On Thursday, Shares of Calpine Corporation (NYSE:CPN), gained 5.20% to $17.50.
Calpine Corporation and Champion Energy Marketing declared that they have reached a contract for Calpine to purchase Champion, one of the nation’s leading retail electric providers, for $240 million, subject to working capital adjustments. Based in Houston, Champion is predictable to serve about 22 TWh of residential, commercial and industrial customer load in 2015, concentrated in Texas and the Northeast U.S. where Calpine has a substantial power generation presence.
“This highly accretive transaction is an extension of our deliberate efforts over the past several years to be closer to our end-use customers,” said Calpine’s President and Chief Executive Officer Thad Hill. “Champion’s presence in Texas and the Northeast makes it the ideal retail complement to our wholesale generation portfolio. Having built a brand known for its award-winning customer service, the Champion team is a welcome addition to the Calpine family.”
Calpine Corporation, a wholesale power generation company, owns and operates natural gas-fired and geothermal power plants in North America. It operates natural gas-fired combustion turbines and renewable geothermal conventional steam turbines.
Shares of United Technologies Corporation (NYSE:UTX), inclined 1.38% to $100.73, during its last trading session.
United Technologies Corporation declared that Geraud Darnis, President and CEO of UTC Building & Industrial Systems, has informed the company of his decision to retire in January 2016.
“Throughout his 32-year tenure with UTC, Geraud has made countless contributions to our company’s success, playing a key role in securing our position as the world’s leading provider of high-technology building systems and services,” said UTC President and Chief Executive Officer Gregory Hayes. “Geraud has built an exceptionally strong leadership team across the commercial businesses and his leadership has resulted in a portfolio that is more focused and better positioned for future growth.
“Over the next few months, Geraud and I will work closely to ensure a smooth and successful transition of the leadership responsibilities for UTC Building & Industrial Systems,” Hayes added. “I know I speak on behalf of the entire UTC leadership team in thanking Geraud for his extraordinary service to our company and in wishing him the very best in his future endeavors.”
Darnis was named to his current position in September 2013. Earlier in his career, he had served as President of UTC’s Climate, Controls & Security business and before that as President of Carrier Corp. He began his career with United Technologies in 1983 at Otis Elevator Company.
United Technologies Corporation provides technology products and services to building systems and aerospace industries worldwide. Its Otis segment designs, manufactures, sells, and installs passenger and freight elevators, escalators, and moving walkways; modernization products to upgrade elevators and escalators; and maintenance and repair services.
Finally, W&T Offshore, Inc. (NYSE:WTI), ended its last trade with -1.23% loss, and closed at $4.03.
W&T Offshore declared that it will release its second quarter 2015 financial and operational results after the market closes on Wednesday, August 5. In conjunction with the release, the Company has planned a conference call, which will also be broadcast live over the Internet, on Thursday, August 6 at 9:30 a.m. Eastern Time (8:30 a.m. Central Time).
W&T Offshore, Inc., an independent oil and natural gas producer, together with its auxiliaries, engages in the acquisition, exploration, and development of oil and natural gas properties primarily in the Gulf of Mexico and onshore in the Permian Basin of West Texas.
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