Calpine CEO to Ring Closing Bell at New York Stock Exchange

  Calpine CEO to Ring Closing Bell at New York Stock Exchange

Business Wire

HOUSTON -- January 18, 2013

This afternoon Jack Fusco, Chief Executive Officer of Calpine Corporation
(NYSE:CPN), and Calpine team members will ring the closing bell at the New
York Stock Exchange to commemorate the fifth anniversary of the relisting of
the Company’s stock on the Exchange.

“Our relisting five years ago was followed by a period of unprecedented
economic stress in America. I am proud to say that through the hard work and
dedication of our employees, Calpine was able not simply to endure that test
but to emerge five years later stronger and more focused than we have ever
been on being the premier independent power generator in America,” Mr. Fusco
said. “More specifically, Calpine has achieved important strategic, operating
and financial milestones over those years.”

Highlights of Calpine’s accomplishments since 2008 include the following:

  *Achieved Meaningful Strategic Objectives

       *Strategically reallocated capital to core competitive wholesale power
         markets including the Mid-Atlantic and Texas through nearly $4
         billion in acquisition and divestiture activities

            *acquired through merger 18 operating power plants representing
              nearly 4,500 megawatts of capacity in the Mid-Atlantic to
              establish a foothold in America’s largest competitive wholesale
              electric market
            *sold five plants representing more than 2,500 megawatts of
              capacity in non-core locations

       *Completed construction of a 565 megawatt plant in Pennsylvania and a
         608 megawatt plant in California
       *On track to bring approximately 1,600 megawatts of additional
         capacity online in California, Texas and Delaware

  *Delivered Excellent Operational Performance

       *Achieved record generation volumes in 2012 with more than 100 billion
         kilowatt hours produced
       *Achieved record-low power plant forced outage factors in 2012
       *Demonstrated industry-leading safety performance

  *Made Meaningful Progress on Financial Goals

       *Strengthened our balance sheet by simplifying capital structure,
         lowering borrowing costs and extending debt maturities through 2023
       *Substantially completed our $600 million share repurchase program
       *Grew Adjusted Recurring Free Cash Flow Per Share

“We believe these accomplishments have created and will continue to enhance
shareholder value as the broader economy continues its recovery and the
markets into which we deliver power and the regulatory trends on the
environmental front reward the unique benefits offered by our fleet of 92
modern, clean, efficient and flexible natural gas-fired and geothermal power
plants,” Mr. Fusco said.

About Calpine

Calpine Corporation generates more electricity than any other independent
power producer in America, with a fleet of 92 power plants in operation or
under construction, representing more than 27,000 megawatts of generation
capacity. Serving customers in 20 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. We focus on
competitive wholesale power markets and advocate for market-driven solutions
that result in nondiscriminatory forward price signals for investors. 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