27.02.03

27.2.2003: Meldung: Calpine: Contracts For Geothermal Units

Calpine Corporation (NYSE: CPN - News) today announced that the Federal Energy Regulatory Commission (FERC) has approved a Reliability Must-Run (RMR) Settlement Agreement, which applies to 13 of Calpine"s 19 geothermal power plants located at The Geysers geothermal resource in Northern California. Under the agreement, FERC confirmed the 2002 RMR rates and approved the fixed price base for calculating the 2003, 2004 and 2005 RMR rates. As a result, Calpine"s Geysers-specific RMR revenue will be approximately $45 million for 2002 and is expected to be approximately $40 million each in 2003, 2004 and 2005.

Under the RMR agreement, Calpine"s geothermal facilities provide reliability services benefiting the Northern California power system. Through the RMR designation, the California Independent System Operator (CAISO) can dispatch The Geysers units as needed to maintain the integrity of the regional power grid. Calpine retains the ability to contract with third parties to provide power from the units or to sell power to the CAISO under a contracted energy price included in the settlement.

"Since its inception more than 40 years ago, The Geysers has been fundamentally important in ensuring a consistent supply of clean, reliable power to Northern California," said Calpine Vice President Dennis Gilles, head of Calpine"s geothermal operations. "This agreement speaks to the importance of The Geysers geothermal operations in maintaining the stability of the region"s power system."

Calpine"s ownership in power generation began with the purchase of a five- percent interest in a 20-megawatt facility at The Geysers in 1989. Calpine currently owns, leases and operates 19 of the 21 Geysers" facilities and is the world"s largest producer of geothermal-derived electricity. Calpine is expanding and extending this valuable renewable resource through wastewater recharge projects whereby clean, reclaimed wastewater from local municipalities is recycled into the geothermal reservoir where it is converted into steam for electricity production. This provides an environmentally sound wastewater discharge solution for neighboring cities, while increasing the productivity and extending the life of the geothermal resource.

Based in San Jose, Calif., Calpine Corporation is a leading independent 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 the United Kingdom. Calpine also owns approximately 1.0 trillion cubic feet equivalent of proven 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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