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CenterPoint Energy, Inc. Message Board

  • lewis_whokeyser lewis_whokeyser Apr 11, 2001 7:51 PM Flag

    Calpine Getting Crunched

    "Calpine Asks Bankruptcy Court to Allow it to Escape from PG&E Power
    Oil Daily (04/10/01) P. 6; Shook, Barbara
    Power wholesaler Calpine said it will ask the U.S. Bankruptcy Court to
    relieve it of a contractual obligation to provide the bankrupt Californian
    utility Pacific Gas & Electric with 600 Mw of electricity if it is not paid
    for $267 million in past power purchases. Calpine is Pacific Gas &
    Electric's largest unsecured industry creditor. The Californian utility
    filed for Chapter 11 bankruptcy on Friday after accumulating $7 billion of
    debt buying power from wholesalers whose cost could not be passed on to
    consumers under California's deregulation scheme this winter. The company
    also owes between $24 million to $40.1 million to El Paso Merchant Energy,
    BP Energy, Enron Canada, Chevron USA, and Sempra Energy Trading.

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