rices to decline much more rapidly than other fuels and put downward pressure on power prices both in the US and globally. For US gas-fired generator Calpine, lower fuel costs offset lower power prices and the company emerged a relative winner. Virtually all other US generators employ a mix of assets fired

nship between natural gas prices and heat rates. As natural gas prices fall, off-peak market heat rates rise as gas plants displace coal plants. As Calpine indicated on its conference call, some of its competitors' coal plants are now cycling daily while the company's combined cycles are now running ba