I used to live at 216 Depot Rd. Your name is not Gene is it? In the NY wholesale market merchant plants bid their price every day. If gas prices are soaring so will those bid prices (bids are done based on heatrate and fuel costs)so yes in effect the higher gas prices may be passed along. In the case of Calpine (I don't work for them but own stock) much will depend on contract structure. I have to believe that any long term contracts Calpine has to sell power must have contingencies for fuel costs. Therefore, except in areas of the country where coal fired plants are competing with Calpine they should be OK. All of coourse in my humble opinion.
You are pretty much right on with gas costs. Most of their plants are in areas where natural gas is on the margin, so a rise in gas costs results in a rise in electricity costs. In the contracts, often electricity prices are based on some sort of spot gas price. For geothermal it is a boon, and they also own gas in CA and TX, with more on the way.