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Calpine Mourns the Death of Chairman William J. Patterson


HOUSTON, Sep 28, 2010 (BUSINESS WIRE) -- It is with profound sadness that Calpine Corporation (NYSE:CPN) announces the death of William J. Patterson, who has served as the non-executive Chairman of Calpine's Board of Directors since January 2008. Mr. Patterson passed away on September 24 surrounded by his family.

"Bill was a gentleman and an astute investor whose strong leadership helped guide Calpine's Board of Directors over the last two years. We at Calpine will very much miss his advice and counsel," said Jack Fusco, Chief Executive Officer and President of Calpine. "On behalf of the Calpine family, I would like to extend our heartfelt condolences to Bill's wife and family. In Bill's honor, all 93 Calpine power plants will fly the company's flags at half-staff for the next week."

Mr. Patterson was a Managing Director of SPO Partners & Co., an approximate 21% shareholder of the company. Prior to assuming the non-executive Chairman's role, Mr. Patterson co-chaired the creditors committee, which steered Calpine through the bankruptcy process until its successful emergence in 2008. Under his leadership, the company rebuilt its Board of Directors and senior management team and established its strategic direction as a successful public company. J. Stuart Ryan, a Venture Partner with SPO Partners & Co., will continue to serve as a Director on the Calpine Board.

In due course, the Board of Directors will meet to appoint a new Chairman and to consider and appoint a new director to fill Mr. Patterson's vacancy until the next annual meeting of shareholders, at which time the shareholders will vote on the annual election of all members of the Board.

About Calpine

Founded in 1984, Calpine Corporation is a major U.S. power company, currently capable of delivering nearly 29,000 megawatts of clean, cost-effective, reliable and fuel-efficient power from its 93 operating plants to customers and communities in 21 U.S. states and Canada. Calpine Corporation is committed to helping meet the needs of an economy that demands more and cleaner sources of electricity. Calpine owns, leases and operates low-carbon, natural gas-fired and renewable geothermal power plants. Using advanced technologies, Calpine generates power in a reliable and environmentally responsible manner for the customers and communities it serves. Please visit our website at 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 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 Dec. 31, 2009, and its Quarterly Report on Form 10-Q for the quarter ended June 30, 2010. 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. 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
Investor Relations:
Andre Walker, 713-830-8775