Thad Hill to Succeed Jack Fusco as Calpine’s CEO in May 2014 When Fusco Becomes Executive Chairman

  Thad Hill to Succeed Jack Fusco as Calpine’s CEO in May 2014 When Fusco
  Becomes Executive Chairman

Business Wire

HOUSTON -- November 7, 2013

As part of a planned leadership transition, the Calpine Corporation (NYSE:CPN)
Board of Directors has selected Thad Hill, the Company’s President and Chief
Operating Officer, to succeed Jack Fusco as the Company’s Chief Executive
Officer when, as previously announced, Mr. Fusco assumes the role of Executive
Chairman of the Board of Directors following the Company’s annual meeting of
shareholders in May 2014.

Jack Fusco (Photo: Business Wire)

Jack Fusco (Photo: Business Wire)

“Succession planning and career progression for senior executives is an
important strategic consideration for any company. At Calpine, we have been
preparing for the next generation of leadership since we hired Thad in 2008.
With his expansive industry knowledge and expertise in both commercial and
power operations, Thad has helped Calpine achieve operational and commercial
excellence. Our shareholders and employees alike will benefit from continuity
of leadership and specifically from Thad’s keen business insights that inform
sound strategic and tactical decisions,” Mr. Fusco said. “I’m also excited
about the opportunity to spend more time focusing on the Company’s long-term
strategic plan and engaging with policymakers as I continue to advocate for
fair and competitive power markets and responsible environmental regulation.”

“I am grateful to Jack for setting an example of disciplined and effective
leadership and to the Board for giving me the opportunity to build on the
progress we have made at Calpine over the last five years. As a Company, we
are uniquely well positioned to take advantage of the continuing industry
trends of affordably priced natural gas, environmental responsibility and the
need for flexible power generation,” Mr. Hill said. “I look forward to leading
our talented workforce toward our vision of being the premier power generation
company in the U.S. while continuing to provide meaningful returns to our

Mr. Hill will become responsible for operations of the Company and assume the
other duties customarily carried out by CEOs immediately following the Calpine
2014 annual meeting of shareholders next May. He will continue to serve as
President of the Company and will also be nominated and will serve as a member
of the Board of Directors, subject to election by shareholders at the annual
meeting of shareholders in May 2014.

As announced last December, Mr. Fusco’s contract with Calpine was extended
through December 2015. He will continue to serve as Calpine’s CEO through the
annual meeting of shareholders in May 2014 when he will assume executive
leadership of the Board. As Executive Chairman he will continue to work with
Mr. Hill on issues important to the Company, contribute to the development and
communication of the Company’s long-term strategic plan, provide industry
leadership as a spokesman on public policy issues affecting Calpine and the
industry, and otherwise assist in helping Calpine continue to create and
deliver shareholder value. Our independent directors intend to appoint a lead
independent director at the Board meeting to be held immediately following the
May 2014 annual meeting of shareholders when Mr. Fusco becomes Executive

Mr. Hill joined Calpine in September 2008 as Executive Vice President and
Chief Commercial Officer. He became Chief Operating Officer in October 2010
with responsibility for the company’s commercial and power operations as well
as its human resources function, and he was named President in December 2012.
Prior to Calpine, Mr. Hill was with NRG Energy from 2006 to 2008, serving as
President of NRG Texas in 2007-2008. Prior to NRG, Mr. Hill was Executive Vice
President of Strategy and Business Development at Texas Genco from 2005 to
2006. From 1995 to 2005, he was with Boston Consulting Group Inc., where he
rose to Partner and Managing Director and led the North American energy
practice, serving companies in the power and gas sector with a focus on
commercial and strategic issues. Mr. Hill received his Bachelor of Arts degree
from Vanderbilt University magna cum laude and a Master of Business
Administration degree from the Amos Tuck School of Dartmouth College, where he
was elected an Edward Tuck Scholar.

Mr. Fusco has been Calpine’s Chief Executive Officer and a member of its Board
of Directors since 2008. Calpine became a Fortune 400 company under his
leadership. In 2012, he was named Best CEO in the electric industry by
Institutional Investor Magazine based on a national survey of buy-side and
sell-side investment analysts, and he received the top ranking from buy-side
analysts in 2011. He also received the award for Best IR by a CEO or Chairman
among all mid-cap companies in the 2013 IR Magazine Awards. Mr. Fusco is also
a recognized thought leader in the industry on critical U.S. energy policy
issues including clean energy and competitive wholesale markets. He has
appeared before Congress, meets regularly with key legislators and regulators
in Calpine’s markets and has served as Chairman of the Electric Power
Suppliers Association, the national association for competitive power

About Calpine

Calpine Corporation generates more electricity than any other independent
power producer in America, with a fleet of 93 power plants in operation or
under construction, representing more than 28,000 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 to learn more about why Calpine is a generation ahead –

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, 2012. These filings are available by visiting the Securities and
Exchange Commission’s website at or Calpine’s website at 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.

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Calpine Corporation
Media Relations:
Brett Kerr, 713-830-8809
Investor Relations:
Bryan Kimzey, 713-830-8775
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