Calpine Names Gary Germeroth, Executive Vice President and Chief Risk Officer



    SAN JOSE, Calif., June 13 /CNW/ -- Calpine Corporation (OTC: CPNLQ) today
announced that Gary Germeroth has been named to lead Calpine's Risk Management
function as the new Executive Vice President and Chief Risk Officer (CRO). In
this role, Mr. Germeroth is responsible for maintaining oversight of Calpine's
risk management framework and assuring that the complex risks of the company
are communicated and comprehended throughout the organization.
    Calpine Chief Executive Officer Robert P. May stated, "We are pleased to
have Gary join the management team as we build the new Calpine. He will ensure
that Calpine's risk limits are appropriate for the nature and complexity of
our business by overseeing four key Risk Management functions, including
Market, Credit, Business and Operational Risk Management."
    Mr. Germeroth brings to Calpine more than 26 years of experience in
energy strategy and risk management, having directed a variety of commercial
strategy, enterprise risk management and corporate restructuring projects for
multiple companies. He has led efforts related to corporate governance,
portfolio risk evaluation, operational risk management, strategic options
analysis, management of portfolio capital requirements, organizational and
business process design, transaction settlement and financial accounting. He
has most recently worked for PA Consulting Group and its predecessor firm,
Hagler Bailly Risk Advisors, since 1999. Prior to joining PA in 1999, Mr.
Germeroth held a variety of controllership, risk control and treasury
positions at various entities in his energy career. He holds a bachelor of
science degree in finance from the University of Denver.
    Calpine Corporation is helping meet the needs of an economy that demands
more and cleaner sources of electricity. Founded in 1984, Calpine is a major
U.S. power company, capable of delivering nearly 25,000 megawatts of clean,
cost-effective, reliable and fuel-efficient electricity to customers and
communities in 18 states in the U.S.  The company owns, leases and operates
low-carbon, natural gas-fired and renewable geothermal power plants.  Using
advanced technologies, Calpine generates electricity in a reliable and
environmentally responsible manner for the customers and communities it
serves.  Please visit http://www.calpine.com for more information.





For further information:

For further information: Media, Mel Scott, +1-713-570-4553, 
scottm@calpine.com, or Investors, Karen Bunton, +1-408-792-1121, 
karenb@calpine.com, both of Calpine Corporation

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CALPINE CORPORATION

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