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Calpine Corporation Appoints Jack A. Fusco President and CEO

08/11/2008

HOUSTON & SAN JOSE, Calif.--(BUSINESS WIRE)--Aug. 11, 2008--Calpine Corporation (NYSE:CPN) today announced that the Board of Directors has appointed Jack A. Fusco as President and Chief Executive Officer, effective August 10, 2008. Mr. Fusco will also serve as a member of Calpine's Board of Directors. Mr. Fusco succeeds Robert P. May, who had served as Calpine's Chief Executive Offer since December 2005 and earlier this year announced his intention to retire when his successor was in place.

"We are very pleased to welcome Jack to Calpine as our CEO," said William J. Patterson, Chairman of Calpine's Board. "Jack is the right person to lead us forward, and he possesses a unique blend of leadership skills, strategic insights, and industry expertise built over a nearly 25-year career.

"I would also like to thank Bob once more for his many positive contributions to Calpine and his leadership through one of the largest and most complex reorganizations in corporate history. He led a very talented team, and his guidance and strategic decisions made an enormous difference," concluded Mr. Patterson.

"With its streamlined balance sheet, portfolio of clean, fuel-efficient assets and dedicated workforce, I firmly believe Calpine is well positioned for future success," said Mr. Fusco. "Together with Calpine's talented employees and managers, I am eager to build upon the positive momentum of the past year to further improve operating efficiencies and to implement a strategy for future growth. These steps will enable us to better serve our customers and create value for Calpine shareholders."

Mr. Fusco brings nearly 25 years of industry experience to Calpine. A California native who started his career as an operator in power plants there, Mr. Fusco recently served as Chairman and Chief Executive Officer of Texas Genco Inc. until 2006. From 2002 until July 2004, Mr. Fusco was the exclusive energy investment advisor to Texas Pacific Group. Earlier in his career, Mr. Fusco helped to found Orion Power, an independent power producer, serving as a Board member and the Company's Chief Executive Officer until 2002.

Prior to the establishment of Orion Power, Mr. Fusco was a vice president in Goldman, Sachs & Co., where he focused on wholesale electric commodity trading and marketing. Before joining Goldman Sachs, Mr. Fusco was executive director for International Development and Operations for Pacific Gas & Electric's nonregulated subsidiary. In that role, Mr. Fusco was responsible for the development and implementation of PG&E's international business strategy and the launching of International Generating Company (InterGen), an international independent power producer focused on emerging markets.

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.

Forward Looking Information

In addition to historical information, this release contains forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act. Words such as "believe," "intend," "expect," "anticipate," "plan," "may," "will" and similar expressions identify forward-looking statements. Such statements include, among others, those concerning expected financial performance and strategic and operational plans, as well as all assumptions, expectations, predictions, intentions or beliefs about future events. You are cautioned that any such forward-looking statements are not guarantees of future performance and that a number of risks and uncertainties could cause actual results to differ materially from those anticipated in the forward-looking statements. Such risks and uncertainties include, but are not limited to: (i) Calpine's ability to implement its business plan; (ii) financial results that may be volatile and may not reflect historical trends; (iii) seasonal fluctuations of results and exposure to variations in weather patterns; (iv) potential volatility in earnings associated with fluctuations in prices for commodities such as natural gas and power; (v) ability to manage liquidity needs and comply with covenants related to the Exit Credit Facility and other existing financing obligations; (vi) Calpine's ability to complete the implementation of its Plan of Reorganization and the discharge of its chapter 11 cases including successfully resolving any remaining claims; (vii) disruptions in or limitations on the transportation of natural gas and transmission of electricity; (viii) the expiration or termination of power purchase agreements and the related results on revenues; (ix) risks associated with the operation of power plants including unscheduled outages; (x) factors that impact the output of Calpine's geothermal resources and generation facilities, including unusual or unexpected steam field well and pipeline maintenance and variables associated with the waste water injection projects that supply added water to the steam reservoir; (xi) risks associated with power project development and construction activities; (xii) ability to attract, retain and motivate key employees including filling certain significant positions within Calpine's management team; (xiii) ability to attract and retain customers and counterparties; (xiv) competition; (xv) risks associated with marketing and selling power from plants in the evolving energy markets; (xvi) present and possible future claims, litigation and enforcement actions; (xvii) effects of the application of laws or regulations, including changes in laws or regulations or the interpretation thereof; and (xviii) other risks identified from time-to-time in Calpine's reports and registration statements filed with the SEC, including, without limitation, the risk factors identified in its Annual Report on Form 10-K for the year ended December 31, 2007. Actual results or developments may differ materially from the expectations expressed or implied in the forward-looking statements and Calpine undertakes no obligation to update any such statements. Unless specified otherwise, all information set forth in this release is as of today's date and Calpine undertakes no duty to update this information. For additional information about Calpine's chapter 11 reorganization or general business operations, please refer to Calpine's Annual Report on Form 10-K for the fiscal year ended December 31, 2007, and any other recent Calpine report to the Securities and Exchange Commission. These filings are available by visiting the Securities and Exchange Commission's website at http://www.sec.gov or Calpine's website at http://www.calpine.com.

CONTACT: Calpine Corporation 
Media Relations:
Mel Scott, 713-570-4553
scottm@calpine.com
Investor Relations:
Andre Walker, 713-830-8775
Andrew@calpine.com

SOURCE: Calpine Corporation