# Calpine

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Large energy company in the U.S.

For the town in California, see [Calpine, California](/source/Calpine%2C_California).

Calpine Corporation Type Private Industry Energy Founded 1984; 42 years ago (1984) Founder Peter Cartwright Key people Andrew Novotny (CEO) Thad Miller (CFO) Revenue US$10.072 billion (2019)[1] Total assets US$16.062 billion (2018)[1] Owner Constellation Energy Number of employees 2,256 (2019)[1]

**Calpine Corporation** was a [*Fortune* 500](/source/Fortune_500) company based in [Houston, Texas](/source/Houston%2C_Texas).[1] It was the largest generator of electricity from [natural gas](/source/Natural_gas) and [geothermal](/source/Geothermal_power) energy in the [United States](/source/United_States),[2] with operations in competitive power markets.

In January 2026, [Constellation Energy](/source/Constellation_Energy) announced it had completed its acquisition of Calpine for $16.4 billion[3] and that Calpine would become a business unit of Constellation.[4]

## Operations

Through wholesale power operations and its retail businesses, Calpine serves customers in 24 states, [Canada](/source/Canada), and [Mexico](/source/Mexico).[5][6] Its fleet of 80 power plants in operation or under construction has nearly 26,035 megawatts of generation capacity.[6][7]

Having reported generating 100.8 million megawatt hours of electricity in 2019,[7] the firm is the largest generator of electricity from natural gas and geothermal resources in the United States.[8][9] In addition to its retail business, it is a merchant power plant operator that sells power to utilities at market rates.[10]

### Subsidiaries

#### Champion Energy

[Champion Energy](/source/Champion_Energy), a subsidiary of Calpine based in [Houston](/source/Houston), [Texas](/source/Texas), is a retail electricity provider that currently serves residential, governmental, commercial and industrial customers in deregulated electric energy markets in Texas, [Illinois](/source/Illinois), [Ohio](/source/Ohio), [Pennsylvania](/source/Pennsylvania), [New Jersey](/source/New_Jersey) and [New York](/source/New_York_(state)).

In addition, it also serves governmental, commercial and industrial customers in [Delaware](/source/Delaware), [Maryland](/source/Maryland) and [Washington, D.C.](/source/Washington%2C_D.C.); and [natural gas](/source/Natural_gas) customers in Illinois.[11][12]

### Fleet

#### York Energy Center

York Energy Center is a 565-megawatt natural gas-fired power plant located in [Peach Bottom Township](/source/Peach_Bottom_Township%2C_York_County%2C_Pennsylvania), [York County](/source/York_County%2C_Pennsylvania), [Pennsylvania](/source/Pennsylvania).

#### Metcalf Energy Center

The [Metcalf Energy Center](/source/Metcalf_Energy_Center) is a 605-megawatt [combined cycle](/source/Combined_cycle) power plant located in [Silicon Valley](/source/Silicon_Valley), in unincorporated [Coyote Valley](/source/Coyote_Valley%2C_California), south of [San Jose, California](/source/San_Jose%2C_California) and north of [Morgan Hill, California](/source/Morgan_Hill%2C_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](/source/Path_15), a major electrical power transmission corridor that is connected to the power plant.

#### The Geysers

[The Geysers](/source/The_Geysers) is the world's largest geothermal field, containing a complex of 15 [geothermal power](/source/Geothermal_power) plants, drawing steam from more than 350 wells, located in the [Mayacamas Mountains](/source/Mayacamas_Mountains) approximately 72 miles (116 km) north of [San Francisco](/source/San_Francisco), [California](/source/California). Geysers produced about 20% of California's renewable energy in 2019.[13]

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 of electricity](/source/Megawatts), enough to power 725,000 homes or a city the size of [San Francisco](/source/San_Francisco).[14][15]

Despite the name of the steam field no natural geysers exist in or near The Geysers - Clear Lake area.[16]

#### Los Medanos Energy Center

The Los Medanos Energy Center is a 561-megawatt natural gas fired co-generation power plant located in [Pittsburg, California](/source/Pittsburg%2C_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](/source/Russell_City_Energy_Center) is a 619-[megawatt](/source/Megawatt) [natural gas-fired power station](/source/Fossil-fuel_power_station), which began operating in August 2013. It is located in [Hayward, California](/source/Hayward%2C_California).[17]

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.[18]

## History

### 1984–1999

In 1984, Calpine was founded in [Silicon Valley](/source/Silicon_Valley), [California](/source/California).[19] Peter Cartwright and four of his co-workers, the Guy F. Atkinson Construction Company of [South San Francisco](/source/South_San_Francisco%2C_California), and the Electrowatt Corporation struck an investment arrangement. With initial capital of [US$](/source/United_States_dollar)1 million, it was essentially a Silicon Valley startup company. In 1988, the first QF cogeneration plant was commissioned and power production began.[19]

The name "Calpine" is derived from the company's original **Cal**ifornia location and **alpine**, a reference to the [Zürich](/source/Z%C3%BCrich) home base of [Electrowatt](https://en.wikipedia.org/w/index.php?title=Electrowatt&action=edit&redlink=1). Electrowatt provided essential assistance when Calpine was a startup.[8]

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](/source/Initial_public_offering) was the largest for an independent [energy company](/source/Energy_industry).[19]

The Sonoma Calpine 3 geothermal power plant at **The Geysers** field in the [Mayacamas Mountains](/source/Mayacamas_Mountains) of [Sonoma County, California](/source/Sonoma_County%2C_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.[20]

### 2000–2020

In 2001, the [California electric energy crisis](/source/2000%E2%80%9301_California_electricity_crisis) occurred. In 2004, the investment bank [Lehman Brothers](/source/Lehman_Brothers) begins [shorting](/source/Short_(finance)) 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.[21] In November 2005, CEO Peter Cartwright and CFO Bob Kelly resigned.[22]

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.[23]

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.[10]

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."[24] Later that year, a new management team, headed by president and CEO Jack Fusco, joined the company.[25]

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.[26]

In 2016, Calpine acquired Noble American Energy Solutions from [Noble Group](/source/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.[27]

In 2018, Calpine was acquired by an affiliate of Energy Capital Partners and a consortium of other investors including [Access Industries](/source/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.[9]

In 2019, Calpine sold its RockGen plant in Wisconsin to Starwood Energy.[28]

### 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](/source/Freestone_County%2C_Texas), Texas.[29]

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.[30] The technology was created by ION Clean Energy of Colorado.[31]

In January 2025, Constellation Energy agreed to acquire Calpine for $16.4 billion ($26.6bn including debt) in a cash-and-stock deal.[32] Exactly one year later, Constellation announced that it had completed the transaction.[3]

In April 2025, [ExxonMobil](/source/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.[33]

## References

1. ^ [***a***](#cite_ref-J_1-0) [***b***](#cite_ref-J_1-1) [***c***](#cite_ref-J_1-2) [***d***](#cite_ref-J_1-3) [***e***](#cite_ref-J_1-4) ["Calpine"](http://fortune.com/fortune500/calpine/). *Fortune*. Retrieved 2021-09-18.

1. **[^](#cite_ref-2)** Don Weinland in Hong Kong and David Sheppard and Neil Hume in London (2016-10-10). ["Noble Group sells US energy business in turnround drive"](https://www.ft.com/content/8f51f2d4-8ea4-11e6-8df8-d3778b55a923). [Archived](https://ghostarchive.org/archive/20221211181243/https://www.ft.com/content/8f51f2d4-8ea4-11e6-8df8-d3778b55a923) from the original on 2022-12-11. Retrieved 2017-01-04. Calpine Corporation is the largest generator of electricity from natural gas and geothermal in the US.

1. ^ [***a***](#cite_ref-2026buy_3-0) [***b***](#cite_ref-2026buy_3-1) ["Constellation Energy (CEG) Completes Acquisition of Calpine Corporation"](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). *Yahoo! Finance*. Retrieved 2026-01-24.

1. **[^](#cite_ref-calpinesite_4-0)** ["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)"](https://www.calpine.com/). Retrieved 19 March 2026.

1. **[^](#cite_ref-5)** Sixel, L. M. (2019-06-13). ["Calpine reverses losses after going private"](https://www.houstonchronicle.com/business/chron-100/article/Calpine-reverses-losses-after-going-private-13952010.php). *Houston Chronicle*. Retrieved 2023-03-07.

1. ^ [***a***](#cite_ref-:2_6-0) [***b***](#cite_ref-:2_6-1) Urie, Daniel (2019-06-25). ["Calpine Corporation dedicates new power plant"](https://www.pennlive.com/life/2019/06/calpine-corporation-dedicates-new-power-plant.html). *pennlive*. Retrieved 2023-03-15.

1. ^ [***a***](#cite_ref-:0_7-0) [***b***](#cite_ref-:0_7-1) Sixel, L. M. (2020-07-24). ["No 1. private company: A great year for Calpine"](https://www.houstonchronicle.com/business/article/No-1-private-company-A-great-year-for-Calpine-15427413.php). *Houston Chronicle*. Retrieved 2023-03-02.

1. ^ [***a***](#cite_ref-Tuck_8-0) [***b***](#cite_ref-Tuck_8-1) Hastings, Rachel (September 28, 2021). ["How CEO Thad Hill T'95 Brings Tuck's Culture to Calpine"](https://www.tuck.dartmouth.edu//news/articles/how-ceo-thad-hill-brings-tucks-culture-to-calpine). *www.tuck.dartmouth.edu*. Retrieved 2023-03-07.

1. ^ [***a***](#cite_ref-Think_9-0) [***b***](#cite_ref-Think_9-1) Richter, Alexander (9 March 2018). ["Calpine acquisition by Energy Capital Partners and consortium finalized"](https://www.thinkgeoenergy.com/calpine-acquisition-by-energy-capital-partners-and-consortium-finalized/). *Think Geoenergy*. Retrieved 9 April 2025.

1. ^ [***a***](#cite_ref-Founder1_10-0) [***b***](#cite_ref-Founder1_10-1) Staff (9 April 2005). ["Calpine's Founder, CEO Departs; Court Ruling, New Financial Strategy Loom"](https://naturalgasintel.com/news/calpines-founder-ceo-departs-court-ruling-new-financial-strategy-loom/). *Natural Gas Intelligence*. Retrieved 9 April 2025.

1. **[^](#cite_ref-11)** ["Champion Energy Expands Footprint to Seventh State"](http://www.energychoicematters.com/stories/20121004a.html). Energy Choice Matters. 4 October 2012. Retrieved 22 October 2012.

1. **[^](#cite_ref-12)** ["Calpine Closes on Acquisition of Champion Energy"](http://www.marketwatch.com/story/calpine-closes-on-acquisition-of-champion-energy-2015-10-01). 1 October 2015. Retrieved 5 October 2015.

1. **[^](#cite_ref-13)** McCarthy, Will (2020-02-06). ["The pros and cons of enhanced geothermal energy systems"](https://www.yaleclimateconnections.org/2020/02/the-pros-and-cons-of-enhanced-geothermal-energy-systems/). *Yale Climate Connections*. Retrieved 2020-02-17.

1. **[^](#cite_ref-14)** ["The Geysers Geothermal Field, California"](https://www.power-technology.com/projects/the-geysers-geothermal-california/). *Power Technology*. Retrieved 2023-03-15.

1. **[^](#cite_ref-15)** ["Pasadena Water and Power to Ask Council Committee to OK 10-Year Geothermal Deal Worth $188 Million – Pasadena Now"](https://www.pasadenanow.com/main/pasadena-water-and-power-to-ask-council-committee-to-ok-10-year-geothermal-deal-worth-188-million). *www.pasadenanow.com*. Retrieved 2023-03-15.

1. **[^](#cite_ref-16)** ["The Geysers Geothermal Field | U.S. Geological Survey"](https://www.usgs.gov/volcanoes/clear-lake-volcanic-field/geysers-geothermal-field). *www.usgs.gov*. Retrieved 2023-03-15.

1. **[^](#cite_ref-17)** [Russell City Energy Center Amendment Proceeding](http://www.energy.ca.gov/sitingcases/russellcity_amendment/index.html) [Archived](https://web.archive.org/web/20101118055110/http://www.energy.ca.gov/sitingcases/russellcity_amendment/index.html) 2010-11-18 at the [Wayback Machine](/source/Wayback_Machine). Energy.ca.gov. Retrieved on December 25, 2010.

1. **[^](#cite_ref-calpine_18-0)** ["Russell City Energy Center"](https://web.archive.org/web/20160610175608/http://calpine.com/power/plant.asp?plant=261#261). *Russell City Energy Center*. Calpine Corporation. Archived from [the original](http://www.calpine.com/power/plants.asp#261) on June 10, 2016. Retrieved April 18, 2017.

1. ^ [***a***](#cite_ref-:1_19-0) [***b***](#cite_ref-:1_19-1) [***c***](#cite_ref-:1_19-2) Willrich, Mason (2017-11-10). [*Modernizing America's Electricity Infrastructure*](https://books.google.com/books?id=jJk9DwAAQBAJ&dq=calpine+founded+1984+houston&pg=PA34). MIT Press. [ISBN](/source/ISBN_(identifier)) [978-0-262-34241-4](https://en.wikipedia.org/wiki/Special:BookSources/978-0-262-34241-4).

1. **[^](#cite_ref-Hart_20-0)** Hart, Steve (3 October 2010). ["Small power plant evolves into world's largest geothermal energy complex, with times of boom and bust along the way"](https://www.pressdemocrat.com/article/news/small-power-plant-evolves-into-worlds-largest-geothermal-energy-complex-w/). *The Press Democrat*. Retrieved 9 April 2025.

1. **[^](#cite_ref-21)** A Colossal Failure of Common Sense, Lawrence G McDonald, Patrick Robinson, Crown (Random House), 2009, p99-p105, 154

1. **[^](#cite_ref-22)** Journal, Rebecca SmithStaff Reporter of The Wall Street (2005-11-30). ["Calpine Leaders Quit, Fueling Talk Of a Bankruptcy"](https://www.wsj.com/articles/SB113327147363309026). *Wall Street Journal*. [ISSN](/source/ISSN_(identifier)) [0099-9660](https://search.worldcat.org/issn/0099-9660). Retrieved 2023-10-12.

1. **[^](#cite_ref-Texas_23-0)** Staff (31 March 2004). ["Calpine Completes Purchase of Texas Power Plant"](https://www.csrwire.com/press_releases/23910-calpine-completes-purchase-of-texas-power-plant). *CSRwire*. Retrieved 28 April 2025.

1. **[^](#cite_ref-24)** Archives, L. A. Times (2008-02-02). ["Calpine exits bankruptcy; trading to restart"](https://www.latimes.com/archives/la-xpm-2008-feb-02-fi-calpine2-story.html). *Los Angeles Times*. Retrieved 2023-06-28.

1. **[^](#cite_ref-25)** Directors, Clarion Energy Content (2008-09-01). ["Calpine's New CEO Jack Fusco: Ready for the Future"](https://www.power-grid.com/news/calpine39s-new-ceo-jack-fusco-ready-for-the-future/). *POWERGRID International*. Retrieved 2023-10-12.

1. **[^](#cite_ref-Conectiv_26-0)** Staff (26 April 2010). ["Calpine Buys 4,490 MW Conectiv Fleet"](https://naturalgasintel.com/news/calpine-buys-4490-mw-conectiv-fleet/). *Natural Gas Intelligence*.

1. **[^](#cite_ref-Noble1_27-0)** Schott, Paul (10 October 2016). ["Calpine to buy Noble Americas Energy Solutions in $800 million deal"](https://www.stamfordadvocate.com/business/article/Calpine-to-buy-Noble-Americas-Energy-Solutions-in-9960648.php). *Stamford Advocate*. Retrieved 9 April 2025.

1. **[^](#cite_ref-RockGen_28-0)** Walton, Robert (15 April 2019). ["Calpine sells 2 gas-fired plants to Starwood Energy"](https://www.utilitydive.com/news/calpine-sells-2-gas-fired-plants-to-starwood-energy/552719/). *Utility Dive*.

1. **[^](#cite_ref-29)** Clark, Kevin (2023-02-16). ["Calpine to add peaking capacity near existing combined-cycle plant"](https://www.power-eng.com/gas/calpine-to-add-peaking-capacity-near-existing-combine-cycle-plant/). *Power Engineering*. Retrieved 2023-04-05.

1. **[^](#cite_ref-30)** ["California Shows Off New $25 Million Carbon Capture Technology Project"](https://www.bloomberg.com/news/articles/2023-07-14/california-shows-off-new-carbon-capture-technology-project). *Bloomberg.com*. 2023-07-14. Retrieved 2023-11-13.

1. **[^](#cite_ref-31)** ["First-of-its kind East Bay pilot project to capture harmful emissions could be game-changer for gas-powered plants"](https://www.mercurynews.com/2023/07/15/calpine-unveils-pilot-project-to-produce-cleaner-electricity-capture-harmful-emissions/). *The Mercury News*. 2023-07-15. Retrieved 2023-11-13.

1. **[^](#cite_ref-32)** Hiller, Jennifer (January 10, 2024). ["Constellation Energy Agrees to Buy Calpine for $16.4 Billion"](https://www.wsj.com/business/deals/constellation-energy-agrees-to-buy-calpine-in-26-6-billion-deal-dea42906). *The Wall Street Journal*.

1. **[^](#cite_ref-CCS_33-0)** Staff (23 April 2025). ["ExxonMobil, Calpine sign CCS agreement for power generation project"](https://www.worldoil.com/news/2025/4/23/exxonmobil-calpine-sign-ccs-agreement-for-power-generation-project/). *World Oil*. Retrieved 28 April 2025.

## See also

- Editors, *World-Generation*. [Peter Cartwright](http://www.world-gen.com/classof/cartwrig.htm). Retrieved February 10, 2006.

- Peters, Sara (2002). [Calpine CEO shares wisdom, insight](http://www.princeton.edu/~seasweb/eqnews/winter_01-02/feature2.html). Retrieved February 10, 2006.

- Schlager, Neil (2006). [Peter Cartwright, 1930-](http://www.referenceforbusiness.com/biography/A-E/Cartwright-Peter-1930.html). Retrieved February 10, 2006.

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