CPN Calpine Corp.

SAN JOSE, Calif., Aug. 3 /PRNewswire-FirstCall/ -- Calpine Corporation's (NYSE:CPN) wholly owned subsidiary, Calpine Construction Finance Company, L.P. ("CCFC") has terminated its previously announced offer to purchase for cash a portion of its 9 3/4% Second Priority Senior Secured Floating Rate Notes Due 2011 (CUSIP No. 13134YAA5) (the "Notes"). CCFC terminated its offer for the Notes pursuant to the conditions of the offer. The conditions of the offer, among other things, provided that CCFC shall not be required to accept for payment, purchase or pay for any Notes tendered and may terminate the offer if CCFC does not expect to receive the net proceeds from the proposed sale of the Ontelanuee Energy Center on or prior to the purchase date, which is no later than the third business day following the expiration date (August 3, 2005). Any Notes that have been tendered will be redelivered to the tendering party. Calpine Corporation owns, leases and operates integrated systems of plants in 21 U.S. states and three Canadian provinces. 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: +1-408-995-5115, media relations, Katherine Potter, ext. 1168, or investor relations, Karen Bunton, ext. 1121, both of Calpine Web site: http://www.calpine.com/

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