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FERC clears Canada Pension Board to expand Calpine governance rights

The Federal Energy Regulatory Commission on June 14 authorized the Canada Pension Plan Investment Board to expand its governance rights in Volt Parent LP, the entity that controls Calpine Corp.

Following the approval, the Canada Pension Plan Investment Board, through a subsidiary, may expand its passive interest in Volt into an active, controlling interest, with abilities including the right to appoint a director to Calpine's board, vote on the hiring and firing of top Calpine executives, and vote all of its limited partner interests in Volt.

On March 8, an investor group led by Energy Capital Partners LLC and including Access Industries Inc. and the Canada Pension Plan Investment Board announced the completion of a $5.6 billion private buyout of Calpine. Shortly afterward, Access Industries exercised its right to convert its passive stake in Volt Parent into an active interest. (FERC docket EC18-88)