CPN: Calpine Corporation Message Board

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Gold/Mining/Energy : CPN: Calpine Corporation

FRO 23.33

+0.2%

Nov 5 3:59 PM EST

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To: Bridge Player who wrote (512)	1/27/2004 8:46:58 PM
From: ptanner	Read Replies (1) of 555

re: CPN & fuel cost To the extent that CPN doesn't want to be a fuel price speculator it enters into long-term contracts and/or otherwise hedges this exposure to lock in the spark spread (fuel -> power). I haven't looked closely lately so can't say the degree of exposure they have wrt rapidly changing prices; exposure for windfalls of the good or bad sort. -PT

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