Calpine reported full-year 2025 results with commodity revenue of $11.9 billion, down from $12.8 billion in 2024, a decline of $900 million. Commodity expense fell to $8.2 billion from $9.0 billion, a drop of about $800 million. That left commodity margin at $3.7 billion, versus $3.8 billion a year earlier.
The company’s wholesale and retail power activity produced mixed volume trends. Electricity generated by Calpine’s power plants came in at 167.4 million MWh in 2025, compared with 164.8 million MWh in 2024, an increase of 2.6 million MWh. Average availability improved to 92.1% from 90.8%, while average capacity factor, excluding peakers, rose to 51.4% from 50.2%.
Fuel and purchased energy expense declined to $5.1 billion from $5.8 billion. Environmental compliance expense was $312 million, down from $346 million. Commodity transmission and transportation expense increased to $1.1 billion from $1.0 billion. Ancillary retail expense edged up to $214 million from $198 million.
Realized settlements from marketing, hedging and optimization activities were a positive $1.4 billion in 2025, compared with $1.3 billion in 2024. Steam sales were $267 million, little changed from $261 million a year earlier. Renewable energy credit sales rose to $94 million from $71 million.
On the balance sheet and financing side, the company refinanced and expanded several facilities. The CCFC Term Loan increased from $1.875 billion to $2.100 billion in November 2025. The Commodity-Linked Revolver commitment was reduced from $1.786 billion to $1.646 billion in July 2025. Calpine’s 2031 First Lien Term Loans remained at $1.650 billion, while the 2032 First Lien Term Loan stayed at $860 million.
For the retail business, Calpine Solutions served customers in 18 states. The company did not disclose a new customer count in the excerpt, but the business remained concentrated in California, Texas, the mid-Atlantic and the Northeast.
Calpine’s geothermal Geysers assets continued to operate 13 power plants. The company also noted that its Nova Power battery storage financing structure included a $655 million construction facility, a $256 million bridge facility, and $94 million of letter of credit capacity, with the bridge facility already repaid and the construction facility converted to a first lien term loan in October 2024.
Today the company's shares have moved -9.81% to a price of $307.71. For more information, read the company's full 8-K submission here.
