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Calpine's Board of Directors Commits to Low Carbon FutureTo Ease Global Warming

Calpine's Board of Directors Commits to Low Carbon FutureTo Ease Global Warming

Published 05-07-04

Submitted by Calpine Corporation

SAN JOSE, CA - In what is thought to be a first-of-its-kind move within the energy sector, Calpine's Chairman and CEO Peter Cartwright today announced plans to address global warming by voluntarily limiting the company's investments to only low carbon power generation. Several national environmental leaders, including California Environmental Protection Agency Secretary Terry Tamminen, praised the decision, which was unanimously backed by Calpine's Board of Directors. Tamminen called the move "visionary" and encouraged other power generators to follow Calpine's lead.

Cartwright's announcement was made today during a keynote speech to the California Climate Registry's annual meeting in San Diego. Calpine is the world's largest producer of renewable geothermal power and operates the largest, cleanest and most efficient fleet of natural gas-fired power plants in North America. Based in San Jose, Calif., the company is among the nation's largest electricity generators, capable of producing enough energy to power more than 23 million homes.

"It may be decades before we will know with complete certainty the full ramifications of global warming, but we do know that the risk is significant," said Cartwright. "But by the time we do have total certainty, it may be too late to take remedial action. Our Board of Directors' decision merges a sound business strategy with essential national and global environmental goals."

Specifically, the Board resolved to minimize and limit carbon dioxide (CO2) emissions from its current and future power plants. To achieve this, Calpine will work to improve its fuel efficiency and will only invest in new baseload power plants with an output-based CO2 emissions rate (pounds/megawatt-hour) that is no higher than the output-based emissions rate from a modern, combined-cycle, natural-gas fired plant.

While the average fossil fuel plant in the United States releases about 1,900 pounds of CO2 per megawatt-hour, all future baseload Calpine plants will emit about 850 lbs/mwhr of CO2. Today, Calpine's fossil fleet already has one of the lowest CO2 emissions rates in North America, averaging approximately 900 lbs/mwhr of CO2.

Currently, power plants account for more than 40% of the nation's CO2 emissions, which is the single largest greenhouse gas. Many scientists believe that the growing accumulation of CO2 and other greenhouse gases into the upper atmosphere - due in large part to fossil fuel combustion - is a major cause of global warming.

"A forward looking and visionary decision such as this one deserves the praise of all Californians," stated Secretary Tamminen. "Calpine understands that their role is not simply to harness the power of our planet's natural resources, but to protect them as well. The example set today by Calpine is one I hope companies across California, and the nation, will follow."

Added Jonathan Lash, the president of the World Resources Institute, "Calpine's strategy is an important step and will provide leadership across the industry."

About Calpine

Calpine Corporation, celebrating its 20th year in power, is a leading North American power company dedicated to providing electric power to 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 also owns or has access to approximately one trillion cubic feet equivalent of proved natural gas reserves in the United States and Canada. The company is listed on the S&P 500, and was named FORTUNE's 2004 America's Most Admired Energy Company. Calpine is publicly traded on the New York Stock Exchange under the symbol CPN. For more information, visit www.calpine.com.

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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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