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Calpine Corporation Announces Appointment of Kenneth A. Graves As Interim Corporate Controller and Principal Accounting Officer

August 29, 2008

Calpine Corporation (NYSE:CPN) announced today that Kenneth A. Graves has been appointed Interim Corporate Controller and Principal Accounting Officer effective immediately. He will succeed Stephen F. Hodkinson who served as the Company’s Interim Corporate Controller and principal accounting officer. Mr. Hodkinson, whose services were provided pursuant to an agreement between the Company and AP Services, has returned to his responsibilities at AP Services.

“Ken’s extensive experience in public accounting, coupled with his responsibilities as Vice President of SEC Reporting and Technical Accounting, makes him particularly well-suited for his new expanded role,” said Zamir Rauf, Calpine’s Interim Chief Financial Officer.

Mr. Graves, 43, has served as the Company’s Vice President of SEC Reporting and Technical Accounting since March 2007. Prior to joining Calpine, Mr. Graves worked as an Inspections Leader at the Public Company Accounting Oversight Board (PCAOB) from September 2004 to February 2007. Mr. Graves also has 14 years of public accounting experience, most recently serving seven years at KPMG LLP as a Senior Audit Manager. Mr. Graves is a Certified Public Accountant in the State of Texas and obtained a Master of Business Administration degree and Bachelor of Business Administration degree in Accounting from Texas A&M University – Commerce.

About Calpine

Calpine Corporation is helping meet the needs of an economy that demands more and cleaner sources of electricity. Founded in 1984, Calpine is a major U.S. power company, currently capable of delivering nearly 24,000 megawatts of clean, cost-effective, reliable, and fuel-efficient electricity to customers and communities in 18 states in the United States. The Company operates low-carbon, natural gas-fired, and renewable geothermal power plants. Using advanced technologies, Calpine generates electricity in a reliable and environmentally responsible manner for the customers and communities it serves. Please visit www.calpine.com for more information.

Forward-Looking Statements

In addition to historical information, this release contains forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act. 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 all 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. Unless specified otherwise, all information set forth in this release is as of today’s date and Calpine undertakes no duty to update this information. For information about such risks and uncertainties,, please refer to Calpine’s Annual Report on Form 10-K for the fiscal year ended December 31, 2007, and any other recent Calpine report to the Securities and Exchange Commission. 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.




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