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Calpine’s Magic Valley Generating Station Earns OSHA VPP Recognition

10/15/2008

(HOUSTON, Texas and SAN JOSE, Calif.) Oct. 15, 2008 – Calpine Corporation (NYSE:CPN) today announced that its Magic Valley Generating Station has been named a Star Worksite under the Voluntary Protection Programs (VPP) of the U.S. Department of Labor’s Occupational Safety and Health Administration (OSHA). The VPP Star designation is OSHA’s highest recognition for outstanding efforts by an employer and its employees to achieve a level of excellence in occupational safety and health at their worksites.

“Calpine is committed to operating safely and with the highest regard for both people and the environment,” said Calpine Chief Executive Officer Jack Fusco. “We are honored to have OSHA recognize the exemplary occupational health and safety programs implemented by our Magic Valley team. We are very proud of their efforts to ensure the health, safety and well-being of everyone at the plant.”

The Magic Valley Generating Station, located in Edinburg, Texas, is among the most fuel-efficient sources of electricity in the state. Fueled by clean, natural gas, this state-of-the-art electric power generation facility can generate up to 692 megawatts (MW) of reliable and affordable electricity. The plant provides electricity to the Magic Valley Electric Cooperative under a 20-year contract for a portion of the power produced with the rest available for the Texas market.

The Magic Valley plant has been in operation since Feb. 2002 and is the second Calpine facility in Texas to obtain VPP Star status. Calpine’s Hidalgo Energy Center, also in Edinburg, was recognized by OSHA as a VPP Star facility last year. In addition, the company’s Morgan Energy Center in Alabama also has achieved VPP recognition.

Every worksite that applies to become VPP certified must show a commitment to effective safety and health management systems and work to be an industry leader in occupational safety and health. The recognition of Magic Valley as a VPP Star worksite came after an extensive review by an OSHA team of the plant’s safety and health programs, interviews with employees and a complete tour of the facility.

“Calpine’s Magic Valley Generating Station employees have clearly demonstrated their commitment to excellence in effective safety and health management,” said OSHA Area Director John Giefer.

The Magic Valley Generating Station joins a prestigious group of about 2,000 workplaces nationwide, out of 7 million sites overseen by OSHA, which have earned VPP recognition. OSHA’s statistics show that companies in the Star Program have a lost workday incidence rate, due to work-related illness or injury, at least 50 percent below the national average of their respective industries.

See photo links below:

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http://www.calpine.com/media/ph_Calpine_VPP_2.jpg

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 16 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 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 and to manage exposure to customer or counterparty risks; (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) general economic conditions including cost and availability of credit; 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, 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 www.sec.gov or Calpine's website at www.calpine.com.

Contacts:

Media Relations:
Mel Scott
713-570-4553
scottm@calpine.com


Investor Relations:
Andre Walker
713-830-8775
andrew@calpine.com