A secure base
Long praised as pioneers in the energy derivatives space, US energy firms are now looking to make their overall risk management practices more robust. And, as Paul Lyon discovers, these companies have several innovations up their sleeves, such as contract securitisation
San José-based power company Calpine Corp last month said Power Contract Financing (PCF), a subsidiary of Calpine Energy Services (CES), plans to sell $802 million of senior secured notes due in 2006 and 2010. It sounds much like any other standard investor relations announcement. But Calpine’s liquidity-enhancing efforts could provide a framework for other utilities to emulate, the company says.
The mechanics may be complex, but the benefits could be great, it adds. And with
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