trending Market Intelligence /marketintelligence/en/news-insights/trending/8qg_2amhnyj49bu2cm8oow2 content
Log in to other products

Login to Market Intelligence Platform


Looking for more?

Contact Us

Request a Demo

You're one step closer to unlocking our suite of comprehensive and robust tools.

Fill out the form so we can connect you to the right person.

If your company has a current subscription with S&P Global Market Intelligence, you can register as a new user for access to the platform(s) covered by your license at Market Intelligence platform or S&P Capital IQ.

  • First Name*
  • Last Name*
  • Business Email *
  • Phone *
  • Company Name *
  • City *
  • We generated a verification code for you

  • Enter verification Code here*

* Required

Thank you for your interest in S&P Global Market Intelligence! We noticed you've identified yourself as a student. Through existing partnerships with academic institutions around the globe, it's likely you already have access to our resources. Please contact your professors, library, or administrative staff to receive your student login.

At this time we are unable to offer free trials or product demonstrations directly to students. If you discover that our solutions are not available to you, we encourage you to advocate at your university for a best-in-class learning experience that will help you long after you've completed your degree. We apologize for any inconvenience this may cause.

In This List

CreditSights upgrades Calpine to 'outperform' on 'spiking Texas power prices'

Q2: U.S. Solar and Wind Power by the Numbers

Essential Energy Insights - September 17, 2020

Essential Energy Insights September 2020

Rate case activity slips, COVID-19 proceedings remain at the forefront in August

CreditSights upgrades Calpine to 'outperform' on 'spiking Texas power prices'

CreditSights on June 14 upgraded Calpine Corp. unsecured bonds to "outperform" from "market perform" based on the strong outlook for earnings and cash from Texas power prices.

CreditSights analysts noted this is their second upgrade of Calpine bonds in two months.

"Our upgrade is once again owing to the strong outlook for earnings and cash flows in [Texas], which continues to improve and a heat wave in late May gave us a taste of what is to come in July and August," CreditSights analysts wrote.

CreditSights believes that the "spiking Texas power prices" could add $500 million to $600 million of EBITDA to the newly private, Houston-headquartered merchant generator's approximately $1.9 billion EBITDA run rate.

In March, a consortium of private equity investors led by Energy Capital Partners LLC, Access Industries Inc. and Canada Pension Plan Investment Board completed a $5.6 billion buyout of Calpine.

"We see the improved profit outlook as taking significant pressure off the buyers to engage in actions that are unfriendly to creditors such as large-scale asset sales and/or layering in project debt with proceeds in either scenario being sent up to the buyers," the analysts added.