Calpine and Florida Municipal Power Agency deal for up to 100-MW

TAMPA, Fla., Nov. 25, 2002 — Calpine Corp. announced Monday that it has entered into a five-year power sales agreement with the Florida Municipal Power Agency (FMPA).

The agreement begins with a 35-megawatt commitment in 2005, ramping up to 75 megawatts in 2006 and 100 megawatts for the remaining three years of the contract. The purchased power will be used to serve FMPA’s All-Requirements Project, which provides all the wholesale power needs for 15 member utilities throughout Florida.

According to Mark Daley, Calpine’s Director of Power Marketing in Florida, “We are extremely pleased to have been selected by FMPA to help meet the power needs of its member utilities and their 1.7 million consumers. This agreement is a vote of confidence in Calpine’s ability to provide reliable and cost- effective power supplies to the Florida market and represents another important building block in the development of our Florida-based generating portfolio.”

Bob Williams, FMPA Director of Engineering, said, “FMPA consistently strives to offer our All-Requirements members the most diversified and economical generating portfolio available. This power purchase will contribute towards that goal and will allow us to enjoy the benefits of Calpine’s state- of-the-art generating facilities.”

Calpine owns and operates a 160-megawatt combined-cycle cogeneration facility and a 135-megawatt peaking facility in Auburndale, Florida, is currently constructing the 540-megawatt Osprey Energy Center on an adjacent site in Auburndale, and is developing the Blue Heron Energy Center in Indian River County, Florida. The power sales agreement with FMPA will be supplied from Calpine’s growing Florida portfolio of new and efficient power generating assets.

Florida Municipal Power Agency is a nonprofit, joint action agency formed by 29 municipal electric utilities in Florida. FMPA is a public agency whose primary purpose is to develop competitive power supply projects and related services. The members of FMPA serve approximately 1.7 million Floridians. FMPA’s members include Alachua, Bartow, Bushnell, Chattahoochee, Clewiston, Fort Meade, Fort Pierce, Gainesville, Green Cove Springs, Havana, Homestead, Jacksonville Beach, Key West, Kissimmee, Lake Worth, Lakeland, Leesburg, Moore Haven, Mount Dora, New Smyrna Beach, Newberry, Ocala, Orlando, Quincy, St. Cloud, Starke, Vero Beach, Wauchula and Williston. Additional information is available on the Internet at www.fmpa.com.

Based in San Jose, Calif., Calpine Corporation is an independent power company that is dedicated to providing wholesale and industrial customers with clean, efficient, natural gas-fired power generation. It generates and markets power through plants it develops, owns and operates in 23 states in the United States, three provinces in Canada and in the United Kingdom. Calpine is also the world’s largest producer of renewable geothermal energy, and it owns approximately 1.0 trillion cubic feet equivalent of proved natural gas reserves in Canada and the United States. The company was founded in 1984 and is publicly traded on the New York Stock Exchange under the symbol CPN. For more information about Calpine, visit its website at www.calpine.com.

Source: Calpine Corporation

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