Calpine Filing Details Revenue, Exposure To Calif, Enron
DOW JONES NEWSWIRES
WASHINGTON -- Calpine Corp.'s (CPN) amended quarterly
report filed Wednesday included details of its lack of
exposure to a troubled California governmental power-buyer
and to bankrupt Enron Corp. (ENRNQ).
The amendment disclosed a $14.4 million debt, since repaid,
from the California Department of Water Resources, or DWR.
Calpine also provided additional information on its sources
of revenue.
The Securities and Exchange Commission asked the energy
company to provide more details in its report for the
period ended Sept. 30, 2001. Calpine said in a press
release Wednesday that the additional information didn't
change earnings, balance sheet or cash flow results.
However, the company didn't indicate in the press release
what changes were made in the filing, except to say that
supplemental information was provided involving "updates
and elaborations" to the previous report.
Calpine had said that although it was owed $107.2 million
by the California DWR at Sept. 30, the department was
paying currently and Calpine saw no need to establish a
reserve to cover non-payment.
In Wednesday's amendment, Calpine said the DWR was actually
past due on $14.4 million in payments as of Sept. 30, but
has since paid that amount.
Calpine said it received $13.7 million on Nov. 1, and
$702,350 on Dec. 10.
Calpine also said in Wednesday's amendment that its sales
to DWR are primarily through long-term contracts, and the
company "has not had the same degree of collectibility
problems that some generators selling into the day-ahead
market have experienced because of administrative and/or
political issues..."
Calpine said in the amended filing that it has no exposure
to debt from Enron because of a netting agreement reached
between the two companies Nov. 14, 2001, in which Calpine
will owe $155.7 million to Enron or its affiliates.
That amount will be offset by losses, damages, attorneys'
fees and other expenses to Calpine arising from the default
caused by Enron's bankruptcy, the filing said.
Calpine also said it doesn't expect any material change in
its earnings and operations if Enron is unable to continue
as a supplier and a customer.
Calpine also offered more detailed breakdowns of its
revenue for the quarter ended Sept. 30, 2001. The company
said sale of purchased power constituted 69.6% of its total
revenue, up from 7.5% in the comparable period in 2000.
THREE MONTHS ENDED
SEPTEMBER 30
2001 2000
Total revenue $2,916,105,000
$744,814,000
Sales of purchased power 2,028,280,000
55,525,000
As a percentage of total revenue 69.6%
7.5%
Sale of purchased gas 56,917,000
9,985,000
As a percentage of total revenue 2%
1.3%
Total cost of revenue ("COR") 2,380,214,000
418,555,000
Purchased power expense 1,764,531,000
54,058,000
As a percentage of total COR 74.1%
12.9%
Purchased gas expense 52,856,000
9,423,000
As a percentage of total COR 2.2%
2.3%
Calpine also detailed its revenue and costs from various market segments in tables added to Wednesday's filing.
THREE MONTHS ENDED
SEPTEMBER 30
2001 2000
ELECTRIC GENERATION AND MARKETING REVENUE
Electricity and steam revenue $713,746,000
$588,257,000
Sales of purchased power 2,028,280,000
55,525,000
Mark to market gains/(losses)
on power derivatives 13,577,000
--
-------------
-----------
$2,755,603,000
$643,782,000
=============
===========
OIL AND GAS PRODUCTION AND MARKETING REVENUE
Oil and gas sales to third parties $82,465,000
$82,866,000
Sales of purchased gas 56,917,000
9,985,000
-------------
----------
$139,382,000
$92,851,000
=============
==========
ELECTRIC GENERATION AND MARKETING EXPENSE
Plant operating expenses $94,283,000
$53,151,000
Royalty expenses 5,255,000
10,139,000
Purchased power expense 1,764,531,000
54,058,000
-------------
----------
$1,864,069,000
$117,348,000
=============
==========
OIL AND GAS PRODUCTION AND MARKETING EXPENSE
Oil and gas production expenses $18,360,000
$20,667,000
Purchased gas expense 52,856,000
9,423,000
-------------
----------
$71,216,000
$30,090,000
=============
==========
FUEL EXPENSE
Cost of oil and natural gas
burned by power plants $318,046,000
$185,619,000
Mark to market (gain)/loss
on natural gas derivatives 4,054,000
--
-------------
----------
$322,100,000
$185,619,000
-By Tony Cooke, Dow Jones Newswires; 202-628-8905; tony.cooke@dowjones.com
Updated February 13, 2002 1:15 p.m. EST |
