Calpine Power Income Fund Commences Process to Market Calgary Generation Capacity.CALGARY, Alberta -- Calpine Power Income Fund (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension :CF.UN) (the "Fund") announces that a process to market the generation capacity of the Calgary Energy Centre power plant has commenced, following the repudiation See non-repudiation. of the tolling agreement under which the generation capacity of the plant was provided to a subsidiary of Calpine Corporation. The Fund has been advised by Calpine Energy Services Canada Partnership ("CESCP") that CESCP has repudiated the tolling agreement between CESCP and Calpine Power L.P. The Fund owns an indirect 70% priority partnership interest in Calpine Power L.P., which is one of the main sources of cash distributions for the Fund. "CLP 1. CLP - Cornell List Processor. 2. CLP - Constraint Logic Programming. and the Fund, together with Calpine Canada Power Ltd, as Manager of the Fund, have been considering alternative arrangements to enter into both short and long term tolling arrangements for the Calgary Energy Centre," says Toby Austin, President and Chief Executive Officer of Calpine Canada Power Ltd. "Although this decision by Calpine will impact revenue of CLP in the short term, we are confident that alternate tolling arrangements will be put in place relatively quickly." In addition, the Fund recently retained BMO Nesbitt Burns  This article or section is written like an .Please help [ rewrite this article] from a neutral point of view. Mark blatant advertising for , using . to provide financial advice to the Fund (including CLP) relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc the effects on the Fund of the restructuring restructuring - The transformation from one representation form to another at the same relative abstraction level, while preserving the subject system's external behaviour (functionality and semantics). of Calpine Corporation. CESCP and Calpine Canada Power Ltd. filed under the Companies Creditors Arrangement Act (Canada), in connection with the filing by Calpine Corporation for voluntary reorganization under Chapter 11 of the US Bankruptcy Code Bankruptcy Code may refer to:
The Fund continues to be in a strong cash position and confirms that it will make the December distribution payment to unitholders scheduled for January 20. The trustees of the Fund will, at their regularly scheduled meeting on January 19, consider what impact, if any, the repudiation of the tolling agreement will have on the January distribution to unitholders, expected to be made on February 20. CESCP did not make its December 2005 toll payment by January 16 as required by the tolling agreement. All payments from Calpine Canada Power Ltd. on the manager loan are current. Calpine Power Income Fund is an unincorporated Adj. 1. unincorporated - not organized and maintained as a legal corporation unorganised, unorganized - not having or belonging to a structured whole; "unorganized territories lack a formal government" open-ended trust that invests in electrical power assets. The Fund indirectly owns interests in power generating facilities in British Columbia British Columbia, province (2001 pop. 3,907,738), 366,255 sq mi (948,600 sq km), including 6,976 sq mi (18,068 sq km) of water surface, W Canada. Geography , Alberta and California. In addition, the Fund owns a participating loan interest in a power plant in Ontario and has made a loan to Calpine Canada Power Ltd. The Fund is managed by Calpine Canada Power Ltd., which is headquartered in Calgary, Alberta. The Calpine Power Income Fund units are listed on the Toronto Stock Exchange Toronto Stock Exchange (TSE) Canada's largest stock exchange, trading approximately 1,200 company stocks and 33 options. under the symbol CF.UN. For further information on the Fund, please visit its website at www.calpinepif.com. Forward-Looking Information Disclaimer This news release may contain forward-looking information as defined under applicable Canadian securities laws, including information regarding possible events, conditions or results with respect to Calpine Power Income Fund. This information is subject to a number of risks that may cause actual results to differ materially from the forward-looking information. Some of the factors that could cause such differences include the outcome of the voluntary reorganization filings by Calpine Corporation and applicable subsidiaries, including Calpine Canada Power Ltd., performance or non-performance by Calpine Corporation and applicable subsidiaries of contracts with Calpine Power Income Fund and its applicable subsidiaries or investees, legislative or regulatory developments, competition, general economic conditions and other risks identified in the management discussion and analysis of Calpine Power Income Fund for the fiscal year ended December 31, 2005 and the fiscal quarter ended September 30, 2005, each of which is available on www.SEDAR SEDAR System for Electronic Document Analysis and Retrieval SEDAR Southeast Data, Assessment, and Review .com and the Fund's website at www.calpinepif.com. Calpine Power Income Fund (TSX:CF.UN) |
|
||||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion