A Rising Power in California

Calpine's smart hedging and a $267 million court victory have helped the power producer weather the energy crunch. How long before investors notice?

Calpine Corp., which is heavily exposed to the Golden State, should be one of the walking wounded. Instead, it's soaring, so you know Peter Cartwright, the CEO of San Jose-based energy company Calpine Corp. (CPN) , must be grinning right about now.

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