Calpine Plant Needs Deal, Tide-Over Payment To Stay Open

Law360, New York (February 17, 2012, 6:45 PM EST) -- With no power purchase agreements in place, Calpine Corp.'s 525-megawatt northern California electricity plant will close unless it can ink a bilateral contract with a public utility or secure a $17 million tide-over payment from the state's power grid manager soon, the company said Friday.

Calpine's Sutter Energy Center near Yuba City, Calif., is idling as the California Public Utilities Commission considers forcing the state's three utilities to negotiate a power purchase agreement with Calpine. At the same time, California Independent System Operator Corp. is jumping...
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