After Noble Deal, Calpine "Pleased" With Retail Position As Focus Moves To Organic Growth, Though "Bolt-On" Acquisitions Still Possible

With its pending acquisition of Noble Americas Energy Solutions (NAES), Calpine executives said that it is emphasizing organic growth in its retail business, though further "bolt-on" acquisitions are possible.

With the NAES acquisition, "I think now we've gotten ourselves to the point where we now have sufficient retail liquidity to do what we think we need to do in order to monetize our megawatt-hours," said Trey Griggs, Calpine's Chief Commercial Officer

"Could we make some smaller, bolt-on type deals that fold up into and under the existing platform, sure, but I think right now we are pleased with our retail position," Griggs said in response to an analyst question

"A tuck-in is fine, but we think that we have a great platform now," said Calpine CEO Thad Hill, who said Calpine will pursue organic growth of the Champion and NAES businesses.

"Organic growth is a heck of a lot cheaper than inorganic, and so you should expect us to invest in growth," said Griggs, who said Calpine would invest in NAES to support such organic growth