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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To: Copperfield who wrote (426)	8/27/2002 2:48:59 AM
From: jason	Read Replies (1) of 555

Copperfield, You know the energy market really well! CPN definitely is the most efficient gas-fired power producer in the U.S. As of March this year, they have a total of some 45 highly-efficient gas-fired plants with a total capacity of just over 10,000 MW (correct me if I am wrong). Wonder if you happen to know what is their weighted average heat-rate of these gas-fired plants? While we all agree that they own state-of-the-art plants, the concern is CPN is highly leveraged with debt financing accounting for over 80% of their capital. I am trying to figure out what is the minimum spark-spread level at which they can generate just enough cashflow to service their debt load. Will follow up if I have more info to complete my analysis.

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