Calpine Corporation (NYSE:CPN) today reported full-year financial and
operating results for the year ended Dec. 31, 2007. Calpine’s
Annual Report on Form 10-K, including its audited financial statements,
for the year ended Dec. 31, 2007, was filed with an effective date of
today with the Securities and Exchange Commission (SEC) and can be found
on the SEC’s website at http://www.sec.gov.
Full-year highlights include:
Year Ended Dec. 31
2007
2006
% Chg
Operating Revenues (millions) (a)
$
7,970
$
6,937
15
%
GAAP Net Income/(loss) (millions) (a)
$
2,693
$
(1,765
)
NA
Commodity Margin (millions) (b,c)
$
2,225
$
2,021
10
%
Adjusted EBITDA (millions) (c,d)
$
1,412
$
1,029
37
%
Megawatt-Hours Generated (thousands)
90,811
83,146
9
%
Average Total Megawatts in Operation (thousands)
24,755
26,785
(8
)%
Average Capacity Factor (excluding peakers)
46.6
%
39.2
%
19
%
(a) See the accompanying Consolidated
Statements of Operations for the periods ending on December 31 for
2005, 2006 and 2007
(b) Commodity margin includes Calpine’s
electricity and steam revenues, hedging and optimization
activities, renewable energy credit revenue, transmission revenue
and expenses, and fuel and purchased energy expenses, but excludes
mark-to-market activity and other service revenues.
(c) Commodity Margin and Adjusted EBITDA
are non-GAAP measures important to management’s
assessment of the Company’s
performance. Commodity margin and Adjusted EBITDA do not purport
to represent net income (loss), the most comparable GAAP measure,
as an indicator of operating performance and are not necessarily
comparable to similarly-titled measures reported by other
companies. See the accompanying tables for a reconciliation of
commodity margin and Adjusted EBITDA to net income (loss) from
operations.
(d) Earnings Before Interest, Tax,
Depreciation and Amortization, as adjusted.
Robert P. May, Calpine’s Chief Executive
Officer, stated, “We entered 2008 as the new
Calpine with a renewed commitment to: generating and selling clean,
reliable and cost-effective electricity. We continue to deliver on this
commitment every day, which is why Calpine is one of the industry’s
largest North American natural gas-fired power providers and is the
nation’s largest renewable geothermal energy
producer, well-positioned to lead a new era of clean power generation.”
Outlook
Going forward, Calpine expects to maintain its strong liquidity position
and maximize the performance of core strategic assets in the markets in
which Calpine operates. The Company has taken steps to stabilize,
improve and strengthen its power generation business and financial
health by reducing activities and curtailing expenditures in certain
non-core areas.
Analyst Meeting and Webcast
As previously announced, Calpine will host an analyst meeting today. A
live Internet Webcast of the meeting, including management's
presentation will be active at approximately 12:45 p.m. EST and can be
found at http://www.calpine.com by
clicking on an available audio link. The Webcast will be available for
replay purposes on the Company’s website
approximately two hours after the event and then for 45 days following
the live broadcast.
About Calpine
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 U.S. power company, currently capable of delivering approximately
24,000 megawatts of clean, cost-effective, reliable, and fuel-efficient
electricity to customers and communities in 18 states in the United
States. Calpine owns, leases, and operates low-carbon, natural
gas-fired, and renewable geothermal power plants. Using advanced
technologies, Calpine generates electricity in a reliable and
environmentally responsible manner for the customers and communities it
serves. Please visit http://www.calpine.com
for more information.
Forward Looking Statement
In addition to historical information, this release contains
forward-looking statements within the meaning of Section 27A of the
Securities Act and Section 21E of the Exchange Act. Words such as “believe,”
“intend,” “expect,”
“anticipate,” “plan,”
“may,” “will”
and similar expressions identify forward-looking statements. Such
statements include, among others, those concerning expected financial
performance and strategic and operational plans, as well as all
assumptions, expectations, predictions, intentions or beliefs about
future events. You are cautioned that any such forward-looking
statements are not guarantees of future performance and that a number of
risks and uncertainties could cause actual results to differ materially
from those anticipated in the forward-looking statements. Such risks and
uncertainties include, but are not limited to: (i) Calpine’s
ability to implement its business plan; (ii) financial results that may
be volatile and may not reflect historical trends; (iii) seasonal
fluctuations of results and exposure to variations in weather patterns;
(iv) potential volatility in earnings associated with fluctuations in
prices for commodities such as natural gas and power; (v) ability to
manage liquidity needs and comply with covenants related to the Exit
Credit and Bridge Facilities and other existing financing obligations;
(vi) Calpine’s ability to complete the
implementation of its Plan of Reorganization and the discharge of its
chapter 11 cases including successfully resolving any remaining claims;
(vii) disruptions in or limitations on the transportation of natural gas
and transmission of electricity; (viii) the expiration or termination ofpower purchase agreements and the related results on revenues; (ix)
risks associated with the operation of power plants including
unscheduled outages; (x) factors that impact the output of Calpine’s
geothermal resources and generation facilities, including unusual or
unexpected steam field well and pipeline maintenance and variables
associated with the waste water injection projects that supply added
water to the steam reservoir; (xi) risks associated with power project
development and construction activities; (xii) ability to attract,
retain and motivate key employees including filling certain significant
positions within Calpine’s management team;
(xiii) ability to attract and retain customers and counterparties; (xiv)
competition; (xv) risks associated with marketing and selling power from
plants in the evolving energy markets; (xvi) present and possible future
claims, litigation and enforcement actions; (xvii) effects of the
application of laws or regulations, including changes in laws or
regulations or the interpretation thereof; and (xviii) other risks
identified from time-to-time in Calpine’s
reports and registration statements filed with the SEC, including,
without limitation, the risk factors identified in its Annual Report on
Form 10-K for the year ended December 31, 2007. Actual results or
developments may differ materially from the expectations expressed or
implied in the forward-looking statements and Calpine undertakes no
obligation to update any such statements. Unless specified otherwise,
all information set forth in this release is as of today's date and
Calpine undertakes no duty to update this information. For additional
information about Calpine's chapter 11 reorganization or general
business operations, please refer to Calpine's Annual Report on Form
10-K for the fiscal year ended December 31, 2007, and any other recent
Calpine report to the Securities and Exchange Commission. These filings
are available by visiting the Securities and Exchange Commission's
website at http://www.sec.gov or
Calpine's website at http://www.calpine.com.
