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August 2020
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December 2019
Document and Entity Information Cover - USD ($) $ in Millions | 12 Months Ended | ||
---|---|---|---|
Dec. 31, 2019 | Feb. 24, 2020 | Jun. 30, 2019 | |
Entity Information [Line Items] | |||
Entity Registrant Name | CALPINE CORP | ||
Entity Central Index Key | 0000916457 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Non-accelerated Filer | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2019 | ||
Document Fiscal Year Focus | 2019 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Common Stock, Shares Outstanding | 105.2 | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | Yes | ||
Entity Current Reporting Status | No | ||
Entity Public Float | $ 0 |
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Calpine Corp's Definitive Proxy Statement (Form DEF 14A) filed after their 2020 10-K Annual Report includes:
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In addition to the price of natural gas, our Commodity Margin is highly dependent on other factors such as: the level of Market Heat Rates; our continued ability to successfully hedge our Commodity Margin; changes in U.S. macroeconomic conditions; maintaining acceptable availability levels for our fleet; the effect of current and pending environmental regulations in the markets in which we participate; improving the efficiency and profitability of our operations; increasing future contractual cash flows; and our significant counterparties performing under their contracts with us.
Commodity revenue, net of Commodity expense, increased $322 million for the year ended December 31, 2019, compared to the year ended December 31, 2018, primarily due to (favorable variances are shown without brackets while unfavorable variances are shown with brackets): $ Higher energy margins primarily associated with higher market Spark Spreads in Texas during the third quarter of 2019 compared to the same period in 2018, higher contribution from both wholesale and retail hedging activities and the commencement of commercial operations at our 828 MW York 2 Energy Center in March 2019.
West - Commodity Margin in our West segment increased by $91 million, or 9%, for the year ended December 31, 2019 compared to 2018, primarily due to higher resource adequacy revenues and higher contribution from hedging activities.
Depreciation and amortization expense decreased by $45 million for the year ended December 31, 2019 compared to the year ended December 31, 2018 primarily due to the sale of our Garrison and RockGen Energy Centers during 2019 with no comparable sales in 2018 and the change in estimated useful lives for our componentized balance of plant parts and rotable parts initiated in 2018.
Different depreciation and amortization methods can affect the timing and amount of depreciation and amortization expense affecting our results of operations and could result in different net book values of assets at a particular time during the useful life of the asset affecting our financial position.
Other operating expenses decreased by...Read more
Texas - Commodity Margin in...Read more
The change in fair value...Read more
We estimate that as of...Read more
Other (income) expense, net decreased...Read more
We amortize intangible assets related...Read more
The decrease is partially offset...Read more
However, actual future market prices...Read more
We use our best estimates...Read more
The increase was partially offset...Read more
If it is determined that...Read more
Mark-to-market gain/loss, net from hedging...Read more
These improvements were partially offset...Read more
The table below presents the...Read more
As a result, actual changes...Read more
The unfavorable year-over-year change primarily...Read more
We manage the commodity price...Read more
Additionally, our state NOLs available...Read more
The following table provides a...Read more
East - Commodity Margin in...Read more
Changes in fair value of...Read more
The increase was primarily due...Read more
If the number of counterparties...Read more
Revenues from the sale of...Read more
We use our best estimates...Read more
We evaluate our Commodity revenue...Read more
Our geographic reportable segments for...Read more
Our credit rating reduces the...Read more
A discussion of our Commodity...Read more
Our Geysers Assets remain a...Read more
Where we act as principal,...Read more
The following tables show our...Read more
Our counterparty and customer credit...Read more
Our derivative assets have increased...Read more
Significant changes in commodity prices...Read more
We believe that Commodity Margin...Read more
Resolution of these uncertainties in...Read more
We also incorporate non-performance risk...Read more
In the comparative tables below,...Read more
During the year ended December...Read more
Examples of such events or...Read more
Such differences could have a...Read more
For our natural gas-fired power...Read more
We evaluate our estimates and...Read more
Credit Risk - Credit risk...Read more
Our commercial hedging and optimization...Read more
We use Commodity Margin to...Read more
Because we are required to...Read more
On August 12, 2019, we...Read more
On August 12, 2019, we...Read more
The decrease was primarily due...Read more
Commodity Price Risk - Commodity...Read more
We test goodwill and all...Read more
Our variable rate financings are...Read more
This amount is not necessarily...Read more
To the extent applicable, the...Read more
Our ability to successfully implement...Read more
Interest Rate Risk - We...Read more
Financial Statements, Disclosures and Schedules
Inside this 10-K Annual Report
Material Contracts, Statements, Certifications & more
Calpine Corp provided additional information to their SEC Filing as exhibits
CIK: 916457
Form Type: 10-K Annual Report
Accession Number: 0000916457-20-000007
Submitted to the SEC: Mon Feb 24 2020 9:01:43 PM EST
Accepted by the SEC: Tue Feb 25 2020
Period: Tuesday, December 31, 2019
Industry: Electric Services