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Calpine Corporation's CEO Discusses Q2 2012 Results - Earnings Call Transcript

Stocks in this article: CPN

Joining me for this morning's call are Jack Fusco, our President and Chief Executive Officer; Thad Hill, our Chief Operating Officer; and Zamir Rauf, our Chief Financial Officer. Thad Miller, our Chief Legal Officer is also with us to address any questions you may have on legal and regulatory issues.

Before we begin the presentation, I encourage all listeners to review the Safe Harbor Statement included on Slide 2 of the presentation which explains the risks of forward-looking statements, and the use of non-GAAP financial measures. For additional information, please refer to our most recent SEC filings which are on file with the SEC and on Calpineā€™s website. Additionally, we would like to advise you that statements made during this call are made as of this date and listeners to any replay should understand that the passage of time by itself will diminish the quality of these statements. After our prepared remarks, we'll open the lines for questions. In the interest of time, each caller will be allowed one question and one follow-up only.

I'll now turn the call over to Jack to lead our presentation.

Jack A. Fusco

Thank you, Bryan, and thank you everyone for your continued interest in Calpine. The combined cycle gas turbine recovery continues to take hold during the second quarter of 2012. According to the Energy Information administration, during April of 2012 natural gas fire power generation virtually equaled coal fire generation in America for the first time ever. As a result of our excellent operations the beneficial market conditions and the flexibility and competitiveness of our fleet, we produced a record 27 million megawatt hours during the quarter bringing our 2012 year-to-date generation to approximately 56 million megawatt hours. A 44% increase compared to the same period last year and a remarkable 60% of the total generation we produced in 2011 before we even get to the summer period, historically our best quarter of the year.

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