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Calpine/Bechtel´s Metcalf Energy Center Receives Support From San Jose Mayor
Under the terms of the agreement, the City of San Jose would support and provide municipal services for construction and operations of MEC in the Coyote Valley of San Jose. The city would provide all requested municipal services in a timely manner at standard rates and terms applicable to similar users, and it would process annexation of the portion of the site not already within the city limits. The agreement also allows for MEC to provide additional benefits for the community and local businesses. The San Jose City Council will consider the agreement at its regular meeting scheduled June 5.
“This agreement provides resolution of the remaining concerns we have heard from local officials, developers and the community-at-large,” said Curt Hildebrand, Calpine Vice President, General Manager, Calpine/ Bechtel Joint Development. “We are pleased to have forged this lasting partnership with the City of San Jose and the community by more widely sharing the benefits of the Metcalf Energy Center.”
The 600-megawatt, natural gas-fueled Metcalf Energy Center will significantly benefit electricity consumers by adding clean, efficient and urgently needed power generation directly into the South Bay energy market.
The Metcalf Energy Center is a development of San Jose-based Calpine Corporation, one of the nation's leading independent providers of electric power, and Bechtel Enterprises Holdings, Inc., the development, financing and ownership affiliate of the Bechtel organization, one of the world's premier engineering and construction companies.
About Calpine
Calpine Corporation, based in San Jose, Calif., is dedicated to providing customers with reliable and competitively priced electricity. Calpine is focused on clean, efficient, natural gas-fired generation and is the world's largest producer of renewable geothermal energy. Calpine has launched the largest power development program in North America. To date, the company has approximately 32,200 megawatts of base load capacity and 7,200 megawatts of peaking capacity in operation, under construction, pending acquisitions and in announced development in 29 states and Canada. The company was founded in 1984 and is publicly traded on the New York Stock Exchange under the symbol CPN. For more information about Calpine, visit its Website at www.calpine.com.
This news release discusses certain matters that may be considered "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, including statements regarding the intent, belief or current expectations of Calpine Corporation ("the Company") and its management. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve a number of risks and uncertainties that could materially affect actual results such as, but not limited to, (i) changes in government regulations, including pending changes in California, and anticipated deregulation of the electric energy industry, (ii) commercial operations of new plants that may be delayed or prevented because of various development and construction risks, such as a failure to obtain financing and the necessary permits to operate or the failure of third-party contractors to perform their contractual obligations, (iii) cost estimates that are preliminary and which actual cost may be higher than estimated, (iv) the assurance that the Company will develop additional plants, (v) a competitor's development of a lower-cost gas-fired power plant, (vi) receipt of regulatory approvals or (vii) the risks associated with marketing and selling power from power plants in the newly competitive energy market. Prospective investors are also referred to the other risks identified from time to time in the Company's reports and registration statements filed with the Securities and Exchange Commission.