Calpine Vice President Rick Barraza Named `Best Investor Relations Officer'.

Business Editors

SAN JOSE, Calif.--(BUSINESS WIRE)--April 10, 2000

Calpine Corporation today announced that Richard Barraza, Calpine Vice President of Investor Relations, was named "Best Investor Relations Officer" for a small-cap company by Investor Relations Magazine. The award was given on March 30, 2000 at the fifth annual Investor Relations Magazine U.S. Awards, which recognize excellence in investor relations among public companies.

Winners of the Investor Relations Awards are determined from a survey of over 1,800 U.S. portfolio managers, securities analysts, and retail investors. Respondents were asked to rate companies and investor relations officers in 20 categories ranging from management of disclosure to IR web sites.

Barraza joined Calpine in 1986 as an accountant. He became Director of Financial Planning and Analysis in 1992, responsible for managing Calpine's accounting and financial planning functions. In 1997, he was promoted to Vice President, assuming management of Calpine's investor relations program. During 1999, Calpine's stock value quintupled, was listed among the Bloomberg 100 and was ranked as the third-highest gainer in 1999 on the New York Stock Exchange.

"We congratulate Rick on this well-deserved recognition. His hard work and leadership helped educate investors to the value of Calpine stock. Calpine's stock price increased over 400% last year, as investors learned about the company, and as Calpine's revenue and net income increased in accordance with our long-range growth program," said Ann Curtis, Executive Vice President and CFO of Calpine. "Rick's outreach efforts have brought Calpine a very strong investor base."

Calpine Corporation is a leading U.S. power company dedicated to providing customers with reliable and competitively priced electricity. Calpine currently has interests in approximately 17,000 megawatts of capacity in operation, under construction or in announced development in 20 states--enough energy to power approximately 17 million households. Calpine has headquarters in San Jose, Calif., with regional offices in Houston, Texas; Pleasanton, Calif.; and Boston, Mass. The company was founded in 1984 and is publicly traded on the New York Stock Exchange under the symbol CPN. To learn more about Calpine, visit its website at www.calpine.com.