CPN: Calpine Corporation Message Board

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Gold/Mining/Energy : CPN: Calpine Corporation

FRO 24.09

+1.8%

Nov 10 3:59 PM EST

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To: jack bittner who wrote (25)	3/5/2001 5:29:40 PM
From: Daniel G. DeBusschere	Read Replies (2) of 555

<<requires generators to justify all sales for more than $150 a megawatt >> CPN will not have to pay any refund in my opinion. California ISO bought electricity on the open spot market from any source. Most of the "sources" in my opinion ARE NOT GENERATORS THEY ARE TRADERS OR ENERGY BROKERS. If ISO bought spot energy from TRADER A at $500 MWh but TRADER A bought the energy FROM TRADER B at $450 MWh who in turn bought energy from TRADER C at $400 MWh who in turn etc etc bought energy from a GENERATOR (i.e. CPN) at $150 MWh NOW WHO IS GOING TO REFUND WHAT???? Somewhere in the TRADER X chain is probably ENRON. The CEO of ENRON is GWB's best buddy and campaign contributor. These guys say they all played by the rules and they cannot be blamed because California was just plain STUPID by setting up STUPID rules. The STUPID public does not understand these STUPID rules but they sure know that STUPID politicians and everyone connected with the deregulation legislation are STUPID. The FERC is not STUPID, they know who is in the White House. Anyone trading CPN based on the ISO claims you just cited are in my opinion are also STUPID. ISO now reports directly to the Governor and the Governor can deflect criticism by demonizing the "out of state generators - those bad boys etc etc". Its just plain STUPID what's going on. This situation would make a great monologue for John Madden. CPN is going to profit from all this because the CPN CEO is a "hero" to the Governor and Legislature, is an "instate good guy generator", uses only geothermal and natural gas green type generators, is smart enough to see a "vacuum" of opportunity and has a 5 year plan to grow at a 64 percent compounded rate. I have a high degree of confidence in the CPN management to pull this off with flying colors so that's why I am long in CPN.

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