CALPINE CORPORATIONSecond Quarter 2008

Earnings Results

August 11, 2008

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Safe Harbor Statement

Forward-Looking StatementsThe information contained in this presentation includes certain estimates, projections and other forward-looking information that reflect Calpine’s current views with respect to future events and financial performance. These estimates, projections and other forward-looking information are based on assumptions that Calpine believes, as of the date hereof, are reasonable. Inevitably, there will be differences between such estimates and actual results, and those differences may be material.

There can be no assurance that any estimates, projections or forward-looking information will be realized.

All such estimates, projections and forward-looking information speak only as of the date hereof. Calpine undertakes no duty to update or revise the information contained herein.

You are cautioned not to place undue reliance on the estimates, projections and other forward-looking information in this presentation as they are based on current expectations and general assumptions and are subject to various risks, uncertainties and other factors, including those set forth in Calpine’s Form 10-K for the fiscal year ended December 31, 2007, Calpine’s Quarterly Reports filed on Form 10-Q for the periods ended March 31, 2008 and June 30, 2008, and in other documents that Calpine files with the SEC. Many of these risks, uncertainties and other factors are beyond Calpine’s control and may cause actual results to differ materially from the views, beliefs and estimates expressed herein. Calpine’s reports and other information filed with the SEC, including the risk factors identified in its Annual Report on Form 10-K for the year ended December 31, 2007 and in its Quarterly Reports on Form 10-Q for the periods ended March 31, 2008 and June 30, 3008, can be found on the SEC’s website at www.sec.gov and on Calpine’s website at www.calpine.com.

Reconciliation to GAAP Financial InformationThe following presentation includes certain “non-GAAP financial measures” as defined in Regulation G under the Securities Exchange Act of 1934. A schedule is attached hereto that reconciles the non-GAAP financial measures included in the following presentation to the most directly comparable financial measures calculated and presented in accordance with Generally Accepted Accounting Principles.

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Agenda

• Opening Remarks Bill Patterson, Chairman

• Calpine Update Todd Filsinger, Interim COO

• Operations Review Todd Filsinger, Interim COO

• Financial Review Zamir Rauf, Interim CFO

• Conclusion Zamir Rauf, Interim CFO

• Q&A

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CALPINE UPDATE

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Total23,809 MW77 Plants

Calpine is the nation’s largest baseload renewable, natural gas and cogeneration power provider.

Calpine is the nation’s largest baseload renewable, natural gas and cogeneration power provider.

Note: Represents Calpine’s net ownership including peaking capacity.

Calpine is a unique independent power producer…

Most Generation Among Large IPPsMost Geographically Diversified Among Large IPPs

Source: Energy Velocity, CEMS domestic data (2007) and company data.

Southeast6,254 MW

26%

North2,822 MW

12%

West7,246 MW

30% Texas7,487 MW

32%10,000

20,000

30,000

40,000

50,000

60,000

70,000

80,000

90,000

100,000

CPN NRG DYN RRI MIR

Tota

l MW

h G

ener

ated

(000

)

Coal Nuclear Natural Gas Geothermal Other

5

5

2,1151,931 1,924 1,917

904

NRG RRI DYN MIR CPN

CO2 (

lbs

/MW

h)

16.33

14.33

5.034.04

0.01

MIR RRI NRG DYN CPN

SO2 (

lbs

/MW

h)…well-positioned to respond to anticipated environmental regulations

Source: Energy Velocity, CEMS data (2007)

Lowest SO2 Emissions/MWh Among Large IPPs Lowest NOx Emissions/MWh Among Large IPPs

Lowest CO2 Emissions/MWh Among Large IPPs

2.782.66

1.49

1.01

0.23

MIR RRI NRG DYN CPN

NOx

(lbs

/ MW

h)

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6

Calpine has made significant progress in its first full quarter post-emergence

Operations• Deep bench of talent

• Organizationally integrated commercial and power operations

• Improved safety record across fleet

• Increased fleet utilization

Financial• Improved Commodity Margin and Adjusted EBITDA over prior year for second

quarter and year-to-date

• Continued efforts to optimize capital structure through refinancing of Metcalf project debt and preferred interests

• Added liquidity sources to support hedging activities

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OPERATIONS REVIEW

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Calpine’s assets are well located and well positioned

Calpine is…

• Present in markets with tight supply/demand conditions

• Poised to benefit from anticipated environmental regulations

• Well-positioned to respond to wind capacity additions in ERCOT

• Favorably situated with respect to increasing replacement costs for power generation nationwide

• Less sensitive to earnings impacts from fluctuating natural gas prices

• Environmentally friendly with largest geothermal resource in U.S.

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Calpine primarily operates in areas with tight reserve margins

• Reserve margins have been declining in much of the U.S.- Majority of Calpine’s capacity is located in markets that currently have

relatively tight reserve margins

Source: PA Consulting Group.

1 Supply in the Northwest and California varies according to hydro conditions. 2 NYPP excludes NYLI and NY-in city.The degree of overbuild does not reflect potential local transmission constraints.

• Markets with tight supply and demand conditions often display price spikes and improved bilateral contract opportunities

• Calpine expects market conditions to continue to support spark spreads and create the need for new capacity – positive factors for Calpine

California1 PJM3

NYPP2

CO-WY

NEPOOL

MISO

FRCC

MRO

Northwest1

ERCOT

SPP

Entergy

TVA

Southern

VACARAZ- -SVNM

California1 PJM3

NYPP2

CO-WY

NEPOOL

MISO

FRCC

MRO

Northwest1

ERCOT

SPP

Entergy

TVA

Southern

VACARAZ- -SVNM

Capacity Deficit

Capacity Surplus

Capacity Deficit

Capacity Surplus

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10

$9.30$2.46

$2.46

$2.19

$2.19

No CO2Regulations

$15 / Ton, No Allow.

$30 / Ton, No Allow.

$30 / Ton, 20% Allow.

$30 / Ton, 40% Allow.

TOTAL: $30 / Ton, 40% Allow.

Calpine is poised to benefit from anticipated environmental regulations

Sample Impact on Spark Spreads (Combined Cycle) Sample Impact on Green Spreads (Geysers)

Assumptions:Combined cycle HR 7.0 CC CO2/MWh 0.4 Avg. On-peak Mkt. HR 9.5 Marg'l unit CO2/MWh 0.6 Tons CO2/MMBtu 117.0 Coal CO2/MWh 1.0

$16.67$8.34

$8.34

No CO2Regulations

$15 / Ton, No Allow.

$30 / Ton, No Allow.

$30 / Ton, 20% Allow.

$30 / Ton, 40% Allow.

TOTAL: $30 / Ton, 40% Allow.

Greenhouse gas regulations could provide material upside for Calpine.Greenhouse gas regulations could provide material upside for Calpine.

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Calpine is prepared to respond to Texas wind expansion

• Wind generation tends to supply more power during off-peak hours and during shoulder months

- As an intermediate power generator, Calpine has less margin at risk during periods when wind blows most

• Unpredictable nature of wind may increase need for flexible gas-fired capacity to support grid reliability

- Combined-cycle generators are well-positioned to respond to volatility

• Additional revenues from ancillary services are expected to mitigate energy revenue declines for CT’s and CC’s, particularly if new gas-fired capacity is needed to support demand growth

Source: ERCOT

Change in Hourly Wind Generation vs Installed Wind Capacity(ERCOT, 2007)

-2000

-1500

-1000

-500

0

500

1000

1500

2000

1 877 1753 2629 3505 4381 5257 6133 7009 7885 8761Hour of 2007

Hour

ly C

hang

e in

Win

d O

utpu

t (M

W)

0

500

1000

1500

2000

2500

3000

3500

4000

4500

5000

Inst

alle

d W

ind

Cap

acity

(MW

)

Wind Change from Previous HourWind Capacity Installed

Hourly Wind Generation as % of Installed Capacity (ERCOT)

0%

10%

20%

30%

40%

50%

0:00 2:00 4:00 6:00 8:00 10:00 12:00 14:00 16:00 18:00 20:00 22:00

On-Peak Hours 2006 AVG 2007 AVG

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Calpine is favorably situated with respect to increasing costs of new generation construction

• Rising costs of construction higher value for existing Calpine portfolio

- Industry construction costs up 230% in past 8 years

- Recent CA utility filing requested more than $1,500/kW for new construction1

- Potential restriction of CO2 allowances to existing plants could further increase relative costs for new build

• Rising costs of construction higher long-term power prices due to capital recovery increases

• Calpine is additionally advantaged relative to rising costs of construction by opportunities for brownfield development at existing plants

As replacement costs increase, so does the value of Calpine’s young fleet.As replacement costs increase, so does the value of Calpine’s young fleet.

1 Source: Megawatt Daily, 7/23/2008.2 PCCI index is composed of a portfolio of 10 power generating assets (includes coal, wind, gas, nuclear) across the US and

tracks how costs associated with these assets would change in value.

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Declining natural gas prices have limited impact on Calpine’s earnings

• In gas-on-the-margin markets, increases or decreases in gas prices have smaller absolute impacts on gas generators than coal or nuclear generators

- Gas prices tend to drive power prices in Calpine's key markets, linking Calpine's fuel costs and revenues

Example – Assume $1/mmbtu decline in gas prices; 9,500 btu/kWh market heat rate; and 7,000 btu/kWh heat rate for gas-fired plant:

$ (2.5)Net impact to gross margin

7.0Impact to costs

$(9.5)Impact to revenues

Gas-fired Plant($/MWh)

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Calpine’s Geysers are a unique power generating asset

• Largest geothermal resource in U.S.

• Highly reliable power-generating asset (~95% availability year-to-date)

• Green spreads are highest among baseload generators, with no emissions costs

• Ideally situated with respect to potential environmental regulation

Calpine continues to maximize the value of this key resource.

• Recent capital expenditures have enhanced geothermal production by ~20 MW

• Recent additions of water reinjection sources preserve future value

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Calpine features a flexible portfolio able to respond to evolving markets

Continuing tight supply/demand conditions

Largest geothermal resource in U.S.

Rising costs of new build

Exposure to wind expansion in ERCOT

Anticipated environmental regulations

+–

+–

+–

+–

+–

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7,824 7,962

3,827

1,552

7,982

9,477

2,635

1,117

West Texas Southeast North

2Q07 2Q08

0.200.31

0.01

0.310.42

0.00

1.3

2003 2004 2005 2006 2007 1H08

Calpine BLS 2006 Average

Calpine delivered favorable operating results in key markets

Generation in Key Markets (000 MWh)

1 Excludes plants sold, deconsolidated or mothballed since 2Q072 NAICS 221112 – Fossil Fuel Electric Power Generation 1,000+ Employees

Employee Lost Time Accident Rate

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Forced Outage Factor (%) •Major 2Q08 outages:- Broad River insulator failure (SE)- Columbia CT failure (SE)- Freestone CT failure (TX)- Magic Valley CT damage (TX)- Westbrook (N)

•Key operations initiatives:- Methodical analysis and resolution of

industry CT outages- Continued focus on fleet optimization /

best practices

3.17

2.23

0.60

3.69

2.311.96

2.37

5.44

2.41

3.02

West Texas Southeast North CPN

2Q07 2Q08

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17

85%53% 42% 38%

15%47% 58% 62%

2008 2009 2010 2011

Hedged Volume Open Volume

• 87% of 2008 Gross Margin hedged1

• Strategically hedged in future periods

• 2008 EBITDA sensitivities to commodity price changes1:- $1/mmbtu Δ in natural gas prices $20 - $25 million Δ in EBITDA- .25mmbtu/MWh Δ in implied market heat rates $20 - $25 million Δ in EBITDA

85%57%

37% 35%

15%43%

63% 65%

2008 2009 2010 2011

Hedged Volume Open Volume

Calpine’s hedging program focuses on capturing near-term value while preserving long-term upside

Power Hedge Profile1

1 Balance of year, as of portfolio valuation on 7/24/08.2 Volumes shown on a Delta Basis. Delta Volumes are the expected volume based on the probability of economic dispatch at a

future date based on current market prices for that future date. This is typically lower than the Notional Volume, which is plant capacity, less known performance and operating constraints.

2 2

Natural Gas Hedge Profile1

2 2

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Calpine continues to invest in select growth opportunities

• Greenfield Energy CenterSarnia, ON

- 1,005 MW gas-fired facility- 50% CPN-owned- Milestones achieved: Mechanical completion; all CTs fired to full load - Oct 2008 COD

• Otay Mesa Energy CenterSan Diego, CA

- 596 MW combined-cycle plant- 100% CPN-owned- Milestones achieved: Both CTs and steam turbine set on foundations- Projected Q3 2009 COD

• Russell CityHayward, CA

- 600 MW combined-cycle plant- 65% CPN-owned- Agreement in principle with Pacific Gas and Electric on a modified PPA- Projected Q2 2012 COD

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FINANCIAL REVIEW

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Calpine delivered improved financial performanceduring 2Q08

Commodity Margin ($mm)

Adjusted EBITDA ($mm)

Highlights:

• Commodity Margin improved 47% and Adjusted EBITDA improved 45% (2Q08 v 2Q07)

- Higher spark spreads in key markets- Improvement despite 8% decline in avg.

MW in operation

• Maintained flat Plant Operating Expenses / MWh(2Q08 v 2Q07)

• Interest Expense declined 22% (2Q08 v 2Q07)- Lower LIBOR- Lower debt balances due to settlements

upon exit from Chapter 11

• Commodity Margin and Adjusted EBITDA improved 33% (1H08 v 1H07)

2Q07 2Q08 1H07 1H08

2Q07 2Q08 1H07 1H08

$535

$957

$785

$1,271

$326

$576$474

$768

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Strong financial performance achieved in key markets

Commodity Margin by Region ($mm)

West Region – 28% ↑ Commodity Margin• Higher spark spreads• Benefits from new agreements• Higher avg. capacity factor & availability

Texas Region – 87% ↑ Commodity Margin• Higher spark spreads• Higher avg. capacity factor & availability

Southeast Region – 40% ↑ Commodity Margin• Sale of transmission capacity• Benefits from new PPAs

North Region – Flat Commodity Margin• Higher spark spreads• Westbrook plant outages

Avg. On-Peak Spark Spreads by Region1 ($/MWh)

1 Based on market liquidation rates, assuming heat rate of 7,000 btu/kWh. Sources: Gas Daily, Megawatt Daily, ICE, NEISO.

$265

$138

$65 $75

$(8)

$340

$258

$91$72

$24

West Texas Southeast North Other

2Q07 2Q08

$17.98 $19.36$16.45 $14.07

$19.74

$82.63

$17.35$20.39

NP-15 ERCOT-HOU Entergy NEPOOL - Maine

2Q07 2Q08

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350150–Liquidity (contingent)

$ 1,000$ 463$ 836Liquidity (current)

$ 1,350$ 613$ 836Liquidity (total)

795306721Revolver / LC Availability2

$ 205$ 157$ 115Cash & Cash Equivalents (non-restricted)1

JUL’08 (E)2Q081Q08($mm)

Calpine has added flexibility to manage liquidity

1 Equal to Cash and Cash Equivalents (as reported), less cash balances subject to project finance & lease agreement restrictions2 Includes total capacity under exit facility revolver, Calpine Development Holding, Inc. (CDHI) letter of credit facility, knock-in

facility, and contingent commodity revolver, less cash drawn and letters of credit outstanding as of such date.3 As of portfolio valuation on 7/24/08.

Two new credit facilities added since 1Q08:• $200mm Knock-in facility (June 2008)

- $50mm available immediately; remainder available upon gas price thresholds- Provides liquidity in event of gas price spikes

• $300mm Contingent Commodity Revolver facility (July 2008)- $100mm available immediately; remainder contingent upon spark spreads- Allows CPN to extend first lien collateral to wider group of counterparties; mitigates

requirements for cash collateral

Liquidity Sensitivities to Collateral Requirements3:• $1/mmbtu Δ in natural gas prices $50 - $75 million inverse Δ in liquidity• .25mmbtu/MWh Δ in implied market heat rates $100 - $150 million inverse Δ in liquidity

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$366$85

$1,646

$5,606

2008 2009 2010 2011 2012 2013 2014

CCFC Project Debt First Lien

Calpine continues to optimize its capital structure

Assumptions:• Maturity balances assume no cash sweeps• All other debt maturities are paid off from operating cash flows at the project level

$85 mm of PCFIII Notes to be repaid from cash

collateral account

1 The schedule shown here is not prepared on a GAAP basis and does not conform to the debt maturity schedule presented in Calpine’s Form 10-Q. Refer to the Form 10-Q for further information regarding GAAP-basis debt maturity.

• During Q2, Calpine refinanced the Metcalf $100 million term loan and $155 million preferred interests with $265 million term loan facility

• Calpine will continue to opportunistically refinance its debt prior to maturity1

($m

m)

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Calpine’s capital expenditures enhance fleet performance

$79Total CapEx

$96

46

$33

JUN YTD

Major Maintenance Expense

Maintenance / Other

Growth

Capital Expenditures:

($mm)

CapEx and Maintenance Highlights:

• $33mm of Growth CapEx primarily related to Geysers, as well as Calpine Engine Optimization program

• Additional $129mm of debt-funded CapEx in equity-method development projects (Greenfield, Otay Mesa)

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Calpine continues to benefit from NOL positions

• Calpine (including CCFC) has $5.1 billion of U.S. NOLs which will have annual IRC Section 382 limitations on usage as follows:

- $4.4 billion over 14 years ($325 million/year)

- $665 million over 5 years ($133 million/year)

- Any amount not utilized in any year from these limitations can be carried forward to succeeding years.

• There are approximately $900 million of NOLs associated with Canada.

• In addition to these NOLs, Calpine has significant deferred tax assets related to the bankruptcy that will generate tax deductions not limited under IRC Section 382.

• Calpine has identified an estimated $1.5 - $2.0 billion in total U.S. NOLsgenerated during 2008, ~90% of which will not be limited under IRC Section 382.

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CONCLUSION

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Calpine continues to create value for its shareholders

• Unique and well-positioned to capture trends that drive our business

• Solid financial performance with clear demonstration of ability to be opportunistic

• Additional liquidity, adding flexibility to hedging program

• Continued execution of day-to-day operations for the benefit of our customers, led by experienced management team

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Q&A

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APPENDIX

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Reg G Reconciliation: Commodity Margin

Calpine uses the non-GAAP financial measure “Commodity Margin” to assess its financial performance on a consolidated basis and by its reportable segments. Commodity Margin includes its electricity and steam revenues, hedging and optimization activities, renewable energy credit revenue, transmission revenue and expenses, and fuel and purchased energy expenses, but excludes mark-to-market activity and other service revenues. Calpine believes that Commodity Margin is a useful tool for assessing the performance of its core operations and is a key operational measure reviewed by its chief operating decision maker. Commodity Margin is not a measure calculated in accordance with GAAP, and should be viewed as a supplement to and not a substitute for Calpine’s results of operations presented in accordance with GAAP. Commodity Margin does not purport to represent gross profit (loss), the most comparable GAAP measure, as an indicator of operating performance and is not necessarily comparable to similarly-titled measures reported by other companies.

(1) Included in operating revenues and fuel and purchased energy expenses.

Three Months Ended June 30, 2008 Consolidation and West Texas Southeast North Other Elimination Total

Revenues from external customers $ 1,156 $ 1,185 $ 400 $ 170 $ (83) $ — $ 2,828Intersegment revenues 12 75 59 6 3 (155) —

Total revenue $ 1,168 $ 1,260 $ 459 $ 176 $ (80) $ (155) $ 2,828Commodity margin 340 258 91 72 24 — 785Add: Mark-to-market commodity activity, net and other service revenues(1) 4 74 — — (40) (3) 35Less: Plant operating expense 95 48 22 24 22 (5) 206Depreciation and amortization 44 33 18 13 1 (1) 108Other cost of revenue 14 — 8 6 2 — 30

Gross profit (loss) 191 251 43 29 (41) 3 476

(in millions)

Three Months Ended June 30, 2007 Consolidation and West Texas Southeast North Other Elimination Total

Revenues from external customers $ 806 $ 797 $ 294 $ 147 $ 16 $ — $ 2,060Intersegment revenues 8 1 50 1 2 (62) —

Total revenue $ 814 $ 798 $ 344 $ 148 $ 18 $ (62) $ 2,060Commodity margin 265 138 65 75 (8) — 535Add: Mark-to-market commodity activity, net and other service revenues(1) 3 48 8 — 13 (3) 69Less: Plant operating expense 86 39 31 22 36 (3) 211Depreciation and amortization 54 29 19 14 1 1 118Other cost of revenue 13 — 8 9 4 (1) 33

Gross profit (loss) 115 118 15 30 (36) — 242

(in millions)

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Reg G Reconciliation: Commodity Margin (cont’d)

(1) Included in operating revenues and fuel and purchased energy expenses.

Six Months Ended June 30, 2008 Consolidation and West Texas Southeast North Other Elimination Total

Revenues from external customers $ 2,118 $ 1,826 $ 657 $ 320 $ (142) $ — $ 4,779Intersegment revenues 21 116 93 11 5 (246) —

Total revenue $ 2,139 $ 1,942 $ 750 $ 331 $ (137) $ (246) $ 4,779Commodity margin 609 388 128 134 12 — 1,271Add: Mark-to-market commodity activity, net and other service revenues(1) 14 41 1 — (155) (6) (105Less: Plant operating expense 199 110 50 49 37 (7) 438Depreciation and amortization 94 63 37 25 2 (2) 219Other cost of revenue 30 — 16 12 4 — 62

Gross profit (loss) 300 256 26 48 (186) 3 447

Six Months Ended June 30, 2007 Consolidation and West Texas Southeast North Other Elimination Total

Revenues from external customers $ 1,604 $ 1,320 $ 501 $ 299 $ (2) $ — $ 3,722Intersegment revenues 15 (2) 72 2 15 (102) —

Total revenue $ 1,619 $ 1,318 $ 573 $ 301 $ 13 $ (102) $ 3,722Commodity margin 495 224 102 138 (2) — 957Add: Mark-to-market commodity activity, net and other service revenues(1) 15 52 8 — (21) (16) 38Less: Plant operating expense 165 68 55 38 58 (5) 379Depreciation and amortization 105 60 42 27 2 — 236Other cost of revenue 22 — 16 17 21 (6) 70

Gross profit (loss) 218 148 (3) 56 (104) (5) 310

(in millions)

(in millions)

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Three Months Ended June 30, Six Months Ended June 30, 2008 2007 2008 2007

Cash provided by (used in) operating activities $ (324) $ 48 $ (586) $ (184 ) Less:

Changes in operating assets and liabilities, excluding the effects of acquisition (306) 51 (432) (78 ) Additional adjustments to reconcile GAAP net income (loss) to net cash provided by (used in) operating activities:

Depreciation and amortization (1) 125 141 280 284 Deferred income taxes, net 21 (7) 85 82 Change in derivatives and derivative contracts classified as financing activities under SFAS No. 149 (362) (73) (192) (10 ) Reorganization items 3 434 (322) 497 Other (2) 2 12 —

GAAP net income (loss) 197 (500) (17) (959 ) Add:

Adjustments to reconcile Adjusted EBITDA to net income (loss):

Interest expense, net of interest income 192 247 598 530 Depreciation and amortization expense, excluding deferred financing costs(1) 118 129 240 258 Provision (benefit) for income taxes 25 (7) 20 82 Impairment charges 6 — 6 2 Reorganization items 18 469 (261) 574 Major maintenance expense 42 46 96 74 Losses on repurchase or extinguishment of debt 6 — 13 — Operating lease expense 11 13 23 24 (Gains) losses on derivatives (non-cash portion) (151) (65) 28 (2 ) Other 10 (6) 22 (7 )

Adjusted EBITDA $ 474 $ 326 $ 768 $ 576

Reg G Reconciliation: Adjusted EBITDA

Calpine uses the non-GAAP financial measure “Adjusted EBITDA” as a measure of its liquidity and performance. Calpine defines Adjusted EBITDA as EBITDA as adjusted for certain items described in this presentation and in the accompanying reconciliation. Adjusted EBITDA is not a measure calculated in accordance with GAAP, and should be viewed as a supplement to and not a substitute for our results of operations presented in accordance with GAAP. Adjusted EBITDA does not purport to represent cash flow from operations or net income (loss) as defined by GAAP as an indicator of operating performance. Furthermore, Adjusted EBITDA is notnecessarily comparable to similarly-titled measures reported by other companies.

Calpine believes Adjusted EBITDA is used by and useful to investors and other users of our financial statements in analyzing our liquidity as it is the basis for material covenants under our DIP Facility, which was our primary source of financing during our Chapter 11 cases, and under our Exit Facility, which is our primary source of funding. Calpine also believes that EBITDA is widely used by investors to measure a company’s operating performance without regard to items such as interest expense, taxes, depreciation and amortization, which can vary substantially from company to company depending upon accounting methods and book value of assets, capital structure and the method by which assets were acquired.

(in millions)

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2Q08 2Q07 2Q08 2Q07

Total MWh Generated 21,211 21,439 Average MW of Peaker Facilities 2,540 3,019 West 7,982 7,824 West 983 983 Texas 9,477 7,962 Texas - - Southeast 2,635 4,084 Southeast 963 963 North 1,117 1,569 North 594 1,073

Average Availability 89.9% 89.9% Average Capacity Factor, exc. Peakers 46.4% 43.3% West 89.6% 86.2% West 57.3% 55.1% Texas 91.8% 88.0% Texas 59.8% 50.1% Southeast 89.3% 95.5% Southeast 21.2% 26.8% North 87.4% 90.8% North 28.0% 35.4%

Average Total MW in Operation 23,113 25,091 Steam Adjusted Heat Rate 7,268 7,182 West 7,246 7,246 West 7,319 7,366 Texas 7,251 7,274 Texas 7,144 6,780 Southeast 6,254 7,556 Southeast 7,459 7,462 North 2,362 3,015 North 7,635 7,857

Selected Operating Statistics

(in thousands, except heat rate)

1

1 Excludes plants which have been deconsolidated, sold, are not operated by Calpine or are no longer in operation.

1

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