07.10.05

7.10.2005: Meldung: Calpine Completes Sale of Ontelaunee Energy Center for $225 Million

SAN JOSE, Calif., Oct. 7 Calpine Corporation has completed the sale of its 550-megawatt Ontelaunee Energy Center to LS Power Equity Partners (LS Power) for $225 million, less transaction costs. The previously announced asset sale is part of Calpine"s strategic initiative to reduce debt and optimize its power plant portfolio. Since launching its strategic initiative in May 2005, Calpine has completed more than $2 billion of asset sales.

The Ontelaunee sale is the third of four planned power plant sales, which the company announced in June 2005. Net proceeds from the sale of Ontelaunee will be used in accordance with the company"s indentures. The company expects to record a non-cash loss on the sale of Ontelaunee of approximately $129 million in the quarter endedSeptember 30, 2005.

"The Ontelaunee sale provides Calpine with the resources to concentrate our activities in Calpine"s core markets to further optimize our power operations," stated Calpine Executive Vice President and Chief Financial Officer Bob Kelly. "The sale also provides Calpine with the opportunity to expand our energy services business, providing LS Power a broad range of operational and power services for Ontelaunee."

Calpine will continue to operate the plant on behalf of LS Power for five years, and provide turbine maintenance and parts services for ten years. Calpine Energy Services, the trading and risk management subsidiary for Calpine, will supply a variety of energy services, including power marketing and coordination of power and fuel scheduling, for a six-month term. The Ontelaunee Energy Center is a natural gas-fired, combined-cycle power plant located in Ontelaunee Township, Pa. The plant entered operations in 2002 and generates electricity for the Pennsylvania-New Jersey-Maryland power market.

About Calpine

A major power company, Calpine Corporation supplies customers and communities with electricity from clean, efficient, natural gas-fired and geothermal power plants. Calpine owns, leases and operates integrated systems of plants in 21 U.S. states and three Canadian provinces, and is building a plant in Mexico. Its customized products and services include wholesale and retail electricity, natural gas, gas turbine components and services, energy management, and a wide range of power plant engineering, construction and operations services. Calpine was founded in 1984. It is included in the S&P 500 Index and is publicly traded on the New York Stock Exchange under the symbol CPN. For more information, visit http://www.calpine.com/.
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