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Calpine Carville Contract Receives Regulatory Approval

03/23/2012

Calpine's Carville Energy Center to Provide 485 MWs of Electricity

HOUSTON--(BUSINESS WIRE)--Mar. 23, 2012-- The Louisiana Public Service Commission has approved Entergy Gulf States Louisiana, L.L.C.'s participation in a 10-year power purchase agreement (PPA) between Calpine Corporation's (NYSE:CPN) Calpine Energy Services, L.P. subsidiary and Entergy Texas, Inc. Under the PPA, Calpine's Carville Energy Center will provide 485 megawatts of power toEntergy Texas, which will sell at cost one-half of the power purchased to Entergy Gulf States Louisiana through a separate agreement.

Calpine Energy Services and Entergy Texas entered into the PPA in May 2011. The regulatory approval and Entergy's securing of necessary transmission puts Calpine on track to begin delivering power in June 2012.

The PPA was selected through a competitive process that resulted from the 2009 Request for Proposals for Long-term Supply Side Resources issued by Entergy Services. Under the PPA, Calpine will provideEntergy Texas with a blend of baseload, intermediate and peaking capacity and energy and ancillary products. Entergy Texas will purchase the plant's full output at summer-rated conditions.

Carville Energy Center, which commenced commercial operation in June 2003, is a highly efficient cogeneration power plant. Using modern, combined-cycle technology, Carville consumes significantly less natural gas and emits less nitrogen oxide per megawatt hour generated than the average fossil-fueled power plant. In addition to generating electricity, Carville provides steam for industrial processing to Cos-Mar Incorporated under a long-term contract.

About Calpine

Calpine Corporation is the largest independent power producer in the U.S., with a fleet of 93 power generation plants representing more than 28,000 megawatts of generation capacity. Last year our plants generated more than 94 million megawatt hours of power for our wholesale customers in 20 states andCanada. Our 91 operating plants as well as two under construction consist primarily of natural gas-fired and renewable geothermal power plants that use advanced technologies to generate power in a low-carbon and environmentally responsible manner. Our modern, clean, efficient and cost-effective fleet stands ready to respond to the increased need for cleaner and more affordable power as the economy recovers, as new environmental rules are implemented and force older, dirtier plants to retire or reduce generation, as variable renewable power generation from wind and solar grows and with it the need for flexible natural gas generation to assure firm supply to the grid, and finally, as natural gas becomes economically competitive with coal as a fuel for power generation. Please visit www.calpine.com to learn more about why Calpine is a generation ahead - today.

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, 2011. 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
or
Investor Relations:
Bryan Kimzey, 713-830-8775
bryan.kimzey@calpine.com