A news release from CPN. Looks interesting if you take AIGI into consideration...
___________________________________________________________
Calpine Corporation Announces Plans to Develop New 545-MW State-of-the-Art
Natural Gas-fired Energy Center in
Ontelaunee Township, PA
Business Editors
SAN JOSE, Calif.--(BUSINESS WIRE)--June 21, 1999--Calpine
Corporation (NYSE:CPN), one of the nation's leading independent power
companies, today announced that it has acquired the rights to build,
own and operate a 545-megawatt natural gas-fired power plant in
Ontelaunee Township in eastern Pennsylvania.
The proposed Ontelaunee Energy Center will provide clean,
reliable energy to residences and businesses throughout the
Pennsylvania-New Jersey-Maryland (PJM) power pool. Permitting for the
proposed $285 million facility is now underway, with construction
scheduled to begin in early 2000. The plant is expected to begin
production in late 2001.
The PJM power pool currently has a peak load requirement of about
50,000 megawatts. The deregulated PJM market is expected to require
the addition of 24,000 megawatts of new generation between 2000 and
2015 due to internal load growth and the retirement of nuclear and
older coal generation power plants.
"The Ontelaunee Energy Center will provide the PJM market with a
much-needed source of competitively priced, environmentally
responsible electricity," said Bob Alff, Calpine vice
president-eastern region. "For a vital product like electricity, we
appreciate the importance of maintaining safe, reliable operations and
are committed to providing the highest quality product to the
communities and customers we serve."
"We are extremely pleased with the positive reception and public
support our project has received, and we look forward to building a
long and rewarding relationship with the Ontelaunee Township
community," continued Alff.
The proposed energy center will be built on a 20-acre parcel of
industrial-zoned land. The facility is ideally sited near a large
electric substation and directly borders three large gas transmission
lines.
Compared to the average utility gas-fired power plant in
operation today, the Ontelaunee facility will use up to forty percent
less fuel and will significantly reduce emissions that contribute to
smog by utilizing state-of-the-art combined-cycle combustion turbine
design and advanced emissions control systems. In addition, the
facility will help maintain the economic vitality of the area by
providing additional electric generation infrastructure to fuel
continued growth.
Calpine will develop the Ontelaunee Energy Center utilizing its
Calpine Construct approach. This is a unique construction management
program whereby Calpine oversees every phase of project
development -- including the design, engineering, procurement and
construction of the plant -- to ensure quality and cost control, while
providing maximum design flexibility. Output from the facility will be
sold via bilateral contracts and into the wholesale power grid.
Siemens Westinghouse Power Corporation, of Orlando, Fla., will supply
two 501F-D combustion turbines.
Based in San Jose, Calif., Calpine Corporation is a leading
independent power company dedicated to providing customers with
reliable and competitively priced electricity. Calpine currently has
7,900 megawatts of capacity in operation, under construction or in
announced development in 12 states -- enough energy to power nearly
eight million households. The company was founded in 1984 and is
publicly traded on the New York Stock Exchange under the symbol CPN.
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) changes in government regulations and anticipated
deregulation of the electric energy industry; (ii) commercial
operations of new plants that may be delayed or prevented because of
various development and construction risks, such as a failure to
obtain financing and the necessary permits to operate or the failure
of third-party contractors to perform their contractual obligations
(iii) the assurance that the Company will develop additional plants,
(iv) a competitor's development of a lower-cost generating gas-fired
power plant or (v) the risks associated with marketing and selling
power from power plants in the newly competitive energy market.
Prospective investors are also referred to the other risks identified
from time to time in the Company's reports and registration statements
filed with the Securities and Exchange Commission.
--30--cs/sf*
CONTACT: Calpine Corporation
Media Relations: Katherine Potter, 408/995-5115, X1168
or
Investor Relations: Rick Barraza, 408/995-5115, X1125
KEYWORD: CALIFORNIA PENNSYLVANIA
INDUSTRY KEYWORD: ENERGY ENVIRONMENT ENMED BUILDING/CONSTRUCTION
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Jun-21-1999 07:18 GMT
Symbols:
US;CPN
Source BW Business Wire |
