W) Update on CPN
Rated a Watch
Revs 145.9M to 190.7M to 263.6M to 247.5M to 235.4M to 363.7M JUN00
EPS 0.05 to 0.16 to 0.37 to 0.25 to 0.14 to 0.37 JUN00 per dailycharts.net
Monster green volume on Friday.
News
SAN JOSE, Calif.--(BUSINESS WIRE)--Aug. 3, 2000--Calpine Corporation (NYSE:CPN), the nation's fastest growing independent power company, announced today it has completed the acquisition of the Oneta Energy Center from Panda Energy, International, Inc. Oneta is a 1,000-megawatt natural gas-fired energy center under development in Coweta, Okla., southeast of Tulsa, developed by Panda Energy. In June 2000, Calpine announced a strategic alliance with Panda, whereby Calpine acquired 24 General Electric gas turbines and 12 steam turbines, and the rights to acquire seven additional projects from Panda, representing over 9,600 megawatts of gas-fired generation in the United States.
SAN JOSE, Calif.--(BUSINESS WIRE)--Aug. 2, 2000--Calpine Corporation (NYSE:CPN), the national independent power company, announced that it received requisite consents from the holders of its 10-1/2% Senior Notes due 2006 (CUSIP 131347-AD-8) (the "Notes") to certain proposed amendments to the Indenture governing the Notes as described in the Consent Solicitation Letter dated July 14, 2000, and that the supplemental indenture incorporating such amendments has been executed by Calpine Corporation and State Street Bank and Trust Company, as successor trustee to Fleet National Bank.
For the first half of 2000, net income was $69.8 million, an increase of 209% compared to net income of $22.6 million before extraordinary charge for the same period in 1999. Diluted earnings per share rose 136% to $0.52 per share, compared to $0.22 per share before extraordinary charge for the first six months of 1999. Revenue for the first six months was $599.1 million, an increase of 73% from $347.2 million a year ago. EBITDA for the first six months rose 73% to $236.9 million, from $137.1 million in 1999. Total assets as of June 30, 2000 were approximately $5.6 billion, up 40% from $4.0 billion at December 31, 1999.
Price/Book (mrq*) 9.48
Price/Earnings (ttm) 65.05
Price/Sales (ttm) 8.52
Shares Short 6.84M
Percent of Float 8.9%
Shares Short (Prior Month) 13.1M
Internet Posts
Another Stage Two Emergency in California
The California Independent System Operator has once again declared a stage two emergency... due in part this time because of problems at a Northern California generator.
It is again asking everyone including industrial customers to conserve energy at least until 8 tonight. The agency declared today another Power Watch Day... the third one this week. It says even though the weather is cooler in
the Bay Area, it is still hot elsewhere in California and across the western states. That puts an enormous strain on the state's electrical grid.
The ISO says the state's energy reserves could still dip dangerously low. So people are again being urged to cut the juice when they can ... and go easy on that air conditioner. Otherwise, the state could be looking at rolling blackouts to conserve energy. 8/3/00 on yahoo
CPN HAS 3 of the 4 plants mentioned under construction in California. They are LOS MEDANOS 5OO MW,DELTA 800 MW,and
SUTTER 545 MW.And Calpine has just moved the HERMISTON Oregon plant from under development to under construction. IMO METCALF could be next. 8/3/00
According to this, this equity offering was yesterday: biz.yahoo.com
That may be why the stock price is floated down a tad. Overall, I consider the issuance of new equity to be a good thing. CPN just didn't issue enough. 8/3/00 on Yahoo
WASHINGTON (AP) -- President Clinton directed that federal agencies and military units in California put
electricity-saving programs in place to help ease the state's acute power shortage. Energy Secretary Bill Richardson said Thursday the state's power problems are a warning that the nation's electricity system
must be modernized to meet growing demand and market pressures of an increasingly competitive and deregulated industry. Under Clinton's directive, managers of federal buildings and military installations are expected to raise thermostats slightly, turn off escalators and make sure lights are turned off in rooms not in use, Energy Department officials said. 8/4/00 on yahoo
LOS ANGELES (Reuters) - California's power emergency escalated on Thursday afternoon as scorching heat held demand near record levels and some industrial and commercial customers lost electricity for the fourth consecutive day. The escalation was caused by a mechanical failure at a power plant in northern California.
The California Independent System Operator (ISO), which operates most of the state's power grid, ordered that service should be interrupted to certain industrial and commercial customers, declaring a so-called stage two emergency. These customers get power at a discount in return for agreeing to have their service cut when supplies are tight. 8/4/00 on yahoo
Aug. 4--SACRAMENTO, Calif.--Suppose you owned the last house left on the market in Orange County. And you knew
that tomorrow, a thousand buyers would stream through your place ready to make an offer. Would you agree to sell that
house for no more than what you paid for it? That's about what it's like for electricity generators in California these days. They own the juice that millions of people need and want. And when demand approaches or even exceeds supply, they can pretty much set their own price. 8/4/00 on yahoo
Ed Tirello was just on CNBC talking about utility sector, when asked about Calpine said he couldn't talk about it.
What's up with that? Does he personally own a large position? I'm confused. 8/4/00 on RB
Lower Calif. price caps could delay new power supplies.
California's cap for wholesale power prices will be halved on Monday in a bid to tackle soaring utility bills, but industry analysts warned the cut could come at the price of delaying construction of much needed new power plants.
A power shortage in California has twice this week come within a whisker of triggering rolling blackouts across the state and it is widely accepted new generation is desperately needed to help meet surging demand linked to the state's booming high technology economy. Tuesday's decision by the California Independent System Operator (ISO), which manages most of the state's power grid,
will reduce wholesale electricity prices to $250 a megawatt hour from $500 beginning Monday. It is likely to cushion the impact of high monthly utility bills, which have nearly tripled this summer for consumers in San Diego, the only area in the country where power prices are set by the market, consumer groups said.
8/4/00 on yahoo
Supplies Will Need to be Met
Although many are planned, few power plants have been built in the past 10 years due to uncertainty over the speed and
direction of deregulation in California, which became the first state to open to competitive power markets in 1998.
But even those who disliked the price caps conceded that California remained a market with huge power needs, and
someone will fill them. Duke Energy North America, a subsidiary of Duke Energy (NYSE:DUK - news), said it would continue to pursue its recent proposal to Gov. Davis to build and sell 3,000 megawatts of new power generation in California at reduced prices, even with the lowering of the price caps. And Calpine's Highlander said despite seeing a reduction of the price cap as an inappropriate response, the company remained ``firmly committed'' to developing power plants in California. 8/4/00 on yahoo
CPN also had an upgrade and this should help to the upside.The energy shortage in Calfornia should also put more interest in cpn. 8/5/00 on yahoo
CPN has natural gas reserves too; it takes electricity to drive fans to circulate the heat in central heaters (gas-fired), lights in the Winter, toasters/mixers/vaccuums year-round, all-electric kitchens, TV's year-round, computers, etc. The demand isn't going away; on the contrary, it's higher than ever, and growing! Then, there are all-electric homes too that are heated w/electricity alone. Electric vehicles will require electricity to recharge their batteries around the world, not just Idaho or NJ! This stock is heading higher. 8/6/00 on RB
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This volume seems to be up on the worsening CA power situtation. Great quarter. Chart is very bullish. Strong in strong sector. rated a WATCH to see if it drops when heat breaks in the CA area.
Jack |
