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Calpine Shares Commence 'Regular Way' Trading on NYSE

02/07/2008

Company to Ring Opening Bell at New York Stock Exchange

SAN JOSE, Calif. and HOUSTON, Feb. 7 /PRNewswire-FirstCall/ -- Calpine Corporation (NYSE: CPN) today resumes "regular way" trading of the Company's newly issued stock on the New York Stock Exchange (NYSE) under the symbol "CPN." Company officials will ring the NYSE opening bell on Feb. 8, 2008, to commemorate its relisting and successful emergence from Chapter 11.

"Calpine is proud to once again be traded on the New York Stock Exchange," said Robert P. May, Calpine's Chief Executive Officer. "We have streamlined our operations and strengthened our balance sheet, and we are returning to the NYSE as a stronger and more competitive power company with one of the cleanest generating fleets in the United States. We are confident that the new Calpine is well positioned in the market and poised for success as a corporate leader in the nation's energy industry."

Webcast Information

Calpine's ringing of The Opening Bell(SM) will be available via live and archived webcast as follows: (The live link will become active at approximately 9:25 a.m. EST. The archive link will become active approximately two hours after the event and then will remain available for a period of two years.)

Live -- 
http://mfile.akamai.com/7096/live/reflector:57489.asx?bkup=59611&prop=n

Archive --
http://mfile.akamai.com/7096/wmv/nyse.download.akamai.com/7096/Obell-02082008.asx

Webcast links also will be posted on http://www.nyse.com

Calpine Facts-At-A-Glance

Calpine re-initiates trading on the NYSE as one of the largest power generation companies in the United States, with nearly 24,000 megawatts of installed generating capacity and approximately 2,200 employees. Calpine owns and operates a world-class fleet of 80 modern power plants and also is engaged in full-scale construction activities at its 590-megawatt Otay Mesa project in San Diego, Calif., and is a 50 percent equity partner in the 1,000-megawatt Greenfield Energy Centre, currently under construction in Ontario, Canada.

Calpine's power generating assets are located in key market regions throughout the U.S. with an emphasis on high-growth competitive wholesale power markets in California and Texas. Calpine owns and operates the nation's largest fleet of renewable geothermal generation assets located at The Geysers, in northern California, as well as the country's largest fleet of highly efficient combined-heat-and-power (CHP) facilities. Calpine's natural gas-fired power plants are modern, highly efficient generating units with excellent environmental characteristics. On average, Calpine's plants emit half as much CO2 per megawatt-hour as a typical coal-fired power plant.

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. 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 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. 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 our Chapter 11 cases and Companies' Creditors Arrangement Act (CCAA) proceedings of certain of Calpine's Canadian affiliates, including our ability to successfully reorganize and emerge from Chapter 11; (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.

SOURCE Calpine Corporation
CONTACT: Media Relations, Mel Scott, +1-713-570-4553,
scottm@calpine.com, or Investor Relations, Norma Dunn, +1-713-830-8883,
norma.dunn@calpine.com, both of Calpine Corporation
Web site: http://www.calpine.com