Calpine Terminates Tender Offer For Its 9 5/8% First Priority Senior Secured Notes Due 2014

SAN JOSE, Calif., Dec. 30  /PRNewswire-FirstCall/ -- Calpine Corporation (OTC Pink Sheets: CPNLQ) announced today that it has terminated its previously announced tender offer to purchase for cash up to $400,000,000 of its outstanding 9 5/8% First Priority Senior Secured Notes due 2014 (the "Notes"). The tender offer has expired, and Calpine has determined that not all the conditions to the offer have been satisfied.  Accordingly, Calpine will purchase no Notes pursuant to the offer, and all Notes tendered will be promptly returned.

A major power company, Calpine Corporation supplies customers and communities with electricity from clean, efficient, natural gas-fired and geothermal power plants.  Calpine owns, leases and operates integrated systems of plants in 21 U.S. states and in three Canadian provinces.  Calpine was founded in 1984. 

DATASOURCE: Calpine Corporation



CONTACT:  media, Katherine Potter, [phone], or investors, Lisa

Poelle, [phone]



Web site:  http://www.calpine.com/ 

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