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Calpine Authorizes Release of Remaining Reserve Shares, Fulfills Remaining Bankruptcy Obligations

08/18/2011

HOUSTON, Aug 18, 2011 (BUSINESS WIRE) -- Calpine Corporation (NYSE:CPN), which emerged from bankruptcy in January 2008, today announced that it has authorized the release of approximately 19.8 million shares of Calpine common stock from reserves that had previously been set aside to satisfy bankruptcy claims that were not resolved at the date of emergence. This release represents the full and final distribution of shares from the reserve account, completing the implementation of the Company's confirmed Plan of Reorganization.

"With this distribution, we will have fully resolved all claims associated with our bankruptcy," said Zamir Rauf, Calpine's Chief Financial Officer. "We are pleased to bring closure to this issue, now focusing the investing community's attention on the positive outlook we have for Calpine's future instead of technical matters from the past."

Shares held in the reserve were included in the Company's 486 million weighted average shares outstanding as of June 30, 2011, and distribution of these shares does not represent the issuance of new or additional equity. The release of reserve shares will have no impact on the Company's earnings or cash flow.

The timing of when shares will actually be made available to claimants is dependent upon processes to be performed by the Company's transfer agent, which are expected to be complete on or before August 24, 2011. Furthermore, certain of the reserve share distributions will be made to indenture trustees (as the holders of Allowed Claims under the Plan of Reorganization) on behalf of their ultimate owners. Such owners should contact their respective trustee with any questions regarding the receipt of their shares, including those concerning timing and the amount of their ultimate distribution.

About Calpine

Founded in 1984, Calpine Corporation is a major U.S. power company, currently capable of delivering approximately 28,000 megawatts of clean, cost-effective, reliable and fuel-efficient power from its 92 operating plants to customers and communities in 20 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 primarily 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 December 31, 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
norma.dunn@calpine.com
Investor Relations:
Christine Parker, 713-830-8775
christine.parker@calpine.com