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3Q 2014 INVESTOR UPDATE – Calpine Corp.

Calpine Corp. · Nov 6, 2014 · 30 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. 3Q 2014 INVESTOR UPDATE – Calpine Corp. – slide 1
    Third Quarter 2014 Investor Update Conference Call November 6, 2014
  2. 3Q 2014 INVESTOR UPDATE – Calpine Corp. – slide 2
    Agenda Welcome and Safe Harbor Bryan Kimzey Vice President, Investor Relations CEO Review Thad Hill President, Chief Executive Officer Operations Review Steve Pruett EVP, Chief Commercial Officer Financial Review Zamir…
  3. 3Q 2014 INVESTOR UPDATE – Calpine Corp. – slide 3
    Delivering on Financial Commitments ( millions) Narrowing 2014, Issuing 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 &…
  4. 3Q 2014 INVESTOR UPDATE – Calpine Corp. – slide 4
    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…
  5. 3Q 2014 INVESTOR UPDATE – Calpine Corp. – slide 5
    Managing the Business for Cash Stable Results Despite Calpine Adjusted FCF1 Yield Volatile Commodity Environments Trading at 5-Year High2 2,200 4.50 11% 10% Henry Hub Gas Price (/mmbtu) 2,000 4.00 Adjusted EBITDA (MM)…
  6. 3Q 2014 INVESTOR UPDATE – Calpine Corp. – slide 6
    OPERATIONS REVIEW 7
  7. 3Q 2014 INVESTOR UPDATE – Calpine Corp. – slide 7
    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…
  8. 3Q 2014 INVESTOR UPDATE – Calpine Corp. – slide 8
    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…
  9. 3Q 2014 INVESTOR UPDATE – Calpine Corp. – slide 9
    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…
  10. 3Q 2014 INVESTOR UPDATE – Calpine Corp. – slide 10
    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…
  11. 3Q 2014 INVESTOR UPDATE – Calpine Corp. – slide 11
    FINANCIAL REVIEW 12
  12. 3Q 2014 INVESTOR UPDATE – Calpine Corp. – slide 12
    Financial Overview ( millions) Updating 2014 & Strong 2014 Financial Performance Initiating 2015 Guidance 1,900 2,100 Adjusted EBITDA1 Adjusted FCF1 1,915 1,965 2.00 1,604 735 Adj. Free Cash Flow1/Share 1.80 810 1,010 1,431…
  13. 3Q 2014 INVESTOR UPDATE – Calpine Corp. – slide 13
    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…
  14. 3Q 2014 INVESTOR UPDATE – Calpine Corp. – slide 14
    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)…
  15. 3Q 2014 INVESTOR UPDATE – Calpine Corp. – slide 15
    APPENDIX 16
  16. 3Q 2014 INVESTOR UPDATE – 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. 3Q 2014 INVESTOR UPDATE – Calpine Corp. – slide 17
    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…
  18. 3Q 2014 INVESTOR UPDATE – Calpine Corp. – slide 18
    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…
  19. 3Q 2014 INVESTOR UPDATE – Calpine Corp. – slide 19
    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…
  20. 3Q 2014 INVESTOR UPDATE – Calpine Corp. – slide 20
    Calpine1 Continues to Benefit from Federal NOL Positions Federal NOLs at Dec. 31, 2013: 7.5 billion All are unrestricted 1 Includes CCFC. 21
  21. 3Q 2014 INVESTOR UPDATE – Calpine Corp. – slide 21
    National Portfolio of Approximately 26,000 MW Geographic Diversity Dispatch Technology As of 11/6/2014 Note: Map and figures shown do not include pending acquisition of Fore River Energy Center, which is expected to…
  22. 3Q 2014 INVESTOR UPDATE – Calpine Corp. – slide 22
    Calpine Operating Power Plants As of November 6, 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…
  23. 3Q 2014 INVESTOR UPDATE – Calpine Corp. – slide 23
    Calpine Operating Power Plants (contd) As of November 6, 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…
  24. 3Q 2014 INVESTOR UPDATE – Calpine Corp. – slide 24
    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…
  25. 3Q 2014 INVESTOR UPDATE – Calpine Corp. – slide 25
    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…
  26. 3Q 2014 INVESTOR UPDATE – Calpine Corp. – slide 26
    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…
  27. 3Q 2014 INVESTOR UPDATE – Calpine Corp. – slide 27
    Reg G Reconciliation: 2014 Adjusted EBITDA and Adjusted Free Cash Flow Guidance 28
  28. 3Q 2014 INVESTOR UPDATE – Calpine Corp. – slide 28
    Reg G Reconciliation: 2015 Adjusted EBITDA and Adjusted Free Cash Flow Guidance 29
  29. 3Q 2014 INVESTOR UPDATE – Calpine Corp. – slide 29
    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,…
  30. 3Q 2014 INVESTOR UPDATE – Calpine Corp. – slide 30

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