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CONTACTS: |
NEWS RELEASE |
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Calpine Media Relations: |
Calpine Investor Relations: |
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Norma F. Dunn |
Bryan
Kimzey |
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713-830-8883 |
713-830-8775 |
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bryan.kimzey@calpine.com |
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GE: |
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Christa Bowers |
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203-339-1434 |
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christa.bowers@ge.com |
Calpine, GE Celebrate Construction of Russell City Energy Center,
Honor On-site Construction Workers
(HAYWARD, Calif.) – October 12, 2011 – Executives of Calpine
Corporation (NYSE:CPN) and
GE (NYSE: GE) unit GE
Energy Financial Services today joined state and local officials, construction
trade representatives, contractors, community leaders and business partners in
celebrating the continuing construction of the 619-megawatt, combined-cycle
Russell City Energy Center in Hayward, California. The event honored hundreds
of on-site construction workers.
“We are very proud that the
Russell City Energy Center will use the most advanced emissions control
technology available today for a natural gas-fired power plant and that its
construction is providing jobs at a time when they are greatly needed in
California,” said Jack Fusco, Calpine’s President and Chief Executive Officer.
“Calpine was founded in California and has always been committed to helping
meet the state’s power needs in an environmentally responsible manner. This
project will provide reliable and cost-effective electricity to citizens of
Hayward and the Bay Area and, importantly, support the integration of increased
renewable power.”
“We are glad to have our
crew at work on constructing of the Russell City Energy Center project, which
will put more than 700 people to work in the Bay Area,” said Andreas Cluver, secretary-treasurer of the Alameda County Building
Trades Council. “Building this efficient, natural gas power plant has generated
union construction jobs in Hayward at a time we need it most.”
“Wherever we work, our goal
is to make a positive contribution in the community, and Russell City is no
exception,” said Alasdair Cathcart, president of
Bechtel’s power business. “We are pleased to be working with Calpine and GE to
bring jobs and reliable, cleaner energy to the Bay Area.”
Construction of the Russell
City Energy Center is on schedule. Several major foundations are completed, and
underground pipe systems are being installed along with electrical duct banks
and vaults. The project is expected to be completed during 2013.
“Today’s event commemorates
a great achievement made possible by the combination of Calpine’s vision, GE’s
support as a project development partner, and the cooperation of governments,
our neighbors, and now the workers who are building this plant that will
provide reliable energy to California,” said Alex Urquhart, President and CEO
of GE Energy Financial Services.
During the celebration,
Russell City Energy Center presented a check for $10 million to the City of
Hayward for design and construction of a new library. In addition, Calpine, in
cooperation with St. Mary’s College, presented six scholarships for the St.
Mary’s summer basketball camp program to St. Bede’s Elementary School and the
Southern Alameda County Catholic Youth Organization in memory of Rick Thomas, a
former Calpine employee who played a crucial role in the Russell City project’s
development.
Calpine began developing
the Russell City Energy Center in 2001 and owns 75% of the project, while a GE
Energy Financial Services affiliate owns the balance. In June, an $844.5
million credit facility was secured to finance construction of the plant, the
nation’s first to receive a federal air permit that includes a voluntary limit
on greenhouse gas emissions. Pacific Gas and Electric has agreed to purchase
the full output of electricity from Russell City upon completion and will
supply natural gas under a 10-year power purchase agreement approved by the
California Public Utilities Commission in September 2010. The facility will
play a critical role in meeting the Bay Area’s power needs as older,
emissions-intensive plants are retired and in supporting the growing renewable
integration projects in California.
The facility will use the
most advanced emissions control technology available today for a natural
gas-fired power plant. In addition to minimizing air emissions, the plant will
conserve water by using reclaimed wastewater from the City of Hayward’s Water
Pollution Control Facility for all cooling and boiler makeup. This
environmentally responsible process will prevent up to four million gallons of
wastewater from being discharged into San Francisco Bay each day. In addition,
the plant will generate approximately $30 million initially in one-time tax
revenue, followed by recurring property tax revenues.
About Calpine
Founded in 1984, Calpine
Corporation is a major U.S. power company, currently capable of delivering
approximately 28,000 megawatts of clean, cost-effective, reliable and
fuel-efficient power from its 92 operating plants to customers and communities
in 20 U.S. states and Canada. Calpine Corporation is committed to helping meet
the needs of an economy that demands more and cleaner sources of electricity.
Calpine owns, leases and operates primarily low-carbon, natural gas-fired and
renewable geothermal power plants. Using advanced technologies, Calpine
generates power in a reliable and environmentally responsible manner for the
customers and communities it serves. Please visit our website at
www.calpine.com for more information.
About GE Energy Financial Services
GE Energy Financial
Services’ experts invest globally across the capital spectrum in essential,
long-lived, and capital-intensive energy assets that meet the world’s energy
needs. In addition to capital, GE Energy Financial Services offers the best of
GE’s technical know-how, technology innovation, financial strength, and
rigorous risk management. Based in Stamford, Connecticut, the GE business unit
helps its customers and GE grow through new investments, strong partnerships,
and optimization of its approximately $20 billion in assets. For more
information, visit http://www.geenergyfinancialservices.com.
About GE
GE (NYSE: GE) is an
advanced technology, services and finance company taking on the world’s
toughest challenges. Dedicated to innovation in energy, health, transportation
and infrastructure, GE operates in more than 100 countries and employs about
300,000 people worldwide. For more information, visit the company's Web site at
www.ge.com.
Forward-Looking Information
In addition to historical
information, this release contains forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933, as amended, and Section
21E of the Securities Exchange Act of 1934, as amended. Words such as
“believe,” “intend,” “expect,” “anticipate,” “plan,” “may,”
“will” and similar expressions identify forward-looking statements. Such
statements include, among others, those concerning expected financial
performance and strategic and operational plans, as well as assumptions,
expectations, predictions, intentions or beliefs about future events. You are
cautioned that any such forward-looking statements are not guarantees of future
performance and that a number of risks and uncertainties could cause actual
results to differ materially from those anticipated in the forward-looking
statements. Please see the risks identified in this release or in Calpine’s
reports and registration statements filed with the Securities and Exchange
Commission, including, without limitation, the risk factors identified in its
Annual Report on Form 10-K for the year ended Dec. 31, 2010, and its Quarterly
Reports on Form 10-Q for the quarters ended March 31 and June 30, 2011. These
filings are available by visiting the Securities and Exchange Commission’s
website at www.sec.gov or Calpine’s website at www.calpine.com. Actual results
or developments may differ materially from the expectations expressed or
implied in the forward-looking statements, and Calpine undertakes no obligation
to update any such statements.
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