Calpine Announces Results From 2000 Annual Meeting of Stockholders.

Business Editors

SAN JOSE, Calif.--(BUSINESS WIRE)--May 19, 2000

Calpine Corporation (NYSE:CPN), the nation's leading independent power company, announced today that its stockholders have approved an amendment to the company's Amended and Restated Certificate of Incorporation increasing the number of authorized shares of common stock, thereby allowing Calpine to proceed with a two-for-one stock split previously approved by the company's Board of Directors. A two-for-one stock split for stockholders of record as of May 29, 2000 is scheduled to occur after the market closes on June 8, 2000.

Calpine stockholders approved all other measures before them at today's 2000 Annual Meeting of Stockholders, as well. They included:

-- The election of Jeffrey Garten, George Stathakis, and John

Wilson as Class I Directors of the company,

-- Adoption of the company's 2000 Employee Stock Purchase Plan,

-- Approval of the Discretionary Option Grant Program under the

company's 1996 Stock Incentive Plan, and

-- Ratification of the appointment of Arthur Andersen LLP as

Calpine's independent accountants for the fiscal year ending

December 31, 2000.

An audio replay and a copy of management's report that was presented at the 2000 Annual Meeting are available on the company's website at www.calpine.com.

Calpine Corporation is dedicated to providing customers with clean, reliable and competitively priced electricity. Calpine is active in 20 states and Alberta, Canada. Calpine's corporate headquarters are located in San Jose, Calif., with regional offices in Houston, Texas; Pleasanton, Calif.; and Boston, Mass. Calpine currently has approximately 17,200 megawatts of capacity in operation, under construction or in announced development -- enough energy to power more than 17 million households. The company was founded in 1984 and is publicly traded on the New York Stock Exchange under the symbol CPN.