CPN: Calpine Corporation Message Board

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Gold/Mining/Energy : CPN: Calpine Corporation

FRO 23.73

+1.7%

Nov 6 3:59 PM EST

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From: Softechie	2/25/2002 5:12:19 PM
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Calpine Dn -2: Mkt Sees Plea To FERC Slowing Financing 25 Feb 14:19 By Christina Cheddar Of DOW JONES NEWSWIRES NEW YORK (Dow Jones)--Calpine Corp. (CPN) shares hit a 52-week low Monday on fears that the company's ability to secure additional financing will be hampered by the attempts California regulators are making to get federal authorities to void power contracts signed last year. California regulators will ask the Federal Energy Regulatory Commission on Monday to void about $40 billion in power-supply agreements signed by Calpine and more than 20 other power suppliers. State regulators plan to argue that the prices charged for power in the contracts exceed what is "just and reasonable." The power-supply contracts, signed last year when California's power prices were skyrocketing, oblige the state to pay rates that are two-to-three-times current electricity market prices. According to Calpine spokesman Rick Barraza, Calpine shares are being hurt Monday by the perception that this event will impede the company's ability to close on extension of a $1 billion revolving credit line. Efforts to close on the extension are ongoing, Barraza said. But he declined to say when the company would be able to provide more details. A syndicate of banks agreed to extend the credit line in mid-January, but Calpine has yet to formally close on the financing. Barraza said it wasn't "great timing" for California utility regulators to reach out to FERC, but he doesn't expect it to have an impact on the company's ability to close the financing. "The California issues have been vetted with the banks for some time now. It's not something that caught the banks by surprise," he said. Calpine shares recently traded at $6.49, down 62 cents, or 8.7%. Earlier, shares traded as low as $6.25, a 52-week low. Calpine's previous 52-week low of $6.35 was set Friday. (MORE) DOW JONES NEWS 02-25-02 02:19 PM

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