Calpine Provides Update on Hurricane Harvey’s Impact on Southeast Texas Operations

HOUSTON–(BUSINESS WIRE)–Calpine Corporation (NYSE: CPN) today reported that its fleet of
flexible and modern natural gas-fired, combined-cycle power plants has
performed well during the recent sustained weather event caused by
Hurricane Harvey. Despite very difficult conditions, the vast majority
of Calpine’s approximately nine gigawatts of Texas generating capacity
is available for dispatch, and the balance is expected to be back online
within the next few days with no material damage reported.

“At Calpine, our employees’ safety is always our number one concern,
while we work to ensure grid reliability,” said Thad Hill, President and
CEO. “As of this morning, we are thankful to report that all of our
employees are accounted for and safe. Unfortunately, many have suffered
substantial property loss and we are working to support them during this
difficult time.”

Calpine’s downtown Houston headquarters was closed due to flooding, but
the Company was well prepared with backup teams stationed in Austin,
Dallas and another location in Houston and was able to continue
supporting its plants and wholesale and retail customers across the
nation.

“Our plants fared well and our corporate operations continued in an
efficient and orderly manner thanks to sound planning and, most of all,
the professionalism and dedication of our team,” continued Mr. Hill. “I
would like to offer my sincerest thanks for the hard work and sacrifice
of our employees who have performed well under very trying
circumstances.”

About Calpine

Calpine Corporation is America’s largest generator of electricity from
natural gas and geothermal resources with operations in competitive
power markets. Our fleet of 80 power plants in operation or under
construction represents approximately 26,000 megawatts of generation
capacity. Through wholesale power operations and our retail businesses
Calpine Energy Solutions and Champion Energy, we serve customers in 25
states, Canada and Mexico. Our clean, efficient, modern and flexible
fleet uses advanced technologies to generate power in a low-carbon and
environmentally responsible manner. We are uniquely positioned to
benefit from the secular trends affecting our industry, including the
abundant and affordable supply of clean natural gas, environmental
regulation, aging power generation infrastructure and the increasing
need for dispatchable power plants to successfully integrate
intermittent renewables into the grid. Please visit www.calpine.com
to learn more about how Calpine is creating power for a sustainable
future.

Forward-Looking Information

In addition to historical information, this release contains
forward-looking statements within the meaning of the Private Securities
Litigation Reform Act of 1995, Section 27A of the Securities Act of
1933, as amended, and Section 21E of the Securities Exchange Act of
1934, as amended. Words such as “believe,” “intend,” “expect,”
“anticipate,” “plan,” “may,” “will,” “should,” “estimate,” “potential,”
“project” 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
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. Please see the
risks identified in this release or in Calpine’s reports and
registration statements filed with the Securities and Exchange
Commission, including, without limitation, the risk factors identified
in its Annual Report on Form 10-K for the year ended Dec. 31, 2016.
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.
Given the risks and uncertainties surrounding forward-looking
statements, you should not place undue reliance on these statements.
Many of these factors are beyond our ability to control or predict. Our
forward-looking statements speak only as of the date of this release.
Actual results or developments may differ materially from the
expectations expressed or implied in the forward-looking statements,
and, other than as required by law, Calpine undertakes no obligation to
update any such statements, whether as a result of new information,
future events, or otherwise.

Contacts

Calpine Corporation
Media Relations:
Brett
Kerr, 713-830-8809
brett.kerr@calpine.com
or
Investor
Relations:
Bryan Kimzey, 713-830-8775
bryan.kimzey@calpine.com