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Calpine receives Florida State approval for power plant

SAN JOSE, Calif., June 28, 2001 — Calpine Corporation, the San Jose-based independent power producer, announced today that Florida’s Power Plant Siting Board granted final state regulatory approval for its proposed 529-MW Osprey Energy Center, to be located in Auburndale, Florida.

The Power Plant Siting Board, comprised of Governor Jeb Bush, and the state’s independently elected cabinet, voted unanimously for approval.

Calpine is the first independent power producer to receive approval of a Site Certification Application for a large-scale combined-cycle generating facility under Florida’s complex Power Plant Siting Act.

Full-scale construction will begin later this year. The $250 million facility will rely on clean-burning natural gas supplied by the new Gulfstream Pipeline, which is currently under construction. As previously announced, the Osprey Energy Center will provide output under long-term contract to Seminole Electric Cooperative, Inc.

“Today’s vote represents a dramatic step forward both in terms of Calpine’s Florida development program, and the ongoing evolution of the state’s wholesale power market,” said Bob Alff, Calpine’s Senior Vice President and head of its East Region Portfolio. “We are greatly pleased to be the first independent power producer to successfully navigate Florida’s difficult power plant approval process. We remain fully committed to our goal of expanding our presence in Florida to help supply the state’s growing energy needs with clean, reliable and competitively-priced electric power,” he added.

Calpine currently owns and operates an existing 150-megawatt cogeneration facility in Auburndale, and will expand its existing Auburndale plant this summer by adding a 100-megawatt peaking unit at the site. Calpine has announced its intent to invest more than $750 million to help supply Florida’s fast-growing electric power market. In addition to the now-approved Osprey project, Calpine is continuing to move forward with the proposed 1,080-megawatt Blue Heron Energy Center, to be located in Indian River County, west of Vero Beach. Calpine reinforced its commitment to the Florida market by opening and fully staffing an office in Tampa during 2000.

Calpine Corporation, based in San Jose, Calif., is dedicated to providing customers with reliable and competitively priced electricity. Calpine is focused on clean, efficient, natural gas-fired generation and is the world’s largest producer of renewable geothermal energy. Calpine has launched the largest power development program in North America. To date, the company has approximately 32,200-megawatts of base load capacity and 7,200-megawatts of peaking capacity in operation, under construction, and in announced development in 29 states and Canada. 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 its Website at www.calpine.com.