CPN reports 10/26
askresearch.com
CEO recently had an impressive interview on Maria B's Friday nite show.
Calpine Announces Development of 850-Megawatt Lawrence Energy Center; New
Natural Gas Facility to Expand Calpine
Presence in Ohio and ECAR Market Area
Business Editors
SAN JOSE, Calif.--(BUSINESS WIRE)--Oct. 23, 2000--Calpine
Corporation (NYSE:CPN), the national independent power company, today
announced that it has entered into a project development agreement to
build, own and operate an 850-megawatt natural gas-fired electricity
generating facility to be located on the Ohio River in Hamilton
Township, Lawrence County, Ohio. The proposed Lawrence Energy Center
will represent a $510 million investment, with a target commercial
operation date of 2004. Calpine entered into the agreement with
Hanging Rock Energy Projects, LLC, a wholly owned subsidiary of
Boston-based CME-NAME, which had initiated preliminary development
efforts for the project. CME-NAME will continue to work with Calpine
as the project moves forward.
Calpine Senior Vice President Bob Alff stated, "The Lawrence
Energy Center reinforces Calpine's presence in the East Central Area
Reliability Council power market and offers the ability to move power
into to a variety of adjacent NERC regions as well. The site offers
excellent access to high-capacity electric transmission
interconnections and a variety of options for natural gas
transportation, which will help us optimize both power sales
opportunities and cost-effective fuel procurement."
The Lawrence Energy Center will use three advanced technology
combustion turbines in combined-cycle with a single steam turbine,
representing approximately 850 megawatts of baseload capacity with the
ability to produce up to 1,100 megawatts during periods of peak
demand. The plant will use clean-burning natural gas in conjunction
with an advanced emissions control system, and will be among the
cleanest electric power resources in the region.
Calpine will manage all aspects of project development for the
Lawrence Energy Center, including engineering and design,
construction, fuel supply, operations and power marketing. The project
will interconnect with American Electric Power through AEP's Hanging
Rock substation. Its location in southern Ohio allows potential access
into surrounding power markets including PJM, VACAR, MAIN and TVA, as
well as Ontario, Canada.
The Lawrence project is Calpine's second combined-cycle
development project in Ohio. The previously announced 540-megawatt
Fremont Energy Center, to be located in Sandusky Township, is
currently pending approval from the Ohio Power Siting Board.
Based in San Jose, Calif., Calpine Corporation is dedicated to
providing customers with reliable and competitively priced
electricity. Calpine is focused on clean, efficient combined-cycle,
natural gas-fired generation and is the nation's largest producer of
renewable geothermal energy. Calpine has launched the largest power
development program in the U.S. To date, the company has approximately
26,800 megawatts of base load capacity and 5,100 megawatts of peaking
capacity in operation, under construction and in announced development
in 27 states and Alberta, Canada. The company was founded in 1984 and
is publicly traded on the New York Stock Exchange under the symbol
CPN. For more information about Calpine, visit its website at
www.calpine.com.
This news release discusses certain matters that may be considered
"forward-looking" statements within the meaning of Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the Securities
Exchange Act of 1934, as amended, including statements regarding the
intent, belief or current expectations of Calpine Corporation ("the
Company") and its management. Prospective investors are cautioned that
any such forward-looking statements are not guarantees of future
performance and involve a number of risks and uncertainties that could
materially affect actual results such as, but not limited to, (i)
changes in government regulations and anticipated deregulation of the
electric energy industry; (ii) commercial operations of new plants
that may be delayed or prevented because of various development and
construction risks, such as a failure to obtain financing and the
necessary permits to operate or the failure of third-party contractors
to perform their contractual obligations, (iii) cost estimates are
preliminary and actual cost may be higher than estimated, (iv) the
assurance that the Company will develop additional plants, (v) a
competitor's development of a lower-cost generating gas-fired power
plant or (vi) the risks associated with marketing and selling power
from power plants in the newly competitive energy market. Prospective
investors are also referred to the other risks identified from time to
time in the Company's reports and registration statements filed with
the Securities and Exchange Commission.
--30--cs/sf*
CONTACT: Calpine Corporation, 408/995-5115
Media Relations: Katherine Potter, X1168
Investor Relations: Rick Barraza, X1125
KEYWORD: CALIFORNIA OHIO
INDUSTRY KEYWORD: ENERGY
Today's News On The Net - Business Wire's full file on the Internet
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URL: businesswire.com
Oct-23-2000 19:08 GMT
Symbols:
US;CPN
Source BW Business Wire |
