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Calpine’s 880-MW Delta Energy Center on line in time for California’s peak summer demand

SAN JOSE, Calif., June 17, 2002 — Calpine Corp. announced recently that its 880-MW Delta Energy Center in Pittsburg, Calif. has entered commercial operations and is providing needed electricity to northern California’s power grid.

Delta is Calpine’s third major combined-cycle facility to be completed in California since 2001. An industry leader in developing clean, fuel-efficient electric generating facilities, Calpine has built and is operating all of the new baseload combined-cycle capacity to be brought on line in the state in more than a decade.

The Delta Energy Center is Calpine’s largest operating project in California and is only the second baseload power plant, after Calpine’s Los Medanos Energy Center, to be built in the San Francisco Bay Area in more than 30 years. Fueled by clean natural gas, the facility is capable of meeting the electricity demands of more than 800,000 California households on a 24-hours-a-day, seven-days-a-week basis.

“This facility extends Calpine’s leadership in constructing highly reliable generating capacity for California,” said Calpine Senior Vice President – Western Region Jake Rudisill. “These modern energy centers continue to set the industry standard for excellence in power generation and are helping modernize California’s fleet of antiquated and polluting power plants with clean, low-cost generation.”

In less than a year, Calpine has brought 2,165 megawatts of new power generation on line in California. Beginning with the completion of the Sutter Energy Center last summer, Calpine’s new baseload projects and four new peaking units can generate the energy required by more than 2 million households. In addition, Calpine owns and operates 19 geothermal facilities and 7 natural gas-fueled cogeneration facilities in northern California, totaling approximately 1,300 megawatts of capacity.

Rudisill added, “Calpine has invested more than $1 billion in California’s new energy infrastructure. As a California-based company, we remain committed to providing the dependable and environmentally-responsible energy solutions California needs to foster economic growth and improve quality of life.”

Calpine broke ground on the Delta Energy Center in April of 2000. More than 700 construction and trade personnel worked on the project. Over the past 24 months, the project scheduled two ten-hour shifts, ensuring the project would be on line to meet this year’s peak summer power demand. Daily operations will require a full-time staff of 24.

Based in San Jose, Calif., Calpine Corporation is an independent power company that is dedicated to providing customers with clean, efficient, natural gas-fired power generation. It generates and markets power, through plants it develops, owns and operates, in 29 states in the United States, three provinces in Canada and in the United Kingdom.

Calpine also is the world’s largest producer of renewable geothermal energy, and it owns 1.3 trillion cubic feet equivalent of proved natural gas reserves in Canada and the United States.

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.