Calpine Makes Final Payment of $250,000 to Sutter County Levee and Flood Control Improvement Fund

Calpine Corporation’s (NYSE:CPN) Calpine Construction Finance Company, L.P., today fulfilled a commitment to helping protect Sutter County from catastrophic flooding by making the last of 10 annual contributions of $250,000 to the Calpine Levee and Flood Control Improvement Fund.

This first-of-its-kind, public/private partnership was established in 1999 during construction of the Sutter Energy Center, when Calpine pledged to set aside $2.5 million over a 10-year period for flood control projects in the county.

From the accumulated funds, $1.3 million was distributed last year for the Star Bend Setback Levee project. That effort to reconstruct and straighten a mile-long section of the Feather River was completed earlier this year. At a groundbreaking ceremony in August 2009, Gov. Arnold Schwarzenegger specifically thanked Calpine for its partnership in the project, which cost more than $12 million.

“Our relationship with Sutter County represents the state’s first and only public/private partnership to provide funding for flood control,” said Joe Ronan, Calpine’s Senior Vice President of Government and Regulatory Affairs. “We look forward to supporting future improvements that will help protect homes, businesses and agricultural enterprises.”

“Sutter County is fortunate to have Calpine as an excellent corporate citizen,” said Sutter County Supervisor James Gallagher, whose district includes the setback levee and the Sutter Energy Center. “We are grateful for its leadership and commitment to public safety, especially its contributions to our flood control efforts in Sutter County.”

The 578-megawatt Sutter Energy Center is the largest of five power plants Calpine operates in the county. Augmenting Sutter’s baseload capacity are two highly efficient combined heat-and-power plants (Greenleaf 1 and 2), and two peaking plants (Yuba City and Feather River) that provide flexible, quick-responding generation when Californians need it most.

About Calpine

Founded in 1984, Calpine Corporation is a major U.S. power company, currently capable of delivering nearly 29,000 megawatts of clean, cost-effective, reliable and fuel-efficient power from its 93 operating plants to customers and communities in 21 U.S. states and Canada. Calpine Corporation is committed to helping meet the needs of an economy that demands more and cleaner sources of electricity. Calpine owns, leases and operates low-carbon, natural gas-fired and renewable geothermal power plants. Using advanced technologies, Calpine generates power in a reliable and environmentally responsible manner for the customers and communities it serves. Please visit our website at www.calpine.com for more information.

Forward-Looking Information

In addition to historical 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 Annual Report on Form 10-K for the year ended Dec. 31, 2009, and its Quarterly Report on Form 10-Q for the quarter ended March 31, 2010. These filings are available by visiting the Securities and Exchange Commission’s website at www.sec.gov or Calpine’s website 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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