Calpine begins construction of 115-MW peaker in Florida

SAN JOSE, Calif., Aug. 2, 2001 – Calpine Corporation announced today that it has initiated full-scale construction activities on a 115-megawatt simple-cycle peaking unit located at Calpine’s existing Auburndale Energy Center in Polk County, Fla.

The $40 million facility is expected to be in commercial operations in time to help meet peak summer demands in the fast-growing Florida power market during the summer of 2002.

“This new peaking unit will complement and enhance our existing 150-megawatt cogeneration facility and our proposed Osprey Energy Center, which will be located right next door,” according to Bob Alff, Calpine senior vice president and head of its Eastern Region portfolio.

“Auburndale is an ideal location for power generation. This is an exciting next step in our overall Florida development strategy.”

In addition to its existing 150-megawatt Auburndale Energy Center, Calpine recently received state regulatory approval for its proposed 529-megawatt Osprey Energy Center. Calpine is the first independent power producer to receive approval in Florida for a large-scale combined-cycle generating facility.

The Osprey project is scheduled to begin construction later this year, with commercial operations expected during the summer of 2003. Calpine is also in the process of developing the 1,080-megawatt Blue Heron Energy Center, to be located in Indian River County, near Vero Beach.

Based in San Jose, Calif., Calpine Corporation is dedicated to providing customers with reliable and competitively priced electricity. Calpine is focused on clean, efficient, natural gas-fired generation and is the world’s largest producer of renewable geothermal energy. Calpine has launched the largest power development program in North America.

To date, the company has approximately 34,700 megawatts of base load capacity and 8,200 megawatts of peaking capacity in operation, under construction, pending acquisitions and in announced development in 29 states, the United Kingdom and Canada. 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.

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