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Calpine Provides Additional Information Regarding Distributions

02/04/2008

(SAN JOSE, Calif. and HOUSTON, Texas) Feb. 4, 2008 - Calpine Corporation (NYSE: CPN-WI),, as previously announced, has successfully emerged from Chapter 11 bankruptcy protection and has begun distribution of its new common stock to holders of allowed unsecured claims. Distributions of the new common stock are ongoing. Calpine anticipates distributing approximately 423 million shares of the new common stock to holders of allowed unsecured claims in the initial phase of distributions. Calpine is providing detailed information with respect to the anticipated amount of the initial distribution to various classes of allowed unsecured claims on our website at: http://www.calpine.com/media/ExhibitA-Shares-Per-Bond.pdf

Of the 485 million shares of new common stock intended to be distributed under Calpine's Sixth Amended Joint Plan of Reorganization, Calpine reserved approximately 62 million shares on account of disputed unsecured claims and general contingencies. Pursuant to the terms of the Plan, with respect to each disputed unsecured claim, Calpine was required to reserve the lesser number of shares necessary to satisfy the claim based upon:

  • The asserted amount of the claim (or if the claim is contingent or unliquidated, the amount Calpine, in consultation with the creditors' committee, elected to reserve);
  • An amount estimated by the Bankruptcy Court; or
  • An amount agreed upon by the holder of the claim and Calpine.

Further details regarding the formula used to determine the number of shares reserved for disputed unsecured claims is contained in the Plan, which is available on Calpine's website.

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 U.S. The company owns, leases, and operates low-carbon, natural gas-fired, 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 Statement

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. We use words such as "believe," "intend," "expect," "anticipate," "plan," "may," "will" and similar expressions to identify forward-looking statements. Such statements include, among others, those concerning our 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) the risks and uncertainties associated with the ability to successfully implement Calpine's Plan of Reorganization as confirmed; (ii) our ability to implement our business plan; (iii) financial results that may be volatile and may not reflect historical trends; (iv) seasonal fluctuations of our results; (v) potential volatility in earnings associated with fluctuations in prices for commodities such as natural gas and power; (vi) our ability to manage liquidity needs and comply with covenants related to our existing financing obligations and anticipated exit financing; (vii) the direct or indirect effects on our business of our impaired credit including increased cash collateral requirements in connection with the use of commodity contracts; (viii) transportation of natural gas and transmission of electricity; (ix) the expiration or termination of our power purchase agreements and the related results on revenues; (x) risks associated with the operation of power plants including unscheduled outages; (xi) factors that impact the output of our 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; (xii) risks associated with power project development and construction activities; (xiii) our ability to attract, retain and motivate key employees; (xiv) our ability to attract and retain customers and contract counterparties; (xv) competition; (xvi) risks associated with marketing and selling power from plants in the evolving energy markets; (xvii) present and possible future claims, litigation and enforcement actions; (xviii) effects of the application of laws or regulations, including changes in laws or regulations or the interpretation thereof; and (xix) 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, 2006 and Quarterly Reports on Form 10-Q. 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, 2006, Calpine's Quarterly Reports on Form 10-Q, 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.