8.2.2007: Meldung: Calpine Receives Court Approval

Calpine Corporation announced today that it has received approval from the U.S. Bankruptcy Court, Southern District of New York, for the $120 million sale of the company"s 250-megawatt Goldendale Energy Center to Puget Sound Energy, a utility subsidiary of Puget Energy. The asset sale will advance Calpine"s restructuring program to further focus the company"s resources on those core power assets and key markets in which Calpine can best compete. The company expects to close the transaction within the next 30 days.

"We"re just over a year into our restructuring and Calpine continues to take the decisive actions necessary to achieve positive near-term results while enhancing the long-term value of our company for our stakeholders," stated Robert P. May, Calpine Chief Executive Officer. "The Goldendale sale represents another opportunity to further this goal. For Calpine, we will reduce debt and divest of a non-strategic asset in a geographically isolated market. For Puget Sound Energy, it provides an opportunity to acquire a clean and reliable energy resource to serve its customers."

Located in Goldendale, Wash., the Goldendale Energy Center is a natural gas-fired power plant, which uses highly fuel-efficient, combined-cycle and emissions control technologies. The plant entered operations in September 2004. Upon closing of the transaction, Puget Sound Energy expects to retain the appropriate staff currently operating Goldendale. Proceeds from the sale will be used to reduce debt and enhance liquidity.

Calpine Corporation is helping meet the needs of an economy that demands more and cleaner sources of electricity. Founded in 1984, Calpine is a major North American power company, capable of delivering nearly 26,000 megawatts of clean, reliable, cost-effective and fuel-efficient electricity to customers and communities in 18 U.S. states and three Canadian provinces. The company owns, leases and operates low-carbon, natural gas-fired and renewable geothermal power plants. Using advanced technologies, Calpine generates electricity in a reliable and environmentally responsible manner for the customers and communities it serves. Please visit http://www.calpine.com/ for more information.

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 and its subsidiaries ("the Company") and its management and uses words such as "believe," "intend," "expect," "anticipate," "plan," "may," "will" and similar expressions to identify forward-looking statements. Such statements include, among others, those concerning the Company"s expected financial performance and strategic and operational plans, as well as all assumptions, expectations, predictions, intentions or beliefs about future events. Readers are cautioned that any such forward-looking statements are not guarantees of future performance and that a number of risks and uncertainties could cause actual results to differ materially from those anticipated in the forward-looking statements. Such risks and uncertainties include, but are not limited to: (i) the risks and uncertainties associated with the Company"s Chapter 11 cases and Companies" Creditors Arrangement Act proceedings, including impact on operations; (ii) the Company"s ability to attract, retain and motivate key employees and successfully implement new strategies; (iii) the Company"s ability to successfully reorganize and emerge from Chapter 11; (iv) the Company"s ability to attract and retain customers and counterparties; (v) the Company"s ability to implement its business plan; (vi) financial results that may be volatile and may not reflect historical trends; (vii) the Company"s ability to manage liquidity needs and comply with financing obligations; (viii) the direct or indirect effects on the Company"s business of its impaired credit including increased cash collateral requirements; (ix) the expiration or termination of the Company"s power purchase agreements and the related results on revenues; (x) potential volatility in earnings and requirements for cash collateral associated with the use of commodity contracts; (xi) price and supply of natural gas; (xii) risks associated with power project development, acquisition and construction activities; (xiii) risks associated with the operation of power plants, including unscheduled outages of operating plants; (xiv) factors that impact the output of the Company"s geothermal resources and generation facilities, including unusual or unexpected steam field well and pipeline maintenance and variables associated with the waste water injection projects that supply added water to the steam reservoir; (xv) quarterly and seasonal fluctuations of the Company"s results; (xvi) competition; (xvii) risks associated with marketing and selling power from plants in the evolving energy markets; (xviii) present and possible future claims, litigation and enforcement actions; (xix) effects of the application of laws or regulations, including changes in laws or regulations or the interpretation thereof; and (xx) other risks identified the risk factors identified in its Annual Report on Form 10-K for the year ended December 31, 2005, and its Quarterly Report on Form 10-Q for the quarter ended September 30, 2006, 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.
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