CPN: NYSE 15.01
+0.00 +0% Volume: 4,569,300 November 17, 2017
America’s Premier Power Generation Company
... Creating Power for a Sustainable Future

Calpine Closes on Acquisition of Champion Energy

10/01/2015

Leading Retailer Brings Calpine Closer to Customers, Complements Generation Portfolio

HOUSTON--(BUSINESS WIRE)-- Calpine Corporation (NYSE:CPN) today closed the previously announced acquisition of leading retail electric provider Champion Energy Marketing, LLC.

Champion Energy serves primarily commercial and industrial customers, in addition to approximately 115,000 residential customers, in 10 states that closely overlap and complement Calpine’s wholesale power generation presence in the Texas, Mid-Atlantic and Northeastern U.S. power markets. Champion Energy will remain headquartered in Houston and will continue to operate under the highly regarded Champion Energy brand, as exemplified by its top ranking in 2015 by J.D. Power for residential customer satisfaction in Texas for the fifth time, including from 2010 to 2013.

“The addition of Champion Energy is an important step in our concerted effort to create more channels for our wholesale power by getting closer to customers,” said Calpine’s Executive Vice President and Chief Commercial Officer Trey Griggs. “We look forward to building upon the success of the Champion Energy team as we integrate and grow the platform. We are particularly excited to welcome the talented Champion Energy employees to the Calpine team.”

“The Champion Energy team is thrilled to be joining the Calpine team and to be in a position to meaningfully grow the retail business and better serve our customers with the support of Calpine’s modern, clean and efficient fleet of power generation facilities,” said David Tudor, Champion Energy’s President and Chief Executive Officer, who will remain in his leadership role and report to Griggs.

Calpine purchased the business from a subsidiary of Crane Champion Holdco LLC, which owned a 75% interest, and from EDF Trading North America, which owned a 25% interest, for $240 million plus working capital adjustments. The transaction was funded with cash on hand.

About Calpine

Calpine Corporation is America’s largest generator of electricity from natural gas and geothermal resources. Our fleet of 83 power plants in operation or under construction represents nearly 27,000 megawatts of generation capacity. Through wholesale power operations and our retail business, Champion Energy, we serve customers in 19 states and Canada. We specialize in developing, constructing, owning and operating natural gas-fired and renewable geothermal power plants that use advanced technologies to generate power in a low-carbon and environmentally responsible manner. Our clean, efficient, modern and flexible fleet is uniquely positioned to benefit from the secular trends affecting our industry, including the abundant and affordable supply of clean natural gas, stricter environmental regulation, aging power generation infrastructure and the increasing need for dispatchable power plants to successfully integrate intermittent renewables into the grid. Please visit www.calpine.com to learn more about why Calpine is a generation ahead – today, or visit www.championenergyservices.com for details on Champion’s award-winning retail electric services.

About Champion

www.championenergyservices.com

Houston-based Champion Energy Services is one of the fastest-growing and largest retail electric providers (REPs) in the nation and one of the top REPs never to have been affiliated with a utility. Champion Energy currently serves residential, governmental, commercial and industrial customers in deregulated electric energy markets across the U.S. The company currently serves more than 2 million residential customer equivalents, with a peak load near 4,000 megawatts.

Forward-Looking Information

In addition to historical information, this release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, 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,” “should,” “estimate,” “potential,” “project” 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, 2014. 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. Given the risks and uncertainties surrounding forward-looking statements, you should not place undue reliance on these statements. Many of these factors are beyond our ability to control or predict. Our forward-looking statements speak only as of the date of this release. Actual results or developments may differ materially from the expectations expressed or implied in the forward-looking statements, and, other than as required by law, Calpine undertakes no obligation to update any such statements, whether as a result of new information, future events, or otherwise.

Source: Calpine Corporation

Calpine Corporation

Media Relations:

Brett Kerr, 713-830-8809

brett.kerr@calpine.com

or

Investor Relations:

Bryan Kimzey, 713-830-8775

bryan.kimzey@calpine.com