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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Calpine Corp. | NYSE:CPN | NYSE | Ordinary Share |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 15.25 | 0.00 | 01:00:00 |
As the COVID-19 virus continues to significantly impact life in the United States and globally, we at Calpine Corporation have implemented a robust business continuity plan to ensure the safety of our employees and communities within which we operate, while maintaining continued reliable operations at our generating facilities.
“We are clearly in unprecedented and difficult times. Despite the challenges that the COVID-19 outbreak presents, our employees are staffing our power plants to ‘keep the lights on.’ I am proud of them and our Company’s critical contribution to electrical reliability and commitment to serving our customers. As our teams fulfill these important roles, we are working in the safest possible manner – from home where possible – but where not, like in our plants, with an absolute focus on best practices of hygiene, social distancing, thoughtful staffing, and health screening. Although there is real uncertainty, we believe our Company’s business is sound and we take pride in our mission,” said Thad Hill, CEO of Calpine Corporation.
“We also care deeply about the communities where our employees live and work. With that in mind, we have established a community assistance fund to provide help where it is most needed and seeded it with an initial $1 million,” said Hill.
The pandemic presents potential new risks to the Company’s business. Although to date there have been logistical and other challenges, there has been no material adverse impact to the Company's operations as a result of COVID-19. Although the Company’s first quarter 2020 results will be significantly lower than first quarter 2019, driven primarily by lower regional capacity prices and a difference in our hedging profile, even in the face of COVID-19 challenges as currently understood, the Company currently believes it is positioned to achieve full year 2020 unlevered free cash flow and other liquidity metrics, as well as financial performance metrics material to our debt investors, within the range of its results in 2018 and 2019. This belief is based on the Company’s robust hedging program that has in the past substantially mitigated its exposure to economic slowdowns and on the long-term contracted nature and stability of the Company’s revenue streams. Finally, the Company believes it has sufficient liquidity on hand to manage its operations through this crisis.
Of course, the situation surrounding COVID-19 remains fluid and the potential for a material impact on the Company increases the longer the virus impacts activity levels in the United States. For this reason, it is difficult to predict with certainty the impact of the virus on the Company's business, operations, and financial condition. The Company will evaluate further actions as circumstances warrant.
We expect to provide a further update on the impact of COVID-19 on our liquidity, business operations, financial condition and results of operations in our first quarter 2020 earnings release and in our Form 10-Q for the quarter ended March 31, 2020.
About Calpine
Calpine Corporation is America’s largest generator of electricity from natural gas and geothermal resources with operations in competitive power markets. Our fleet of 77 power plants in operation or under construction represents over 26,000 megawatts of generation capacity. Through wholesale power operations and our retail businesses Calpine Energy Solutions and Champion Energy, we serve customers in 23 states, Canada and Mexico. Our clean, efficient, modern and flexible fleet uses advanced technologies to generate power in a low-carbon and environmentally responsible manner. We are uniquely positioned to benefit from the secular trends affecting our industry, including the abundant and affordable supply of clean natural gas, environmental regulation, aging power generation infrastructure and the increasing need for dispatchable power plants to successfully integrate intermittent renewables into the grid.
Forward-Looking Information
This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act, and Section 21E of the Exchange Act. Forward-looking statements may appear throughout this press release. We use words such as “believe,” “intend,” “expect,” “anticipate,” “plan,” “may,” “will,” “should,” “estimate,” “potential,” “project” and similar expressions to identify forward-looking statements. Such statements include, among others, those concerning our expected financial performance and strategic and operational plans, as well as all assumptions, expectations, predictions, intentions or beliefs about future events. We believe that the forward-looking statements are based upon reasonable assumptions and expectations. However, you are cautioned that any such forward-looking statements are not guarantees of future performance and that a number of risks and uncertainties could cause actual results to differ materially from those anticipated in the forward-looking statements. Such risks and uncertainties include, but are not limited to the following:
Given the risks and uncertainties surrounding forward-looking statements, you should not place undue reliance on these statements. Many of these factors are beyond our ability to control or predict. Our forward-looking statements speak only as of the date of this press release. Other than as required by law, we undertake no obligation to update or revise forward-looking statements, whether as a result of new information, future events, or otherwise.
View source version on businesswire.com: https://www.businesswire.com/news/home/20200406005208/en/
Media Contact: Brett Kerr Vice President, External Affairs 713-830-8809 brett.kerr@calpine.com
Investor Contact: W. Bryan Kimzey Senior Vice President, Finance & Treasurer 713-830-8775 bryan.kimzey@calpine.com
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