Calpine Corporation is a Delaware corporation, which was established in 1984. It is an independent wholesale power generation company, which is engaged in the ownership and operation of natural gas-fired and geothermal power plants in North America. It sells wholesale power, steam, capacity, renewable energy credits and ancillary services to its customers, including industrial companies, retail power providers, utilities, municipalities, independent electric system operators, marketers and others. It engages in the purchase of natural gas as fuel for its power plants and in related natural gas transportation and storage transactions, and in the purchase of electric transmission rights to deliver power to its customers. The Company also enters into natural gas, power and other financial derivative and commodities transactions to hedge its business risks and optimize its portfolio. Its reportable segments are: West including geothermal; Texas, Southeast, North including Canada; and Other. Its Other segment includes fuel management, TMG, certain non-region specific natural gas marketing and optimization, and other corporate activities. The Company's portfolio of power plants is comprised of two types of power generation technologies: natural gas-fired combustion turbines and renewable geothermal conventional steam turbines. As of December 31, 2008, its portfolio, including partnership interests, consisted of 76 power plants, with an aggregate operating generation capacity of approximately 24,187 MW with an additional nearly 1,000 MW under construction or in advanced development at two power plants. Its generation capacity consisted of 4,080 MW of baseload capacity from its Geysers Assets and Cogeneration power plants, 15,057 MW of intermediate load capacity from its combined-cycle combustion turbines and 5,050 MW of peaking capacity from duct-fired generation and generation from its simple-cycle combustion turbines. The Company has 15 geothermal operating power plants with 17 steam turbines. Its power plants are located mainly in four regions: Texas with 7,487 MW of capacity, the West with 7,246 MW, the Southeast with 6,104 MW and the North with 3,350 MW. The Company's portfolio affords it the flexibility to sell power and other products forward for shorter terms, or on a merchant basis into the spot markets, where it is able to realize attractive pricing particularly during peak demand periods. Additionally, it sells capacity or similar products to retail power providers, utilities, municipalities and others required to acquire capacity and similar products by regulatory or market rules, and it sells ancillary services to independent system operators and utilities to support power transmission system reliability. The Company competes against other IPPs, trading companies, financial institutions, retail load aggregators, municipalities, retail power providers, cooperatives and regulated utilities to supply power and power-related products to its customers in major markets in the U.S. It is subject to complex and stringent energy, environmental and other governmental laws and regulations at the federal, state and local levels in connection with the development, ownership and operation of its power plants.
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