Calpine Corp. (San Jose, CA) announced financial and operating results for the three and nine months ended September 30, 2004. For the three months ended Sept ember 30, 2004, the company reported earnings per share of $0.05, or net income of $22.3 million, compared to earnings per share of $0.51, or net income of $237.8 million, for the quarter ended September 30, 2003.
In the nine months ended September 30, 2004, Calpine netted approximately $1.26 billion of sales of purchased power for hedging and optimization with purchased power expense. For the nine months ended September 30, 2004, the company reported a loss per share of $0.18, or a net loss of $77.6 million, compared to earnings per share of $0.41, or net income of $162.4 million, for the same period in the prior year.
"During the quarter, Calpine's power plant operations remained strong, with 97% availability," stated Calpine CEO and President Peter Cartwright. "Earnings, however, fell short of our expectations -- primarily as a result of low market spark spreads attributed in part to mild, below normal weather in several US power markets.
