Calpine Corporation

Stock Symbol: CPN

Calpine Corporation Description:
Calpine Corporation, based in San Jose, Calif., 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 37,700 megawatts of base load capacity and 8,000 megawatts of peaking capacity in operation, under construction, pending acquisitions and in announced development.

Calpine Corporation Financial Summary:
CPN is engaged in the acquisition, development, ownership and operation of power generation facilities and the sale of electricity and its by-product thermal energy. For the 6 months ended 6/30/05, revenues rose 4% to $4.29B. Net loss from cont. ops. and before acctng. change toaled $457.9M, up from $217.2 M. Revenues reflect higher electricity and steam generation. Net income was offset by impairemt charge related to sale of power plant.

Calpine Corporation Business Summary:
Calpine Corporation is an integrated power company engaged in the generation of electricity in the United States, Canada and the United Kingdom. The Company is involved in the development, construction, ownership and operation of power generation facilities, and the sale of electricity and its byproduct, thermal energy, primarily in the form of steam. Each of the power generation facilities in operation produces electricity for sale to a utility, other third-party end user or to an intermediary, such as a marketing company. At December 31, 2004, the Company owns 389 billion cubic feet equivalent (Bcfe) of net proved natural gas reserves located primarily in the Sacramento Basin of California and Gulf Coast regions of the United States. As of March 30, 2005, Calpine is capable of producing, net to its interest, approximately 100 million cubic feet equivalent (MMcfe) of natural gas per day.