Calpine Names New Leaders for Commercial Development, Finance and Treasury

  Calpine Names New Leaders for Commercial Development, Finance and Treasury

Business Wire

HOUSTON -- February 12, 2013

Calpine Corporation (NYSE: CPN) has named two Vice Presidents to lead its
Commercial Development and its Finance and Treasury functions.

  *Todd Thornton has been named Vice President of Commercial Development, a
    new position created to drive Calpine’s greenfield and brownfield
    development efforts. Mr. Thornton will report to President and Chief
    Operating Officer Thad Hill. Mr. Thornton joined Calpine in October 2000
    as a Financial Analyst and has held increasingly responsible positions
    within the Finance department, including being named Vice President of
    Finance in 2007 and Treasurer in 2009. He was instrumental in guiding the
    Company through transformation of its capital structure. He earned a
    Bachelor of Science degree in Finance from Northern Illinois University.
  *Stacey Peterson has been named to replace Mr. Thornton as Vice President
    of Finance and Treasurer and will report to Executive Vice President and
    Chief Financial Officer Zamir Rauf. Ms. Peterson will be responsible for
    capital markets and financing activities, including debt compliance, and
    Treasury operations. Ms. Peterson previously served as Vice President of
    Trading in Commercial Operations. She joined Calpine in 2007 as part of
    the restructuring team, focused on the ERCOT region. She was named
    Director of Finance in 2009 and Vice President of Trading in 2011 and has
    played key roles on a variety of commercial projects and transactions.
    Prior to Calpine, Ms. Peterson worked for BP, where she was involved in
    upstream and midstream capital structuring and analysis. She earned a
    Bachelor of Science in Finance from the Kelley School of Business at
    Indiana University.

“Todd and Stacey exemplify the deep bench of talented leaders at Calpine and
our commitment to developing and growing the careers of our employees,” said
Mr. Hill. “In Todd’s new role, he will help us realign and strengthen our
development efforts to take advantage of fiscally responsible growth
opportunities in our key markets.”

“Stacey’s experience and outstanding performance in our Finance and Commercial
Operations groups will provide valuable insight as she assumes this leadership
role,” said Mr. Rauf.

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
wholesale competitive 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