MANKATO, Minn. (AP) – Calpine Corp., a major U.S. energy company, is abandoning plans to sell its natural gas plant in Mankato.
The company says auction bids for the $250 million plant, built in 2006, are too low. With a 20-year contract from Xcel to purchase electricity from the Mankato plant, Calpine went ahead with its construction in 2006, despite its bankruptcy protection filing.
The Free Press says Calpine emerged from bankruptcy in 2008, but is expected to report a loss when it releases its financial statement Friday.
Information from: The Free Press
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