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Calpine Corporation Names Zamir Rauf Chief Financial Officer and Executive Vice President

12/17/2008

HOUSTON & SAN JOSE, Calif.--(BUSINESS WIRE)--Dec. 17, 2008--Calpine Corporation (NYSE:CPN) today announced that Zamir Rauf has been named Chief Financial Officer and Executive Vice President, effective immediately. Mr. Rauf previously was interim Chief Financial Officer and Treasurer.

"We are very excited that Zamir has agreed to be our Chief Financial Officer," said Jack A. Fusco , Chief Executive Officer and President. "He has done an outstanding job filling the CFO role at Calpine on an interim basis since June, demonstrating a clear command of Calpine's finances and business."

Prior to his role as Interim CFO, Mr. Rauf was Senior Vice President, Finance and Treasurer at Calpine. In that position, he had responsibility over Calpine's corporate and project finance, treasury and debt compliance functions and managed the corporate banking, investment banking and rating agency relationships. Prior to Calpine, Mr. Rauf held various accounting and finance roles with Enron North America and Dynegy Inc., as well as Comerica Bank in both credit and lending roles. He earned his Bachelor of Arts degree in business and commerce and Master's degree in business administration-finance from the University of Houston.

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 over 24,000 megawatts of clean, cost-effective, reliable and fuel-efficient electricity to customers and communities in 16 states in the United States and Canada. 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 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 of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. 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 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. Please see the risks identified in this release or in Calpine's reports and registration statements filed with the Securities and Exchange Commission, including, without limitation, the risk factors identified in its Annual Report on Form 10-K for the year ended December 31, 2007, and its Quarterly Report on Form 10-Q for the quarter ended September 30, 2008. These filings are available by visiting theSecurities and Exchange Commission's web site at www.sec.gov or Calpine's web site at www.calpine.com. 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.

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

Source: Calpine Corporation