{{Short description|Large energy company in the U.S.}} {{For|the town in California|Calpine, California}} {{infobox company | name = Calpine Corporation | logo = Calpine logo.png | logo_size = 200px | image = Calpine building houston tx-looking up.jpg | image_size = 200px | type = [[Private company|Private]] | industry = Energy | founder = Peter Cartwright | founded = {{start date and age|1984}} | owner = [[Constellation Energy]] | key_people = {{Unbulleted list|Andrew Novotny ([[CEO]])| Thad Miller ([[CFO]])}} | location_city = [[Calpine Center]]<br />[[Houston, Texas]] | location_country = [[United States|U.S.]] | revenue = {{increase}} [[US$]]10.072 billion (2019)<ref name=J/> | profit = {{increase}} US$770 million (2019)<ref name=J/> | assets = US$16.062 billion (2018)<ref name=J/> | num_employees = 2,256 (2019)<ref name=J/> | homepage = {{URL|www.calpine.com}} }} '''Calpine Corporation''' was a [[Fortune 500|''Fortune'' 500]] company based in [[Houston, Texas]].<ref name="J">{{Cite web |title=Calpine |url=http://fortune.com/fortune500/calpine/ |access-date=2021-09-18 |website=Fortune}}</ref> It was the largest generator of electricity from [[natural gas]] and [[geothermal power|geothermal]] energy in the [[United States]],<ref>{{cite news |url=https://www.ft.com/content/8f51f2d4-8ea4-11e6-8df8-d3778b55a923 |archive-url=https://ghostarchive.org/archive/20221211181243/https://www.ft.com/content/8f51f2d4-8ea4-11e6-8df8-d3778b55a923 |archive-date=2022-12-11 |url-access=subscription |url-status=live |title=Noble Group sells US energy business in turnround drive |quote=Calpine Corporation is the largest generator of electricity from natural gas and geothermal in the US. |date=2016-10-10 |author=Don Weinland in Hong Kong and David Sheppard and Neil Hume in London |access-date=2017-01-04 }}</ref> with operations in competitive power markets.
In January 2026, [[Constellation Energy]] announced it had completed its acquisition of Calpine for $16.4 billion<ref name="2026buy">{{Cite web|url=https://finance.yahoo.com/news/constellation-energy-ceg-completes-acquisition-030917179.html?guccounter=1&guce_referrer=aHR0cHM6Ly93d3cuZ29vZ2xlLmNvbS8&guce_referrer_sig=AQAAAGiFYHmY3AJPZreyFJL0JeLVyiLCV36nqD1drXGJXocf-GOhL91gLzIyMKXaT8Ijt4QmqrJKNVPi_7HbrkXUa_W7O3vaktN0gs-rPS7iiOYlNADJ0AZxK4jHfE7QFd5q81caUOd_byw4FB_H1Wb-HuMYNCy849Zv9KXwJGO02O1x|title=Constellation Energy (CEG) Completes Acquisition of Calpine Corporation|work=Yahoo! Finance|access-date=2026-01-24|language=en}}</ref> and that Calpine would become a business unit of Constellation.<ref name="calpinesite">{{cite web |url=https://www.calpine.com/ |title=AMERICA'S PREMIER COMPETITIVE POWER COMPANY IS NOW A BUSINESS UNIT OF CONSTELLATION ENERGY CORPORATION (NASDAQ: CEG)AMERICA'S PREMIER COMPETITIVE POWER COMPANY IS NOW A BUSINESS UNIT OF CONSTELLATION ENERGY CORPORATION (NASDAQ: CEG) |accessdate=19 March 2026}}</ref>
==Operations== Through wholesale power operations and its retail businesses, Calpine serves customers in 24 states, [[Canada]], and [[Mexico]].<ref>{{Cite web |last=Sixel |first=L. M. |date=2019-06-13 |title=Calpine reverses losses after going private |url=https://www.houstonchronicle.com/business/chron-100/article/Calpine-reverses-losses-after-going-private-13952010.php |access-date=2023-03-07 |website=Houston Chronicle |language=en-US}}</ref><ref name=":2">{{Cite web |first=Daniel |last=Urie |date=2019-06-25 |title=Calpine Corporation dedicates new power plant |url=https://www.pennlive.com/life/2019/06/calpine-corporation-dedicates-new-power-plant.html |access-date=2023-03-15 |website=pennlive |language=en}}</ref> Its fleet of 80 power plants in operation or under construction has nearly 26,035 megawatts of generation capacity.<ref name=":2" /><ref name=":0">{{Cite web |last=Sixel |first=L. M. |date=2020-07-24 |title=No 1. private company: A great year for Calpine |url=https://www.houstonchronicle.com/business/article/No-1-private-company-A-great-year-for-Calpine-15427413.php |access-date=2023-03-02 |website=Houston Chronicle |language=en-US}}</ref>
Having reported generating 100.8 million megawatt hours of electricity in 2019,<ref name=":0" /> the firm is the largest generator of electricity from natural gas and geothermal resources in the United States.<ref name="Tuck">{{Cite web |last1=Hastings |first1=Rachel |date=September 28, 2021 |title=How CEO Thad Hill T'95 Brings Tuck's Culture to Calpine |url=https://www.tuck.dartmouth.edu//news/articles/how-ceo-thad-hill-brings-tucks-culture-to-calpine |access-date=2023-03-07 |website=www.tuck.dartmouth.edu |language=en}}</ref><ref name="Think" /> In addition to its retail business, it is a merchant power plant operator that sells power to utilities at market rates.<ref name="Founder1" />
===Subsidiaries=== ====Champion Energy==== [[Champion Energy]], a subsidiary of Calpine based in [[Houston]], [[Texas]], is a retail electricity provider that currently serves residential, governmental, commercial and industrial customers in deregulated electric energy markets in Texas, [[Illinois]], [[Ohio]], [[Pennsylvania]], [[New Jersey]] and [[New York (state)|New York]].
In addition, it also serves governmental, commercial and industrial customers in [[Delaware]], [[Maryland]] and [[Washington, D.C.]]; and [[natural gas]] customers in Illinois.<ref>{{cite web|title=Champion Energy Expands Footprint to Seventh State|url=http://www.energychoicematters.com/stories/20121004a.html|publisher=Energy Choice Matters|accessdate=22 October 2012|date=4 October 2012}}</ref><ref>{{cite web|last = |first = |title = Calpine Closes on Acquisition of Champion Energy|url = http://www.marketwatch.com/story/calpine-closes-on-acquisition-of-champion-energy-2015-10-01|publisher = |accessdate = 5 October 2015|date = 1 October 2015}}</ref>
===Fleet=== ====York Energy Center==== York Energy Center is a 565-megawatt natural gas-fired power plant located in [[Peach Bottom Township, York County, Pennsylvania|Peach Bottom Township]], [[York County, Pennsylvania| York County]], [[Pennsylvania]].
====Metcalf Energy Center==== The [[Metcalf Energy Center]] is a 605-megawatt [[combined cycle]] power plant located in [[Silicon Valley]], in unincorporated [[Coyote Valley, California|Coyote Valley]], south of [[San Jose, California]] and north of [[Morgan Hill, California]]. The plant is powered by natural gas. Some of the power generated by the plant is sent to far away places via [[Path 15]], a major electrical power transmission corridor that is connected to the power plant.
====The Geysers==== [[The Geysers]] is the world's largest geothermal field, containing a complex of 15 [[geothermal power]] plants, drawing steam from more than 350 wells, located in the [[Mayacamas Mountains]] approximately {{convert|72|mi|km}} north of [[San Francisco]], [[California]]. Geysers produced about 20% of California's renewable energy in 2019.<ref>{{Cite web|url=https://www.yaleclimateconnections.org/2020/02/the-pros-and-cons-of-enhanced-geothermal-energy-systems/|title=The pros and cons of enhanced geothermal energy systems|last=McCarthy|first=Will|date=2020-02-06|website=Yale Climate Connections|language=en-US|access-date=2020-02-17}}</ref>
Calpine owns 13 of the 15 geothermal plants at The Geysers. This group of 15 power plants is the largest producer of renewable geothermal power in North America, producing 725 [[Megawatts|megawatts of electricity]], enough to power 725,000 homes or a city the size of [[San Francisco]].<ref>{{Cite web |title=The Geysers Geothermal Field, California |url=https://www.power-technology.com/projects/the-geysers-geothermal-california/ |access-date=2023-03-15 |website=Power Technology |language=en-US}}</ref><ref>{{Cite web |title=Pasadena Water and Power to Ask Council Committee to OK 10-Year Geothermal Deal Worth $188 Million – Pasadena Now |url=https://www.pasadenanow.com/main/pasadena-water-and-power-to-ask-council-committee-to-ok-10-year-geothermal-deal-worth-188-million |access-date=2023-03-15 |website=www.pasadenanow.com}}</ref>
Despite the name of the steam field no natural geysers exist in or near The Geysers - Clear Lake area.<ref>{{Cite web |title=The Geysers Geothermal Field {{!}} U.S. Geological Survey |url=https://www.usgs.gov/volcanoes/clear-lake-volcanic-field/geysers-geothermal-field |access-date=2023-03-15 |website=www.usgs.gov}}</ref>
====Los Medanos Energy Center==== The Los Medanos Energy Center is a 561-megawatt natural gas fired co-generation power plant located in [[Pittsburg, California]].
====Edgemoor Power Generating Station==== Edgemoor Power Generating Station in Wilmington, Delaware was acquired via the purchase of Connectiv from PEPCO in July 2010.
====Russell City Energy Center==== The [[Russell City Energy Center]] is a 619-[[megawatt]] [[Fossil-fuel power station|natural gas-fired power station]], which began operating in August 2013. It is located in [[Hayward, California]].<ref>[http://www.energy.ca.gov/sitingcases/russellcity_amendment/index.html Russell City Energy Center Amendment Proceeding] {{Webarchive|url=https://web.archive.org/web/20101118055110/http://www.energy.ca.gov/sitingcases/russellcity_amendment/index.html |date=2010-11-18 }}. Energy.ca.gov. Retrieved on December 25, 2010.</ref>
The Russell City Energy Center is the nation’s first power plant to receive a federal air permit that includes a voluntary limit on greenhouse gas emissions.<ref name=calpine>{{Cite web|url=http://www.calpine.com/power/plants.asp#261|title=Russell City Energy Center|website=Russell City Energy Center|publisher=Calpine Corporation|archive-url=https://web.archive.org/web/20160610175608/http://calpine.com/power/plant.asp?plant=261#261|archive-date=June 10, 2016|url-status=dead|access-date=April 18, 2017}}</ref>
==History==
=== 1984–1999 === In 1984, Calpine was founded in [[Silicon Valley]], [[California]].<ref name=":1">{{Cite book |last=Willrich |first=Mason |url=https://books.google.com/books?id=jJk9DwAAQBAJ&dq=calpine+founded+1984+houston&pg=PA34 |title=Modernizing America's Electricity Infrastructure |date=2017-11-10 |publisher=MIT Press |isbn=978-0-262-34241-4 |language=en}}</ref> Peter Cartwright and four of his co-workers, the Guy F. Atkinson Construction Company of [[South San Francisco, California|South San Francisco]], and the Electrowatt Corporation struck an investment arrangement. With initial capital of [[United States dollar|US$]]1 million, it was essentially a Silicon Valley startup company. In 1988, the first QF cogeneration plant was commissioned and power production began.<ref name=":1" />
The name "Calpine" is derived from the company's original '''Cal'''ifornia location and '''alpine''', a reference to the [[Zürich]] home base of [[Electrowatt]]. Electrowatt provided essential assistance when Calpine was a startup.<ref name="Tuck" />
In 1988, the first QF cogeneration plant was commissioned and power production began. In 1992, the company's assets reached US$21 billion. In 1994, the company reached capacity output of 141 MegaWatts. In 1996, the company's [[initial public offering]] was the largest for an independent [[Energy industry|energy company]].<ref name=":1"/> [[File:Sonoma Plant at The Geysers 4778.png|thumb|The Sonoma Calpine 3 geothermal power plant at '''The Geysers''' field in the [[Mayacamas Mountains]] of [[Sonoma County, California]].]]
In 1999, Calpine bought PG&E's holdings at The Geysers, acquiring most of the geothermal complex. The Houston-based company operates 15 plants and produces about 725 megawatts.<ref name="Hart">{{cite news |last1=Hart |first1=Steve |title=Small power plant evolves into world's largest geothermal energy complex, with times of boom and bust along the way |url=https://www.pressdemocrat.com/article/news/small-power-plant-evolves-into-worlds-largest-geothermal-energy-complex-w/ |access-date=9 April 2025 |work=The Press Democrat |date=3 October 2010}}</ref>
=== 2000–2020 === In 2001, the [[2000–01 California electricity crisis|California electric energy crisis]] occurred. In 2004, the investment bank [[Lehman Brothers]] begins [[short (finance)|shorting]] Calpine, with researcher Christine Daley lacking confidence in Calpine. This information spreads to clients of Lehman. By the time Calpine goes bankrupt in 2005, Lehman will profit roughly $100,000,000 from the short.<ref>A Colossal Failure of Common Sense, Lawrence G McDonald, Patrick Robinson, Crown (Random House), 2009, p99-p105, 154</ref> In November 2005, CEO Peter Cartwright and CFO Bob Kelly resigned.<ref>{{Cite news |last=Journal |first=Rebecca SmithStaff Reporter of The Wall Street |date=2005-11-30 |title=Calpine Leaders Quit, Fueling Talk Of a Bankruptcy |language=en-US |work=Wall Street Journal |url=https://www.wsj.com/articles/SB113327147363309026 |access-date=2023-10-12 |issn=0099-9660}}</ref>
In 2004, Calpine purchased the Brazos Valley Power Plant in Texas for $175 million. At the time of sale, the natural gas combined cycle plant had a capacity of 570 megawatts.<ref name="Texas">{{cite news |author1=Staff |title=Calpine Completes Purchase of Texas Power Plant |url=https://www.csrwire.com/press_releases/23910-calpine-completes-purchase-of-texas-power-plant |access-date=28 April 2025 |work=CSRwire |date=31 March 2004}}</ref>
In 2005, the founder and CEO of Calpine, Peter Cartwright, resigned amid severe financial problems for the company. Kenneth T. Derr was named acting CEO. Derr was a retired Chevron executive.<ref name="Founder1">{{cite news |author1=Staff |title=Calpine's Founder, CEO Departs; Court Ruling, New Financial Strategy Loom |url=https://naturalgasintel.com/news/calpines-founder-ceo-departs-court-ruling-new-financial-strategy-loom/ |access-date=9 April 2025 |work=Natural Gas Intelligence |date=9 April 2005}}</ref>
On January 31, 2008, Calpine emerged from bankruptcy protection. The company's previous stock was exchanged for warrants and ''new'' Calpine stock began trading on the NYSE under the ticker symbol "CPN."<ref>{{Cite web |last=Archives |first=L. A. Times |date=2008-02-02 |title=Calpine exits bankruptcy; trading to restart |url=https://www.latimes.com/archives/la-xpm-2008-feb-02-fi-calpine2-story.html |access-date=2023-06-28 |website=Los Angeles Times |language=en-US}}</ref> Later that year, a new management team, headed by president and CEO Jack Fusco, joined the company.<ref>{{Cite web |last=Directors |first=Clarion Energy Content |date=2008-09-01 |title=Calpine's New CEO Jack Fusco: Ready for the Future |url=https://www.power-grid.com/news/calpine39s-new-ceo-jack-fusco-ready-for-the-future/ |access-date=2023-10-12 |website=POWERGRID International |language=en-US}}</ref>
In 2010, Calpine bought the Conectiv Energy power plant fleet from Pepco for $1.65 billion. The deal included 18 operating plants and one plant that was under construction. The Conectiv acquisition provided access to markets in the Northeast.<ref name="Conectiv">{{cite news |author1=Staff |title=Calpine Buys 4,490 MW Conectiv Fleet |url=https://naturalgasintel.com/news/calpine-buys-4490-mw-conectiv-fleet/ |work=Natural Gas Intelligence |date=26 April 2010}}</ref>
In 2016, Calpine acquired Noble American Energy Solutions from [[Noble Group]]. Calpine paid roughly $800 million with an additional amount of roughly $100 million in net working capital paid at closing. The acquisition was funded with cash-on-hand and a one-year loan of about $550 million. The name of this business unit was changed to Calpine Energy Solutions.<ref name="Noble1">{{cite news |last1=Schott |first1=Paul |title=Calpine to buy Noble Americas Energy Solutions in $800 million deal |url=https://www.stamfordadvocate.com/business/article/Calpine-to-buy-Noble-Americas-Energy-Solutions-in-9960648.php |access-date=9 April 2025 |work=Stamford Advocate |date=10 October 2016}}</ref>
In 2018, Calpine was acquired by an affiliate of Energy Capital Partners and a consortium of other investors including [[Access Industries]] and the Canada Pension Investment Board. A new board was appointed shortly after the acquisition. As Calpine became a private company its stock stopped trading prior to the opening of the New York Stock Exchange on March 9, 2018.<ref name="Think">{{cite news |last1=Richter |first1=Alexander |title=Calpine acquisition by Energy Capital Partners and consortium finalized |url=https://www.thinkgeoenergy.com/calpine-acquisition-by-energy-capital-partners-and-consortium-finalized/ |access-date=9 April 2025 |work=Think Geoenergy |date=9 March 2018}}</ref>
In 2019, Calpine sold its RockGen plant in Wisconsin to Starwood Energy.<ref name="RockGen">{{cite news |last1=Walton |first1=Robert |title=Calpine sells 2 gas-fired plants to Starwood Energy |url=https://www.utilitydive.com/news/calpine-sells-2-gas-fired-plants-to-starwood-energy/552719/ |work=Utility Dive |date=15 April 2019 |ref=RockGen}}</ref>
=== 2021–present === In February 2023, Calpine released plans to begin development for a 425 MW natural gas-fired plant next to the Freestone Energy Center in [[Freestone County, Texas|Freestone County]], Texas.<ref>{{Cite web |last=Clark |first=Kevin |date=2023-02-16 |title=Calpine to add peaking capacity near existing combined-cycle plant |url=https://www.power-eng.com/gas/calpine-to-add-peaking-capacity-near-existing-combine-cycle-plant/ |access-date=2023-04-05 |website=Power Engineering |language=en-US}}</ref>
In July 2023, Calpine announced a $25 million carbon capture technology project. The technology could capture 95% of a plant’s carbon emissions, which would reduce greenhouse emissions.<ref>{{Cite news |date=2023-07-14 |title=California Shows Off New $25 Million Carbon Capture Technology Project |language=en |work=Bloomberg.com |url=https://www.bloomberg.com/news/articles/2023-07-14/california-shows-off-new-carbon-capture-technology-project |access-date=2023-11-13}}</ref> The technology was created by ION Clean Energy of Colorado.<ref>{{Cite web |date=2023-07-15 |title=First-of-its kind East Bay pilot project to capture harmful emissions could be game-changer for gas-powered plants |url=https://www.mercurynews.com/2023/07/15/calpine-unveils-pilot-project-to-produce-cleaner-electricity-capture-harmful-emissions/ |access-date=2023-11-13 |website=The Mercury News |language=en-US}}</ref>
In January 2025, Constellation Energy agreed to acquire Calpine for $16.4 billion ($26.6bn including debt) in a cash-and-stock deal.<ref>{{Cite news |last=Hiller |first=Jennifer |date=January 10, 2024 |title=Constellation Energy Agrees to Buy Calpine for $16.4 Billion |url=https://www.wsj.com/business/deals/constellation-energy-agrees-to-buy-calpine-in-26-6-billion-deal-dea42906 |work=The Wall Street Journal}}</ref> Exactly one year later, Constellation announced that it had completed the transaction.<ref name="2026buy"/>
In April 2025, [[ExxonMobil]] announced that it had reached an agreement with Calpine to carry away and store up to 2 million metric tons of carbon dioxide per year from Calpine's Baytown Energy Center near Houston. This agreement is part of a larger carbon capture and storage project at this site.<ref name="CCS">{{cite news |author1=Staff |title=ExxonMobil, Calpine sign CCS agreement for power generation project |url=https://www.worldoil.com/news/2025/4/23/exxonmobil-calpine-sign-ccs-agreement-for-power-generation-project/ |access-date=28 April 2025 |work=World Oil |date=23 April 2025}}</ref>
==References== <references/>
== See also == * Editors, ''World-Generation''. [http://www.world-gen.com/classof/cartwrig.htm Peter Cartwright]. Retrieved February 10, 2006. * Peters, Sara (2002). [http://www.princeton.edu/~seasweb/eqnews/winter_01-02/feature2.html Calpine CEO shares wisdom, insight]. Retrieved February 10, 2006. * Schlager, Neil (2006). [http://www.referenceforbusiness.com/biography/A-E/Cartwright-Peter-1930.html Peter Cartwright, 1930-]. Retrieved February 10, 2006.
[[Category:1984 establishments in Texas]] [[Category:American companies established in 1984]] [[Category:Companies based in Houston]] [[Category:Energy companies established in 1984]] [[Category:Electric power companies of the United States]] [[Category:Geothermal energy in North America]] [[Category:Non-renewable resource companies established in 1984]] [[Category:2026 mergers and acquisitions]] [[Category:2026 disestablishments in Texas]] [[Category:American companies disestablished in 2026]] [[Category:Non-renewable resource companies disestablished in 2026]] [[Category:Energy companies disestablished in 2026]]