Calpine Acquires 120 MW Gas-Fired Facility.SAN JOSE San Jose, city, United States San Jose (sănəzā`, săn hōzā`), city (1990 pop. 782,248), seat of Santa Clara co., W central Calif.; founded 1777, inc. 1850. , Calif.--(BUSINESS WIRE)--Aug. 29, 1996--Calpine Corp., a leading U.S. power company, today announced it has completed the acquisition of the Gilroy 120 mw gas-fired, cogeneration facility from a subsidiary of McCormick & Co. Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on National Market: MCCRK) for a purchase price of $125 million. In addition, under the terms of a supplemental agreement between Calpine and McCormick, Calpine expects to pay McCormick approximately $24 million over the next four years. This acquisition, which is consistent with the company's long-term growth strategy, will increase Calpine's interests in power generation facilities and steam fields to 1,057 megawatts. This represents enough energy to meet the electrical needs of roughly a million households in Northern California Northern California, sometimes referred to as NorCal, is the northern portion of the U.S. state of California. The region contains the San Francisco Bay Area, the state capital, Sacramento; as well as the substantial natural beauty of the redwood forests, the northern . Located in Gilroy, Calif., the facility sells electricity to Pacific Gas and Electric Co. under the terms of a long-term power sales agreement which expires in 2018. As a cogenerator, the Gilroy facility also provides thermal energy thermal energy Internal energy of a system in thermodynamic equilibrium (see thermodynamics) by virtue of its temperature. A hot body has more thermal energy than a similar cold body, but a large tub of cold water may have more thermal energy than a cup of boiling to an adjacent food processing Food processing is the set of methods and techniques used to transform raw ingredients into food for consumption by humans or animals. The food processing industry utilises these processes. plant. The facility's close proximity to Calpine's gas-fired projects in King City, Watsonville and San Jose will provide additional operating and fuel management opportunities to reduce cost and optimize plant efficiencies. Calpine hired the personnel which are currently operating the power plant and will manage the project's fuel supply through Calpine Fuels Corp. Since entering commercial operation in March 1988, the Gilroy facility has operated at an average availability of 98.5 percent, which represents the percent of total hours in a year that the plant is available to provide electrical energy. Calpine Corp. is a leading power company serving customers in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. and in selected international markets. The company develops, owns and operates natural gas-fired and geothermal power generation facilities and geothermal steam fields throughout the western United States Noun 1. western United States - the region of the United States lying to the west of the Mississippi River West Santa Fe Trail - a trail that extends from Missouri to New Mexico; an important route for settlers moving west in the 19th century , with regional offices in Portland, Ore., Atlanta and Houston serving the Pacific Northwest and Southeast power markets. CONTACT: Calpine Corp., San Jose Katherine Potter, 408/995-5115 |
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