03.04.06

3.4.2006: Calpine Corporation: Monitor"s Report in CCAA Proceedings

Calpine Corporation ("Calpine"), together with its indirect wholly owned subsidiary, Calpine Canada Energy Finance ULC ("ULC"), announce the release of the Fifth Report (the "Report") by Ernst & Young Inc. (the "Monitor"), the Court appointed monitor of Calpine"s Canadian subsidiaries who are the subject of proceedings that were commenced on December 20, 2005 pursuant to Companies" Creditors Arrangement Act (Canada) (the "CCAA"). ULC is one of Calpine"s Canadian subsidiaries that are party to the CCAA proceedings.

The purpose of the Report is to provide a preliminary overview of the assets, liabilities and equity of the Calpine Canadian subsidiaries who are party to the CCAA proceedings. Accordingly, the Report includes a review of the assets, liabilities and equity of ULC. The Report has been filed with the Court of Queen"s Bench of Alberta, Judicial District of Calgary and is available from the Court. It can also be downloaded from the Monitor"s website at: http://www.ey.com/ca/calpinecanada.

ULC is an indirect wholly owned subsidiary of Calpine and was established as a special purpose finance subsidiary of Calpine. Its primary business is to engage in financing activities to raise funds for the business operations of Calpine and its subsidiaries. Calpine is a major power company that supplies customers and communities with electricity from clean, efficient, natural gas-fired and geothermal power plants. Calpine, founded in 1984, owns, leases and operates integrated systems of plants in 21 U.S. states and in three Canadian provinces.

CONTACTS: Media Relations: Katherine Potter 408-792-1168 kpotter@calpine.com
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