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CPN not only uses NG to drive its power generators,Lets not forget thier Geothermal power drives also.

Geothermal is where Calpine got its start but that was long ago, and now comprises a tiny portion of the company's generating portfolio.

Also, if one were interested in this component one should research the productivity of "The Geysers" site, where Calpine's plants are. Some years ago there were reports that the site was producing less natural steam, and that water was being pumped into the ground in an effort to restore the declining natural source.

California geology is complex to say the least, so whether that location becomes more useful again, who knows. In any case AFAIK that is the one and only geothermal site owned by Calpine, and its longterm production is not necessarily guaranteed. Moreover, that site doesn't produce a huge amount of power, and while its carbon footprint is zero, that alone is not a major reason to buy or sell the stock.

Put it this way: other power companies have wind farms and non-polluting (no-carbon) generation sources, too. One should look at the company's management, and especially its finances, rather than just talking about natural gas. In its history, the company has never burned anything but natural gas, yet it still went bankrupt and the stock went to zero. New government policies are not a panacea.
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