Calpine Names New Vice President of Investor Relations

Calpine Corporation (NYSE:CPN) today announced that W. Bryan Kimzey has been named Vice President of Investor Relations. Mr. Kimzey succeeds Andre Walker, who transitioned to his current role as Vice President, Asset Management earlier this year.

“We are excited to welcome Bryan to our organization,” said Zamir Rauf, Calpine’s Chief Financial Officer. “Bryan’s extensive industry experience, which includes his time spent in investment banking advising the power sector and his most recent role in investor relations for a power company, will undoubtedly benefit Calpine’s comprehensive investor relations program and help us continue to communicate the key value drivers for the company.”

Mr. Kimzey brings 15 years of investor relations, finance and accounting experience to Calpine. He joins Calpine from Progress Energy, Inc., where he spent seven years in Investor Relations, Treasury and Strategic Planning. From 1998 to 2004, Mr. Kimzey was with Credit Suisse First Boston, where he rose to Vice President in the firm’s investment banking group in New York, serving companies in the power and gas sectors with a focus on mergers, acquisitions and underwriting. He began his career in 1996 with Arthur Andersen, where he audited energy marketing and trading businesses in Houston.

Mr. Kimzey graduated from the University of North Carolina at Chapel Hill, where he received his Bachelor of Science degree in business administration and his Master of Accounting degree.

Christine Parker, Director of Investor Relations, will continue in her current role and report to Mr. Kimzey.

About Calpine

Founded in 1984, Calpine Corporation is a major U.S. power company, currently capable of delivering approximately 28,000 megawatts of clean, cost-effective, reliable and fuel-efficient power from its 92 operating plants to customers and communities in 20 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 primarily 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 U.S. Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. We use words such as “believe,” “intend,” “expect,” “anticipate,” “plan,” “may,” “will,” “should,” “estimate,” “potential,” “project” and similar expressions to 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 December 31, 2010, and its Quarterly Reports on Form 10-Q for the quarters ended March 31 and June 30, 2011. 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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