CPN Calpine Corp.

Calpine Signs Five Power Sales Agreements in New England Represents Substantial Increase as Direct Service Provider in Region SAN JOSE, Calif., Feb. 10 /PRNewswire-FirstCall/ -- Calpine Corporation today announced that it has entered into five power sales contracts to supply approximately 350 megawatts of electricity to five New England-based electric distribution companies for delivery in 2004. Under the terms of the contracts, which range in duration from three to six months, Calpine will provide a total of approximately 740,000 megawatt-hours of electricity, backed by its 1,300-megawatt portfolio of generating assets in the Northeast. "These contracts represent a substantial increase in our role as a direct service provider to utility customers in New England," according to Gregory Kelly, Calpine's Northeast Vice President for Marketing and Sales. "The quality of our existing asset base allowed us to offer a cost-effective range of high-quality products to help serve these utilities' loadrequirements, demonstrating our ability to succeed in the region's highly competitive electric power market." Calpine has five highly efficient, natural gas-fired, combined-cycle power plants located in Maine, Massachusetts and Rhode Island: the 136-mw Androscoggin Energy Center, the 263-mw Rumford Energy Center, the 537-mw Westbrook Energy Center, the 267-mw Tiverton Energy Center and the 170-mw Dighton Power Plant -- the newest, largest and most environmentally responsible portfolio of power plants in the region. "The geographic diversity of our fleet allows us to offer customers the benefits of system-based products and services with the highest possible level of reliability and flexibility," noted Kelly. "We look forward to using this approach in helping to supply the energy needs of Massachusetts Electric Company, Fitchburg Gas and Electric Light Company, Narragansett Electric Company, Bangor Hydro Electric Company and Central Maine Power over the coming months." About Calpine Calpine Corporation, celebrating its 20th year in power in 2004, is a leading North American power company dedicated to providing electric power to wholesale and industrial customers from clean, efficient, natural gas-fired and geothermal power facilities. The company generates power at plants it owns or leases in 21 states in the United States, three provinces in Canada and in the United Kingdom. Calpine is also the world's largest producer of renewable geothermal energy, and owns or controls approximately one trillion cubic feet equivalent of proved natural gas reserves in the United States and Canada. The company was founded in 1984 and is publicly traded on the New York Stock Exchange under the symbol CPN. For more information about Calpine, 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, asamended, including statements regarding the intent, belief or current expectations of Calpine Corporation ("the Company") and its management. You 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 as, but not limited to, (i) changes in government laws and regulations, (ii) the results of proceedings before regulatory bodies or courts with jurisdiction over the project, and, (iii) other market responses of competitors. You are also referred to the other risks identified from time to time in the Company's reports and registration statements filed with the Securities and Exchange Commission, including the risk factors identified in its Annual Report on Form 10-K for the year ended December 31, 2002, updated on Form 8-K on October 23, 2003, and its quarterly report on Form 10-Q for the quarter ended September 30, 2003, 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, John Flumerfelt, +1-207-671-1621, or, Investor Relations, Karen Bunton, +1-408-995-5115, ext. 1121, both of Calpine Corporation Web site: http://www.calpine.com/

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