Calpine Names Fred Manuel Senior Vice President, Gas Operations; Dennis Gilles to take over The Geysers Operations Tom Box, and Karl Urbank Promoted to Vice President.

Business Editors

SAN JOSE, Calif.--(BUSINESS WIRE)--Aug. 1, 2000

Calpine Corporation (NYSE:CPN), the nation's leading independent power company, today announced it has appointed Fred Manuel to Senior Vice President, Gas Operations. The company will also promote Dennis Gilles to Vice President, Geothermal Operations to take over for Manuel. Tom Box and Karl Urbank will be promoted as well, to Vice President Geothermal Resource Management and Vice President Technical Services, respectively.

"By 2004, this company will be operating more than 40,000 megawatts of electrical generating capacity. The majority of our plant portfolio will be gas-fired and it is of the utmost importance that Calpine is properly positioned in respect to natural gas," said Tom Mason, Calpine's Executive Vice President. "Fred has proven himself through his outstanding management of our geothermal projects and certainly has the company's confidence in his new role."

Gilles will assume management and development of Calpine's geothermal power program. Box and Urbank are promoted and will continue to assist in further developing the generation potential of The Geysers, Calpine's geothermal operations, and additional business opportunities.

The Geysers operations make Calpine the nation's leading producer of electricity derived from renewable energy sources and world leader in the production of geothermal energy. Moreover, the company is engaged in two pioneering projects to expand the generating potential of The Geysers through the injection of treated effluent from neighboring municipalities. Currently, power output from The Geysers is enough to meet the entire electricity needs of a city the size of San Francisco.

The Geysers is located about 90 miles northeast of San Francisco in Sonoma and Lake Counties, Calif.

Based in San Jose, Calif., Calpine Corporation is dedicated to providing customers with reliable and competitively priced electricity. Calpine is focused on clean, efficient combined-cycle, natural gas-fired generation and has launched the largest power development program in the U.S. To date, the company has approximately 25,700 megawatts of base load capacity and 30,400 megawatts of peaking capacity in operation, under construction and announced development in 27 states and Alberta, 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 its website at www.calpine.com.