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Calpine Named 2008 WateReuse Customer of the Year

September 8, 2008

Recognized for its innovative applications for reclaimed water, Calpine Corporation (NYSE:CPN) has been named the 2008 WateReuse Customer of the Year by the WateReuse Association. The award was presented today at the international non-profit association’s 23rd Annual WateReuse Symposium in Dallas, Texas.

Calpine received the award based on its unique public-private partnership with the city of Santa Rosa to construct the largest recycled water to renewable energy project in the world at the company’s Geysers facilities in Northern California. The $250 million Santa Rosa Geysers Project, commissioned in 2004, converts recycled water into steam to produce up to 150 megawatts (MW) of clean, reliable geothermal power for the California power grid. The project also helps keep waterways cleaner and eliminates fossil fuel emissions.

“Calpine is dedicated to helping preserve and protect our environment and using recycled water to generate clean, renewable energy is one way we can do that,” said Dennis Gilles, Calpine’s Senior Vice President – Western Region and Geothermal. “We are one of the largest users of recycled water in the world and are so convinced of the value of water reuse that we have invested almost $100 million in facilities to ensure this sustainable resource will be used for many years to come.”

Calpine has a 30-year contract with Santa Rosa to receive up to 7 billion gallons of recycled water per year. Recycled water is pumped to The Geysers geothermal field located 41 miles from, and at an elevation 3,300 feet higher than, the city’s wastewater treatment facility. Calpine injects the recycled water underground into the steam reservoir where it is heated to make new steam to generate clean, renewable geothermal energy.

“The WateReuse Customer of the Year award recognizes customers who have advanced the acceptance of water reuse through innovative or unique applications of recycled or reclaimed water,” said WateReuse Association Executive Director G. Wade Miller. “Calpine Corporation has demonstrated continued dedication to the water reuse community, and we gratefully acknowledge the contributions the company has made.”

About Calpine

Calpine Corporation is helping meet the needs of an economy that demands more and cleaner sources of electricity. Founded in 1984, Calpine is a major U.S. power company, currently operating nearly 24,000 megawatts of clean, cost-effective, reliable and fuel-efficient electricity to customers and communities in 16 states in the United States. Calpine owns, leases, and operates low-carbon, natural gas-fueled and renewable geothermal power plants. Using advanced technologies, Calpine generates electricity in a reliable and environmentally responsible manner for the customers and communities it serves. Please visit www.calpine.com for more information.

Forward Looking Information

In addition to historical information, this release contains forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act. Words such as “believe,”"intend,”"expect,”"anticipate,”"plan,”"may,”"will” and similar expressions identify forward-looking statements. Such statements include, among others, those concerning expected financial performance and strategic and operational plans, as well as all assumptions, expectations, predictions, intentions or beliefs about future events. You are cautioned that any such forward-looking statements are not guarantees of future performance and that a number of risks and uncertainties could cause actual results to differ materially from those anticipated in the forward-looking statements. Such risks and uncertainties include, but are not limited to: (i) Calpine’s ability to implement its business plan; (ii) financial results that may be volatile and may not reflect historical trends; (iii) seasonal fluctuations of results and exposure to variations in weather patterns; (iv) potential volatility in earnings associated with fluctuations in prices for commodities such as natural gas and power; (v) ability to manage liquidity needs and comply with covenants related to the Exit Credit Facility and other existing financing obligations; (vi) Calpine’s ability to complete the implementation of its Plan of Reorganization and the discharge of its chapter 11 cases including successfully resolving any remaining claims; (vii) disruptions in or limitations on the transportation of natural gas and transmission of electricity; (viii) the expiration or termination of power purchase agreements and the related results on revenues; (ix) risks associated with the operation of power plants including unscheduled outages; (x) factors that impact the output of Calpine’s geothermal resources and generation facilities, including unusual or unexpected steam field well and pipeline maintenance and variables associated with the waste water injection projects that supply added water to the steam reservoir; (xi) risks associated with power project development and construction activities; (xii) ability to attract, retain and motivate key employees including filling certain significant positions within Calpine’s management team; (xiii) ability to attract and retain customers and counterparties; (xiv) competition; (xv) risks associated with marketing and selling power from plants in the evolving energy markets; (xvi) present and possible future claims, litigation and enforcement actions; (xvii) effects of the application of laws or regulations, including changes in laws or regulations or the interpretation thereof; and (xviii) other risks identified from time-to-time in Calpine’s reports and registration statements filed with the SEC, including, without limitation, the risk factors identified in its Annual Report on Form 10-K for the year ended December 31, 2007. Actual results or developments may differ materially from the expectations expressed or implied in the forward-looking statements, and Calpine undertakes no obligation to update any such statements. Unless specified otherwise, all information set forth in this release is as of today’s date, and Calpine undertakes no duty to update this information. For additional information about Calpine’s chapter 11 reorganization or general business operations, please refer to Calpine’s Annual Report on Form 10-K for the fiscal year ended December 31, 2007, and any other recent Calpine report to the Securities and Exchange Commission. These filings are available by visiting the Securities and Exchange Commission’s website at www.sec.gov or Calpine’s website at www.calpine.com.




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