Bear Stearns and Calpine form energy marketing and trading company
Investment bank Bear Stearns and California-based power company Calpine Corp have formed an energy marketing and trading venture focused on physical natural gas and power trading and related structured transactions.
Debt-laden Calpine says the venture will help it reduce its cash collateral requirements, and increase its spark spreads, due to having a credit agreement with Bear Stearns for its gas and power trades. (A spark
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