodity revenue, net of commodity expense, partially offset by an increase in income tax benefit associated with an increase in pre-tax losses.
Adjusted EBITDA in the first half of 2016 was $826 million, compared to $795 million in the prior year period, and Adjusted Free Cash Flow was $260 million compared to $169 million in the prior year period. The increase in Adjusted EBITDA was largely due to higher Commodity Margin2 driven primarily by a gas transportation credit and portfolio changes, partially offset by higher plant operating expenses5, largely driven by portfolio changes. The increase in Adjusted Free Cash Flow was primarily driven by higher Commodity Margin, as discussed, and a decrease in major maintenance expense and capital expenditures. Net Loss, As Adjusted, for the first half of 2016 was $82 million compared to $29 million in the prior year period. The increase in Net Loss, As Adjusted, was primarily due to an increase in depreciation and amortization expense and an increase in estimated income tax expense in state jurisdictions where we do not have net operating losses.
“I am proud to report solid second quarter results as our business continues to perform well on all fronts,” said Thad Hill, Calpine’s President and Chief Executive Officer. “Supported by strong operational performance, our second quarter Adjusted EBITDA of $452 million was in line with last year, and we delivered 10% growth in Adjusted Free Cash Flow. These results demonstrate the benefits of our strategic portfolio changes, as well as the strength of our assets and our team.
“With this performance, we’ve had a very strong first half of the year, which combined with a good hedging program, has enabled us to remain within our original guidance range, despite weak summer liquidations. Today, we are narrowing our guidance range for this year to $1.8 billion to $1.9 billion of Adjusted EBITDA and $710 million to $810 million of Adjusted Free Cash Flow.
“Longer term, our portfolio of reliable, flexible assets and, as importantly, our people are responding to the secular trends of our industry. Baseload resources continue to be threatened by a combination of lower gas prices, increasingly stringent environmental regulations and further penetration of renewables. Our flexible assets are rising to the challenge of meeting our customers’ needs for reliable, clean energy in an evolving landscape. In Texas, our fleet achieved a record second quarter capacity factor, and in California, our peaker fleet set a second quarter record for number of starts. Our assets clearly continue to be critical for reliability of the grid. We are also taking steps to enhance value over the long term by evolving our portfolio, leveraging our customer relationships, actively advocating to be fairly compensated and maintaining best-in-class operations.”
ABOUT CALPINE
Calpine Corporation is America’s largest generator of electricity from natural gas and geothermal resources. Our fleet of 83 power plants in operation or under construction represents approximately 27,000 megawatts of generation capacity. Serving customers in 18 states and Canada, we specialize in developing, constructing, owning and operating natural gas-fired and renewable geothermal power plants that use advanced technologies to generate power in a low-carbon and environmentally responsible manner. Our clean, efficient, modern and flexible fleet is uniquely positioned to benefit from the secular trends affecting our industry, including the abundant and affordable supply of clean natural gas, stricter environmental regulation, aging power generation infrastructure and the increasing need for dispatchable power plants to successfully integrate intermittent renewables into the grid. We focus on competitive wholesale power markets and advocate for market-driven solutions that result in nondiscriminatory forward price signals for investors. Please visit www.calpine.com to learn more about why Calpine is a generation ahead - today.
Die untenstehende Meldung ist eine Original-Meldung des Unternehmens. Sie ist nicht von der ECOreporter.de-Redaktion bearbeitet. Die presserechtliche Verantwortlichkeit liegt bei dem meldenden Unternehmen.
Recent Achievements:
Power and Commercial Operations:
— Generated approximately 27 million MWh3 in the second quarter of 2016
— Achieved top quartile4 safety metrics: 0.86 total recordable incident rate through second quarter
— Delivered strong second quarter fleetwide starting reliability: 97.4%
— Texas fleet set a record for highest second quarter capacity factor of 62%
— Northern California peaker fleet set a record for most starts in a second quarter
— Received approval from California Public Utilities Commission for our ten-year PPA with Southern California Edison for 50 MW of capacity and renewable energy from our Geysers assets commencing in January 2018
— Geysers wildfire recovery on track for full capacity with insurance proceeds throughout the year
Portfolio and Balance Sheet Management:
— Announcing plan to file with ERCOT for retirement of our 400 MW Clear Lake Power Plant no later than summer of 2018, and possibly sooner depending on negotiations with the facility's bilateral counterparties
— Continued construction of our 760 MW York 2 Energy Center in PJM, targeting COD in the third quarter of 2017
— Advanced development of 345 MW contracted expansion of our Mankato Power Plant in Minnesota, targeting COD by June 2019
— Successfully refinanced approximately $1.2 billion of term loans, ensuring no corporate maturities until 2022
Calpine Corporation (CPN) reported a Net Loss1 of $29 million, or $0.08 per diluted share, for the second quarter of 2016 compared to Net Income of $19 million, or $0.05 per diluted share, in the prior year period. Net Loss for the first half of 2016 was $227 million, or $0.64 per diluted share, compared to Net Income of $9 million, or $0.02 per diluted share, in the prior year period. The increase in Net Loss during the second quarter and first half of 2016 was primarily due to net mark-to-market losses driven by increases in forward power and natural gas prices.
Adjusted EBITDA2 for the second quarter was $452 million, roughly consistent with $457 million in the prior year period. Adjusted Free Cash Flow2 was $158 million compared to $144 million in the prior year period. The increase in Adjusted Free Cash Flow was primarily driven by a decrease in major maintenance expense and capital expenditures. Net Income, As Adjusted2, for the second quarter of 2016 was $22 million compared to $33 million in the prior year period. The decrease in Net Income, As Adjusted, was primarily due to a decrease in commodity revenue, net of commodity expense, partially offset by an increase in income tax benefit associated with an increase in pre-tax losses.
Adjusted EBITDA in the first half of 2016 was $826 million, compared to $795 million in the prior year period, and Adjusted Free Cash Flow was $260 million compared to $169 million in the prior year period. The increase in Adjusted EBITDA was largely due to higher Commodity Margin2 driven primarily by a gas transportation credit and portfolio changes, partially offset by higher plant operating expenses5, largely driven by portfolio changes. The increase in Adjusted Free Cash Flow was primarily driven by higher Commodity Margin, as discussed, and a decrease in major maintenance expense and capital expenditures. Net Loss, As Adjusted, for the first half of 2016 was $82 million compared to $29 million in the prior year period. The increase in Net Loss, As Adjusted, was primarily due to an increase in depreciation and amortization expense and an increase in estimated income tax expense in state jurisdictions where we do not have net operating losses.
“I am proud to report solid second quarter results as our business continues to perform well on all fronts,” said Thad Hill, Calpine’s President and Chief Executive Officer. “Supported by strong operational performance, our second quarter Adjusted EBITDA of $452 million was in line with last year, and we delivered 10% growth in Adjusted Free Cash Flow. These results demonstrate the benefits of our strategic portfolio changes, as well as the strength of our assets and our team.
“With this performance, we’ve had a very strong first half of the year, which combined with a good hedging program, has enabled us to remain within our original guidance range, despite weak summer liquidations. Today, we are narrowing our guidance range for this year to $1.8 billion to $1.9 billion of Adjusted EBITDA and $710 million to $810 million of Adjusted Free Cash Flow.
“Longer term, our portfolio of reliable, flexible assets and, as importantly, our people are responding to the secular trends of our industry. Baseload resources continue to be threatened by a combination of lower gas prices, increasingly stringent environmental regulations and further penetration of renewables. Our flexible assets are rising to the challenge of meeting our customers’ needs for reliable, clean energy in an evolving landscape. In Texas, our fleet achieved a record second quarter capacity factor, and in California, our peaker fleet set a second quarter record for number of starts. Our assets clearly continue to be critical for reliability of the grid. We are also taking steps to enhance value over the long term by evolving our portfolio, leveraging our customer relationships, actively advocating to be fairly compensated and maintaining best-in-class operations.”
ABOUT CALPINE
Calpine Corporation is America’s largest generator of electricity from natural gas and geothermal resources. Our fleet of 83 power plants in operation or under construction represents approximately 27,000 megawatts of generation capacity. Serving customers in 18 states and Canada, we specialize in developing, constructing, owning and operating natural gas-fired and renewable geothermal power plants that use advanced technologies to generate power in a low-carbon and environmentally responsible manner. Our clean, efficient, modern and flexible fleet is uniquely positioned to benefit from the secular trends affecting our industry, including the abundant and affordable supply of clean natural gas, stricter environmental regulation, aging power generation infrastructure and the increasing need for dispatchable power plants to successfully integrate intermittent renewables into the grid. We focus on competitive wholesale power markets and advocate for market-driven solutions that result in nondiscriminatory forward price signals for investors. Please visit www.calpine.com to learn more about why Calpine is a generation ahead - today.