Calpine’s earnings down 60 percent from 2015

Houston-based Calpine Corp.’reported Friday that profits fell sharply last year as low prices squeezed margins and the company grappled with higher taxes.

The power company reported profits of $92 million for 2016, down 60 percent from the $235 million earned in 2015, Calpine said. For the fourth quarter, Calpine reported profits of $24 million, swinging from a $47 million loss in the fourth quarter of 2015.

The sale of the Mankato power plant, in southern Minnesota, to a subsidiary of the Southern Company help boost the Calpine’s fourth quarter earnings, but not enough to completely offset the year-over-year losses.