The company took a $36 million hit in the quarter from having part of its geothermal power complex, The Geysers, offline from the California Valley fire.
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| A cooling tower in the Geysers field on Cobb Mountain was damaged by the Valley fire, Friday Sept. 18, 2015. (Kent Porter / Press Democrat) 2015 |
Calpine Corp. recorded a $44 million net loss for the fourth quarter on Friday after a period of mild weather, low power prices, and even a spate of California wildfires cut into its profits.
Houston-based Calpine, which is the nation’s largest owner natural gas-fired power plants, saw its net earnings dip from a $214 million profit in the year prior. Calvin’s quarterly revenues shrunk from $1.94 billion down to $1.44 billion for a 26 percent decrease.
Calpine attributed much of its net income loss in the quarter on lowered gains from hedges in the power market. The company also took a $36 million hit in the quarter from having part of its geothermal power complex, The Geysers, offline from the California Valley fire.