Calpine Corporation
717 Texas Avenue , Suite 1000 , Houston, Texas, United States

Calpine Corporation is America’s largest generator of electricity from natural gas and geothermal resources. Our fleet of 87 power plants in operation or under construction represents nearly 27,000 megawatts of generation capacity. Serving customers in 18 states and Canada, we specialize in developing, constructing, owning and operating natural gas-fired and renewable geothermal power plants that use advanced technologies to generate power in a low-carbon and environmentally responsible manner. Our clean, efficient, modern and flexible fleet is uniquely positioned to benefit from the secular trends affecting our industry, including the abundant and affordable supply of clean natural gas, stricter environmental regulation, aging power generation infrastructure and the increasing need for dispatchable power plants to successfully integrate intermittent renewables into the grid. We focus on competitive wholesale power markets and advocate for market-driven solutions that result in nondiscriminatory forward price signals for investors.

• Calpine adheres to stringent standards for safe, efficient plant operations.
• Calpine is North America's leading geothermal power producer. At The Geysers, about 100 miles northeast of San Francisco, Calpine harnesses naturally heated steam from the earth to create electrical power. This renewable "green" power is available to consumers throughout California.

Our Commitment

During the past few years, American corporations have been challenged to more fully demonstrate the claims they make about ethical standards and integrity. Calpine is
meeting all of the challenges set before the company in this era of greater corporate scrutiny, without compromising the company's long history of lawful, ethical conduct and strong corporate integrity, and by responding with an even higher degree of transparency in its financial statements. Calpine's number one priority has been, and always will be integrity.

Every day, Calpine strives to demonstrate its commitment to the highest ethical standards through the company's performance in key areas: corporate governance, environmental responsibility, safety practices and through its people, as they conduct day-to-day business.

First and foremost, corporate integrity is demonstrated through strong, ethical corporate governance standards. Calpine is open, honest and forthright in all of its activities and in its financial reporting. The company has taken a leadership position in many ways. Calpine was the first major independent power company to sign SEC certification documents and the first major U.S. independent power company to elect to expense the cost of stock option grants.

A second measure of Calpine's performance is its commitment to safety. Safety and reliability are essential to a company with operational integrity. The safety record at Calpine continues to be outstanding. The company's focus on safety is an integral part of every facet of its work and Calpine is continually committed to looking for new ways to enhance its performance in this area.

Another way in which Calpine defines its commitment is its dedication to operational practices that safeguard the environment. Calpine has the most environmentally friendly power plant fleet in the world. All of its plants are either fueled by clean natural gas or renewable geothermal steam. Calpine has the largest, cleanest, most fuel-efficient fleet of gas-fired power plants in North America. In fact, the company's projects frequently exceed compliance standards for environmental and public health protections, going beyond the legal requirements, and notable environmental, health and consumer groups have applauded Calpine. Once our plants are brought online, Calpine continues to show its commitment by developing and maintaining strong relationships with surrounding communities.

Calpine's commitment to the highest ethical standards is also characterized by the ways in which its employees conduct day-to-day business and by the results of their concerted efforts. The company demonstrates this position through the corporate culture it has established, which includes a variety of channels for employee feedback. In 2002, in order to support communication about corporate ethics, Calpine set up an anonymous hotline program so that its employees can report any concerns they might have about ethics and integrity.

Calpine is well-positioned to address this new, dynamic business environment very successfully. The company has established a reputation for honest and reliable business conduct and performance with integrity, even under extremely challenging economic circumstances. Calpine's corporate values and culture attract exceptionally talented people. The company's record of integrity and continued display of high ethical standards demonstrate its commitment to accomplish the job it set out to do-to be the finest power company in North America.

Our Technologies

A Strong Commitment to Clean, Energy-Efficient Technologies

Because Calpine is committed to providing customers with clean, fuel-efficient, reliable electricity, the company focuses on two key technologies: combined-cycle natural gas-fired and geothermal power generation.

Natural Gas, Combined-Cycle

Today's fuel-efficient technologies demonstrate that power companies can generate electricity reliably and at lower costs, while dramatically decreasing emissions and conserving natural resources. Calpine operates electricity -- generating facilities that are fueled by natural gas, a clean-burning fossil fuel. Calpine's combined-cycle natural gas-fired energy centers are environmentally friendly sources of electricity. Modern natural gas-fueled facilities produce 90 percent less emissions and are 36 percent more fuel-efficient than older technology, fossil-fueled electric generating facilities.

Because this technology is so preferable to that of older facilities, it has earned the support of health, safety, environmental and consumer groups.

These centers use a highly fuel-efficient process that involves generating electricity in combustion turbines and utilizing the procedure's hot exhaust to create water vapor, which is then used to generate additional electricity in a steam turbine.

Geothermal Power

Calpine operates 14 geothermal power plants at The Geysers region of Northern California, generating up to 725 megawatts of renewable "green" power 
or about 36 percent of the geothermal energy in the United States, making Calpine the largest producer of geothermal energy in North America. Geothermal power plants take advantage of a natural, clean energy source - steam from the earth's interior - to produce electricity. Because these plants do not burn fossil fuel, they have an inherent environmental advantage. Presently, this electric-generating technology is practical in only a few parts of the world, but innovative technologies, many of which Calpine has pioneered, such as reclaimed water recharge projects, are expanding and extending this valuable natural resource.