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Strategies & Market Trends : Value Investing -- Ignore unavailable to you. Want to Upgrade?

To: Softechie who wrote (13734)	1/21/2002 10:17:52 AM
From: MCsweet	Respond to of 78567

I would be surprised if Calpine bought much power from Enron, since Calpine is a net seller due to its huge amount of generation assets. But I agree --- trades with Enron wouldn't take Calpine down. However, its huge debt and exposure to power prices just might. In other words, I'd still be somewhat cautious about Calpine --- power prices are in the tank, and my impression is that Calpine may not have hedged enough and may not be earning enough off of its plants to support its sizable debt load and credit requirements. MC