Calpine Corp. said it is lowering 2001...
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Calpine Corp. said it is lowering 2001 profit by $11.5 million because it didn’t get some plant-emission credits it bought last year.
The step lowers the San Jose energy company’s 2001 earnings per share by 3 cents to $1.87.
The restatement is related to the purchase last year of emission credits, which the electricity company often buys to help it obtain environmental permits for new power plants, Calpine said. Since reporting its 2001 results in January, the company discovered that credits it had bought weren’t available.
Calpine has sued the broker that sold the emission credits to recover the loss. The company said the loss won’t affect future profit.
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