Stephen J. Muscato Joins Calpine as SVP

Calpine Corporation (NYSE:CPN) has named Stephen J. Muscato as its Senior Vice President of Commercial Operations. He most recently served as Senior Vice President of Commercial Operations for Luminant Energy in Dallas.

Mr. Muscato will be based in Houston and will lead Calpine’s natural gas and power trading activities, primarily focusing on optimizing plant operations and managing commodity price risk.

“Stephen brings a solid track record of achievement in building and managing effective trading organizations, and I fully expect he will lead our Commercial Operations Group to even higher levels of performance,” said Chief Operating Officer Thad Hill, to whom Mr. Muscato will report. “We are very pleased to have him on board as part of the team.”

Mr. Muscato began his career as a project engineer for National Fuel Gas Company in Buffalo, N.Y., and later became a senior energy trader for that company. He also served as an asset manager at Pacificorp/TPC Corporation in Houston before joining Luminant in 1998. Mr. Muscato holds both bachelor’s and master’s degrees in electrical engineering from the University of Rochester. He also completed the management leadership program at Columbia Business School.

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 Sept. 30, 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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