Calpine Shares Commence 'Regular Way' Trading on NYSE

    Company to Ring Opening Bell at New York Stock Exchange

    SAN JOSE, Calif. and HOUSTON, Feb. 7 /CNW/ -- Calpine Corporation (NYSE:  
CPN) today resumes "regular way" trading of the Company's newly issued stock
on the New York Stock Exchange (NYSE) under the symbol "CPN." Company
officials will ring the NYSE opening bell on Feb. 8, 2008, to commemorate its
relisting and successful emergence from Chapter 11.
    "Calpine is proud to once again be traded on the New York Stock
Exchange," said Robert P. May, Calpine's Chief Executive Officer. "We have
streamlined our operations and strengthened our balance sheet, and we are
returning to the NYSE as a stronger and more competitive power company with
one of the cleanest generating fleets in the United States. We are confident
that the new Calpine is well positioned in the market and poised for success
as a corporate leader in the nation's energy industry."
    Webcast Information
    Calpine's ringing of The Opening Bell(SM) will be available via live and
archived webcast as follows: (The live link will become active at
approximately 9:25 a.m. EST.  The archive link will become active
approximately two hours after the event and then will remain available for a
period of two years.)

    Live --
    Archive --
    Webcast links also will be posted on
    Calpine Facts-At-A-Glance
    Calpine re-initiates trading on the NYSE as one of the largest power
generation companies in the United States, with nearly 24,000 megawatts of
installed generating capacity and approximately 2,200 employees. Calpine owns
and operates a world-class fleet of 80 modern power plants and also is engaged
in full-scale construction activities at its 590-megawatt Otay Mesa project in
San Diego, Calif., and is a 50 percent equity partner in the 1,000-megawatt
Greenfield Energy Centre, currently under construction in Ontario, Canada.
    Calpine's power generating assets are located in key market regions
throughout the U.S. with an emphasis on high-growth competitive wholesale
power markets in California and Texas. Calpine owns and operates the nation's
largest fleet of renewable geothermal generation assets located at The
Geysers, in northern California, as well as the country's largest fleet of
highly efficient combined-heat-and-power (CHP) facilities. Calpine's natural
gas-fired power plants are modern, highly efficient generating units with
excellent environmental characteristics. On average, Calpine's plants emit
half as much CO2 per megawatt-hour as a typical coal-fired power plant.
    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, currently 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 United States. 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
    Forward Looking Information:
    In addition to historical information, this release 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 Companies' Creditors
Arrangement Act (CCAA) proceedings of certain of Calpine's Canadian
affiliates, 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 power purchase
agreements 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 contract 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 from time-to-time in Calpine's reports and registration statements
filed with the SEC, including, without limitation, the risk factors identified
in its Annual Report on Form 10-K for the year ended December 31, 2006 and
Quarterly Reports on Form 10-Q. Actual results or developments may differ
materially from the expectations expressed or implied in the forward-looking
statements and Calpine undertakes no obligation to update any such statements.
Unless specified otherwise, all information set forth in this release is as of
today's date and Calpine undertakes no duty to update this information. For
additional information about Calpine's chapter 11 reorganization or general
business operations, please refer to Calpine's Annual Report on Form 10-K for
the fiscal year ended December 31, 2006, Calpine's Quarterly Reports on Form
10-Q, and any other recent Calpine report to the Securities and Exchange
Commission. These filings are available by visiting the Securities and
Exchange Commission's website at or Calpine's website at

For further information:

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

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