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Calpine Corporation

September 2000 - After months of uncertainty about its future, ABAG POWER, the power purchasing pool operated by the Association of Bay Area Governments (ABAG), announced a new agreement with Calpine that will allow it to stabilize its energy costs and continue to provide low-cost renewable power to its 56 member government agencies. Like other California customers, ABAG members have been struggling with skyrocketing electricity prices. Under the new long-term contract, Calpine will provide power from its geothermal resources at the Geysers as well as other future resources.

News Release - ABAG Power Continues Service to Members - No longer online at

ABAG Contact: Kathleen Cha (510) 464-7922
Calpine Contact: Katherine Potter (408) 995-5115, ext. 1168

November 1999 - Calpine Corporation announced that it has added an 80-MW plant to its geothermal holdings at The Geysers field in Sonoma and Lake Counties. The latest acquisition, purchased from FPL Energy and Caithness Corp., brings Calpine's total California-based geothermal generating capacity to nearly 900 MW. Calpine is a leading producer of green power for the California market.

News Release - Calpine Completes Strategic Geothermal Acquisition at The Geysers - No longer at

May 1999 - Calpine Corporation announced that it has entered into a three-year agreement to provide "green energy" to electricAmerica (formerly Commonwealth Energy) from Calpine's Geysers geothermal power plants in northern California. The agreement calls for Commonwealth to purchase 60 MW of power from Calpine in 1999, increasing to 100 MW in 2000 and 125 MW through June 2002. Commonwealth, a registered energy service provider, claims to be serving more than 50,000 residential and small business customers throughout California.

News Release - Calpine Corporation Signs Three-Year Contract with Commonwealth Energy to Supply Electricity from Company's Geysers Geothermal Portfolio - No longer at

January 1999 - Calpine Corporation announced that it is in negotiations to acquire the geothermal steam field assets of Unocal Corporation at The Geysers resource area of Northern California. Calpine already holds a 25% ownership interest in the 14,000-acre steam field, which provides steam to Pacific Gas and Electric Company's (PG&E) Sonoma County geothermal power plants.

Upon reaching a definitive purchase agreement, Calpine plans to exercise its right of first refusal to purchase the Sonoma County power plants, totaling 544 MW of generating capacity. Calpine has already exercised a similar right to acquire PG&E's Lake County geothermal power plants, totaling 144 MW. With the Unocal and PG&E acquisitions, Calpine will own and operate more than 800 megawatts of geothermal generation, which it will plans to sell into California's competitive power market.

Long among the lowest-cost generation sources in California, The Geysers plants have experienced reduced production in recent years because of declining steam production. By unifying both steam field and power plant operations, Calpine feels that it can better optimize the productivity of the resource. In addition, Calpine has been working with municipalities and other agencies to transport treated wastewater for injection into the steam fields to replenish the geothermal steam resource.

News Release - Calpine in Negotiations to Acquire Unocal Steam Fields - No longer at

News Release - Unocal in negotiations to sell Geysers geothermal interest to Calpine

December 1998 - Pacific Gas and Electric Co. (PG&E) has auctioned the geothermal power plants that it owns and operates in the Geysers resource area of Northern California PG&E owns plants in Lake County and Sonoma County. Under California's electricity restructuring law, proceeds from the power plant sales will be used to pay down the utility's stranded costs. Buyers of utility-owned plants must also contract with the utility to operate and maintain the facilities for two years after the sale.

On November 24, PG&E announced that FPL Energy, Inc. was the winning bidder for the geothermal plants FPL Energy currently owns and operates 108 MW (net) of geothermal capacity in California and Nevada. However, under existing contracts with PG&E, the geothermal steam suppliers have the right of first refusal to match the winning bid. On December 1, Calpine Corporation announced that it had exercised its right to purchase the Lake County plants, totaling 150 MW, by matching the winning bid of $73.8 million. Calpine and another steam owner, Unocal Corporation, have 90 days to execute their right to purchase the Sonoma County plants as well.

News Release - Calpine Exercises Right of First Refusal to Acquire PG&E's Lake County Geothermal Power Plants

News Release - FPL Group Announces Acquisition of Geothermal Assets in California - No longer online at

PG&E Contact: News Department, (415) 973-5930

August 1998 - Calpine Corporation has completed its purchase of a 72-megawatt geothermal power plant from the Sacramento Municipal Utility District (SMUD). SMUD will purchase 50 megawatts of electricity from the plant, located in The Geysers area of northern California, through 2001 at market prices, plus a renewable power premium. SMUD also received an option to purchase 10 megawatts of peak power production from 2002 through 2005. Calpine will sell electricity not committed to SMUD into California's green power market.

News Release - Calpine Purchases 72 Megawatt Geothermal Power Plant - No longer at

November 1997 - Calpine Corporation, of San Jose, California, has entered into a memorandum of understanding with the Sacramento Municipal Utility District (SMUD) to acquire an existing 72-MW geothermal power plant. SMUD will purchase at least 50 MW of the power from the plant and Calpine will market the remaining electricity into California's green power market. With the purchase expected to be completed in July, Calpine could begin marketing power as early as August.

News Release - Calpine Corporation to Purchase Geothermal Power Plant from SMUD - No longer online at Calpine

Calpine Contact: Katherine Potter (408) 995-5115

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