18.12.09

Calpine: Extension of Letter of Credit Facility

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Calpine Corporation announced the closing of an extension of a $150 million letter of credit facility by its subsidiary Calpine Development Holdings, Inc. Originally scheduled to mature in January 2010, the extended facility will now expire in December 2012.

In addition to lengthening the tenor of the agreement, Calpine has also enhanced liquidity by securing the option to increase the size of the facility up to $200 million, subject to the satisfaction of certain specified conditions.

"This was the last step in our year-long plan to strengthen and improve the efficiency of our liquidity for the foreseeable future," said Zamir Rauf, Calpine’s Executive Vice President and Chief Financial Officer. "This transaction also demonstrates our continuing ability to access the capital markets."

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 25,000 megawatts of clean, cost-effective, reliable and fuel-efficient electricity to customers and communities in 16 states in the United States and Canada. Calpine 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.

Forward-Looking Information

This release contains 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. 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 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. Please see the risks identified in this release or in Calpine's reports and registration statements filed with the Securities and Exchange Commission, including, without limitation, the risk factors identified in its Annual Report on Form 10-K for the year ended December 31, 2008, and its Quarterly Report on Form 10-Q for the quarter ended September 30, 2009. These filings are available by visiting the Securities and Exchange Commission's web site at www.sec.gov or Calpine's web site at www.calpine.com. 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.

Contact:
Calpine Corporation
Investor Relations:
Andre Walker, 713-830-8775
andrew@calpine.com
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