CPN Calpine Corp.

SAN JOSE, Calif., Sept. 20 /PRNewswire-FirstCall/ -- The Calpine Corporation (NYSE:CPN) Board of Directors has named two new independent directors: William J. Keese, former Chairman of the California Energy Commission, and Walter L. Revell, Chairman and Chief Executive Officer of Revell Investments International, Inc. Keese and Revell are replacing two distinguished directors, Jeffrey E. Garten, who retired September 14, and John O. Wilson, who plans to retire later this year. Calpine Director Gerald Greenwald has been appointed Chair of Calpine's Compensation Committee, replacing Garten, and Director Susan Wang will serve as Chair of Calpine's Audit Committee upon Wilson's retirement. "We are honored to have Bill Keese and Walter Revell join Calpine's Board of Directors," said Calpine Chairman, President and Chief Executive Officer Peter Cartwright. "Together they bring to Calpine extensive experience and service in the energy, government and private sectors. Their commitment to excellence and diverse public policy and management leadership will strengthen our Board and further enhance Calpine's core operating strengths and corporate culture." Keese brings to Calpine more than 25 years of experience in the energy industry, most recently serving as Chairman of the California Energy Commission (CEC). During his eight-year tenure with the CEC, Keese was Chair of the National Association of State Energy Officials and the Western Interstate Energy Board. Prior to his distinguished career at the CEC, he served as a California public affairs advocate and consultant, representing energy and professional clients. He currently is a California Representative to, and Co-Chair of, the Western Governors' Association Clean and Diversified Energy Advisory Committee and the Board of the Alliance to Save Energy. Keese earned his Juris Doctorate at Loyola University, Los Angeles and is a member of the American, California and Sacramento Bar Associations. Chairman and Chief Executive Officer of Revell Investments International, Inc., an investment, development and management company, Revell has enjoyed a successful career in the public and private sectors. Prior to founding Revell Investments in 1984, he was Chairman and Chief Executive Officer of H. J. Ross Associates, an engineering services company. He has served in a variety of senior management positions in leading engineering, telecommunications and real estate firms. During Revell's years of public service in Florida, he served as Secretary of Transportation and as Vice Chairman of the Public Facilities Financing Commission. He chaired the Florida Energy 2020 Study Commission, and the Florida and Greater Miami Chambers of Commerce. Revell earned a Bachelor of Science degree from Florida State University. Calpine Chairman, Chief Executive Officer and President Peter Cartwright stated, "Jeff Garten and John Wilson have helped guide Calpine during our company's transition from a small, power plant developer, to a 27,000-megawatt North American power company, active in every major North American power market. Their contributions over the past eight years have helped create a collaborative and independent Board. We wish them every success in their new ventures." Garten and Wilson joined Calpine's Board in 1997, shortly after the company's initial public offering. Their counsel, leadership and wide-ranging contributions have gone well beyond their highly regarded careers in academia, finance and government service. Garten is retiring to pursue a new business venture and to devote more time to his new teaching responsibilities at Yale. Wilson plans to devote his time to academia and will continue to serve as a faculty member of the University of California at Berkeley. About Calpine 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 and in three Canadian provinces. Its customized products and services include wholesale and retail electricity, natural gas, gas turbine components and services, energy management, and a wide range of power plant engineering, construction and operations services. 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: Katherine Potter, Media Relations, ext. 1168, or Karen Bunton, Investor Relations, ext. 1121, both of Calpine Corporation, +1-408-995-5115 Web site: http://www.calpine.com/

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