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Calpine Corp. Jul 10 Product Image

Calpine Corp. Jul 10

  • ID: 1806943
  • July 2010
  • Standard & Poors

Diverse and efficient fleet of gas-fired generation; Well-positioned in gas-dominated markets such as California, Texas, and the Northeast; Baseload assets that should support heat rate recovery when the economy improves, due to high costs of and difficulty associated with permitting new power plants; Young, standardized fleet that provides operational cost advantages; 50% cash flow sweep that supports deleveraging; Growth of renewables that may be a positive if backup generation is needed; and Gas and geothermal fleet that positions Calpine well for potential climate change legislation as well as other pollutant issues. Weak merchant market conditions, albeit with a substantially hedged position for 2010 and 2011 that largely eliminates covenant concerns; Substantial exposure to gas prices and market heat rates in...

Companies mentioned in this report are: Calpine Corp.,Gilroy Energy Center LLC,CCFC Finance Corp.,Calpine CCFC Holdings LLC
Action: Review

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

Research Type: Full Analysis

Calpine Corp.,Gilroy Energy Center LLC,CCFC Finance Corp.,Calpine CCFC Holdings LLC

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