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INVESTOR MEETING – Calpine Corp.

Calpine Corp. · Nov 17, 2014 · 32 slides

Investor presentation from the Shale Experts oil & gas presentation and slide database. Every page is imaged and its text indexed for search across operators, plays, basins and time.

Slides

  1. INVESTOR MEETING – Calpine Corp. – slide 1
    November 2014 Investor Meetings
  2. INVESTOR MEETING – Calpine Corp. – slide 2
    Calpine: National Portfolio of Nearly 27,000 MW Geographic Diversity Dispatch Flexibility As of 11/7/2014 Geographically diversified portfolio: Scale in three most competitive power markets in America Largest operator…
  3. INVESTOR MEETING – Calpine Corp. – slide 3
    Nations Largest Baseload Renewable, Natural Gas and Cogeneration Power Provider Modern Clean 50 5 Capacity Wtd Avg Age (Years) 40 4 30 SO2 lbs/MWh 3 20 2 10 1 0 0 CPN DYN NRG CPN DYN NRG Efficient 12,000 2,500…
  4. INVESTOR MEETING – Calpine Corp. – slide 4
    REGIONAL OBSERVATIONS 5
  5. INVESTOR MEETING – Calpine Corp. – slide 5
    Consistent Focus on Core Competitive Markets West Strategic Priority: Asset management and regulatory engagement given CA renewable integration challenges Near-Term Opportunities: Recontracting existing plants (gas and geothermal)…
  6. INVESTOR MEETING – Calpine Corp. – slide 6
    Market Overview: East PJM New England Strong market signals given pending retirements and New build siting/ Small market increasing volatility permitting challenges Sustained Marcellus basis advantage 175 Well-designed capacity…
  7. INVESTOR MEETING – Calpine Corp. – slide 7
    Market Overview: Texas & California Texas California Load Growth Persists, Despite Mild Summer Right Fleet for California 60,000 Baseload, intermediate and peaking capacity 58,000 Quick ramping capabilities Average On-Peak Load…
  8. INVESTOR MEETING – Calpine Corp. – slide 8
    Stable California Platform Despite Solar Penetration Value of Solar Declines As Net Peak Load Shifts Todays Largest complex of geothermal 140 penetration level power plants in the world Geysers: 120 Premium, reliable…
  9. INVESTOR MEETING – Calpine Corp. – slide 9
    FINANCIAL OVERVIEW & CAPITAL ALLOCATION 10
  10. INVESTOR MEETING – Calpine Corp. – slide 10
    Delivering Strong Financial Performance ( millions, excluding per share amounts) Adjusted EBITDA1 1,900 - 2,100 1,915 - 1,965 1,830 1,749 Calpine 1,726 Growth Paradigm Magnitude of Growth Drivers / Levers 3 3 2011 2012 2013…
  11. INVESTOR MEETING – Calpine Corp. – slide 11
    Guidance Overview: Bridging 2014 and 2015 ( millions, excl. per share amounts) Narrowing 2014 Guidance and Adjusted EBITDA1 Drivers Providing 2015 Guidance 90 148 1,900 - 2,100 1,915 - 1,965 2014 2015 (5) (43) (30) (52)…
  12. INVESTOR MEETING – Calpine Corp. – slide 12
    Capital Allocation and Portfolio Repositioning ( millions, unless otherwise indicated) 20141: Aggressively Deploying Capital Portfolio Transformation 3.1B 3.1B Today1: 2Q08: North 2,822 MW Financings2 725 949 YTD Share 12% East…
  13. INVESTOR MEETING – Calpine Corp. – slide 13
    Accretive M&A History Capital1 Transaction Description Economics (MM) 3.2B of Fore River 4Q14: 809 MW combined-cycle power plant in 530 Acquisitions: Generating constrained New England market Station Guadalupe 1Q14: 1,050 MW…
  14. INVESTOR MEETING – Calpine Corp. – slide 14
    APPENDIX 15
  15. INVESTOR MEETING – Calpine Corp. – slide 15
    Delivering on Financial Commitments ( millions) Narrowed 2014, Issued 2015 Guidance 1,900 2,100 810 1,010 1,915 1,965 800 850 3% Adj. EBITDA1 10% Adj. FCF1 Recent Highlights Maintained excellent safety &…
  16. INVESTOR MEETING – Calpine Corp. – slide 16
    Selected Operating Statistics 3Q14 3Q13 3Q14 3Q13 1 Total MWh Generated (in thousands) 29,119 30,283 Average Capacity Factor, excl. Peakers 57.7% 55.7% West 9,634 10,185 West 61.9% 68.5% Texas 12,362 10,291 Texas 58.8% 57.7% East…
  17. INVESTOR MEETING – Calpine Corp. – slide 17
    Focused on Best-in-Class Operations Employee Total Reportable Incident Rate Generation in Key Markets (000 MWh)1 Guadalupe 12,362 SE Divestiture 10,291 9,806 EEI Top Quartile2 8,656 8,115 1.11 7,123 0.70 1,529 1,519…
  18. INVESTOR MEETING – Calpine Corp. – slide 18
    Regional Adjusted EBITDA1: 3Q 2014 vs. 2013 ( millions, 000 MWh) East Region Adjusted EBITDA1 Generation2 Adjusted EBITDA1 Drivers 9,806 802 270 7,123 12 745 200 55 (40) (30) (54) 3Q13 3Q14 3Q13 3Q14 Lower Commodity…
  19. INVESTOR MEETING – Calpine Corp. – slide 19
    Regional Adjusted EBITDA1: YTD 2014 vs. 2013 ( millions, 000 MWh) West Region Adjusted EBITDA1 Generation2 25,751 25,235 486 516 East Region YTD13 YTD14 YTD13 YTD14 Adjusted EBITDA1 Generation2 633 Higher Commodity Margin1…
  20. INVESTOR MEETING – Calpine Corp. – slide 20
    Pro Forma Energy Margin1: Positioned to Respond to Favorable Secular Trends Energy Hedge Profile2 Sensitivities Continued Commercial Progress: Natural Gas Price Sensitivity2 New Contracts Energy Margin1,2 as % of (assuming no change…
  21. INVESTOR MEETING – Calpine Corp. – slide 21
    Although Calpines fleet can be difficult to model, simplifying techniques may help 1. Estimate annual generation (MWh) based on market outlook relative to disclosed 5. Adjust margin to capture items such as ancillary services and storage…
  22. INVESTOR MEETING – Calpine Corp. – slide 22
    Capital Structure Chart (pro forma) ( in millions) Corporate Debt Senior Secured Notes 2,195 First Lien Term Loans 2,806 Unsecured Notes 2,800 Corporate Revolver Total Corporate Debt 7,801 CCFC Capital Lease Project Debt…
  23. INVESTOR MEETING – Calpine Corp. – slide 23
    Calpine1 Continues to Benefit from Federal NOL Positions Federal NOLs at Dec. 31, 2013: 7.5 billion All are unrestricted 1 Includes CCFC. 24
  24. INVESTOR MEETING – Calpine Corp. – slide 24
    Calpine Operating Power Plants As of November 7, 2014 With With Load CPN Peaking Technology Location COD Peaking Type Interest Capacity, Capacity Net West Region Agnews Power Plant Natural Gas Intermediate CA 1990 28 100% 28…
  25. INVESTOR MEETING – Calpine Corp. – slide 25
    Calpine Operating Power Plants (contd) As of November 7, 2014 With With Load CPN Peaking Technology Location COD Peaking Type Interest Capacity, Capacity Net East Region Auburndale Peaking Energy Center Natural Gas Peaking FL…
  26. INVESTOR MEETING – Calpine Corp. – slide 26
    Reg G Reconciliation: Commodity Margin ( in millions) Commodity Margin includes our power and steam revenues, sales of purchased power and physical natural gas, capacity revenue, revenue from renewable energy credits, sales of surplus…
  27. INVESTOR MEETING – Calpine Corp. – slide 27
    Reg G Reconciliation: Commodity Margin (continued) ( in millions) Commodity Margin includes our power and steam revenues, sales of purchased power and physical natural gas, capacity revenue, revenue from renewable energy credits, sales…
  28. INVESTOR MEETING – Calpine Corp. – slide 28
    Reg G Reconciliation: Adjusted EBITDA and Adjusted Free Cash Flow ( in millions, except share and per share amounts) Three Months Ended September 30, Nine Months Ended September 30, (1) (1) 2014 2013 2014(2) 2013(2) Adjusted EBITDA…
  29. INVESTOR MEETING – Calpine Corp. – slide 29
    Reg G Reconciliation: 2014 Adjusted EBITDA and Adjusted Free Cash Flow Guidance Note: Guidance as of 11/6/14. 30
  30. INVESTOR MEETING – Calpine Corp. – slide 30
    Reg G Reconciliation: 2015 Adjusted EBITDA and Adjusted Free Cash Flow Guidance Note: Guidance as of 11/6/14. 31
  31. INVESTOR MEETING – Calpine Corp. – slide 31
    Major Maintenance and Capital Expenditure Guidance ( in millions) 2014E 2015E Major maintenance expense 240 235 A Maintenance capital expenditures 165 160 B Growth-related capital expenditures1 305 355 C Capital expenditures,…
  32. INVESTOR MEETING – Calpine Corp. – slide 32

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