22.01.03

22.1.2003: Meldung: Calpine sells additional units in Income Fund

Calpine Corporation , a leading North American power producer, and Calpine Power Income Fund (TSX: CF.UN) today announced a secondary offering of Warranted Units of the Calpine Power Income Fund.

Calpine plans to sell approximately 17 million Warranted Units, each consisting of one Trust Unit owned by Calpine combined with one-half of one Trust Unit Purchase Warrant issued by the Fund to purchase additional Trust Units of the Fund acquired from Calpine. One full Trust Unit Purchase Warrant will enable the holder to further acquire one Trust Unit of the Fund on or before December 30, 2003 at the offering price. The offering is expected to price by the close of business Wednesday, January 22, 2003 at approximately Cdn $9.00 per Warranted Unit to yield approximately 10.4% at that expected offering price. The offering is expected to close on or about February 13, 2003.

Gross proceeds of the offering to Calpine are expected to be approximately Cdn $153 million prior to the exercise of the Trust Unit Purchase Warrants. If the Warrants are fully exercised, Calpine""s gross proceeds of the offering will be approximately Cdn $230 million. The sale of Calpine""s Trust Units will not impact Calpine""s 30% subordinated interest in the operating assets of the Fund.

Today the Fund is also announcing its financial results for 2002 (representing the period from its initial public offering on August 29, 2002 to December 31, 2002). The 2002 financial results have resulted in excess distributable cash of Cdn $0.9 million that has permitted the declaration of a special distribution of Cdn $0.0165 per Trust Unit to be paid on February 20, 2003 to Unitholders of record on January 31, 2003.

Calpine Power Income Fund is an unincorporated open-ended trust that invests in electrical power generation assets. The Fund indirectly owns interests in two power generating facilities in British Columbia and Alberta and has a loan interest in a third power generating facility in Ontario. The Fund is managed by Calpine Canada Power Ltd., which is headquartered in Calgary, Alberta. The Trust Units of the Calpine Power Income Fund are listed on the Toronto Stock Exchange under the symbol CF.UN, and the Trust Units have the second-highest Canadian stability rating of ""SR-2"" with a stable outlook from Standard & Poor""s. The Trust Unit Purchase Warrants will trade separately from the Trust Units. For more information about the Fund, please visit its website at http://www.calpinepif.com/.

A preliminary prospectus relating to these securities has been filed with securities commissions or similar authorities in certain provinces and territories of Canada but has not yet become final for the purpose of a distribution to the public. The offering will be jointly led by Scotia Capital Inc. and CIBC World Markets Inc. on behalf of a syndicate of underwriters.

The securities offered have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This news release shall not constitute an offer to sell or a solicitation to buy these securities in any state of the United States or province or territory of Canada.

Based in San Jose, Calif., Calpine Corporation is an independent power company that is dedicated to providing wholesale and industrial customers with clean, efficient, natural gas-fired and geothermal power generation. It generates 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 also owns approximately 1.0 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 http://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 http://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.

Source: Calpine Corporation
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