As part of another glowing quarterly earnings announcement last Thursday, San Jose, CA-based Calpine Corp. said it will be making future merchant power plant investments in California, while outlining an aggressive hedging strategy for the company that is centered on an internal trading operation that has grown to more than 200 people in the past two years.
Quarterly
Articles from Quarterly
Duke Earnings Soar on Wholesale Energy Activities
Duke Energy earnings jumped 23% during the second quarter to 54 cents/share led by a 128% quarterly increase in EBIT (earnings before interest and taxes) from wholesale energy operations. Duke’s Energy Services division, which includes North American Wholesale Energy, International Energy and Other Energy Services business segments, posted EBIT of $328 million for the quarter, a 58% increase over 2Q2000.
BP Scores Record Profits in Q1
High U.S. commodity prices helped lift BP Plc to a record quarterly profit. Tuesday, the company announced its first quarter adjusted replacement cost net profit before goodwill of $4.126 billion, up 52% from a year ago. However, BP, ranked third in the world, did not exceed its earnings forecast of $3.56-$4.23 billion — a feat accomplished by leaders Exxon Mobil and Royal Dutch/Shell Group.
BP Scores Record Profits in Q1
High U.S. commodity prices helped lift BP Plc to a record quarterly profit. Tuesday, The company announced its first quarter adjusted replacement cost net profit before goodwill of $4.126 billion, up 52% from a year ago. However, BP, ranked third in the world, did not exceed its earnings forecast of $3.56-$4.23 billion — a feat accomplished by leaders Exxon Mobil and Royal Dutch/Shell Group.
Calpine Reports Revenue, Earnings Increases
The continued successful implementation of its aggressive growthstrategy was reflected in the annual and quarterly financialresults of San Jose, CA-based Calpine Corp., which Tuesdayannounced triple-digit percentage increases in revenues, net incomeand earnings-per-share. Net income, before an extraordinary charge,was $324.7 million in 2000, compared to $96.2 million in 1999, a238% increase; revenues were $2.3 billion, compared to $847.7million in 1999, a 171% increase; and earnings-per-share were$1.11, compared to 43 cents/share in 1999, a 158% increase.
Spot Purchases Take Bite Out of Quarterly Profits
Ohio-based FirstEnergy Corp. reported yesterday that it expectssecond-quarter net income for the entire corporation to take a hitof about $80 million as a result of the supply constraints andsubsequent market volatility in late June that sent spot prices fora MWh of power soaring into the thousands of dollars.