28.01.03

28.1.2003: Meldung: Calpine: 100-MW Power Sales Agreement

San Jose, Calif., Jan. 27 - Calpine Corporation, the nation"s leading independent power company, announced today that it has entered into a three-year power purchase agreement with Nevada Power Company (Nevada Power), a subsidiary of Sierra Pacific Resources . The arrangement calls for the delivery of 100 megawatts of on-peak and 50 megawatts of off-peak power. Calpine expects the contract to generate annual revenue of approximately $43 million.

The agreement has been executed with Nevada Power and is pending final approval by the Public Utilities Commission of Nevada (PUCN). The contract is scheduled for PUCN review this March and power deliveries are expected to begin June 1, 2003.

"Calpine is pleased to be expanding our valued business relationship with Nevada Power through this contract," said Calpine"s Curt Hildebrand, Vice President, Sales & Marketing. "We view Nevada as an important power market for Calpine, and this agreement further highlights the value of our South Point Energy Center. Its location and superior efficiency provide Calpine a distinct advantage in securing contracts to serve one of the region"s fastest growing power markets."

Energy delivered under the Nevada Power contract will primarily originate from Calpine"s South Point Energy Center located at the Fort Mohave Indian Reservation near Bullhead City, Ariz. at the California/Arizona border. Online since June 2001, South Point represents the first merchant power plant to begin operation in Arizona and the first facility of its kind to be developed on Native American tribal lands. The facility was built specifically to serve the Tri-state wholesale power market comprised of Western Arizona, Southern Nevada and Southern California.

Comparable to the majority of Calpine"s energy centers, South Point uses a combined-cycle design that enables it to generate electricity 40 percent more efficiently than traditional natural gas-fired facilities, and the project incorporates the best available emissions control technology resulting in up to 90 percent fewer emissions compared to older-technology power plants.

Based in San Jose, Calif., Calpine Corporation is a leading independent power company that is dedicated to providing wholesale and industrial customers with clean, efficient, natural gas-fired power generation. It generates and markets power through plants it develops, owns, leases and operates 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 one 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) unscheduled outages of operating plants; (iv) unseasonable weather patterns that produce reduced demand for power; (v) systemic economic slowdowns, which can adversely affect consumption of power by businesses and consumers; and (vi) 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.

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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