Calpine signs 200 MW renewables power sales agreement

17 March 2003 - Calpine Corporation announced today that it has entered into a long-term power sales agreement with Southern California Edison calling for the delivery of 200 MW of baseload renewable energy. The agreement is the largest renewable transaction in California and delivery will begin by the end of the second quarter of 2003.

"This contract further demonstrates Calpine's commitment to California and to clean renewable energy production in the state. The contract also marks the single-largest renewable energy transaction in California," said Calpine Vice President - Marketing & Sales Curt Hildebrand. "From a market perspective, Southern California Edison's return to the power procurement business is viewed as a very positive step for California. California's utilities are key to a stable and rational power market, and the resumption of long-term power purchase contracts is a strong indication the market is recovering."

The contract reflects Calpine's long-term strategy of committing the majority of its generating capacity under long-term contracts. Its customers benefit from a clean, reliable and economic source of electricity, and Calpine benefits from a strong, predictable source of revenue.

The contract was approved by the California Public Utilities Commission (CPUC) on January 30, 2003 and has a minimum term of five years. Power will originate from Calpine's system of geothermal power projects at The Geysers located in Northern California.

Calpine's ownership in power generation began with the purchase of a five per cent interest in a 20 MW facility at The Geysers in 1989. Calpine currently owns 19 of the 21 operating facilities at The Geysers and, as a result, is the world's largest producer of electricity derived from geothermal resources. Further, recognizing the importance of The Geysers, Calpine is expanding and extending this valuable renewable resource through wastewater recharge projects whereby clean reclaimed wastewater from local municipalities is recycled into the geothermal reservoir where it is converted into steam for electricity production.

This "win-win" situation provides an environmentally sound wastewater discharge solution for neighbouring cities while increasing the productivity and extending the life of the geothermal resource.

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