Calpine acquires Highland Energy Co.

SAN JOSE, Calif., Nov. 7, 2001 — Calpine Corporation today announced it has completed the acquisition of Highland Energy Company (Highland) from Entergy Power Gas Operations Corporation and Louis Morrison III.

Highland currently aggregates more than 300 million cubic feet equivalent per day across major U.S. supply basins.

“We are very excited about adding the Highland team of gas professionals to Calpine’s fuel management team,” said Vice President of Calpine Producer Services Jeff Rawls. “Calpine will incorporate Highland’s skill set and value-added services into our Producer Services fuel procurement group and will focus their efforts on working directly with producers to bring their natural gas supply to Calpine’s power plants.”

Founded in 1987 by Louis Morrison, Highland has an established service that assists small and medium-size independent producers in the aggregation of their natural gas, crude oil and natural gas liquids. Highland provides many value-added services such as nominations and scheduling, gas balancing, division orders, royalty distributions, taxes, contract administration and well connects.

With this acquisition, Calpine Energy Services, the trading, fuel management, structuring and power marketing arm of the company, will add third-party wellhead production to its portfolio of purchased fuel supply for its power plants. More than 30 employees including marketers, producer service representatives, accountants and technical specialists will join Calpine.

“This is the next step toward becoming a nationwide full-service Producer Services group,” continued Rawls. “Because we have access to capital, operations and structuring, the producers will be able to expand their own businesses by delivering gas to a fully integrated company.”

Based in San Jose, Calif., Calpine Corporation provides customers with reliable and competitively priced electricity. For more information about Calpine, visit its Website at www.calpine.com.

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