Calpine plans to emerge from bankruptcy by February

San Jose, CA, and Houston, TX, Jan. 15, 2008 — Calpine Corp. announced that the common stock to be issued by the company pursuant to its sixth amended joint plan of reorganization will begin “when issued” trading on the New York Stock Exchange (NYSE) on Jan. 16, 2008.

Calpine will announce when the new shares of common stock will be distributed and “regular way” trading will begin on the NYSE at a later date.

Calpine said they remain on track with their current timetable and expect to emerge from Chapter 11 prior to February 7, 2008.

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