Calpine to Present at Investor Conferences in September

Thad Hill, Calpine’s (NYSE:CPN) Executive Vice President and Chief Commercial Officer, is scheduled to participate in a panel discussion about Power Producers at the Banc of America Securities-Merrill Lynch Power & Gas Leaders Conference in New York City on Tuesday, Sept. 22, 2009. He also will deliver a brief presentation on Calpine. The panel discussion is scheduled to begin at 7:45 a.m. ET / 6:45 a.m. CT. The panel discussion and presentation will be webcast live on Calpine's web site at www.calpine.com. A replay will be made available on the web site through Oct. 22, 2009.

Separately, Zamir Rauf, Calpine’s Executive Vice President and Chief Financial Officer, is scheduled to present at the Deutsche Bank Leveraged Finance Conference in Scottsdale, Ariz. on Wednesday, Sept. 30, 2009. Mr. Rauf will speak to invited guests at 10:35 a.m. MT / 11:35 a.m. CT. A webcast will not be available for this presentation.

About Calpine

Calpine Corporation is helping meet the needs of an economy that demands more and cleaner sources of electricity. Founded in 1984, Calpine is a major U.S. power company, currently capable of delivering nearly 24,000 megawatts of clean, cost-effective, reliable and fuel-efficient electricity to customers and communities in 16 states in the United States and Canada. Calpine owns, leases and operates low-carbon, natural gas-fired and renewable geothermal power plants. Using advanced technologies, Calpine generates electricity in a reliable and environmentally responsible manner for the customers and communities it serves. Please visit www.calpine.com for more information.

Forward-Looking Information

This release contains 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. Words such as "believe," "intend," "expect," "anticipate," "plan," "may," "will" and similar expressions identify forward-looking statements. Such statements include, among others, those concerning expected financial performance and strategic and operational plans, as well as assumptions, expectations, predictions, intentions or beliefs about future events. You are cautioned that any such forward-looking statements are not guarantees of future performance and that a number of risks and uncertainties could cause actual results to differ materially from those anticipated in the forward-looking statements. Please see the risks identified in this release or in Calpine's reports and registration statements filed with the Securities and Exchange Commission, including, without limitation, the risk factors identified in its Quarterly Report on Form 10-Q for the three months ended June 30, 2009, and its Annual Report on Form 10-K for the year ended Dec. 31, 2008. These filings are available by visiting the Securities and Exchange Commission's web site at www.sec.gov or Calpine's web site at www.calpine.com. Actual results or developments may differ materially from the expectations expressed or implied in the forward-looking statements, and Calpine undertakes no obligation to update any such statements.

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