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Calpine Reports Fourth Quarter And Full Year 2012 Results, Raises Adjusted Free Cash Flow Per Share Guidance And Increases Share Repurchase Authorization By $400 Million

Commodity Margin Reconciliation

The following table reconciles our Commodity Margin to its U.S. GAAP results for the three months ended December 31, 2012 and 2011 (in millions):

  Three Months Ended December 31, 2012
        Consolidation  
And
West Texas North Southeast Elimination Total
Commodity Margin (1)(2) $ 246 $ 98 $ 138 $ 33 $ $ 515
Add: Unrealized mark-to-market commodity activity, net and other (3) (13 ) 21 3 (28 ) (9 ) (26 )
Less:
Plant operating expense 87 58 52 33 (7 ) 223
Depreciation and amortization expense 52 38 34 19 1 144
Sales, general and other administrative expense 13 11 6 6 36
Other operating expenses 12 1 8 3 (4 ) 20
(Gain) on sale of assets, net (7 ) (215 ) (222 )
(Income) from unconsolidated investments in power plants     (7 )     (7 )
Income from operations $ 69   $ 11   $ 55   $ 159   $ 1   $ 295  
 
  Three Months Ended December 31, 2011
        Consolidation  
And
West Texas North Southeast Elimination Total
Commodity Margin (1)(2) $ 263 $ 112 $ 126 $ 52 $ $ 553
Add: Unrealized mark-to-market commodity activity, net and other (3) 77 (48 ) (1 ) 5 (9 ) 24
Less:
Plant operating expense 83 42 41 34 (7 ) 193
Depreciation and amortization expense 52 36 36 23 (2 ) 145
Sales, general and other administrative expense 14 10 5 4 (1 ) 32
Other operating expenses 11 1 7 2 (1 ) 20
(Income) from unconsolidated investments in power plants     (9 )     (9 )
Income (loss) from operations $ 180   $ (25 ) $ 45   $ (6 ) $ 2   $ 196  
 

The following table reconciles our Commodity Margin to its U.S. GAAP results for the years ended December 31, 2012 and 2011 (in millions):

  Year Ended December 31, 2012
        Consolidation  
And
West Texas North Southeast Elimination Total
Commodity Margin (1)(2) $ 994 $ 570 $ 729 $ 245 $ $ 2,538
Add: Unrealized mark-to-market commodity activity, net and other (4) (93 ) 87 (14 ) (33 ) (31 ) (84 )
Less:
Plant operating expense 368 247 206 131 (30 ) 922
Depreciation and amortization expense 203 142 134 85 (2 ) 562
Sales, general and other administrative expense 36 47 28 29 140
Other operating expenses 42 5 29 5 (3 ) 78
(Gain) on sale of assets, net (7 ) (215 ) (222 )
(Income) from unconsolidated investments in power plants     (28 )     (28 )
Income from operations $ 252   $ 216   $ 353   $ 177   $ 4   $ 1,002  
 
  Year Ended December 31, 2011
        Consolidation  
And
West Texas North Southeast Elimination Total
Commodity Margin (1)(2) $ 1,061 $ 469 $ 704 $ 240 $ $ 2,474
Add: Unrealized mark-to-market commodity activity, net and other (4) 113 (102 ) (13 ) 1 (32 ) (33 )
Less:
Plant operating expense 380 235 177 141 (29 ) 904
Depreciation and amortization expense 192 135 138 90 (5 ) 550
Sales, general and other administrative expense 43 43 24 22 (1 ) 131
Other operating expenses 41 3 30 5 (2 ) 77
(Income) from unconsolidated investments in power plants     (21 )     (21 )
Income (loss) from operations $ 518   $ (49 ) $ 343   $ (17 ) $ 5   $ 800  

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