Calpine battling to convince Wall Street of viability.

Byline: Matthai Chakko Kuruvila

May 5--Four years after its stock price hit an all-time high during the California energy crisis, Calpine shares have sunk to near-record lows as the San Jose energy company fights to convince Wall Street of its viability.

Calpine thrived during the 2000-2001 energy crisis but now finds itself in a crisis of its own as it tries to persuade investors that it can manage $18 billion in debt accumulated during a power plant building boom.

Calpine reports its first-quarter earnings today, and analysts are likely to press the company for a survival strategy. Calpine officials were not available because of regulatory rules barring …