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

To: D.B. Cooper who wrote (2814)	7/6/2001 9:53:34 AM
From: D.B. Cooper	Respond to of 13815

Going back to bed its too early out here on the left coast. I see one of the stocks we have bought the other day CPN has some good news. Press Release SOURCE: Calpine Corporation PG&E to Assume Calpine's California QF Contracts Calpine to Receive All Past Due Receivables SAN JOSE, Calif., July 6 /PRNewswire/ -- Calpine Corporation (NYSE: CPN - news), the San Jose, Calif.-based independent power company, announced today that it has entered into a binding agreement with Pacific Gas and Electric Company (PG&E) to modify and assume all of Calpine's Qualifying Facility (QF) contracts with PG&E. Calpine and PG&E today filed a stipulation with the U.S. Bankruptcy Court for the Northern District of California (Bankruptcy Court) seeking authorization for PG&E to assume the modified Calpine QF contracts. The Bankruptcy Court is scheduled to approve the agreement on July 12, 2001. Under the terms of the agreement, Calpine will continue to receive its contractual capacity payments plus a five-year fixed energy price component of approximately 5.37 cents per kilowatt-hour, which is consistent with the recent California Public Utilities Commission Decision No. 01-06-015. In addition, all past due receivables under the QF contracts will be elevated to administrative priority status and paid to Calpine, with interest, upon the effective date of a confirmed plan of reorganization. Administrative claims enjoy priority over payments made to the general unsecured creditors. As of April 6, 2001, Calpine had recorded approximately $267 million in accounts receivable with PG&E under its QF contracts. QF facilities are an integral part of California's energy market, representing more than 20 percent of the state's power supply. Calpine's 11 QF projects provide close to 600 megawatts of electricity to Northern California customers. James Macias, Calpine senior vice president, states, ``Calpine is the first power company to modify its QF contracts with PG&E to ensure that Northern California consumers will continue to benefit from these affordable and reliable energy resources. As the state's leading developer of modern energy facilities, we remain committed to California's power industry.'' Calpine will host a conference call to discuss the PG&E agreement today at 8:30 a.m. Pacific Daylight Time (11:30 a.m. Eastern Daylight Time). The call is available in a listen-only mode by dialing 800-370-0906 five minutes prior to the start of the conference call. International callers should dial 973-872-3100. In addition, Calpine will simulcast the conference call live via the Internet today. The webcast can be accessed and will be available for 30 days on the investor relations page of Calpine's website at www.calpine.com. CHKP is getting close to our buy points and QLGC has a bit farther to come down. Everyone help us and spread some rumours.<vwsg> Thanks