Barclays Capital 2015 CEO Energy/Power Conference Thad Hill President and CEO, Calpine Corp. September 9, 2015
National Portfolio of Approximately 27,000 MW Geographic Diversity Dispatch Technology As of 07/30/2015 Geographically diversified portfolio: Scale in three most competitive power markets in America Largest operator of…
Nations Largest Baseload Renewable, Natural Gas and Cogeneration Power Provider Modern Clean 50 5 Capacity Wtd Avg Age (Years) 40 4 SO2 lbs/MWh 30 3 20 2 10 1 0 CPN DYN TLN NRG 0 CPN DYN TLN NRG Efficient…
Well Positioned for Secular Trends Right Fleet Clean, reliable, flexible assets Complemented by Best-in-class operations Disciplined & Balanced Capital Allocation No environmental compliance obligations or legacy liabilities…
Current Topics Recapping the Champion Acquisition Texas: Signs of Life in August PJM: Robust Capacity Performance Results Clean Power Plan: Favoring Natural Gas Generation as Long-Term Solution Calpine remains well positioned…
Expanding Customer Channels Through Acquisition of Well-Established Retail Sales Platform Transaction Summary 240 million1 acquisition of nations largest independent retail electric provider Purchased at 4-5x initial Adjusted…
Texas: Signs of Life in August Energy-Only Market Responding to Heat + Record Load Record Load (3rd time in 5 days); Reaction in What if wind had looked like a Forward Curves typical hot day 75,000 50 Jul/Aug-2016 On-Peak…
PJM: Robust Capacity Performance Results 2018/19 Auction: Key Takeaways Locational separation Calpines PJM Fleet Features EMAAC = highest priced zone ComEd separated from RTO for first time Locationally Advantaged Assets Limited…
Clean Power Plan Favors Natural Gas Generation as Long-Term Solution Calpines Clean Fleet Clean Power Plan Highlights Benefits from Emissions Regulation Targets 75% CCGT utilization Features lowest fossil-based CO2 footprint in IPP…
Why You Should Invest in Calpine Today Attractive Entry Point, Given Favorable Future Drivers Compelling Value Proposition Supported by... Secular Shift Away from Baseload Generation +100/kW = Current share price1 implies: +6/share…