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Gold/Mining/Energy : CPN: Calpine Corporation -- Ignore unavailable to you. Want to Upgrade?

To: Bridge Player who wrote (512)1/27/2004 8:13:19 PM
From: Jerome  Respond to of 555
 
Calpine supplies about 27% of their own natural gas for their power plants. In this respect they are less hurt by high gas prices. Calpine has been quick to exploit high and low natural gas prices to their advantage so I would not worry about them in this respect. I also think that DYN will set the tone for this entire sector when they report earnings this Thursday prior to the market open.

JMO...Jerome



To: Bridge Player who wrote (512)1/27/2004 8:46:58 PM
From: ptanner  Read Replies (1) | Respond to of 555
 
re: CPN & fuel cost

To the extent that CPN doesn't want to be a fuel price speculator it enters into long-term contracts and/or otherwise hedges this exposure to lock in the spark spread (fuel -> power).

I haven't looked closely lately so can't say the degree of exposure they have wrt rapidly changing prices; exposure for windfalls of the good or bad sort.

-PT


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