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SAN FRANCISCO, April 22 (Reuters) - Calpine Corp. (CPN.N: Quote, Profile, Research) said on Friday market rumors that the independent power producer is planning to file for bankruptcy are untrue. Calpine said it is in compliance with all of its bond indentures and has no plans to file for bankruptcy protection. The company moved to quash the rumors after its stock plunged 31 percent to its lowest level since October 2002 and its bond prices fell. "The company continues to move forward on its 2005 financial program focused on reducing corporate debt, enhancing liquidity and strengthening its long-term contract portfolio,"...

NEW YORK, March 14 (Reuters) - Independent power producer Calpine Corp. (CPN.N: Quote, Profile, Research) said on Monday it planned to scrap its anti-takeover poison pill and eliminate the staggered election of its board members. The San Jose, California-based company said its board unanimously agreed to amend its shareholder rights agreement -- the so-called poison pill -- to allow early termination by May 1. Calpine gave no other details on the move and officials at the company were not immediately available for comment. Its board also adopted a resolution to eliminate the classification of its directors, meaning the election of...

Power struggle Democratic spokesman threatens legal action against reporter over tell-all book Bill Forman Steve Maviglio had his hands full this month, disseminating the California Democratic point of view on Secretary of State Kevin Shelley’s resignation. But Maviglio, who serves as deputy chief of staff for Assembly Speaker Fabian Núñez, also was dealing with a controversy of his own--albeit more privately. Off the Record, a political tell-all tome by former Dow Jones reporter Jason Leopold, opens with a less-than-flattering portrayal of Maviglio during his time as press secretary for Gray Davis. On January 27, Maviglio’s lawyer sent a letter to...

Calpine Considers Strategic Alternatives, Including Possible Sale, for Saltend Energy Centre SAN JOSE, Calif. (AP) -- Calpine Corp., an operator of natural gas-fired and geothermal power plants, said Thursday it is evaluating strategic alternatives -- including a possible sale -- for its Saltend Energy Centre power plant. The company has retained Credit Suisse First Boston to act as its adviser in this process. Calpine purchased the 1,200-megawatt plant in Hull, England in late 2001 for about $800 million. The plant delivers steam and a portion of its electrical output to an adjacent chemical facility. The majority of the plant's output...

Lockyer alleged overcharging during crisis.A federal appeals court Tuesday tossed out several lawsuits brought by California's attorney general accusing energy companies of overcharging state power customers millions of dollars during the energy crisis. The 9th U.S. Circuit Court of Appeals said federal law allows claims for refunds through the Federal Energy Regulatory Commission, not the courts. In July, the circuit issued a similar decision when it said Attorney General Bill Lockyer could not sue Reliant Resources Inc., Dynegy Inc. and other firms on allegations they double billed energy customers. (Excerpt...see source above for entire story)

Tucked against a dry San Jose hillside, Calpine Corp.'s next power plant is a $500 million leap of faith. Workers swarm through the plant's five-story metal skeleton, the shriek of power tools piercing the air, as they work for completion next spring. Yet no customers have even agreed to buy the plant's electricity.

State feels fallout of energy crisis Producers are ready and eager to build, but they can't get the cash David R. Baker, Chronicle Staff Writer Sunday, April 11, 2004 ©2004 San Francisco Chronicle On 14 windy acres at the edge of a Hayward industrial park, Calpine Corp. has everything it needs to build a power plant. Everything except the cash. The company already has the blessings of government officials. It has a source of fuel -- a natural gas pipeline running through the park. Water from a sewage treatment plant, literally across the street, will cool the turbines if they're...

NEW YORK, July 31 (Reuters) - Shares of U.S. power company Dynegy Inc. (NYSE:DYN - News) fell more than 12 percent on Thursday on investor fears that an upcoming convertible note offering could cost the company more than expected. "People are concerned about the pricing of the convertibles," said James Elliot, a portfolio manager with ELCO Management. Dynegy earlier this week said it will sell $300 million in new convertible debt as part of a plan to restructure $1.5 billion in convertible preferred shares held by oil company ChevronTexaco Corp. (NYSE:CVX - News). Dynegy said it will also issue $1.2...

NEW YORK -- The parting of ways last week between Calpine Corp. (NYSE:CPN - News) and its former independent auditor, Deloitte & Touche LLP, was a mutual decision and wasn't based on any unresolved disagreements, Calpine said Friday. The San Jose, Calif. power company and the accounting firm had previously wrangled over the accounting treatment of power sales agreements associated with power plants for which Calpine had used sale-leaseback transactions. Such transactions are central to Calpine's business model. Calpine agreed in early March to reclassify two sale-leasebacks as financial transactions instead of operating leases. In a Form 8-K filing to...

NEW YORK (CBS.MW) -- Shares of Mirant and Calpine gained Monday as investors expressed optimism the two would soon announce refinancing deals. El Paso advanced as the company announced a slate of directors for its board. Last week, Reliant Resources (RRI: news, chart, profile), Dynegy (DYN: news, chart, profile) and AES Corp. (AES: news, chart, profile) completed deals considered critical to the survival of each. Reliant, which announced a new $6.2 billion financing package Tuesday, declined 2 cents to $4.31 in Monday midday trading. See related story. The stock is up more than 17 percent in the last week. Dynegy...

SAN JOSE, Calif., Feb 11 (Reuters) - Power producer Calpine Corp. (NYSE:CPN - News) said on Tuesday that it had reached deals with its turbine suppliers giving it the option to cancel future orders of $3.4 billion if demand in the depressed industry does not pick up. The San Jose, California-based company said it would record a pretax charge of about $207 million against earnings in the fourth quarter of 2002 for costs associated with the potential cancellation of 87 gas turbines and 44 steam turbines. Calpine has been working to shed assets as it scales back plans for future...

<p>Valley's lack of a plan to clean the air may delay San Joaquin plant.</p> <p>The San Joaquin Valley's murky air could foul the future of a $550 million power plant that would supply one-third of Central California's electricity needs.</p> <p>The California Energy Commission's staff, concerned about adding more pollution to the Valley's air, won't recommend licensing the power plant near San Joaquin in west Fresno County.</p>

SAN JOSE -- Calpine Corp. shares surged 21 percent, leading a rally of energy company stocks on optimism their prices will recover after leading declines among U.S. equities last year, analysts said. Shares of Calpine rose 70 cents to 3.96 in New York Stock Exchange composite trading, the biggest one-day rise in almost two months. The company was among the 10 worst-performing stocks on the Standard & Poor's 500 last year along with Dynegy Inc., which rose 9.3 percent Thursday, and Mirant Corp., 8 percent higher. Companies that sell wholesale electricity or trade power and natural gas tumbled in value...

<p>The California Energy Commission approved the license Wednesday for a Hayward power plant, clearing its most significant hurdle before construction.</p> <p>Hayward officials and Calpine initially sought to build the plant at the height of the last year's energy crisis. City, state and Calpine officials said that the 600-megawatt Russell City plant would stabilize the Bay Area's power needs, providing power to up to 600,000 homes.</p>

<p>The struggling energy firm Calpine updated investors on its strategy for returning to health Tuesday, and detailed its continuing plans to sell an array of assets for $260 million.</p> <p>The company's shares, already battered during the past year, suffered their fourth consecutive day of big losses Tuesday on fears that the San Jose firm's future is dimming.</p>

<p>WASHINGTON -- Last week, when the Glenn-Colusa Irrigation District was dedicating its new fish screen on the Sacramento River at Hamilton City, an old friend showed up for the festivities.</p> <p>The friend was Vic Fazio, the former 3rd District congressman and Democratic powerhouse who retired in 1998 after 10 terms. Now a Washington lobbyist, Fazio was invited to the ceremony so the irrigation district could thank him for making the $80 million project happen.</p>

April 19 - 25, 2002 Campaign Notes: Campaign Darkness You wouldn’t know the environment is a big issue by watching the governor’s race by Bill Bradley AS HIGH-STAKES MANEUVERING HEATS UP OVER California's massive portfolio of long-term power contracts and a state bill to start controlling global warming, the song remains mostly the same for Republican gubernatorial nominee Bill Simon Jr.Nor is incumbent Gray Davis going out of his way to lead on environmental issues, as he confines himself to revamping some of the more embarrassing and costly power contracts negotiated at the height of the energy crisis.But it's...

SACRAMENTO -- Through complaints to the federal government and a mobilized cadre of lawyers, the state of California is trying to shed some of the long-term power contracts tying it to much higher than market rates. When he made the deals last year, Gov. Gray Davis called them a force to stabilize the state's volatile energy market. Later, however, the state began trying a variety of tactics to poke holes in those contracts and get a better deal. But that is happening in a tenuous utility environment in which many companies are wallowing in Enron-related accounting problems and trying...

<p>Mounting debt for construction of power plants continues to wallop Calpine Corp.</p> <p>The San Jose power company's stock -- already down 73 percent for the year - - tumbled 9 percent yesterday after Standard & Poor's downgraded its credit rating, which was already in junk territory.</p>