Calpine slashes earnings estimates and capital spending for 2002

Independent power producer Calpine Corp. Wednesday slashed earnings projections for 2002 by 30% and put on hold the construction of 34 power plants, cutting $2 billion from expected capital spending in 2002. Calpine, San Jose, said 2002 earnings before interest, taxes, and depreciation are expected to be $2 billion or $1.70/share, compared to an earlier estimate in late September of $2.45 to $2.60/share.

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