Calpine Intends to Re-List on New York Stock Exchange Upon Emergence From Bankruptcy

    SAN JOSE, Calif. and HOUSTON, Dec. 5 /CNW/ -- Calpine Corporation (OTC
Pink Sheets:   CPNLQ) announced today that it has filed an application to list
the common stock of the reorganized Calpine on the New York Stock Exchange
("NYSE") after the company's emergence from bankruptcy. Subject to the
approval of its listing application and the effectiveness of its Plan of
Reorganization, Calpine anticipates that the shares of the newly issued stock
will begin trading on the NYSE in January 2008 under the ticker symbol CPN.
    "Having the NYSE's support and confidence in the reorganized Calpine is
another positive step forward in our restructuring process," said Robert P.
May, Calpine's Chief Executive Officer.  "We look forward to continuing to
work with our constituents throughout the restructuring process to emerge as a
financially stable, stand-alone company with an improved competitive position
in the energy industry."
    "We are pleased to welcome Calpine back to our family of listed
companies," said Catherine R. Kinney, President, Co-Chief Operating Officer,
NYSE Euronext. "We look forward to an outstanding partnership with the company
and to providing Calpine with the superior market quality, information
services and unsurpassed brand offered to issuers on the NYSE Euronext."
    The Company expects to emerge from Chapter 11 prior to Jan. 31, 2008.
    About Calpine
    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 for more information.
    In addition to historical information, this Report contains forward-
looking statements within the meaning of Section 27A of the Securities Act and
Section 21E of the Exchange Act. We use words such as "believe," "intend,"
"expect," "anticipate," "plan," "may," "will" and similar expressions to
identify forward-looking statements. Such statements include, among others,
those concerning our expected financial performance and strategic and
operational plans, as well as all 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. Such
risks and uncertainties include, but are not limited to: (i) the risks and
uncertainties associated with our Chapter 11 cases and CCAA proceedings,
including our ability to successfully reorganize and emerge from Chapter 11;
(ii) our ability to implement our business plan; (iii) financial results that
may be volatile and may not reflect historical trends; (iv) seasonal
fluctuations of our results; (v) potential volatility in earnings associated
with fluctuations in prices for commodities such as natural gas and power;
(vi) our ability to manage liquidity needs and comply with covenants related
to our existing financing obligations and anticipated exit financing; (vii)
the direct or indirect effects on our business of our impaired credit
including increased cash collateral requirements in connection with the use of
commodity contracts; (viii) transportation of natural gas and transmission of
electricity; (ix) the expiration or termination of our PPAs and the related
results on revenues; (*) risks associated with the operation of power plants
including unscheduled outages; (xi) factors that impact the output of our
geothermal resources and generation facilities, including unusual or
unexpected steam field well and pipeline maintenance and variables associated
with the waste water injection projects that supply added water to the steam
reservoir; (xii) risks associated with power project development and
construction activities; (xiii) our ability to attract, retain and motivate
key employees; (xiv) our ability to attract and retain customers and
counterparties; (xv) competition; (xvi) risks associated with marketing and
selling power from plants in the evolving energy markets; (xvii) present and
possible future claims, litigation and enforcement actions; (xviii) effects of
the application of laws or regulations, including changes in laws or
regulations or the interpretation thereof; and (xix) other risks identified in
this Report and our 2006 Form 10-K. You should also carefully review other
reports that we file with the SEC, including without limitation our 2006 Form
10-K. We undertake no obligation to update any forward-looking statements,
whether as a result of new information, future developments or otherwise.

For further information:

For further information: Media Relations, Mel Scott, +1-713-570-4553,, or Investor Relations, Norma F. Dunn, +1-713-830-8883,, both of Calpine Corporation Web Site:

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