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Calpine Announces Change to Board of Directors

HOUSTON & SAN JOSE, Calif., May 22, 2008 (BUSINESS WIRE) -- Calpine Corporation (NYSE: CPN) today announced that Kenneth Derr has notified the Company of his intention to resign as a director, effective today.

Mr. Derr tendered his resignation in order to focus his time and energies on other business and personal matters. With Mr. Derr's resignation, the Board of Directors will have 8 members.

"We thank Ken for his steadfast service and for his many contributions to the Board and to the Company, especially during our very successful reorganization," said William J. Patterson, Chairman of Calpine's Board of Directors. "He is a talented colleague who stepped forward in a time of great need for Calpine and brought valuable and extensive experience to the Company. We wish him well in all of his future endeavors."

Mr. Derr was Chairman of the Board of Calpine from November 2005 until January 2008 and has been a Calpine director since May 2001. In addition, Mr. Derr served as Acting CEO prior to the tenure of current CEO Robert P. May. Mr. Derr retired as the Chairman and Chief Executive Officer of Chevron Corporation in 1999, a position that he held since 1989, after a 39-year career with the company.

"It has been an honor and a privilege to have served as a director of Calpine and to have helped guide the Company as it regained its strong footing," said Mr. Derr. "I believe that Calpine is well positioned for the future and I wish them every success."

About Calpine

Calpine Corporation is helping meet the needs of an economy that demands more and cleaner sources of electricity. Founded in 1984, Calpine is a major U.S. power company, currently capable of delivering nearly 24,000 megawatts of clean, cost-effective, reliable and fuel-efficient electricity to customers and communities in 18 states in the United States. Calpine owns, leases, and operates low-carbon, natural gas-fueled, and renewable geothermal power plants. Using advanced technologies, Calpine generates electricity in a reliable and environmentally responsible manner for the customers and communities it serves. Please visit http://www.calpine.com for more information.

SOURCE: Calpine Corporation

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Calpine Corporation
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