For the three months ended March 31, 2008, Calpine reported revenue of nearly $2 billion, representing an increase of 17% over the same period in 2007.
Commodity Margin increased by $64 million, or 15%, overall and by 17% and 51% in the company’s west and Texas segments respectively, for three months ended March 31, 2008, compared to the same period in 2007, due primarily to increased generation in the west and favorable pricing in Texas. Commodity margin was relatively unchanged in Calpine’s southeast and north segments.
Adjusted EBITDA increased by 18% for three months ended March 31, 2008, as compared to the same period in 2007. Gross profit decreased by $97 million, to a loss of $29 million in the three months ended March 31, 2008, compared to the same period in 2007.
Robert May, CEO of Calpine, said: I am very pleased to announce our first quarter results showing solid performance in our core operations. In this transition quarter, during which we emerged from bankruptcy, we showed substantial improvement in consolidated commodity margin and adjusted EBITDA, as compared to the same period during 2007.
