4.8.2004: Meldung: Calpine: New 10-Year, 235-MW Contract

Calpine has signed an expanded, long-term contract with Wisconsin Public Service Corporation, a subsidiary of WPS Resources Corporation . The new 235-megawatt, ten-year power sales commitment for capacity, energy and ancillary services is scheduled to begin on June 1, 2006, subject to approval by the Public Service Commission of Wisconsin. Calpine will support the additional commitment through an expansion of its Fox Energy Center, currently under construction in Kaukauna, Wis.

"We are extremely pleased to have an additional opportunity to help supply the energy needs of Wisconsin Public Service and its customers in Wisconsin and Upper Michigan," stated Jim Shield, Calpine vice president. "Our new agreement represents an excellent opportunity to efficiently expand our Fox Energy Center, allowing us to provide the additional flexibility and economies of scale of a larger, integrated, combined-cycle unit."

"This agreement is an important component in our long-term power supply plan," said Charlie Severance, Wisconsin Public Service Corporation""""s manager -- Supply and Wholesale Services. "The agreement will provide competitively priced and, because of its location in northeast Wisconsin, reliable energy for our customers. With these attributes, we expect the agreement will receive favorable regulatory treatment from the Public Service Commission of Wisconsin. With Public Service""""s expanding load, we need to purchase this power in addition to the power we expect to produce with the units we""""ve already proposed in Wisconsin."

Calpine is currently constructing the 305-megawatt initial phase of the natural gas-fired, combined-cycle power plant to provide 235 megawatts to Wisconsin Public Service for deliveries beginning June 1, 2005. As a result of the new agreement, Calpine will install a second combustion turbine and related equipment to expand the total plant capacity to approximately 550 megawatts. Calpine expects to begin construction of the second phase of the project later this year, using a combustion turbine from its existing inventory. The company expects to use project financing to fund the majority of the construction costs for both the initial and second phases of the project.

In addition to the Fox Energy Center, Calpine operates more than 1,500 megawatts of electric generating capacity in the Wisconsin power market, under contract to utilities throughout the state.

Wisconsin Public Service Corporation, a wholly owned subsidiary of WPS Resources Corporation, is an investor-owned electric and natural gas utility headquartered in Green Bay, Wis. It serves approximately 415,000 electric customers and 300,000 retail natural gas customers in residential, agricultural, industrial, and commercial markets, as well as wholesale customers. The company""""s service area includes northeastern and central Wisconsin, as well as an adjacent portion of Upper Michigan. For more information, visit http://www.wpsr.com/ or http://www.wisconsinpublicservice.com/.

Calpine Corporation, celebrating its 20th year in power in 2004, is a leading North American power company dedicated to providing electric power to customers from clean, efficient, natural gas-fired and geothermal power plants. The company generates power at plants it owns or leases in 21 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 owns or controls approximately one trillion cubic feet equivalent of proved natural gas reserves in the United States and Canada. The company is listed on the S&P 500 and was named FORTUNE""""s 2004 Most Admired Energy Company. The company was founded in 1984 and is publicly traded on the New York Stock Exchange under the symbol CPN. For more information, visit http://www.calpine.com/.

This news release discusses certain matters that may be considered "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 regarding the intent, belief or current expectations of Calpine Corporation ("the Company") and its management. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve a number of risks and uncertainties that could materially affect actual results 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) a competitor""""s development of lower cost generating gas-fired power plants; (vi) risks associated with marketing and selling power from power plants in the newly-competitive energy market; (vii) the Company""""s ability to access the capital markets or obtain bank financing on attractive terms; and (viii) other risks identified from time-to-time in the Company""""s reports and registration statements filed with the SEC, including the risk factors identified in its Annual Report on Form 10-K for the year ended December 31, 2003 and in its Quarterly Report Form 10-Q for the quarter ended March 31, 2004, which can also be found on the Company""""s website 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.

Calpine Corporation
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