Three-and-a-half years after emerging from Chapter 11 bankruptcy reorganization, Calpine Corp. made its final financial distribution spelled out in its court-approved plan for emerging from bankruptcy protection in late January 2008. Calpine released approximately 19.8 million shares of its common stock from reserves that previously had been set aside to satisfy bankruptcy claims that were still unresolved when the independent (mostly natural gas-fired) power plant operator/developer left Chapter 11 protection. Calpine senior officials hailed the milestone as putting the company’s debt-laden past to bed. The reserve shares were already counted among the 486 million weighted average shares outstanding listed by the company as of June 30, so there is no impact on earnings or cash flow from the final release of shares. Noting all the “technical matters” from the past are behind Calpine, CFO Zamir Rauf said the company now has “fully resolved all claims associated with our bankruptcy.”
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Industry Briefs
An increase in residential customers may have spelled the difference between the 3.5 Bcf of gas used by Xcel Energy’s Colorado customers over the recent four-day Thanksgiving weekend, compared to 3 Bcf for the holiday weekend a year ago. Temperatures were nearly the same, with an average daily temperature of 30.5 degrees Fahrenheit this year compared to an average daily temperature of 31 degrees last year. “We had about 39,000 more customers in September 2004 than we had in September 2003,” the last month for which comparative figures are available, according to Xcel spokesman Mark Stutz. In September 2003, Xcel had 1,078,009 customers, compared to the recent month’s 1,117,851. Although Xcel is seeing “modest” customer growth in its Front Range territory, most of the increase is coming in its western mountain resort area where new natural gas service is now available and is replacing electric heating. Stutz said the trend is not confined to Xcel. “All the utilities in the mountain area are seeing the switch from electric and propane to natural gas.”
Industry Briefs
An increase in residential customers may have spelled the difference between the 3.5 Bcf of gas used by Xcel Energy’s Colorado customers over the recent four-day Thanksgiving weekend, compared to 3 Bcf for the holiday weekend a year ago. Temperatures were nearly the same, with an average daily temperature of 30.5 degrees Fahrenheit this year compared to an average daily temperature of 31 degrees last year. “We had about 39,000 more customers in September 2004 than we had in September 2003,” the last month for which comparative figures are available, according to Xcel spokesman Mark Stutz. In September 2003, Xcel had 1,078,009 customers, compared to the recent month’s 1,117,851. Although Xcel is seeing “modest” customer growth in its Front Range territory, most of the increase is coming in its western mountain resort area where new natural gas service is now available and is replacing electric heating. Stutz said the trend is not confined to Xcel. “All the utilities in the mountain area are seeing the switch from electric and propane to natural gas.”
Rigorous Standards Spelled Out for Mackenzie Pipeline
All the economic and political stars would have to be in alignment for even the relatively modest Canadian version of arctic natural gas development to make it into construction, says the senior partner.
Enron Spells Out Terms of Dynegy Merger in SEC Filings
In the several documents filed with the U.S. Securities and Exchange Commission (SEC) on Tuesday, Enron Corp. spelled out specifically the terms of its $23 billion merger with Dynegy Corp., noting in one filing that until the merger closes as expected in the third quarter of 2002, “we will continue to deal with one another on a commercial level as competitors, just as we have done in the past,” including its operation of EnronOnline, the leading electronic trading platform in the world.
