Calpine CPN

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    1. Valuations Come Down After Revising Midcycle Power and Gas Prices


      Fri, 13 Mar 2015

      were less affected because our lower midcycle gas price brought down fuel costs, offsetting lower realized power prices. Calpine , the largest natural gas generation owner in the United States, experienced just a 7% cut in our estimate of its fair

    2. Supreme Court Decision Could Lift Capacity Prices and Earnings for Some Utilities


      Tue, 3 Mar 2015

      similar increase would boost pretax earnings $500 million for Exelon, the largest generator in PJM, and $165 million for Calpine , which has 20% of its fleet in PJM. However, higher capacity prices could incentivize new low-cost generation to

    3. Coal-to-Gas Switching and PJM Key Themes for Calpine in 2015


      Fri, 13 Feb 2015

      positive moat trend rating after Calpine reported full-year adjusted EBITDA ..... more often. In 2012, the last time Calpine experienced sub-$3/mmbtu natural ..... increased over 15%. In the Northeast, Calpine should benefit from capacity performance

    4. Opportunity in the Overvalued Utilities Sector

      Video Reports

      Fri, 30 Jan 2015

      company we find particularly attractive is [TICKER: CPN ] Calpine ( CPN )--currently 4 stars, no moat. It's the only ..... regions, particularly the Mid-Atlantic and PJM. Calpine has an efficiency advantage that provides a cost advantage

      Calpine CPN found at 0:25

      value among unregulated independent power producers. One company we find particularly attractive CPN Calpine ( CPN )--currently 4 stars, no moat. It's the only independent producer to which we assign a positive moat trend. The company is very well positioned to benefit from tightening supply-and-demand conditions in some of its key regions, particularly the Mid-Atlantic and PJM. Calpine has an efficiency advantage that provides a cost advantage against its competition, regardless of the movement of natural gas prices. In a low natural gas environment like we have today, Calpine's fleet runs more often, helping preserve margin in a lower power-price environment. Additionally, Calpine has additional gross margin opportunities and significant demand events like we had last winter during the polar vortex. Calpine's fleet is also very well positioned for upcoming environmental regulation. The fleet operates mostly cleaner natural gas generation and also a small
    5. Utilities: Repeating a Stellar 2014 Performance Will Be Tough


      Wed, 31 Dec 2014

      fallen more than power prices, giving a big boost to margins for power producers with gas-fired generation such as Calpine CPN and Public Service Enterprise Group PEG. The outlook for 2015 looks pretty much the same as it was going into 2014

    6. Supreme Court's Mercury Ruling Could Be a Tailwind for Carbon Caps, Gas Demand, Transmission


      Wed, 26 Nov 2014

      carbon emissions regulations, utilities such as Exelon, Calpine , and NextEra Energy could have material upside. We estimate ..... share of upside to our $41 per share fair value estimate. Calpine 's natural gas fleet and NextEra's renewable energy

    7. Calpine Continues History of Smart Capital Allocation, Initiates 2015 Guidance


      Thu, 6 Nov 2014

      and positive moat trend ratings for Calpine after it reported third-quarter ..... share repurchases. In the quarter, Calpine announced plans to purchase the 809 ..... Park and Channel Center expansions. Calpine was hedged during the cool summer

    8. The Ultimate Stock-Pickers’ Top 10 Dividend Stocks


      Tue, 16 Sep 2014

      PEG. They also think that there is a unique mixture of value and quality in Southern Company SO, Exelon EXC, and Calpine CPN , believing that the three would make a compelling stand-alone portfolio, given their diverse characteristics. Our

    9. Calpine to Benefit From Negative Gas Basis in Mid-Atlantic; ERCOT Shows Promise


      Thu, 11 Sep 2014

      Calpine is set to benefit in the near term (2014 ..... Industry-leading plant efficiency allows Calpine to capture this benefit through higher margins ..... retirement in PJM and gas basis easing for Calpine 's plants. We are maintaining our $28

    10. Calpine Expands in New England, Continues to Wisely Allocate Capital


      Mon, 25 Aug 2014

      Calpine has announced that it will purchase an 809 ..... with our implied $725 per kilowatt in our Calpine valuation. We are maintaining our $28 ..... purchase price is also in line with the price Calpine recently paid for asset additions. In the

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