12.08.08

Calpine Corporation: Second Quarter 2008 Financial and Operating Results

Continued Improvement in Operations Demonstrated by a 47% Increase in Commodity Margin and a 45% Increase in Adjusted EBITDA

Calpine Corporation (“Calpine” or the “Company”) today reported financial and operating results for the three and six months ended June 30, 2008. Calpine’s Quarterly Report on Form 10-Q, including its unaudited financial statements, for the quarter ended June 30, 2008, has been filed with the Securities and Exchange Commission (“SEC”) and can be found on the SEC’s website at http://www.sec.gov.

Second Quarter Highlights
Three Months Ended
June 30,

Six Months Ended
June 30,
                    2008           2007         2008       2007
Operating Revenues (millions)        $ 2,828     $ 2,060     $ 4,779 $ 3,722    

GAAP Net Income/(Loss) (millions)    $ 197         $ (500)        $ (17)     $ (959)

Commodity Margin (millions) (a,b)    $ 785         $ 535         $ 1,271 $ 957    

Adjusted EBITDA (millions) (a,c)    $ 474         $ 326         $ 768     $ 576    
Megawatt-Hours Generated (thousands)     21,211         21,439         42,117     41,782
Average Total Megawatts in Operation(d) 23,113         25,091         23,113     25,223
Average Capacity Factor
(excluding peakers)            46.4%        43.3%        46.3%    42.5%

(a)
Commodity Margin and Adjusted EBITDA are non-GAAP financial measures important to management in assessing the Company’s performance and are defined in the Company’s 2008 Form 10-Q Report and reconciled therein to the most comparable GAAP measures. Such reconciliations are also provided below. These non-GAAP measures do not purport to represent or replace such GAAP measures.

(b)
“Commodity Margin” includes electricity and steam revenues, hedging and optimization activities, renewable energy credit revenue, transmission revenue and expenses, and fuel and purchased energy expense, but excludes mark-to-market activity and other service revenues.

(c)
Earnings Before Interest, Tax, Depreciation and Amortization, as adjusted.

(d)
Includes only MW consolidated by the Company and excludes capacity not currently in operation and not operated by Calpine. Reduction since 2007 due to sales of power plants between June 30, 2007 and June 30, 2008.

Zamir Rauf, Calpine’s interim Chief Financial Officer, stated, “I am encouraged by our ability to demonstrate continued progress during the second quarter, as we remain focused on excellence in our core operations. For the second quarter in a row, we have delivered considerable improvements in Commodity Margin and Adjusted EBITDA over the prior year period. I am confident that the Calpine team will continue to deliver clean and reliable energy to our customers over the course of 2008, while at the same time delivering value to our shareholders.”

2008 Second Quarter Financial Results

For the three months ended June 30, 2008, Calpine reported operating revenues in excess of $2.8 billion, representing an increase of 37% over the corresponding prior year period. Operating revenues increased primarily as a result of a 39% increase in the Company’s average realized electric price for the three months ended June 30, 2008, compared to the same period in 2007. As a result, electricity and steam revenues increased by 41% during the second quarter of 2008, as compared to the 2007 period. These increases were partially offset by mark-to-market losses on derivative electricity contracts that do not qualify for hedge accounting, which totaled $8 million for the three months ended June 30, 2008, as compared to mark-to-market gains of $147 million recognized in the prior year period.

Commodity Margin increased by $250 million, or 47%, overall and by 28%, 87% and 40% in the Company’s West, Texas and Southeast segments, respectively, for the three months ended June 30, 2008, compared to the same period in 2007. These increases were due primarily to higher market spark spreads in these segments. Commodity Margin was relatively unchanged in Calpine’s North segment.

Adjusted EBITDA increased by 45% for three months ended June 30, 2008, as compared to the same period in 2007. This increase is largely driven by the Commodity Margin increase discussed above.

For the three months ended June 30, 2008, Calpine's total MW in operation for consolidated projects decreased by 8% to 23,113 MW from 25,091 for the three months ended June 30, 2007 as a result of assets sold, deconsolidated or mothballed during 2007. Generation volume was relatively unchanged despite this decrease. The Company generated approximately 21.2 million megawatt-hours during the second quarter of 2008, which equated to an average capacity factor (excluding peakers)1 of 46.4%, at an average realized electric price of $99.58/MWh. For the same period in 2007, Calpine generated 21.4 million MWh, which equated to an average capacity factor (excluding peakers) of 43.3%, at an average realized electric price of $71.42/MWh.

Plant operating expense decreased during the three months ended June 30, 2008, compared to the same period in 2007 primarily as a result of a $7 million decrease in insurance costs due to increased recoveries in the second quarter of 2008, a $3 million decrease in property taxes and a $4 million decrease in expense for major maintenance and parts repair costs. The decrease was partially offset by an $8 million increase in routine maintenance costs.

Sales, general and other administrative expenses were higher for the three months ended June 30, 2008, compared to the same period in 2007 due to a $5 million increase in personnel costs associated primarily with higher stock compensation expense arising from the grant of equity awards during the first quarter of 2008, as well as a $4 million increase in consulting expenses.

Interest expense decreased for the three months ended June 30, 2008, compared to the three months ended June 30, 2007, due largely to lower average debt balances and lower interest rates. During the first quarter of 2008, in connection with the Company’s emergence from Chapter 11 and the implementation of the Company’s Plan of Reorganization, a portion of the Company’s debt was discharged through payment of cash and issuance of reorganized Calpine Corporation common stock. Additionally, interest rates on the Company’s variable rate debt were lower for the three months ended June 30, 2008, compared to the same period in 2007, due to a decrease in LIBOR over the same periods. The decrease was partially offset by losses recorded on interest rate swaps related to the Company’s floating rate debt during the second quarter of 2008.

2008 Six Month Financial Results

For the six months ended June 30, 2008, Calpine reported operating revenues of nearly $4.8 billion, as compared to $3.7 billion in the same period of the prior year. This 28% increase in operating revenues is primarily due to a 29% increase in the Company’s average realized electric price for the six months ended June 30, 2008, compared to the same period in 2007. As a result, electricity and steam revenues increased by 31% during the six months ended June 30, 2008, compared to 2007. These increases were partially offset by higher mark-to-market losses on derivative electricity contracts that do not qualify for hedge accounting treatment, which totaled $104 million for the six-months ended June 30, 2008, compared to mark-to-market gains of $135 million for the corresponding 2007 period.

Commodity Margin increased by $314 million, or 33%, overall and by 23%, 73% and 25% in the Company’s West, Texas and Southeast segments, respectively, for the six months ended June 30, 2008, compared to the same period in 2007. These increases were due primarily to higher market spark spreads in these segments. Commodity Margin was relatively unchanged in Calpine’s North segment.

Adjusted EBITDA increased by 33% for six months ended June 30, 2008, as compared to the same period in 2007. This increase is largely driven by the Commodity Margin increase discussed above.

For the six months ended June 30, 2008, Calpine's total MW in operation for consolidated projects decreased by 8% to 23,113 MW as compared to the corresponding prior year period as a result of assets sold, deconsolidated or mothballed during 2007. Generation volume was relatively unchanged despite this decrease. The Company generated approximately 42.1 million megawatt-hours during the first half of 2008, which equated to an average capacity factor (excluding peakers) of 46.3%, at an average realized electric price of $87.42/MWh. For the same period in 2007, Calpine generated nearly 41.8 million MWh, which equated to an average capacity factor (excluding peakers) of 42.5%, at an average realized electric price of $67.71/MWh.

Plant operating expense increased during the six months ended June 30, 2008, compared to the same period in 2007 primarily as a result of a $22 million increase in expense for major maintenance and parts repair costs and a $21 million increase in expenses for outages caused by equipment failures. Also contributing to the increase were higher property taxes of $7 million and an increase of $9 million in plant personnel costs.

Sales, general and other administrative expenses were higher for the six months ended June 30, 2008, compared to the same period in 2007 due primarily to an $11 million increase in personnel costs associated primarily with higher stock compensation expense arising from the grant of equity awards during the first half of 2008, as well as a $4 million increase in consulting expenses.

Interest expense increased for the six months ended June 30, 2008, compared to the prior year period, due largely to $148 million in non-recurring post-petition interest related to pre-petition obligations recorded during the first quarter of 2008. Also contributing to the increase was higher interest expense related to interest rate swaps that did not qualify for hedge accounting and an increase in related party interest expense on settlement obligations related to certain of the Company’s Canadian subsidiaries recorded prior to their reconsolidation in February 2008. The increase was partially offset by lower average debt balances and lower interest rates, as noted above. Additionally, the Company repaid its $300 million bridge facility in March 2008 with proceeds received from the sales of the Hillabee and Fremont development project assets. Calpine lowered its effective interest rates compared to the same period in 2007 through the refinancings in late March 2007 of the Company’s $2.5 billion of secured notes and term loans issued by its subsidiary, Calpine Generating Company, with proceeds received under the Company’s $5.0 billion debtor-in-possession credit facility, which carried lower interest rates.

Financing Transactions

During the second quarter, Calpine completed the following financing transactions:


  • Refinanced the term loan facility and preferred interests associated with the Metcalf Energy Center with proceeds of a new $265 million term loan facility.
  • Established a 12-month, $200 million unsecured contingent letter of credit facility. Capacity under this facility will be contingent upon natural gas futures contract prices exceeding certain thresholds, with $50 million of letters of credit immediately available.
  • Established a two-year, $300 million secured commodity collateral revolver, which shares in the lien structure of Company’s exit credit facility lenders.


Operations Update

During the second quarter of 2008, Calpine performed an increased number of scheduled outages across the gas turbine fleet. Major maintenance is performed at specific intervals throughout a power plant’s service life. Since Calpine placed 29 plants in service in the 2001-2002 time frame, many have reached their 24,000 or 48,000 hour major inspection operating intervals. These inspections take longer than other inspections and generally lead to lower plant availability. These outages are typically scheduled during the first and second quarters during periods of lower electricity demand.

Also during the second quarter, Calpine:
  • Operated with zero lost time accidents;
  • Generated 21.2 million MWh for the quarter, as compared to 21.4 million MWh in 2007;
  • Achieved mechanical completion on the Greenfield Energy Center; and
  • Performed 5 unplanned outages of 15 days or longer, primarily as a result  miscellaneous gas turbine and steam turbine valve issues.

NRG Proposal

On May 14, 2008, Calpine received an unsolicited proposal from NRG Energy, Inc. (“NRG”) regarding a potential combination between the Company and NRG. The terms of NRG’s proposal included an all-stock merger transaction at a fixed exchange ratio of 0.534x. On May 30, 2008, Calpine announced that its Board of Directors had determined that NRG’s proposal was inadequate and materially undervalued Calpine’s unique asset portfolio and future prospects. Calpine and NRG, and their respective advisors, subsequently exchanged certain information in order to ascertain whether there was a basis for discussions between Calpine and NRG to explore a business combination. Following the exchange of certain information, it was determined that there was no basis for entering into discussions regarding a potential business combination with NRG.

Management Succession Update

As noted in a separate press release issued today, Calpine’s Board of Directors announced that it has appointed Jack A. Fusco as President and Chief Executive Officer, effective August 10, 2008. Mr. Fusco will also serve as a member of Calpine’s Board of Directors. Mr. Fusco succeeds Robert P. May, who served as Calpine’s Chief Executive Offer since December 2005 and earlier this year announced his intention to retire when his successor was in place.

During the second quarter, Calpine also announced the appointment of Zamir Rauf to the position of interim Chief Financial Officer. Mr. Rauf brings extensive industry and company-specific experience to the position, having most recently served as Calpine’s Senior Vice President, Finance and Treasurer.

Investor Conference Call and Webcast

Calpine will host a conference call to discuss its financial and operating results for the three and six months ended June 30, 2008, on Monday, August 11, 2008, at 11:00 a.m. ET / 10:00 a.m. CT. A listen-only webcast of the call may be accessed through the Company’s website at www.calpine.com, or by dialing 888-204-4485 at least ten minutes prior to the beginning of the call.

An archived recording of the call will be made available on the website, and can also be accessed by dialing 888-203-1112 or 719-457-0820 (International) and providing confirmation code 2254630.

About Calpine

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 U.S. power company, currently capable of delivering nearly 24,000 megawatts of clean, cost-effective, reliable, and fuel-efficient electricity to customers and communities in 18 states in the United States. The Company 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 www.calpine.com for more information.

Forward Looking Information

In addition to historical information, this release contains forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act. Words such as “believe,” “intend,” “expect,” “anticipate,” “plan,” “may,” “will” and similar expressions identify forward-looking statements. Such statements include, among others, those concerning expected financial performance and strategic and operational plans, as well as all assumptions, expectations, predictions, intentions or beliefs about future events. You 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) Calpine’s ability to implement its business plan; (ii) financial results that may be volatile and may not reflect historical trends; (iii) seasonal fluctuations of results and exposure to variations in weather patterns; (iv) potential volatility in earnings associated with fluctuations in prices for commodities such as natural gas and power; (v) ability to manage liquidity needs and comply with covenants related to its exit credit facility and other existing financing obligations; (vi) Calpine’s ability to complete the implementation of its Plan of Reorganization and the discharge of its chapter 11 cases including successfully resolving any remaining claims; (vii) disruptions in or limitations on the transportation of natural gas and transmission of electricity; (viii) the expiration or termination of power purchase agreements and the related results on revenues; (ix) risks associated with the operation of power plants including unscheduled outages; (x) factors that impact the output of Calpine’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; (xi) risks associated with power project development and construction activities; (xii) ability to attract, retain and motivate key employees including filling certain significant positions within Calpine’s management team; (xiii) ability to attract and retain customers and counterparties; (xiv) competition; (xv) risks associated with marketing and selling power from plants in the evolving energy markets; (xvi) present and possible future claims, litigation and enforcement actions; (xvii) effects of the application of laws or regulations, including changes in laws or regulations or the interpretation thereof; and (xviii) other risks identified from time-to-time in Calpine’s reports and registration statements filed with the SEC, including, without limitation, the risk factors identified in its Annual Report on Form 10-K for the year ended December 31, 2007. Actual results or developments may differ materially from the expectations expressed or implied in the forward-looking statements and Calpine undertakes no obligation to update any such statements. Unless specified otherwise, all information set forth in this release is as of today's date and Calpine undertakes no duty to update this information. For additional information about Calpine's chapter 11 reorganization or general business operations, please refer to Calpine's Annual Report on Form 10-K for the fiscal year ended December 31, 2007, and any other recent Calpine report to the Securities and Exchange Commission. These filings are available by visiting the Securities and Exchange Commission's website at www.sec.gov or Calpine's website at www.calpine.com.
__________

1 The average capacity factor (excluding peakers) is calculated by dividing (a) total MWh generated by our power plants (excluding peakers) by the product of multiplying (b) the weighted average MW in operation during the period by (c) the total hours in the period. The average capacity factor, excluding peakers is thus a measure of total actual generation as a percent of total potential generation.

CALPINE CORPORATION AND SUBSIDIARIES

CONSOLIDATED CONDENSED BALANCE SHEETS
(Unaudited)
  June 30, 
            December 31,    
        2008             2007    
        (in millions, except
share and per share amounts)    
ASSETS                                
Current assets:                                
Cash and cash equivalents         $     370             $     1,915    
Accounts receivable, net of allowance of $31 and $54             1,443                 878    
Accounts receivable, related party             1                 226    
Materials and supplies             152                 114    
Margin deposits and other prepaid expense             836                 452    
Restricted cash, current             357                 422    
Current derivative assets             5,053                 731    
Current assets held for sale             —                 195    
Other current assets               113                   98    
Total current assets             8,325                 5,031    
                                 
Property, plant and equipment, net             12,131                 12,292    
Restricted cash, net of current portion             168                 159    
Investments             386                 260    
Long-term derivative assets             694                 290    
Other assets               917                   1,018    
Total assets         $     22,621             $     19,050    
LIABILITIES & STOCKHOLDERS’ EQUITY (DEFICIT)                                
Current liabilities:                                
Accounts payable         $     1,190             $     642    
Accrued interest payable             101                 324    
Debt, current portion             308                 1,710    
Current derivative liabilities             5,486                 806    
Income taxes payable             49                 51    
Other current liabilities               318                   571    
Total current liabilities             7,452                 4,104    
                                 
Debt, net of current portion             10,104                 9,946    
Deferred income taxes, net of current portion             127                 38    
Long-term derivative liabilities             1,029                 578    
Other long-term liabilities               235                   245    
Total liabilities not subject to compromise             18,947                 14,911    
Liabilities subject to compromise             —                 8,788    
Commitments and contingencies                                
Minority interest             3                 3    
Stockholders’ equity (deficit):                                
Preferred stock, $.001 par value per share; authorized 100,000,000 shares, none issued and outstanding in 2008; authorized 10,000,000 shares, none issued and outstanding in 2007             —                 —    
Common stock, $.001 par value per share; authorized 1,400,000,000 shares, 423,127,138 shares issued and 423,126,665 shares outstanding in 2008; authorized 2,000,000,000 shares, 568,314,685 issued and 479,314,685 outstanding in 2007             1                 1    
Additional paid-in capital             12,185                 3,263    
Accumulated deficit             (7,724     )             (7,685     )
Accumulated other comprehensive loss               (791     )               (231     )
Total stockholders’ equity (deficit)               3,671                   (4,652     )
Total liabilities and stockholders’ equity (deficit)         $     22,621             $     19,050    

CALPINE CORPORATION AND SUBSIDIARIES

CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS
(Unaudited)

Three Months Ended
June 30,

Six Months Ended
June 30,
   
        2008               2007             2008               2007    
        (in millions, except share and per share amounts)    
Operating revenues         $     2,828             $     2,060             $     4,779             $     3,722    
                                                                 
Cost of revenue:                                                                
Fuel and purchased energy expense             2,008                 1,456                 3,613                 2,727    
Plant operating expense             206                 211                 438                 379    
Depreciation and amortization expense             108                 118                 219                 236    
Other cost of revenue               30                   33                   62                   70    
Total cost of revenue               2,352                   1,818                   4,332                   3,412    
Gross profit             476                 242                 447                 310    
Sales, general and other administrative expense             48                 39                 96                 79    
Other operating (income) expense               (5     )               3                   —                   12    
Income from operations             433                 200                 351                 219    
Interest expense             206                 264                 625                 564    
Interest (income)             (14     )             (17     )             (27     )             (34     )
Minority interest income             —                 (3     )             —                 (1     )
Other (income) expense, net               1                   (6     )               11                   (7     )
Income (loss) before reorganization items and income taxes             240                 (38     )             (258     )             (303     )
Reorganization items               18                   469                   (261     )               574    
Income (loss) before income taxes             222                 (507     )             3                 (877     )
Provision (benefit) for income taxes               25                   (7     )               20                   82    
Net income (loss)         $     197             $     (500     )         $     (17     )         $     (959     )
Basic earnings (loss) per common share:                                                                
Weighted average shares of common stock outstanding (in thousands)               485,004                   479,175                   485,002                   479,155    
Net income (loss) (a)         $     0.41             $     (1.04     )         $     (0.04     )         $     (2.00     )
Diluted earnings (loss) per common share:                                                                
Weighted average shares of common stock outstanding (in thousands)               485,732                   479,175                   485,002                   479,155    
Net income (loss) (a)         $     0.41             $     (1.04     )         $     (0.04     )         $     (2.00     )
__________

(a) All shares of the Company’s common stock outstanding prior to January 31, 2008 were canceled pursuant to the Plan of Reorganization, and new shares of reorganized Calpine Corporation common stock were issued. Although loss per share information for the three and six months ended June 30, 2007, is presented, it is not comparable to the information for the three and six months ended June 30, 2008, due to the changes in the Company’s capital structure on January 31, 2008, which also included termination of all outstanding convertible securities.

Consolidated Commodity Margin

The following table reconciles the Company’s Commodity Margin to its GAAP results for the three and six months ended June 30, 2008 and 2007 (in millions):

Three Months Ended
June 30,

Six Months Ended
June 30,
   
        2008               2007             2008               2007    
             
Operating revenues         $     2,828             $     2,060             $     4,779             $     3,722    
(Less): Other service revenues             (11     )             (16     )             (22     )             (44     )
(Less): Fuel and purchased energy expense             (2,008     )             (1,456     )             (3,613     )             (2,727     )
Adjustment to remove:

Mark-to-market commodity activity, net(1)
            (24     )             (53     )             127                 6    
Consolidated commodity margin         $     785             $     535             $     1,271             $     957    

__________

(1) Included in operating revenues and fuel and purchased energy expense.

Commodity Margin by Segment

The following table shows the Company’s Commodity Margin by segment for the three and six months ended June 30, 2008 and 2007 (in millions):

Three Months Ended
June 30,

Six Months Ended
June 30,
   
        2008                 2007             2008                 2007    
             
West         $     340             $     265             $     609             $     495    
Texas             258                 138                 388                 224    
Southeast             91                 65                 128                 102    
North             72                 75                 134                 138    
Other             24                 (8     )             12                 (2     )
Consolidated commodity margin         $     785             $     535             $     1,271             $     957    
Supplemental Power Data

Three Months Ended
June 30,

Six Months Ended
June 30,
        2008(1)                 2007(1)             2008(1)                 2007(1)
         
Generation (in MWh, in thousands)             21,211                 21,439                 42,117                 41,782
                                                             
Average realized electric price (per MWh)         $     99.58             $     71.42             $     87.42             $     67.71
                                                             
Average commodity margin (per MWh)         $     37.01             $     24.95             $     30.18             $     22.90
                                                             
Average cost of natural gas (per MMBtu)         $     8.74             $     6.67             $     8.14             $     6.52
                                                             

__________

(1) Excludes plants which have been deconsolidated, sold, are not operated by Calpine, or are no longer in operation as of the date deconsolidated or sold.

Adjusted EBITDA

The below table provides a reconciliation of Adjusted EBITDA to the Company’s cash flow from operations and GAAP net income (loss) (in millions):

Three Months Ended
June 30,

Six Months Ended
June 30,
   
        2008               2007             2008               2007    
Cash provided by (used in) operating activities         $     (324     )         $     48             $     (586     )         $     (184     )
Less:                                                                
Changes in operating assets and liabilities, excluding the effects of acquisition             (306     )             51                 (432     )             (78     )
Additional adjustments to reconcile GAAP net income (loss) to net cash provided by (used in) operating activities:                                                                
Depreciation and amortization (1)             125                 141                 280                 284    
Deferred income taxes, net             21                 (7     )             85                 82    
Change in derivatives and derivative contracts classified as financing activities             (362     )             (73     )             (192     )             (10     )
Reorganization items             3                 434                 (322     )             497    
Other               (2     )               2                   12                   —    
GAAP net income (loss)             197                 (500     )             (17     )             (959     )
Add:                                                                
Adjustments to reconcile Adjusted EBITDA to net income (loss):                                                                
Interest expense, net of interest income             192                 247                 598                 530    
Depreciation and amortization expense, excluding deferred financing costs(1)             118                 129                 240                 258    
Provision (benefit) for income taxes             25                 (7     )             20                 82    
Impairment charges             6                 —                 6                 2    
Reorganization items             18                 469                 (261     )             574    
Major maintenance expense             42                 46                 96                 74    
Losses on repurchase or extinguishment of debt             6                 —                 13                 —    
Operating lease expense             11                 13                 23                 24    
(Gains) losses on derivatives (non-cash portion)             (151     )             (65     )             28                 (2     )
Other               10                   (6     )               22                   (7     )
Adjusted EBITDA         $     474             $     326             $     768             $     576    
__________

(1) Depreciation and amortization in the GAAP net income (loss) calculation on the Company’s Consolidated Condensed Statements of Operations excludes amortization of other assets and amounts classified as sales, general and other administrative expenses.

Cash Flow Activities

The following table summarizes the Company’s cash flow activities for the six months ended June 30, 2008 and 2007 (in millions):
                           
        2008             2007    
Beginning cash and cash equivalents         $     1,915             $     1,077    
Net cash provided by (used in):                                
Operating activities             (586     )             (184     )
Investing activities             469                 343    
Financing activities               (1,428     )               168    
Net increase (decrease) in cash and cash equivalents               (1,545     )               327    
Ending cash and cash equivalents         $     370             $     1,404    

Contact:
Calpine Corporation
Media Relations:
Mel Scott, 713-570-4553
scottm@calpine.com
Investor Relations:
Andre K. Walker, 713-830-8775
andrew@calpine.com
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