Calpine Power Income Fund Confirms 2005 Cash Distributions Expectations.

CALGARY, Alberta -- Commenting on recent trading pressure on its units, the Calpine Power Income Fund (TSX:CF.UN) (the Fund) confirms that it expects its first quarter results to be in line with expectations and to be able to meet its 2005 expected cash distributions to unitholders.

"We want to ensure our investors that we remain on track to meet our 2005 expectations. We are monitoring the performance of all of our off-take contract counterparties, including Calpine Corporation, and they all continue to meet their obligations, without any issue," says Toby Austin, President and CEO of Calpine Canada Power Ltd, Manager of the Fund. "Calpine Corporation is one of our main counterparties and has announced that it expects its first quarter financial results to be in line with expectations and it remains on track to achieve its 2005 earnings. Accordingly, the Fund anticipates meeting all expected unitholder cash distribution targets for this year."

"The Fund continues its focus on optimizing its asset base, strengthening its sources of revenue, and looking for accretive acquisition opportunities, in order to continue delivering a consistent stream of cash distributions to unitholders."

The Calpine Power Income Fund is an unincorporated open-ended trust that invests in electrical power assets. The Fund indirectly owns interests in two power plants in Alberta and British Columbia, and in a plant in California. It also has as loan interest in a power plant in Ontario. The Fund is managed by Calpine Canada Power Ltd., which is headquartered in Calgary, Alberta. The Fund's units are listed on the Toronto Stock Exchange under the symbol CF.UN. For further information, please visit our website at www.calpinepif.com.

Certain information in this news release is forward-looking and subject to risks and uncertainties. The results or events predicted in this information may differ from actual results or events. Factors which could cause actual results or events to differ materially from current expectations include, among other things, the ability of the Fund and its investees to successfully implement the Fund's strategic initiatives and whether such strategic initiatives will yield the expected benefits, the availability and price of energy commodities, regulatory decisions, competitive factors in the power industry, and the prevailing economic conditions in North America. The Fund and its investees each disclaim any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Calpine Power Income Fund (TSX:CF.UN)