Calpine to sell about a fifth of power plants
Calpine Corp. (CPNLQ.PK) said it plans to sell about one-fifth of its power plants in a bid to emerge as a leaner company focused on its profitable geothermal and gas-fired operations. The company also said it plans to close three offices and cut about 775 jobs. Without identifying the plants, Calpine said the sale of about 20 facilities would allow it to focus on core assets and key markets. The company's largest power markets are California and Texas. [ more ]
The plans drafted by CEO Robert May should allow the company to save over $150 million a year and also allow the company to focus on profitable segments of the existing business.