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Fourth Quarter and Full Year 2014 Investor Update Conference Call – Calpine Corp.

Calpine Corp. · Feb 13, 2015 · 29 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. Fourth Quarter and Full Year 2014 Investor Update Conference Call – Calpine Corp. – slide 1
    Fourth Quarter and Full Year 2014 Investor Update Conference Call February 13, 2015
  2. Fourth Quarter and Full Year 2014 Investor Update Conference Call – 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. Fourth Quarter and Full Year 2014 Investor Update Conference Call – Calpine Corp. – slide 3
    4Q14 Highlights ( millions) Continuing to Deliver Strong Financial Performance; Recent Highlights Reaffirming 2015 Guidance Delivered excellent safety & operational performance: Record low employee reportable incidents 1,900…
  4. Fourth Quarter and Full Year 2014 Investor Update Conference Call – Calpine Corp. – slide 4
    Calpine Value Drivers ( millions) Environmental Trends Shale Gas Economics Reliability Initiatives Stable financial performance EPA Rule Final Rule Effective Market Product Eff. Date despite gas price volatility CSAPR 2012 2015 PJM…
  5. Fourth Quarter and Full Year 2014 Investor Update Conference Call – Calpine Corp. – slide 5
    Continuing to Reposition the Portfolio Monetizing Non-Core Assets Investing at Attractive Returns Osprey Energy Center Mankato Power Plant Auburndale, FL (FRCC) Mankato, MN (MISO) 599 MW CCGT 375 MW CCGT 345 MW Proposed…
  6. Fourth Quarter and Full Year 2014 Investor Update Conference Call – Calpine Corp. – slide 6
    OPERATIONS REVIEW 7
  7. Fourth Quarter and Full Year 2014 Investor Update Conference Call – Calpine Corp. – slide 7
    Focused on Best-in-Class Operations Employee Total Reportable Incident Rate Generation in Key Markets (000 MWh)1 Guadalupe, Deer Park, Channel 40,415 SE Divestiture (partial year) 34,597 33,206 EEI Top Quartile2 30,108 28,358…
  8. Fourth Quarter and Full Year 2014 Investor Update Conference Call – Calpine Corp. – slide 8
    Energy Margin1: Positioned to Respond to Favorable Secular Trends Energy Hedge Profile2 Sensitivities Natural Gas Price Sensitivity2 Energy Margin1,2 as % of (assuming no change in heat rate) Change to Commodity Margin (M)…
  9. Fourth Quarter and Full Year 2014 Investor Update Conference Call – Calpine Corp. – slide 9
    Texas Shifting from Demand Story to Supply Story Market Fundamentals Growing Tighter Texas Coal Supply Increasingly Under Pressure: 3 Core Reasons ERCOT Weather-Normalized Economic Reserve Margin 16% 1. Steadily CSAPR/ First wave of…
  10. Fourth Quarter and Full Year 2014 Investor Update Conference Call – Calpine Corp. – slide 10
    Market Overview: East and California East California Capacity Markets: Focused on Reliability Growing Need for Flexibility PJM Capcity Performance requirements: Favorable 13 Heading in Technical auction parameters:…
  11. Fourth Quarter and Full Year 2014 Investor Update Conference Call – Calpine Corp. – slide 11
    FINANCIAL REVIEW 12
  12. Fourth Quarter and Full Year 2014 Investor Update Conference Call – Calpine Corp. – slide 12
    Financial Overview ( millions, except per share amounts) Adjusted Free Cash Flow1 Per Share Recent Accomplishments: 2.10 - 2.60 Delivered on 2014 guidance, achieving record financial 2.03 performance 1.52 Reaffirming 2015 guidance…
  13. Fourth Quarter and Full Year 2014 Investor Update Conference Call – Calpine Corp. – slide 13
    Regional Adjusted EBITDA1: 2014 vs. 2013 ( millions, 000 MWh) East Region Adjusted EBITDA1 Drivers Adjusted EBITDA1 Generation2 159 1,949 757 713 33,206 1,830 110 28,697 (90) (45) (15) 2013 2014 2013 2014 Higher Commodity…
  14. Fourth Quarter and Full Year 2014 Investor Update Conference Call – Calpine Corp. – slide 14
    A Powerful Cash Flow Generator ( millions) Opportunistically Accessing Capital Markets Continuing to Deploy Excess Cash Issued 650 million of 5.5% Senior Unsecured Notes to Drive Shareholder Value due 2024 to fund: 150 million…
  15. Fourth Quarter and Full Year 2014 Investor Update Conference Call – Calpine Corp. – slide 15
    APPENDIX 16
  16. Fourth Quarter and Full Year 2014 Investor Update Conference Call – Calpine Corp. – slide 16
    Regional Adjusted EBITDA1: 4Q 2014 vs. 2013 ( millions, 000 MWh) East Region Adjusted EBITDA1 Generation2 Adjusted EBITDA1 Drivers 399 7 345 7,272 162 6,867 (20) 10 (35) 124 (16) 4Q13 4Q14 4Q13 4Q14 Lower Commodity…
  17. Fourth Quarter and Full Year 2014 Investor Update Conference Call – Calpine Corp. – slide 17
    Selected Operating Statistics 4Q14 4Q13 4Q14 4Q13 1 Total MWh Generated (in thousands) 26,703 26,134 Average Capacity Factor, excl. Peakers 52.3% 48.0% West 8,960 10,359 West 57.6% 66.7% Texas 10,876 8,503 Texas 51.2% 47.2% East…
  18. Fourth Quarter and Full Year 2014 Investor Update Conference Call – 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. Fourth Quarter and Full Year 2014 Investor Update Conference Call – Calpine Corp. – slide 19
    Capital Structure Chart (pro forma) ( in millions) Corporate Debt Senior Secured Notes1 1,925 First Lien Term Loans 2,799 Unsecured Notes1 3,450 Corporate Revolver Total Corporate Debt 8,174 CCFC Capital Lease Project Debt…
  20. Fourth Quarter and Full Year 2014 Investor Update Conference Call – Calpine Corp. – slide 20
    Calpine1 Continues to Benefit from Federal NOL Positions Federal NOLs at Dec. 31, 2014: 6.9 billion All are unrestricted State NOL Overview West 51% NOL Summary 8,000 East 39% 6,000 No Current Operations 10% 4,000…
  21. Fourth Quarter and Full Year 2014 Investor Update Conference Call – Calpine Corp. – slide 21
    National Portfolio of Nearly 27,000 MW Geographic Diversity Dispatch Technology As of 02/13/2015 22
  22. Fourth Quarter and Full Year 2014 Investor Update Conference Call – Calpine Corp. – slide 22
    Calpine Operating Power Plants As of February 13, 2015 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. Fourth Quarter and Full Year 2014 Investor Update Conference Call – Calpine Corp. – slide 23
    Calpine Operating Power Plants (contd) As of February 13, 2015 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. Fourth Quarter and Full Year 2014 Investor Update Conference Call – 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. Fourth Quarter and Full Year 2014 Investor Update Conference Call – 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. Fourth Quarter and Full Year 2014 Investor Update Conference Call – Calpine Corp. – slide 26
    Reg G Reconciliation: Adjusted EBITDA and Adjusted Free Cash Flow ( in millions, except share and per share amounts) Adjusted EBITDA represents net income (loss) attributable to Calpine before net income (loss) attributable to the…
  27. Fourth Quarter and Full Year 2014 Investor Update Conference Call – Calpine Corp. – slide 27
    Reg G Reconciliation: 2015 Adjusted EBITDA and Adjusted Free Cash Flow Guidance 28
  28. Fourth Quarter and Full Year 2014 Investor Update Conference Call – Calpine Corp. – slide 28
    Major Maintenance and Capital Expenditure Guidance ( in millions) 2014 2015E Major maintenance expense 242 235 A Maintenance capital expenditures 168 160 B Growth-related capital expenditures1 290 355 C Capital expenditures,…
  29. Fourth Quarter and Full Year 2014 Investor Update Conference Call – Calpine Corp. – slide 29

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