CPN Calpine Corp.

SAN JOSE, Calif., Nov. 8 /PRNewswire-FirstCall/ /PRNewswire-FirstCall/ -- Calpine Construction Finance Company, L.P. ("CCFC"), an indirect subsidiary of Calpine Corporation (NYSE:CPN), announced today that none of the noteholders of CCFC's Second Priority Senior Secured Floating Rate Notes due 2011 (the "Notes") have elected to have their Notes repaid pursuant to the offer to purchase (the "Notes Offer") commenced by CCFC on October 6, 2005, in connection with the sale of its 550-megawatt Ontelaunee Energy Center (the "Ontelaunee Divestiture"). The Ontelaunee Divestiture qualifies as an "Asset Sale" under the Indenture, dated as of August 14, 2003, as amended (the "Indenture"), among CCFC, CCFC Finance Corp., the guarantors named therein, and Wilmington Trust FSB, as Trustee. The Notes Offer was made in compliance with requirements under the Indenture applicable to Asset Sales. The Notes Offer expired on Nov. 4, 2005, and $415.0 million of principal amount of the Notes remains 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 and three Canadian provinces and is building a plant in Mexico. 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 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/ . This news release discusses certain matters that may be considered "forward-looking" statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements regarding the intent, belief or current expectations of Calpine Corporation ("the Company") and its management. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve a number of risks and uncertainties that could materially affect actual results. Such risks include, but are not limited to, those risks identified from time-to- time in the Company's reports and registration statements filed with the SEC, including the risk factors identified in its Annual Report on Form 10-K for the year ended December 31, 2004, in its Quarterly Report on Form 10-Q for the quarter ended June 30, 2005, and its current report on Form 8-K filed with the SEC on July 1, 2005, which can be found on the Company's website at http://www.calpine.com/. All information set forth in this news release is as of today's date, and the Company undertakes no duty to update this information. DATASOURCE: Calpine Corporation CONTACT: media relations, Katherine Potter, +1-408-792-1168, or , or investor relations, Karen Bunton, +1-408-792-1121, or , both of Calpine Web site: http://www.calpine.com/

Copyright