Calpine Reports Lower Retail Commodity Margin (Begins Breaking Out Retail Results As Separate Segment)

Calpine has begun reporting its Retail business as a separate segment in financial results, and its Retail segment reported lower energy margins during the first quarter.

Commodity Margin for Calpine's Retail segment was $77 million for the first three months of 2018, down $11 million (or 13%) versus the $88 million recorded a year ago

The decrease was primarily due to colder than normal weather in January 2018 and higher capacity payments in the Northeast, resulting in increased purchased energy and capacity supply expenses in the first quarter of 2018 compared to the same period in 2017.

Total operating revenues for the Retail segment were $938 million for the first quarter of 2018, versus $960 million a year ago

Calpine's retail segment reported income from operations, which reflects mark-to-market impacts, of $148 million for the first quarter of 2018, versus a loss from operations of $68 million a year ago