07.08.03

7.8.2003: Meldung: Calpine Second Quarter 2003 Financial Results

San Jose, Calif.-based Calpine Corporation , one of North America""s leading power companies, today announced financial and operating results for the three and six months ended June 30, 2003.

For the quarter ended June 30, 2003, the company reported a $0.06 loss per share, or a $23.4 million net loss, compared with $0.18 earnings per share, or $68.3 million net income for the second quarter of 2002. Results for the second quarter of 2003 include a $0.04 per share non-cash charge for equipment and development cost impairment write-downs, a $0.04 per share non-cash charge for foreign exchange translation losses, a $0.02 per share charge for discontinued operations to reflect the sale of the company""s specialty engineering unit, offset by a $0.01 per share gain recorded on the purchase of outstanding debt and a $0.02 per share gain from reducing a reserve for equipment repair costs based on an agreement reached with a vendor.

For the six months ended June 30, 2003, the company reported a $0.20 loss per share, or a $75.4 million net loss, compared with a $0.02 loss per share, or a $7.4 million net loss for the six months ended June 30, 2002. Results for the first six months of 2003 include a $0.03 per share non-cash charge for equipment and development cost write-downs, a $0.09 per share non-cash charge for foreign exchange translation losses, a $0.03 per share charge for discontinued operations to reflect the sale of the company""s specialty engineering unit, a $0.02 per share loss from non-routine equipment repair costs offset by a $0.01 per share gain recorded on the purchase of outstanding debt.

Second Quarter 2003 2002 % Chg Megawatt-hours Generated (millions) 17.9 15.7 14% Megawatts in Operation 22,351 14,919 50% Revenue (millions) $2,186.1 $1,758.4 24% Net Income (Loss) (millions) $(23.4) $68.3 (134)% Earnings (Loss) Per Share (millions) $(0.06) $0.18 (133)% Operating Cash Flow (millions) $113.3 $412.0 (73)% EBITDA, as adjusted (millions) (a) $344.4 $326.8 5% EBITDA, as adjusted, before charges (millions) (b) $393.8 $346.0 14% Total Assets (billions) $26 $23 13% (a) Earnings Before Interest, Tax, Depreciation and Amortization, as adjusted; see attached Supplemental Data for reconciliation from net income. (b) See attached Supplemental Data for reconciliation from EBITDA, as adjusted.

"At the beginning of the year, Calpine put in place an aggressive program to enhance liquidity, refinance current maturities and begin to reduce outstanding debt," Calpine President and CEO Peter Cartwright said. "We also wanted to continue Calpine""s transition from a small, independent power developer to a major power company serving large load-serving and industrial customers throughout North America and in the United Kingdom.

"We""ve made tremendous progress in advancing this program -- developing new products and services to better serve our customers, further lowering the cost of production through economies of scale, and executing our near- and long-term strategies in spite of less-than-favorable market conditions," Cartwright added. "Since the beginning of the year, Calpine has completed or announced more than $1.6 billion of liquidity-enhancing transactions, raised $3.8 billion to refinance and repay debt, and grown our operating and contractual power portfolios.

"While electricity prices may remain low through 2004, we are beginning to see a positive shift in the market," Cartwright continued. "We are encouraged by an increased demand for long-term contracts to hedge volatility and by the continuing need to modernize North America""s aging power infrastructure with new, clean, reliable sources of generation.

"The power industry remains a strong long-term business. Calpine""s proven ability to succeed in the best and most trying of market climates differentiates us from traditional market players," added Cartwright. "Backed by the industry""s largest, cleanest and most fuel-efficient fleet of natural gas-fired and geothermal power plants and our ability to optimize our growing operating and contractual portfolios, Calpine is poised for continued growth."

2003 Second Quarter Results

The company""s growing portfolio of operating generation facilities contributed to a 14% and 23% increase in electric generation production for the three and six months ended June 30, 2003, respectively, compared to the same periods in 2002, allowing the Company to achieve approximately $2.2 billion of revenue for the second quarter of 2003, compared to approximately $1.8 billion for the second quarter of 2002. Electric generation and marketing revenues increased 27% and 41% for the three and six months ended June 30, 2003, respectively, as a result of this new production and as a result of hedging and optimization activity, compared with the same periods in 2002. Operating results for the three and six months ended June 30, 2003, reflect an increase in realized electricity prices. However, the company experienced a decrease in average spark spreads per megawatt-hour compared with the same periods in 2002, reflecting proportionately higher fuel expense.

Plant operating expenses, interest expense and depreciation were higher due to the additional plants in operation. This was partially mitigated by an increase in oil and gas production margins compared to the prior periods due to higher realized oil and gas pricing. As a result of the above, gross profit for the three and six months ended June 30, 2003, decreased approximately 25% and 16%, respectively, compared to the same periods in 2002.

In the second quarter of 2003, the company provided for a $17.2 million impairment write-down in the carrying value of two excess turbines to be sold in the third quarter in conjunction with construction management services by our Calpine Power Services unit. Calpine expects to use the proceeds of the turbine sales to repurchase bonds at a gain, which together with the expected profits on the construction management services should, in future periods, partially offset the impairment write-down.

In addition, the company recorded $19.1 million in foreign exchange translation losses relating to inter-company transactions due mainly to a strong Canadian dollar in the quarter. However, primarily as a result of the strong Canadian dollar, the recorded book value of the company""s net long-term investment in foreign assets increased by approximately $69 million, and is reflected in the currency translation account in equity on the balance sheet. Income from unconsolidated operations included $52.8 million ($0.10 per share) in connection with replacing the existing tolling arrangement with a unit of Aquila on the Acadia facility with a tolling contract with our Calpine Energy Services unit, and recorded an $8.5 million after tax charge to discontinued operations as the company decided to sell its specialty engineering business, reflecting the soft market for data centers for the foreseeable future.

2003 Liquidity Program Update

In 2003, Calpine outlined a $2.3 billion program for construction, refinancing and general corporate purposes. The company has completed or announced more than $1.6 billion of liquidity-enhancing transactions since the beginning of the year. Over the past few months, Calpine has:

-- Monetized one of its long-term power sales contracts with the California Department of Water Resources through an $802 million senior secured notes offering by Power Contract Financing, L.L.C., a Calpine stand-alone subsidiary. -- Received $105.5 million for a contract monetization and a restructuring of its 50-percent interest in a partnership that owns and operates the 1,160-megawatt Acadia Power Project in Louisiana. -- Completed an $82.8 million monetization of its 100-megawatt power sales agreement with the Bonneville Power Administration. -- Announced plans for its stand-alone subsidiary Gilroy Energy Center, LLC (GEC) to sell approximately $270 million of senior secured notes, net proceeds of which will be used to reimburse costs incurred in connection with Calpine""s 11 northern California peaking units. Calpine also announced negotiations for a $74 million third-party equity investment in GEC. -- Agreed to sell its unconsolidated, 50-percent interest in the 240-megawatt Gordonsville Power Plant. As a result of the transaction, Calpine will receive a $31.5 million cash payment, which includes a $5.5 million payment from the project for return of a debt service reserve.

The company continues to make progress on the remaining liquidity transactions, including additional asset sales, the construction financing for the Riverside and Rocky Mountain projects and the receipt of the balance due from warrants issued as part of the Calpine Power Income Fund secondary offering. All of these transactions are scheduled to be completed during the second half of 2003.

On June 30, 2003, liquidity for the company totaled approximately $763 million. This included cash and cash equivalents on hand of $418 million, the current portion of restricted cash of $285 million and approximately $60 million of borrowing capacity under the company""s various credit facilities.

Refinancing Program

During the second quarter, Calpine made tremendous progress in addressing all of its 2003 debt maturities, as well as a term loan maturing in 2004. Highlights of the refinancing efforts include:

-- Completion of a $3.3 billion second-priority term loan and senior secured notes offering. Net proceeds from the offering have been used to repay existing indebtedness, including approximately $950 million of borrowings outstanding under the company""s term loan that was to mature in May 2004, and approximately $450 million of borrowings outstanding under the company""s working capital revolver. The balance of the net proceeds will be used to purchase outstanding public indebtedness in open-market purchases. To date, the company has purchased approximately $1.1 billion of senior notes at a cost of approximately $0.9 billion. -- Entered into a new $500 million first-priority senior secured working capital facility that included a two-year, $300 million working capital revolver and a four-year, $200 million term loan. -- Announced a $750 million term loan and secured notes offering to refinance a portion of the company""s CCFC I existing indebtedness, which matures in November 2003. The remaining balance of CCFC I will be repaid from cash on hand. Operations Update

Calpine is an industry leader in the production of clean, reliable power generation. The company""s operating portfolio consists of 70 natural gas-fired generating facilities and 19 geothermal units. Combined, its portfolio can generate nearly 22,400 megawatts of capacity and represents the largest, cleanest and most fuel-efficient portfolio of its kind. During the second quarter, Calpine has:

-- Produced 17.9 million megawatt-hours, a 14% improvement compared to second quarter production levels in 2002. -- Achieved an average merchant baseload heat rate of approximately 7,230 British thermal units per kilowatt-hour for the quarter, a 3% improvement over the second quarter of 2002. -- Advanced construction of 13 additional projects in ten states. -- Produced approximately 270 million cubic feet equivalent per day of natural gas -- representing about 21% of Calpine""s total fuel consumption requirements. -- Completed construction of ten natural gas-fired power plants, representing more than 3,000 megawatts of new capacity. During the first six months of 2003, Calpine added approximately 3,400 megawatts of capacity.

As a result of the efforts of Calpine""s turbine and central maintenance group and Siemens Westinghouse, Calpine""s facilities are fully operational. Calpine""s turbine maintenance expertise and ability to manufacture parts have enabled the company to expedite repairs and modifications to ensure continued high reliability to meet peak summer demand.

New Market Opportunities

As an operations- and customer-focused company, Calpine""s strategy is to sell approximately two-thirds of its power under long-term contracts to large load-serving entities and industrial customers.

During the first half of 2003, the company entered into a number of new power contracts with major load-serving customers in key power markets throughout North America. These contracts, totaling approximately 4,500 megawatts, have an average on-peak spark spread of approximately $19 per megawatt hour and have an average life of more than two years. In addition, Calpine is currently pursuing approximately 26,000 megawatts of new contract opportunities.

A recent example of Calpine""s fully integrated capabilities includes a multi-service agreement with a California municipality. To help its customer develop a new, cost-effective energy resource, Calpine developed a program that incorporates engineering, construction management and equipment inventory services, including two gas-fired turbines. The municipality benefits from Calpine""s fully integrated capabilities and from the installation of highly reliable equipment. Calpine gains a valued customer and attractive services agreement. Proceeds from the turbine sales will be used to repurchase its bonds at a gain.

Included in the attached Supplemental Data to this news release is an updated report summarizing Calpine""s total generation capacity through 2007 and the percentage of this capacity currently under contract. A full detailed report is available on the company""s website at http://www.calpine.com/.

Updated 2003 Earnings Guidance

The company is updating its GAAP fully diluted earnings per share guidance for the year ending December 31, 2003 to a range of approximately $0.90 to $1.20 per share. Included in this guidance are other expenses, which include equipment and development cost write-downs and foreign exchange translation losses; other income, which includes gains on sale of assets; gains to be recorded on the open-market purchases of existing indebtedness, and mark-to-market gains to be recorded on certain power and gas contracts due to a change in accounting principle. The following is a breakdown of the 2003 earnings guidance:

-- Core operating earnings $0.25 to $0.35 -- Net other expense ($0.10) to ($0.15) -- Net other income $0.10 to $0.20 -- Gains on the purchase of existing debt $0.40 to $0.45 -- Mark-to-market earnings $0.25 to $0.35 Total $0.90 to $1.20

EBITDA, as adjusted, before non-cash and other charges, is anticipated to be approximately $1.4 to $1.5 billion. The operating earnings and EBITDA, as adjusted estimates are based on average on-peak spark spreads of approximately $8 to $10 per megawatt-hour and include increased interest expense associated with completed recently announced financing transactions.

Conference Call Information

Calpine will host a conference call to discuss its second quarter 2003 financial results and provide an update on liquidity and refinancings. The conference call will occur Wednesday, August 6, 2003, at 8:30 a.m. PDT. To participate via the teleconference (in listen-only mode), dial 1-888-603-6685 at least five minutes before the start of the call. In addition, Calpine will simulcast the conference call live via the Internet. The web cast can be accessed and will be available for 30 days on Calpine""s investor relations page at http://www.calpine.com/.

About Calpine

Calpine Corporation is a leading North American power company dedicated to providing electric power to wholesale and industrial customers from clean, efficient, natural gas-fired and geothermal power facilities. The company generates power at plants it owns or leases in 22 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 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 successful exploitation of an oil or gas resource that ultimately depends upon the geology of the resource, the total amount and costs to develop recoverable reserves and operations factors relating to the extraction of natural gas; (viii) the effects on the Company""s business resulting from reduced liquidity in the trading and power industry; (ix) the Company""s ability to access the capital markets or obtain bank financing on attractive terms; (x) the direct or indirect effects on the Company""s business of a lowering of its credit rating (or actions it may take in response to changing credit rating criteria), including, increased collateral requirements, refusal by the Company""s current or potential counterparties to enter into transactions with it and its inability to obtain credit or capital in desired amounts or on favorable terms; and (xi) other risks identified from time-to-time in our 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, 2002, and Quarterly Report on Form 10-Q for the quarter ended March 31, 2003, which can 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 AND SUBSIDIARIES Consolidated Condensed Statements of Operations For the Three and Six Months Ended June 30, 2003 and 2002 (In thousands, except per share amounts) (unaudited) Three Months Ended Six Months Ended June 30, June 30, _____________________ _____________________ 2003 2002 2003 2002 _______ _______ _______ _______ Revenue: Electric generation and marketing revenue Electricity and steam revenue $1,072,636 $707,312 $2,194,674 $1,329,712 Sales of purchased power for hedging and optimization 744,805 718,157 1,426,089 1,238,208 _______ _______ _______ _______ Total electric generation and marketing revenue 1,817,441 1,425,469 3,620,763 2,567,920 Oil and gas production and marketing revenue Oil and gas sales 29,490 16,128 55,479 69,204 Sales of purchased gas for hedging and optimization 328,478 309,352 655,946 432,756 _______ _______ _______ _______ Total oil and gas production and marketing revenue 357,968 325,480 711,425 501,960 Trading revenue, net Realized revenue on power and gas trading transactions, net 9,060 2,202 30,274 8,431 Unrealized mark-to-market gain (loss) on power and gas transactions, net (7,221) 1,974 (7,992) 4,791 _______ _______ _______ _______ Total trading revenue, net 1,839 4,176 22,282 13,222 Other revenue 8,808 3,247 16,100 5,978 _______ _______ _______ _______ Total revenue 2,186,056 1,758,372 4,370,570 3,089,080 _______ _______ _______ _______ Cost of Revenue: Electric generation and marketing expense Plant operating expense 164,448 118,415 329,428 234,889 Royalty expense 6,461 4,194 11,818 8,349 Purchased power expense for hedging and optimization 738,719 550,879 1,418,668 980,114 _______ _______ _______ _______ Total electric generation and marketing expense 909,628 673,488 1,759,914 1,223,352 Oil and gas production and marketing expense Oil and gas production expense 29,082 22,788 54,773 44,427 Purchased gas expense for hedging and optimization 331,122 331,392 648,070 452,753 _______ _______ _______ _______ Total oil and gas production and marketing expense 360,204 354,180 702,843 497,180 Fuel expense 555,368 350,298 1,205,604 682,832 Depreciation, depletion and amortization expense 140,187 103,674 274,897 198,643 Operating lease expense 28,168 28,239 55,860 56,380 Other expense 6,870 1,146 12,121 3,098 _______ _______ _______ _______ Total cost of revenue 2,000,425 1,511,025 4,011,239 2,661,485 _______ _______ _______ _______ Gross profit 185,631 247,347 359,331 427,595 Loss (income) from unconsolidated investments in power projects (59,352) 1,111 (64,475) (386) Equipment cancellation cost 2,043 -- 2,130 168,471 Project development expense 6,072 24,713 11,158 36,051 General and administrative expense 63,820 52,422 117,520 110,248 _______ _______ _______ _______ Income from operations 173,048 169,101 292,998 113,211 Interest expense 148,879 79,117 291,840 152,822 Distributions on trust preferred securities 15,656 15,655 31,313 31,309 Interest income (9,002) (9,762) (17,039) (21,938) Minority interest expense 5,333 681 7,612 411 Other expense (income) 30,881 (3,718) 65,472 (16,301) _______ _______ _______ _______ Income (loss) before provision (benefit) for income taxes (18,699) 87,128 (86,200) (33,092) Provision (benefit) for income taxes (3,881) 27,767 (20,433) (14,801) _______ _______ _______ _______ Income (loss) before discontinued operations and cumulative effect of a change in accounting principle (14,818) 59,361 (65,767) (18,291) Discontinued operations, net of tax provision (benefit) of $(5,330), $4,771, $(6,439) and $5,768 (8,548) 8,960 (10,144) 10,939 Cumulative effect of a change in accounting principle, net of tax provision of $--, $--, $450 and $-- -- -- 529 -- _______ _______ _______ _______ Net income (loss) $(23,366) $68,321 $(75,382) $(7,352) _______ _______ _______ _______ Basic earnings (loss) per common share: Weighted average shares of common stock outstanding 381,219 356,158 381,089 331,745 Income (loss) before discontinued operations and cumulative effect of a change in accounting principle $(0.04) $0.17 $(0.17) $(0.06) Discontinued operations, net of tax $(0.02) $0.02 $(0.03) $0.04 Cumulative effect of a change in accounting principle, net of tax $-- $-- $-- $-- _______ _______ _______ _______ Net income (loss) $(0.06) $0.19 $(0.20) $(0.02) _______ _______ _______ _______ Diluted earnings (loss) per common share: Weighted average shares of common stock outstanding before dilutive effect of certain convertible securities 381,219 365,606 381,089 331,745 Income (loss) before dilutive effect of certain convertible securities, discontinued operations and cumulative effect of a change in accounting principle $(0.04) $0.16 $(0.17) $(0.06) Dilutive effect of certain convertible securities (A) $-- $-- $-- $-- _______ _______ _______ _______ Income (loss) before discontinued operations and cumulative effect of a change in accounting principle $(0.04) $0.16 $(0.17) $(0.06) Discontinued operations, net of tax $(0.02) $0.02 $(0.03) $0.04 Cumulative effect of a change in accounting principle, net of tax $-- $-- $-- $-- _______ _______ _______ _______ Net income (loss) $(0.06) $0.18 $(0.20) $(0.02) _______ _______ _______ _______ The financial information presented above and in the Supplemental Data attached hereto is subject to adjustment until the company files its Form 10-Q with the Securities and Exchange Commission for the quarter ended June 30, 2003. (A) Includes the effect of the assumed conversion of certain convertible securities. No convertible securities were included in the three months ended June 30, 2003, or for the six months ended June 30, 2003 and 2002 amounts as the securities were antidilutive. For the three months ended June 30, 2002, the assumed conversion calculation added 85,320 shares of common stock and $11,306 to the net income results. CALPINE CORPORATION AND SUBSIDIARIES Supplemental Data (unaudited) CASH FLOW DATA Six Months Ended June 30, _____________________ 2003 2002 _______ _______ (in thousands) Cash provided by operating activities $113,298 $412,005 Cash used in investing activities (1,297,824) (2,530,844) Cash provided by financing activities 1,017,322 1,116,524 Effect of exchange rate changes on cash and cash equivalents 5,672 3,958 _______ _______ Net increase (decrease) in cash and cash equivalents $(161,532) $(998,357) _______ _______ RECONCILIATION OF GAAP NET INCOME (LOSS) TO EBITDA, AS ADJUSTED (A) Three Months Ended Six Months Ended June 30, June 30, _____________________ _____________________ 2003 2002 2003 2002 _______ _______ _______ _______ (in thousands) GAAP net income (loss) $(23,366) $68,321 $(75,382) $(7,352) Loss (income) from unconsolidated investments in power projects (59,352) 1,111 (64,475) (386) Distributions from unconsolidated investments in power projects 111,614 9 121,015 18 _______ _______ _______ _______ Adjusted net income (loss) 28,896 69,441 (18,842) (7,720) Interest expense 148,879 79,117 291,840 152,822 1/3 of operating lease expense 9,389 9,413 18,620 18,793 Distributions on trust preferred securities 15,656 15,655 31,313 31,309 Provision (benefit) for income taxes (3,881) 27,767 (20,433) (14,801) Depreciation, depletion and amortization expense 146,435 108,221 287,630 208,719 Interest expense, provision for income taxes and depreciation, depletion and amortization from discontinued operations (998) 17,212 (2,106) 29,501 _______ _______ _______ _______ EBITDA, as adjusted $344,376 $326,826 $588,022 $418,623 _______ _______ _______ _______ RECONCILIATION OF EBITDA, AS ADJUSTED TO EBITDA, AS ADJUSTED BEFORE NON-CASH AND OTHER CHARGES (B) Three Months Ended Six Months Ended June 30, June 30, _____________________ _____________________ 2003 2002 2003 2002 _______ _______ _______ _______ (in thousands) EBITDA, as adjusted $344,376 $326,826 $588,022 $418,623 Equipment cancellation and write-down cost -- 14,994 -- 183,465 Cumulative effect of a change in accounting principle -- -- 529 -- Minority interest expense 5,333 681 7,612 411 Foreign currency translation losses 19,095 1,971 44,304 1,898 Derivative mark-to-market (gains) losses 7,221 (1,974) 7,992 (4,791) Gain on repurchase of debt (6,763) -- (6,763) (3,491) Turbine write-off 17,179 -- 17,179 -- Deferred project cost write-off 3,400 3,529 3,400 5,292 SFAS 123 (stock-based compensation) expense 3,933 -- 8,423 -- _______ _______ _______ _______ EBITDA, as adjusted, before non-cash and other charges $393,774 $346,027 $670,698 $601,407 _______ _______ _______ _______ SUPPLEMENTARY POWER DATA Three Months Ended Six Months Ended June 30, June 30, _____________________ _____________________ 2003 2002 2003 2002 _______ _______ _______ _______ Generation (in mwh, in thousands) (C) 17,909,325 15,681,706 37,331,224 30,390,521 Average electric price realized (per mwh) $60.23 $55.77 $58.99 $52.25 Average spark spread adjusted for benefits of equity gas production (per mwh) $26.93 $29.22 $24.83 $27.54 SUPPLEMENTARY EQUIVALENT NATURAL GAS PRODUCTION DATA (D) Three Months Ended Six Months Ended June 30, June 30, _____________________ _____________________ 2003 2002 2003 2002 _______ _______ _______ _______ (in Bcfe) Natural Gas Production United States 15 14 30 27 Canada 10 12 20 24 _______ _______ _______ _______ Total 25 26 50 51 _______ _______ _______ _______ Average daily production rate 0.270 0.286 0.280 0.282 Average realized price per mcf $4.92 $2.75 $5.18 $2.66 _______ _______ _______ _______ Average unit cost per mcf (excluding interest expense) $2.75 $2.41 $2.55 $2.34 _______ _______ _______ _______ CALPINE CONTRACTUAL PORTFOLIO - AS OF JUNE 30, 2002 Balance of 2003 2004 2005 2006 2007 _______ _______ _______ _______ _______ Estimated Generation Capacity (in millions of mwh) - Baseload 72.4 159.2 189.3 195.6 195.6 - Peaking 11.4 24.0 25.3 25.4 25.4 _______ _______ _______ _______ _______ Total 83.8 183.2 214.6 221.0 221.0 _______ _______ _______ _______ _______ Contractual Generation (in millions of mwh) - Baseload 40.5 64.6 62.7 56.3 42.5 - Peaking 9.8 18.6 18.5 17.4 17.4 _______ _______ _______ _______ _______ Total 50.3 83.2 81.2 73.7 59.9 _______ _______ _______ _______ _______ % Sold - Baseload 56% 41% 33% 29% 22% - Peaking 86% 78% 73% 68% 68% - Total 60% 45% 38% 33% 27% Contractual Spark Spread per mwh $24.20 $24.62 $25.27 $24.94 $25.32 CAPITALIZATION As of As of June 30, December 31, 2003 2002 _______ _______ Cash and cash equivalents balance (in billions) $0.4 $0.6 Total debt (in billions) $15.1 $14.1 Debt to capitalization ratio 73% 73% Present value of operating leases (in billions) $1.4 $1.4 Unconsolidated debt of equity method investments (estimated, in billions) (E) $0.2 $0.2 (in thousands): Short-term debt Notes payable, term loan and borrowings under lines of credit, current portion $1,403,292 $340,703 Capital lease obligation, current portion 3,852 3,454 Construction/project financing, current portion 1,325,853 1,307,291 _______ _______ Total short-term debt 2,732,997 1,651,448 Long-term debt Notes payable, term loan and borrowings under lines of credit, net of current portion 893,340 957,814 Capital lease obligation, net of current portion 196,486 197,653 Construction/project financing, net of current portion 3,126,475 3,212,022 Convertible Senior Notes Due 2006 1,200,000 1,200,000 Senior notes 6,920,214 6,894,801 _______ _______ Total long-term debt 12,336,515 12,462,290 Total debt $15,069,512 $14,113,738 Company-obligated mandatorily redeemable convertible preferred securities of subsidiary trusts $1,124,497 $1,123,969 Minority interests $421,597 $185,203 Total stockholders"" equity (F) $3,996,727 $3,851,914 _______ _______ Total capitalization $20,612,333 $19,274,824 _______ _______ Debt to capitalization ratio Total debt $15,069,512 $14,113,738 Total capitalization $20,612,333 $19,274,824 Debt to capitalization 73% 73% (A) This non-GAAP measure is presented not as a measure of operating results, but rather as a measure of our ability to service debt. It should not be construed as an alternative to either (i) income (loss) from operations or (ii) cash flows from operating activities to be disclosed in the company""s Form 10-Q for the quarter ended June 30, 2003. It is defined as net income less income from unconsolidated investments, plus cash received from unconsolidated investments, plus provision for tax, plus interest expense, plus one-third of operating lease expense, plus depreciation, depletion and amortization, plus distributions on trust preferred securities. The interest, tax and depreciation, depletion and amortization components of discontinued operations are added back in calculating EBITDA, as adjusted. (B) This non-GAAP measure is presented as a further refinement of EBITDA, as adjusted, to reflect the company""s ability to service debt with cash. (C) Does not include mwh generated by unconsolidated investments in power projects. (D) From continuing operations (E) Amounts based on Calpine""s ownership percentage. (F) Includes accumulated other comprehensive loss ("AOCI") of $28,249 at June 30, 2003 and $237,457 at December 31, 2002. Excluding AOCI from stockholders"" equity would not change the debt to capitalization ratio at June 30, 2003, and would change the ratio to 72% at December 31, 2002.

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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