Calpine Restructures Turbine Contracts
From Bloomberg News
Calpine Corp. reached agreement with manufacturers to cancel orders for as much as $3.4 billion worth of new turbines.
The agreement covers 131 turbines ordered from General Electric Co., Siemens and Toshiba Corp. Calpine acquired an option to cancel the orders at a cost of $109 million, of which $92 million has been paid.
Shares of San Jose-based Calpine rose 48 cents to $3.30 on the NYSE.
