Calpine posts profit, names CEO
Calpine Corp., the U.S. power producer that exited bankruptcy protection in January, reported a profit in the second quarter after a year-earlier loss from reorganization costs.
Net income was $197 million, or 41 cents a share, compared with a loss of $500 million, or $1.04, San Jose-based Calpine said Monday. Revenue rose 37% to $2.83 billion.
The company also named Jack Fusco chief executive.
Calpine said Fusco’s appointment was effective Sunday. He replaces Robert May, who had been CEO since December 2005 and had said he would retire once a successor was in place. Fusco previously was CEO of Texas Genco Inc.
Calpine is the largest U.S. producer of electricity fueled by natural gas.
The company was driven into bankruptcy in December 2005 after natural gas costs surged and a power glut held down electricity prices. Since then, Calpine has doubled forward sales that lock in profit margins.
Shares of Calpine rose 61 cents, or 3.8%, to $16.60 after the earnings news.