01.04.03

1.4.2003: Meldung: Calpine: New Facility in Commercial Operation

Calpine Corporation (NYSE: CPN - News), one of North America"s leading power companies announced today that its Los Esteros Critical Energy Facility has begun commercial operation. The state-of-the-art electric-generating facility can currently produce as much as 180 megawatts of electricity for peak demand periods and is contracted to deliver power to the California Department of Water Resources (DWR) through March 2006.

As a part of its plan to prevent future blackouts, the State of California engaged Calpine to build a series of "peaker" projects - facilities only operated at high-demand periods. The Los Esteros site was identified as being critical to supporting Silicon Valley"s power needs. The California Independent System Operator identified the San Jose area as being among the most generation-deficient areas in the state and among the most vulnerable metropolitan areas in Northern California.

The largest addition to Silicon Valley"s generating capacity to date, Los Esteros should help address the power supply imbalance. "As a San Jose-based company, Calpine is uniquely positioned to develop energy solutions suited to Silicon Valley"s needs," said Bob Fishman, Calpine senior vice president. "Silicon Valley has long been dependent upon imported electricity. By locating Los Esteros close to the power demand, Calpine can help overcome electricity transmission constraints as well as addressing supply issues."

Under the three-year DWR contract, Calpine will operate as many as 4,000 hours annually under the contract and receive fixed annual capacity payments averaging $38.8 million based off of current capacity. Calpine retains the opportunity to operate the Los Esteros project on a merchant basis during times it is not called upon by the State.

Calpine has made an unprecedented investment in California"s energy infrastructure through the construction and operation of the state"s newest, cleanest, and most efficient fleet of power projects. Since July 2001, Calpine has added more than 2,500 megawatts of new capacity in California -- an accomplishment unmatched by any other company. Calpine has almost 3,900 megawatts in operation and more than 2,000 megawatts under construction throughout the state.

Calpine Corporation is a leading North American power company dedicated to providing wholesale and industrial customers with clean, efficient, natural gas-fired and geothermal power generation. It generates and markets power through plants it owns, operates, leases, and develops in 23 states in the United States, three provinces in Canada and in the United Kingdom. Calpine is also the world"s largest producer of renewable geothermal energy, and it owns approximately 1 trillion cubic feet equivalent of proved natural gas reserves in Canada and the United States. The company was founded in 1984 and is publicly traded on the New York Stock Exchange under the symbol CPN. For more information about Calpine, visit its website at www.calpine.com.

This news 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, including statements such as those concerning Calpine Corporation"s ("the Company") expected financial performance and its strategic and operational plans, as well as all 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 involve a number of risks and uncertainties that could cause actual results to differ materially from the forward-looking statements, such as, but not limited to: (i) the timing and extent of deregulation of energy markets and the rules and regulations adopted on a transitional basis with respect thereto; (ii) the timing and extent of changes in commodity prices for energy, particularly natural gas and electricity; (iii) commercial operations of new plants that may be delayed or prevented because of various development and construction risks, such as a failure to obtain the necessary permits to operate, failure of third-party contractors to perform their contractual obligations or failure to obtain financing on acceptable terms; (iv) unscheduled outages of operating plants; (v) unseasonable weather patterns that produce reduced demand for power; (vi) systemic economic slowdowns, which can adversely affect consumption of power by businesses and consumers; (vii) actual costs being higher than preliminary cost estimates; and (viii) other risks identified from time-to-time in our reports and registration statements filed with the SEC, including the risk factors identified in our Quarterly Report on Form 10-Q for the quarter ended September 30, 2002 and in our Annual Report on Form 10-K for the year ended December 31, 2001, which can be found on the Company"s web site at www.calpine.com. All information set forth in this news release is as of today"s date, and the Company undertakes no duty to update this information.

Contact:

Calpine Corporation
Corporate Headquarters
50 West San Fernando Street
San Jose, CA 95113
Phone: 408.995.5115
Fax: 408.995.0505
www.calpine.com
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