Energy Choice
                            

Matters

Calpine Names President of Retail Division

Calpine Reports Purchase Price For North American Power

February 7, 2017

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Copyright 2010-17 EnergyChoiceMatters.com
Reporting by Paul Ring • ring@energychoicematters.com

Calpine named Trey Griggs as President, Calpine Retail and Executive Vice President of Calpine Corp.

Griggs will lead the integration and expansion of Calpine's retail platform going forward

Griggs had served as Executive Vice President and Chief Commercial Officer at Calpine

With Griggs moving to the retail side, Andrew Novotny, Senior Vice President of Commercial Operations, and Caleb Stephenson, Senior Vice President of Wholesale Origination and Commercial Analytics, will oversee Calpine's wholesale activities and report directly to Calpine’s President and Chief Executive Officer Thad Hill

Also in reporting earnings today, Calpine disclosed its purchase price for North American Power, which was completed in January

Calpine's entry into a transaction under which it would acquire North American Power had been exclusively first reported by EnergyChoiceMatters.com in November

Calpine disclosed that it purchased North American Power for approximately $105 million, excluding working capital and other adjustments.

Calpine said that North American Power, "will be integrated into our Champion Energy retail platform."

Calpine also provided an update on cash recovered in its recent acquisition of Noble Americans Energy Solutions

"On December 1, 2016, we completed the purchase of Calpine Energy Solutions, formerly Noble Americas Energy Solutions, along with a swap contract for approximately $800 million plus approximately $350 million of net working capital at closing. We recovered approximately $250 million in cash subsequent to closing and expect to recover an additional approximately $200 million through collateral synergies and the runoff of acquired legacy hedges, substantially within the first year," Calpine said

"On the retail front, over the past several months, we have strategically solidified and expanded our platform with acquisitions that complement our wholesale fleet and increase our access to end-use customers while boosting our margins in core power markets. We accretively recycled capital by completing the sales of our Mankato and Osprey power plants in non-core regions and reinvesting the proceeds into the purchases of Calpine Energy Solutions, one of the nation’s largest suppliers of power to commercial and industrial customers, and North American Power, a residential retail energy provider. With these changes to our portfolio, the integration of our retail businesses, not only with each other but also with our existing wholesale power business, is a priority," said Thad Hill, Calpine’s President and Chief Executive Officer.

"We believe that our retail platform is strategically complete and are now focused on integrating it into our business and optimizing its financial performance," Calpine said

In 2016, Calpine's retail subsidiaries served approximately 65 million MWh of customer load consisting of approximately 6.5 million annualized residential customer equivalents at December 31, 2016.

During 2016, Champion Energy expanded its service territory to include commercial and industrial customers in Maine, Connecticut and California.

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