Calpine reports Q4 net income, provides outlook for 2013

Calpine Corporation, an independent wholesale power producer, has reported a net income attributable to the company of $100 million, or $0.22 per share, for the fourth quarter ended December 31, 2012, compared to a net loss attributable to the company of $13 million, or $0.03 loss per share, for the same quarter ended December 31, 2011. The company expects adjusted EBITDA to be in the range of $1.76 billion to 1.96 billion for 2013.

Operating revenues for the fourth quarter ended December 31, 2012 were $1.37 billion, compared to $1.46 billion for the same quarter ended December 31, 2011.

Net income attributable to the company for the year ended December 31, 2012 was $199 million, or $0.42 per diluted share, compared to a net loss attributable to the company of $190 million, or $0.39 loss per diluted share, for the year ended December 31, 2011.

Operating revenues for the year ended December 31, 2012 were $5.48 billion, compared to $6.8 billion for the year ended December 31, 2011.

"2012 was a breakout year for Calpine, as we capitalized on the secular shift toward greater utilization of combined-cycle gas turbines in the power generation industry," said Jack Fusco, Calpine's CEO.

"We achieved record operating results, generating 116 million MWh - 23% more than last year. The increased generation was primarily due to our excellent power plant operations and unprecedented coal-to-gas switching. Overall, our business continues to be resilient across a wide range of natural gas prices."