Calpine Provides Update on Wildfire Impact on The Geysers Geothermal Power Facilities

Over the weekend, a wildfire designated as the Valley Fire spread to Calpine Corporation’s (NYSE: CPN) The Geysers geothermal power facilities in Lake and Sonoma Counties, California, affecting five of Calpine’s 14 power plants. All employees and contractors were safely evacuated and accounted for. We understand from the California Department of Forestry and Fire Protection (Cal Fire) that the fire is moving away from other power plants at The Geysers but is only minimally contained and could change direction. We continue to generate and deliver renewable electricity to the grid for our customers from our non-affected plants at The Geysers to the extent possible. We are coordinating closely with Cal Fire in the event further evacuation is needed from our operating plants, as employee safety is our top priority.

The fire inflicted substantial damage to the communities surrounding The Geysers. As a longtime member and supporter of these communities, we are heartbroken over the losses sustained by our employees, friends and neighbors and our thoughts and prayers are with them. For our affected employees, we are developing assistance programs to support our Geysers family through these difficult times. We also are working with local officials and community leaders to determine how best to provide assistance and support to the communities impacted by this fire to help them get back on their feet, with initial donations totaling $100,000 to local charities, including the American Red Cross, for community relief efforts. Finally, we would like to express our heartfelt thanks to the first responders who are working hard to contain the fire.

As to our affected facilities, ancillary structures (specifically, cooling towers, communication equipment and local power distribution lines) have been severely damaged. There is no known damage to any of the main power houses (including steam turbine and generator sets) at those sites. The fire also damaged some third-party transmission lines that transmit our power to the grid. Calpine’s insurance includes coverage for wildfire risks at The Geysers. Based on preliminary information, we expect such insurance will cover costs to repair or replace our damaged facilities as well as our net revenue losses, after applicable deductibles. We expect our delivery obligations under power sales agreements to be excused without further obligation by reason of force majeure until repairs are completed.

The Geysers is the largest geothermal complex in the world comprising approximately 45 square miles along the border of Sonoma and Lake Counties. Calpine owns and operates 14 power plants at the Geysers with a net operating capacity of approximately 725 megawatts.

About Calpine

Calpine Corporation is America’s largest generator of electricity from natural gas and geothermal resources. Our fleet of 83 power plants in operation or under construction represents nearly 27,000 megawatts of generation capacity. Serving customers in 18 states and Canada, we specialize in developing, constructing, owning and operating natural gas-fired and renewable geothermal power plants that use advanced technologies to generate power in a low-carbon and environmentally responsible manner. Our clean, efficient, modern and flexible fleet is uniquely positioned to benefit from the secular trends affecting our industry, including the abundant and affordable supply of clean natural gas, stricter environmental regulation, aging power generation infrastructure and the increasing need for dispatchable power plants to successfully integrate intermittent renewables into the grid. We focus on competitive wholesale power markets and advocate for market-driven solutions that result in nondiscriminatory forward price signals for investors. Please visit www.calpine.com to learn more about why Calpine is a generation ahead – today.

Forward-Looking Information

In addition to historical information, this release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, 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,” “should,” “estimate,” “potential,” “project” 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, 2014. 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. Given the risks and uncertainties surrounding forward-looking statements, you should not place undue reliance on these statements. Many of these factors are beyond our ability to control or predict. Our forward-looking statements speak only as of the date of this release. Actual results or developments may differ materially from the expectations expressed or implied in the forward-looking statements, and, other than as required by law, Calpine undertakes no obligation to update any such statements, whether as a result of new information, future events, or otherwise.

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