UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): January 13, 2005
CALPINE CORPORATION
(A Delaware Corporation)
Commission file number: 001-12079
I.R.S. Employer Identification No. 77-0212977
50 West San Fernando Street
San Jose, California 95113
Telephone: (408) 995-5115
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions:
[ ] Written communications pursuant to Rule 425 under the Securities Act
(17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act
(17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c))
ITEM 8.01 -- OTHER EVENTS.
NEWS RELEASE CONTACTS: (408) 995-5115
Media Relations: Bill Highlander, Ext. 1244
Investor Relations: Rick Barraza, Ext. 1125
Calpine Evaluating Strategic Alternatives for its Saltend Energy Centre
(SAN JOSE, Calif.) /PR Newswire - First Call/ Jan. 13, 2005 - Calpine
Corporation [NYSE:CPN] is currently evaluating strategic financial alternatives
for its Saltend Energy Centre, including the potential sale of the power plant.
Calpine has retained Credit Suisse First Boston to act as its advisor and assist
the company with this process.
Calpine acquired the 1,200-megawatt power plant, located in Hull, England,
in late 2001 for approximately $800 million. As a cogeneration facility, the
plant delivers steam and a portion of its electrical output to an adjacent
chemical facility. The majority of the plant's electrical output is sold into
the United Kingdom power market.
Net proceeds from any sale of the facility would be used to redeem the
existing $360 million Two-Year Redeemable Preferred Shares with the remaining
proceeds to be used in accordance with the asset sale provisions of Calpine's
existing bond indentures.
Calpine Corporation is a North American power company dedicated to
providing electric power to customers from clean, efficient, natural gas-fired
and geothermal power plants. The company generates power at plants it owns or
leases in 21 states in the United States and three provinces in Canada, in
addition to the Saltend Energy Centre in the United Kingdom. The company is
listed on the S&P 500. The company was founded in 1984 and is publicly traded on
the New York Stock Exchange under the symbol CPN. For more information, visit
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; (iv)
a competitor's development of lower cost generating gas-fired power plants; (v)
risks associated with marketing and selling power from power plants in the
newly-competitive energy market; (vi) 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,
amendment 2, for the year ended December 31, 2003 and in its Quarterly Report on
Form 10-Q for the quarter ended September 30, 2004, 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.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
CALPINE CORPORATION
By: /s/ Charles B. Clark, Jr.
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Charles B. Clark, Jr.
Senior Vice President and Controller
Chief Accounting Officer
Date: January 18, 2005