CHEMICALS

Independent power company Calpine Corp. said it has completed the acquisition of Dow Chemical Co.’s 70-megawatt natural-gas-fired power plant for about $13 million. The acquisition includes Dow’s extensive gas pipeline system that provides the plant with low-cost fuel from Sacramento basin gas fields. Calpine plans to build a 500-megawatt-to-700-megawatt state-of-the-art, gas-fired power plant adjacent to Dow’s Pittsburg, Calif., chemical plant. The new plant will require a capital investment of $250 million to $350 million and will generate enough electricity to power half a million households.