Calpine: Signs Strategic Partnership Agreement WITH OSHA For Fox Energy Center

John Flumerfelt: (207) 671-1621

(APPLETON, Wisc.) Jan. 18, 2005 – Calpine Corporation [NYSE: CPN] has entered into a Strategic Partnership Agreement with the U.S. Occupational Safety and Health Administration (OSHA) related to construction activities at its Fox Energy Center, located in Kaukauna, WI. Calpine is serving as General Contractor for construction of the 550-megawatt power plant through its subsidiary, Calpine Construction Management Company, Inc.

Calpine emphasizes safety at all of its sites as an organizational value. “Participating in OSHA’s Strategic Partnership Program is an excellent way to ensure the continued health and safety of all of the workers at our Fox construction site,” according to Doug Kieta, Calpine’s senior vice president of construction and engineering. “We are extremely pleased that OSHA recognizes our ability to manage a safe construction workplace and that we have full support from our contractors and subcontractors, local labor organizations and the State of Wisconsin in this important effort.”

While the OSHA partnership agreement requires frequent inspections of the worksite to identify and correct hazards, it also frees limited OSHA resources to inspect other sites, which do not have effective safety and health programs in place. The program is also designed to serve as a model demonstrating how to implement a strong safety and health program on a large multi-employer job site, and encourages a higher level of participation in the safety process by having accountable goals and involving everyone on the job site.

When complete, Calpine’s Fox Energy Center will supply up to 550 megawatts under long-term contract to Wisconsin Public Service Corporation. The project is being built in two phases, with the first unit expected to enter commercial operation later this year and the second unit to begin operation by the end of 2005. Based on its experience constructing the world’s largest fleet of combined-cycle power plants, Calpine Construction Management Company is acting as general contractor for the project, overseeing all aspects of engineering, procurement, construction and commissioning.

About Calpine

Calpine Corporation is a North American power company, dedicated to providing electric power to customers from clean, efficient natural gas-fired and geothermal power facilities. The company generates power at plants it owns or leases in 21 states in the United States, three provinces in Canada and in the United Kingdom. The company is listed on the S&P 500. Calpine was founded in 1984 and is publicly traded on the New York Stock Exchange under the symbol CPN. For more information about Calpine, visit

This news release discusses certain matters that may be considered “forward-looking” statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements regarding the intent, belief or current expectations of Calpine Corporation (“the Company”) and its management. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve a number of risks and uncertainties that could materially affect actual results such as, but not limited to, (i) the timing and extent of deregulation of energy markets and the rules and regulations adopted on a transitional basis with respect thereto; (i) commercial operations of new plants that may be delayed or prevented because of failure of third-party contractors to perform their contractual obligations (ii) cost estimates are preliminary and actual costs may be higher than estimated;; and (iii) other risks identified from time-to-time in our reports and registration statements filed with the SEC, including the risk factors identified in its Annual Report on Form 10-K/A, amendment 2, for the year ended December 31, 2003, and its quarterly report on Form 10-Q for the quarter ended September 30, 2004, which can be found on the Company’s website at All information set forth in this news release is as of today’s date, and the Company undertakes no duty to update this information.