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June 6, 2005

First Phase of Calpine's 560-Megawatt Fox Energy Center Enters Full Commercial Operation

CALIFORNIA, US, Jun 6, 2005 —

Calpine Corporation [NYSE:CPN] has successfully placed the first phase (300 megawatts) of the Fox Energy Center into full commercial operation. The new, combined–cycle power plant, located in Kaukauna, Wis., is providing approximately 150 megawatts of capacity to Wisconsin Public Service Corporation (WPSC), a subsidiary of WPS Resources Corporation [NYSE:WPS], under a contract beginning June 1, 2005, with the remainder available for sale into the region's wholesale power market.

"Phase 1 of the Fox Energy Center is a timely addition to Wisconsin's rapidly growing electric power market and another significant milestone for us in the Upper Midwest," said Calpine Senior Vice President Jim Shield. "Our success at Fox further demonstrates the value Calpine brings to the table by integrating all aspects of power plant development, including construction, commissioning, operations, and maintenance—all of which translate into direct benefits for our customers."

"Coming into the summer season, when we expect our highest loads of the year, it's good to know we have the additional generating power to count on when we need it," said Charlie Severance, WPSC manager of supply and wholesale services.

The Fox Energy Center is being built under the Calpine Construct Plus model, where Calpine serves as general contractor for the facility. Calpine has obtained financing for the power plant through a $400 million, 25–year, non–recourse sale/leaseback transaction with affiliates of GE Commercial Finance Energy Financial Services.

"The commercial start–up of Phase 1 of the Fox Energy Center is a major milestone for the project and our efforts to help our customers grow with long–term capital," said Leanne Bell, GE Commercial Finance Energy Financial Services' Managing Director for Power. "This state–of–the–art energy resource is now providing much needed electricity for the consumers and businesses of the growing Wisconsin power market."

Phase 1 of the project includes a single combustion turbine in a combined–cycle configuration with a Nooter/Eriksen heat recovery steam generator (HRSG), with supplementary duct–firing, and a Toshiba steam turbine generator. Phase II includes installation of a second combustion turbine and HRSG. The Fox Energy Center is the first power plant in the Calpine fleet to use General Electric's advanced 7FB combustion turbines, and is the first 7FB unit in the GE fleet to successfully complete dual–fuel testing on both natural gas and fuel oil. The facility interconnects electrically with American Transmission Company and with ANR Pipeline for natural gas transportation to the site.

Calpine is on schedule to complete Phase II of the power plant by the end of this year, which will bring the plant's total capacity to more than 550 megawatts and fulfill an additional contract requirement with Wisconsin Public Service Corporation beginning June 1, 2006.

About GE Commercial Finance and GE

GE Commercial Finance, which offers businesses around the globe an array of financial products and services, has assets of over $230 billion and is headquartered in Stamford, Connecticut. GE (NYSE: GE) is Imagination at Work – a diversified technology, media and financial services company focused on solving some of the world's toughest problems. With products and services ranging from aircraft engines, power generation, water processing and security technology to medical imaging, business and consumer financing, media content and advanced materials, GE serves customers in more than 100 countries and employs more than 300,000 people worldwide. For more information, visit the company's Web site at www.ge.com.

About Calpine

A major power company, Calpine Corporation supplies customers and communities with electricity from clean, efficient, natural gas–fired and geothermal power plants. Calpine owns, leases and operates integrated systems of plants in 21 U.S. states, three Canadian provinces and in the United Kingdom. Its customized products and services include wholesale and retail electricity, natural gas, gas turbine components and services, energy management, and a wide range of power plant engineering, construction and operations services. Calpine was founded in 1984. It is included in the S&P 500 Index and is publicly traded on the New York Stock Exchange under the symbol CPN. For more information, visit http://www.calpine.com.

This news release discusses certain matters that may be considered "forward–looking" statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements regarding the intent, belief or current expectations of Calpine Corporation ("the Company") and its management. Prospective investors are cautioned that any such forwardlooking statements are not guarantees of future performance and involve a number of risks and uncertainties that could materially affect actual results such as, but not limited to, (i) the timing and extent of deregulation of energy markets and the rules and regulations adopted on a transitional basis with respect thereto; (ii) the timing and extent of changes in commodity prices for energy, particularly natural gas and electricity; (iii) unscheduled outages of operating plants; (v) a competitor's development of lower cost generating gas–fired power plants; (iv) risks associated with marketing and selling power from power plants in the newly–competitive energy market; and (v) other risks identified from time–to–time in the Company's reports and registration statements filed with the SEC, including the risk factors identified in its Annual Report on Form 10–K/A for the year ended December 31, 2004 and in its Quarterly Report on Form 10–Q for the quarter ended March 31, 2005, which can also be found on the Company's website at www.calpine.com. All information set forth in this news release is as of today's date, and the Company undertakes no duty to update this information.

CONTACTS:

Media Relations:
John Flumerfelt
(207) 671–1621

Investor Relations:
Karen Bunton
(408) 995–5115 Ext. 1121

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