Calpine files bankruptcy

As expected, struggling power generator Calpine Corp. has filed for Chapter 11 bankruptcy protection. The company, which has billions of dollars of debt, made the move late Tuesday.

The filing in U.S. Bankruptcy Court in New York will allow Calpine to continue normal operations at its power plants and facilities in the United States – including Wisconsin – Mexico and Canada, the company said in a news release.

Calpine supplies electricity in 21 states and has steam and gas-fired plants nationwide. Calpine, based in San Jose, has lost $926 million since the end of 2003.