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Calpine Celebrates Completion of Geysers Recycled Water Pipeline

Published 12-05-03

Submitted by Calpine Corporation

SAN JOSE, CA - Calpine Corporation [NYSE: CPN] announced today the Santa Rosa Geysers Recharge Project is now in operation, providing up to 11 million gallons per day of recycled water originating from the City of Santa Rosa’s municipal water system. Water delivered through the 40-mile pipeline will help to extend the commercial life of Calpine’s Geysers geothermal resource.

Located within a 30 square mile area straddling the Lake and Sonoma County border in Northern California, The Geysers is the world’s largest geothermal generation facility. First developed in the 1960’s, The Geysers operations have grown such that they now provide for the typical power needs of Sonoma, Lake, and Mendocino Counties, as well as a large portion of the demands of Marin and Napa Counties.

“The Santa Rosa Geysers Recharge Project is an innovative and unique project that is truly a ‘win-win’ arrangement,” said Calpine Vice President Dennis Gilles. “By injecting recycled water into The Geysers steam reservoir, the City of Santa Rosa has found an environmentally sound discharge solution and is helping to promote green power production in California. There are few places on the planet where such a system could be implemented and the City of Santa Rosa is to be complemented for its vision and commitment to environmental stewardship.”

Calpine’s ownership in power generation began with the purchase of a five percent interest in a 20-megawatt facility at The Geysers in 1989. Since then, Calpine has consolidated ownership of 19 of the 21 facilities within the geothermal resource area. As a result, Calpine is the world’s largest private producer of electricity derived from geothermal resources.

Calpine also operates a Geothermal Visitor Center in Middletown, California. The center offers free admission and tours of one of Calpine’s Geysers facilities. For more information, please contact the center by telephone at 1-866-GEYSERS or check the Website at www.geysers.com.

Calpine Corporation is a leading North American power company dedicated to providing electric power to wholesale and industrial customers from clean, efficient, natural gas-fired and geothermal power facilities. The company generates power at plants it owns or leases in 21 states in the United States, three provinces in Canada and in the United Kingdom. Calpine is also the world's largest producer of renewable geothermal energy, and it owns approximately 900 billion 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 www.calpine.com.

This news release discusses certain matters that may be considered "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, including statements regarding the intent, belief or current expectations of Calpine Corporation ("the Company") and its management. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve a number of risks and uncertainties that could materially affect actual results, including risks identified from time-to-time in our reports and registration statements filed with the SEC, including the risk factors identified in its Annual Report on Form 10-K for the year ended December 31, 2002 updated on Form 8-K on October 23, 2003, and its quarterly report on Form 10-Q for the quarter ended September 30, 2003, which can be found on the Company’s website at www.calpine.com. All information set forth in this news release is as of today’s date, and the Company undertakes no duty to update this information.

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Calpine Corporation

Calpine Corporation

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, capable of delivering nearly 25,000 megawatts of clean, cost-effective, reliable and fuel-efficient electricity to customers and communities in 18 states in the United States. The company 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. Please visit http://www.calpine.com for more information.

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