Calpine Advances Development of 309 MW Garrison Energy Center

  Calpine Advances Development of 309 MW Garrison Energy Center

Business Wire

HOUSTON -- November 01, 2012

Calpine Corporation (NYSE:CPN) has confirmed its commitment to proceed with
full-scale development efforts for the proposed 309 megawatt Garrison Energy
Center, an energy-efficient and environmentally responsible power plant to be
located in Dover, Delaware. Subject to continued successful development
milestones, including the receipt of key environmental and land use approvals,
Calpine expects to commence construction of the facility in early 2013 and to
achieve commercial operation by June 1, 2015.

“When Calpine acquired Conectiv Energy in July 2010, we made a commitment to
Delaware that we would be a good corporate citizen,” said Jack Fusco,
Calpine’s President and Chief Executive Officer. “Initially, we voluntarily
eliminated the use of coal at our power plants in favor of cleaner burning
natural gas. Our next step is to help Delaware ensure its electric energy
supply future by constructing a modern, state-of-the art power plant that will
provide competitively priced, reliable electric energy for the Delmarva
Peninsula.”

The Garrison Energy Center is under advanced development as a combined-cycle,
natural gas-fired generating facility that will be designed to accommodate an
additional 309 megawatt expansion should future market conditions warrant. To
date, the project has received strong support from state and local officials
as a significant economic development opportunity and a valuable addition to
the state’s energy infrastructure.

“Delaware is committed to securing cleaner, cheaper and more reliable energy,”
said Governor Jack Markell. “By deploying advanced energy-efficient
technology, electric production from the Garrison Energy Center will provide
lower-cost and cleaner electricity for Delaware residents and businesses,
while displacing older, inefficient and dirtier sources of energy from upwind
states. Since Calpine established a regional headquarters in Wilmington two
years ago, my administration has supported its efforts to help meet the
state’s power needs while creating jobs and spurring new economic development
opportunities.”

The project will also provide local benefits. “Calpine’s Garrison Energy
Center, which will be built in Dover’s Garrison Oak Technical Park, represents
a unique opportunity for the City. This state-of-the-art generating facility
will improve the reliability of the electric system and provide new and
much-needed revenue streams for the City. In addition, the construction of a
pipeline to serve the facility will expand the availability of natural gas to
other businesses and consumers in the region,” said Dover Mayor Carlton E.
Carey Sr. “We are pleased to welcome the Garrison Energy Center as an anchor
tenant to the technical park and thank Calpine for its commitment to the First
State.”

“This project demonstrates that by working cooperatively with governmental
officials and other valued stakeholders, we can all benefit from the regional
wholesale competitive market,” Fusco added.

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 and
Canada. 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 www.sec.gov or Calpine’s website 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.

Contact:

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
 
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