Posted on 07/08/2005 1:21:50 PM PDT by MeneMeneTekelUpharsin
Long Island's Cleanest and Most Fuel-Efficient Power Plant to Serve LIPA Under a 20-Year Contract
SAN JOSE, Calif., July 8 /PRNewswire-FirstCall/ -- Calpine Corporation's (NYSE: CPN - News) Bethpage 3 power plant is generating electricity -- just in time for Long Island's peak summer demand period. Bethpage 3 is the region's first modern, combined-cycle power plant and is the cleanest fossil-fueled power generator on Long Island. Calpine's new plant provides up to 79.9 megawatts of electricity to Long Island Power Authority (LIPA) customers under a 20-year contract for capacity, energy and other energy-related services. Located adjacent to existing Calpine plants in Hicksville, N.Y., Bethpage 3 is Calpine's fifth power plant operating in the Long Island/New York City power market. "New York energy officials have identified an urgent and continuing need for new generating resources to serve the state's growing demand for electricity, and Bethpage 3 is a timely addition to Long Island's electric powermarket," said Calpine Vice President Paul Barnett. "We appreciate LIPA's continued confidence in our ability to develop successful projects that enhance the reliability of the region's power grid and provide Long Island consumers with clean and competitively-priced electric power supplies."
Calpine's Bethpage 3 power plant is the result of a LIPA competitive solicitation for new energy resources. Calpine initiated construction of Bethpage 3 in July 2004 and was able to begin operations in less than one year. The plant was built under the Calpine Construct Plus model, where Calpine serves as general contractor for the facility -- again demonstrating Calpine's ability to provide value to its customers by integrating all aspects of power plant development, including engineering, construction, commissioning, operations and maintenance.
Bethpage 3 turbine components include a 47-megawatt GE LM6000PC combustion turbine operating in a combined-cycle configuration with a 33-megawatt Siemens-Westinghouse steam turbine to maximize fuel efficiency. The project also uses a once through steam generator manufactured by IST and is equipped with selective catalytic reduction technology and an oxidation catalyst to reduce air emissions in accordance with stringent state and federal limits. The facility interconnects with Keyspan for natural gas deliveries to the site and with LIPA's 69.9kV transmission system. To ensure maximum seasonal flexibility, the plant is capable of providing electricity around-the-clock and can be called upon to quickly power up to provide additional capacity during peak demand periods.
About Calpine
A major power company, Calpine Corporation supplies customers and communities with electricity from clean, efficient, natural gas-fired and geothermal power plants. Calpine owns, leases and operates integrated systems of plants in 21 U.S. states, three Canadian provinces and in the United Kingdom. Its customized products and services include wholesale and retail electricity, natural gas, gas turbine components and services, energy management, and a wide range of power plant engineering, construction and operations services. Calpine was founded in 1984. It is included in the S&P 500 Index and is publicly traded on the New York Stock Exchange under the symbol CPN. For more information, visit http://www.calpine.com .
This news release discusses certain matters that may be considered "forward-looking" statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements regarding the intent, belief or current expectations of Calpine Corporation ("the Company") and its management. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve a number of risks and uncertainties that could materially affect actual results such as, but not limited to, (i) the timing and extent of deregulation of energy markets and the rules and regulations adopted on a transitional basis with respect thereto; (ii) the timing and extent of changes in commodity prices for energy, particularly natural gas and electricity; (iii) unscheduled outages of operating plants; (v) a competitor's development of lower cost generating gas-fired power plants; (iv) risks associated with marketing and selling power from power plants in the newly-competitive energy market; and (v) other risks identified from time-to-time in the Company's reports and registration statements filed with the SEC, including the risk factors identified in its Annual Report on Form 10-K for the year ended December 31, 2004 and in its Quarterly Report on Form 10-Q for the quarter ended March 31, 2005, which can also be found on the Company's website at www.calpine.com. All information set forth in this news release is as of today's date, and the Company undertakes no duty to update this information.
In other Power news:
Duke Energy Settles With SEC Over Accounting Controls
http://ap.tbo.com/ap/breaking/MGBUKQXUWAE.html
WASHINGTON (Dow Jones/AP) - Duke Energy Corp. has settled with the Securities and Exchange Commission, which found that company traders misclassified about $56.2 million of trades from 1997 through 2002.
The traders manipulated records in order to increase the size of their year-end bonuses and other types of compensation, and were able to do so because Duke lacked sufficient internal accounting controls, the SEC said in announcing the settlement Friday. . . .
The Duke folks have to be tickled about that being settled. Looks like the energy markets are slowly coming back. It's about time. Mirant closed above .90 today. Wow.
Yep, Duke is happy.
Too bad it's not nuclear.
Wouldn't bother me one bit. The utilities ought to be able to build nuclear power plants. Much better and in the long run, not dependent on fossil fuels or coal. If we could just get rid of the liberals...
If the Shoreham Nuclear Plant was in service, then Long Island would have plenty of electricity. As I recall, it was designed to produce about 1000 MW. That it was completed and even acheived criticality but yet was shutdown is another example of Cuomo's destruction of New York.
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