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Robert A. Mosbacher, Jr. Joins Calpine's Board of Directors

02/18/2009

HOUSTON & SAN JOSE, Calif.--(BUSINESS WIRE)--Feb. 18, 2009-- Calpine Corporation (NYSE:CPN) today announced the appointment of Robert A. Mosbacher, Jr. to the company’s Board of Directors.

In 2005, President George W. Bush appointed Mr. Mosbacher as President and Chief Executive Officer of the Overseas Private Investment Corporation (OPIC), where he served until this January. OPIC is a self-sustaining U.S. government agency that helps small, medium and large American businesses expand into developing nations and emerging markets around the globe, providing political risk insurance and financing, and leveraging private capital through OPIC-supported funds.

“We are delighted to have someone of Rob Mosbacher’s caliber join our Board of Directors,” said William Patterson , Chairman of Calpine. “We are confident his participation will be valuable in helping to guide Calpine into the future.”

From 1986 to 2005, Mr. Mosbacher served as President and CEO of Mosbacher Energy Company inHouston, an independent oil and gas exploration and production company. Mr. Mosbacher also was Vice Chairman of Mosbacher Power Group, an independent electric power developer, from 1995-2003. Prior to that, Mr. Mosbacher had a distinguished public service career that included serving as Chairman of the Board of the Texas Department of Human Services and as a staff member in the office of Senator Howard Baker of Tennessee. He also has served on the Board of Directors of Devon Energy and Texas Commerce Bank.

Mr. Mosbacher also has been active in the Houston community where he served as Chairman of the Board of the Greater Houston Partnership, the Methodist Hospital, the Salvation Army, Trust for an Early Education and the Greater Houston Area Chapter of the American Red Cross. He is founder and Co-Chairman of Rebuilding Together Houston, which helps repair homes for qualified low-income, elderly or disabled Houstonians. He also served on the boards of South Texas College of Law, the Society for the Performing Arts in Houston and as chairman of Preschool for All.

“Rob’s achievements in business and public service, as well as his strong sense of community, will complement an already strong Board contingent,” said Jack Fusco , President and Chief Executive and Board member.

Mr. Mosbacher earned a bachelor’s degree from Georgetown University and a Juris Doctorate degree from Southern Methodist University.

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.

Source: Calpine Corporation

Calpine Corporation
Media Relations:
Norma F. Dunn, 713-830-8883
norma.dunn@calpine.com
or
Investor Relations:
Andre Walker, 713-830-8775
andrew@calpine.com