CPN Calpine Corp.

SAN JOSE, Calif., Nov. 3 /PRNewswire-FirstCall/ -- Calpine Corporation (NYSE:CPN) has scheduled a conference call for Friday, Nov. 4, 2005, at 6:00 a.m., Pacific Standard Time to discuss the correction made to the third quarter and year-to-date EBITDA, as adjusted for non-cash and other charges (1). Interested parties may access the teleconference by dialing 1-888-603-6685 (1-706-634-1265 for international callers) at least five minutes before the start of the call. The call will be open to the public and media in a listen-only mode by telephone. A replay and transcript of the conference call will be available in the near future on Calpine's Investor Relations page at http://www.calpine.com/. 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 is building a plant in Mexico. Its customized products and services include wholesale and retail electricity, gas turbine components and services, energy management, and a wide range of power plant engineering, construction and maintenance, and operational 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/ . (1) This non-GAAP measure is presented not as a measure of operating results, but rather as a measure of our ability to service debt and to raise additional funds. It should not be construed as an alternative to either (i) income from operations or (ii) cash flows from operating activities. It is defined as net income less income from unconsolidated investments, plus cash received from unconsolidated investments, plus interest expense (including one-third of operating lease expense, which is management's estimate of the component of operating lease expense that constitutes interest expense), plus provision for tax, plus depreciation, depletion and amortization expense ("DD&A"). The interest, tax, DD&A and income from unconsolidated investments components of discontinued operations are added back in calculating EBITDA, as adjusted. DATASOURCE: Calpine Corporation CONTACT: media, Katherine Potter, +1-408-792-1168, or , or investors, Karen Bunton, +1-408-792-1121, or , both of Calpine Corporation Web site: http://www.calpine.com/

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