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Calpine Corp. Nov 11
Standard & Poors, Nov 2011
Abstract
Diverse and efficient fleet of gas-fired generation; Well positioned in gas-dominated markets such as California, Texas, and the Northeast; Financial profile that is resilient to downside risks and is free cash flow positive even under Standard & Poor's conservative price deck; Difficulty in permitting baseload assets should support heat rate recovery when the economy improves; Young, standardized fleet that provides operational cost advantages; Growth of renewables that may be a positive if backup generation is needed; and Gas and geothermal fleet that positions Calpine well to benefit from upcoming Environmental Protection Agency regulations. Weak merchant market conditions albeit with a significantly hedged position in the near term; Substantial exposure to gas prices and market heat rates in the longer term;...
Companies mentioned in this report are: Calpine Corp.,CCFC Finance Corp.,Calpine CCFC Holdings LLC,BRSP 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
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