This afternoon Jack Fusco, Chief Executive Officer of Calpine Corporation (NYSE:CPN), and Calpine team members will ring the closing bell at the New York Stock Exchange to commemorate the fifth anniversary of the relisting of the Company’s stock on the Exchange.
“Our relisting five years ago was followed by a period of unprecedented economic stress in America. I am proud to say that through the hard work and dedication of our employees, Calpine was able not simply to endure that test but to emerge five years later stronger and more focused than we have ever been on being the premier independent power generator in America,” Mr. Fusco said. “More specifically, Calpine has achieved important strategic, operating and financial milestones over those years.”
Highlights of Calpine’s accomplishments since 2008 include the following:
Achieved Meaningful Strategic Objectives
Strategically reallocated capital to core competitive wholesale
power markets including the Mid-Atlantic and Texas through nearly
$4 billion in acquisition and divestiture activities
- acquired through merger 18 operating power plants representing nearly 4,500 megawatts of capacity in the Mid-Atlantic to establish a foothold in America’s largest competitive wholesale electric market
- sold five plants representing more than 2,500 megawatts of capacity in non-core locations
- Completed construction of a 565 megawatt plant in Pennsylvania and a 608 megawatt plant in California
- On track to bring approximately 1,600 megawatts of additional capacity online in California, Texas and Delaware
- Strategically reallocated capital to core competitive wholesale power markets including the Mid-Atlantic and Texas through nearly $4 billion in acquisition and divestiture activities
Delivered Excellent Operational Performance
- Achieved record generation volumes in 2012 with more than 100 billion kilowatt hours produced
- Achieved record-low power plant forced outage factors in 2012
- Demonstrated industry-leading safety performance
Made Meaningful Progress on Financial Goals
- Strengthened our balance sheet by simplifying capital structure, lowering borrowing costs and extending debt maturities through 2023
- Substantially completed our $600 million share repurchase program
- Grew Adjusted Recurring Free Cash Flow Per Share
“We believe these accomplishments have created and will continue to enhance shareholder value as the broader economy continues its recovery and the markets into which we deliver power and the regulatory trends on the environmental front reward the unique benefits offered by our fleet of 92 modern, clean, efficient and flexible natural gas-fired and geothermal power plants,” Mr. Fusco said.
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