Calpine Names Zamir Rauf, Senior Vice President of Finance and Treasurer



    SAN JOSE, Calif. and HOUSTON, Sept. 20 /CNW/ -- Calpine Corporation (Pink
Sheets: CPNLQ) today announced that Zamir Rauf has been promoted to Senior
Vice President of Finance and Treasurer. He will report to Lisa Donahue,
Calpine's Interim Chief Financial Officer.  In his new role, Mr. Rauf will
continue to oversee the Project and Corporate Finance groups, in addition to
managing Calpine's Treasury function.
    "I'm particularly pleased with this appointment as Zamir has emerged as a
true leader in the finance and accounting organization," Calpine's Interim
Chief Financial Officer Lisa Donahue said. "Under Zamir's leadership, Calpine
recently received a commitment for an amended and upsized exit facility,
providing the company up to $8 billion in secured financing upon emergence
from bankruptcy. This represents one of the largest and most attractively
priced exit financings of its kind."
    Mr. Rauf joined the company in 2000 and has worked in strategic finance,
financial structuring and project finance. Most recently, he has played an
integral role in Calpine's restructuring efforts. He works closely with the
company's legal and restructuring advisors as well as the creditors'
committees in an effort to help ensure the successful reorganization of the
company.
    Before joining Calpine, Mr. Rauf was with Enron North America as a
Manager - Merchant Finance. He previously worked at Dynegy Inc. in various
accounting and finance roles and at Comerica Bank where his last position was
Corporate Banking Officer serving in various lending and credit roles. He
earned his bachelor's degree in business and commerce and master's in business
administration-finance from the University of Houston.
    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 24,000 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 Web Site:
http://www.calpine.com

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CALPINE CORPORATION

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