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twitterLas Vegas-area power plant is stalled
Wednesday, Jan. 16, 2002 | 10:56 a.m.
SAN JOSE, Calif. -- Zapped by plunging energy prices and the fallout from Enron Corp.'s bankruptcy, power generator Calpine Corp. said today it won't grow as rapidly or make as much money as it projected a few weeks ago.
The company still plans to spend $3 billion to finish building 27 power plants this year and next, but will shelve work on 34 other plants until electricity prices rebound.
The delay will reduce Calpine's planned investment this year by $2 billion as the company tries to whittle its debt to raise its credit rating.
Among the planned power plants put on hold is the Moapa Paiute Energy Center 40 miles north of Las Vegas. With a capacity of 760 megawatts, it could serve 760,000 homes.
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