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Gold/Mining/Energy : Utilities - USA vs RUSSIA
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To: Copperfield who started this subject8/14/2002 5:47:57 PM
From: Copperfield   of 26
 
Calpine:Nevada Pwr Payment Fell Short $4.2 Million In June, July

WASHINGTON -(Dow Jones)- Calpine Corp. (NYSE:CPN - News) said Nevada Power Co. underpaid it by about $4.2 million in June and July and said it expects the company's payments over the summer and autumn to fall short by about $18.4 million.

In its quarterly report filed Monday with the Securities and Exchange Commission, Calpine said it's maintaining a bad debt reserve of about $2.7 million against Nevada Power receivables.

As of June 30, Calpine said, it had net collection exposures of nearly $34.8 million with Nevada Power and $20.2 million with Sierra Pacific Power Co.

Sierra Pacific's payments are current, Calpine said.

Nevada Power and Sierra Pacific Power, two subsidiaries of Sierra Pacific Resources (NYSE:SRP - News) Co. , received credit downgrades to junk status from the major credit ratings agencies. Nevada Power acknowledged liquidity problems created when the Public Utilities Commission of Nevada didn't allow a rate adjustment the company requested to cover the increased cost of buying power during the 2001 energy crisis.

Nevada Power has requested that its power suppliers extend payment terms to help it overcome its short-term liquidity problems.

Calpine said its exposures include open forward power contracts that are reported at fair value on its balance sheet as well as receivable and payable balances for prior power deliveries.

Calpine, San Jose, said it's continuing to monitor its exposure and the effect on its financial condition.
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