Calpine signs Resource Adequacy contracts with California utilities

Calpine Corp. (NYSE: CPN) has executed Resource Adequacy contracts (RA contracts) with California’s three investor-owned utilities – Pacific Gas and Electric Co. (NYSE: PCG), Southern California Edison Co. and San Diego Gas and Electric Co. – for the purchase of resource adequacy from the 578 MW Sutter Energy Center for the period from July 1 through December 31, 2012.

The RA contracts will enable Sutter to continue in operation as the California Public Utilities Commission moves forward in developing long-term capacity procurement policies to ensure modern, existing resources remain available to meet California’s future power demands.

The RA contracts are being submitted for approval to the PSC pursuant to Resolution E-4471, in which the commission directed the utilities to enter into contract negotiations with Calpine for the purpose of keeping the Sutter plant online through 2012. The resolution requires the utilities to submit a Tier 2 Advice letter attaching the RA contracts, which filings were made on May 4, 2012.

Sutter began operations in 2001 and is an air cooled, combined-cycle natural gas plant in California.

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