CPN Calpine Corp.

Calpine Announces Redemption of HIGH TIDES III SAN JOSE, Calif., July 13 /PRNewswire-FirstCall/ -- Calpine Corporation (NYSE:CPN) has completed the redemption of its outstanding 5% HIGH TIDES III preferred securities, totaling $517.5 million, of which $115.0 million was held by Calpine Corporation. The redemption price paid per each $50 principal amount of HIGH TIDES III security was $50 plus accrued and unpaid distributions to the redemption date in the amount of $0.50. All rights of holders of the HIGH TIDES III have ceased, except the right of such holders to receive the redemption price, which has been deposited with The Depository Trust Company, and such HIGH TIDES III preferred securities have ceased to be outstanding. A major power company, Calpine Corporation supplies customers and communities with electricity from clean, efficient, natural gas-fired and geothermal power plants. Calpine owns, leases and operates integrated systems of plants in 21 U.S. states, three Canadian provinces and in the United Kingdom. Calpine was founded in 1984. It is included in the S&P 500 Index and is publicly traded on the New York Stock Exchange under the symbol CPN. For more information, visit http://www.calpine.com/. DATASOURCE: Calpine Corporation CONTACT: Media Relations: Katherine Potter, ext. 1168, or Investor Relations: Rick Barraza, ext. 1125, both of Calpine Corporation, +1-408-995-5115 Web site: http://www.calpine.com/

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