Bear Stearns and Calpine form energy marketing and trading company

Houston-based CalBear Energy LP, a wholly owned Bear Stearns subsidiary, will start trading in the fourth quarter. The venture aims to attract customers through having the balance-sheet strength of an investment bank behind it, and its ability to structure non-standard products.

Debt-laden Calpine says the venture will help it reduce its cash collateral requirements, and increase its spark spreads, due to having a credit agreement with Bear Stearns for its gas and power trades. (A spark

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