Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Pastimes : Home on the range where the buffalo roam -- Ignore unavailable to you. Want to Upgrade?

To: Walkingshadow who wrote (9851)	2/8/2001 3:40:14 AM
From: DOUG H	Read Replies (2) \| Respond to of 13572

Calpine signs $4.6 bln power contract 10-year pact is first long-term deal with California By Myra P. Saefong, CBS.MarketWatch.com Last Update: 7:00 PM ET Feb 7, 2001 NewsWatch SAN JOSE, Calif. (CBS.MW) - Calpine Corp. signed a $4.6 billion contract Wednesday to sell the state of California up to 1,000 megawatts of electricity over the next ten years. The news came just a day after California Gov. Gray Davis said the state's Department of Water Resources reached agreement on the commercial terms for some long-term power supplies. Under the terms of the contract, San Jose, Calif.-based Calpine (CPN: news, msgs) will begin deliveries on Oct. 1 with 200 megawatts and build to 1,000 megawatts by Jan. 1 of 2004. A megawatt is roughly enough power to run 1,000 homes. The electricity will be directly sold to the state's Department of Water Resources. The Department is authorized The move "brings competitively priced power to the market to help stabilize electricity prices for consumers," James Macias, Calpine's vice president, said in a statement. The agreement is one of the largest power sales contracts in the history of the independent power industry, the company said in a press release. On Monday, Davis said commercial terms for new contracts with the state had been reached with several power generators for periods ranging from three to 10 years. The state legislature approved a plan last week allowing the Department of Water Resources to issue billions of dollars in bonds to buy electricity in place of the nearly bankrupt utility units of PG&E Corp. (PCG: news, msgs) and Edison International (EIX: news, msgs