Ripple

While the energy market sailed on past foundering Enron with barely a ripple, that would not have been the case if the major marketer’s implosion had occurred a year earlier during a time of rising energy prices, the chairman of the Maine Public Utilities Commission told a congressional committee Wednesday.

Despite market concerns about the ripple effect of California’senergy crisis on nonutility generators, Calpine Corp. on Fridayincreased its diluted earnings per share estimates for the quarterand year ended Dec. 31 to $0.30 and $1.05 per share, respectively.The company also increased its diluted earnings per share estimatefor this year to $1.25 per share. Calpine’s portfolio consists of50 operating power plants in 15 states totaling 4,900 MW. Calpinecurrently operates 26 power plants throughout northern Californiathat generate over 1,200 MW of power. About 600 MW are sold underFERC approved long-term contracts to Pacific Gas & Electric.The balance has been sold forward in the California market to adiversified portfolio of municipal and non-utility wholesalecustomers with strong credit ratings, the company said.