Calpine Corporation

Calpine Canada Energy Finance ULC

March 30, 2006 20:03 ET

Calpine Corporation and Calpine Canada Energy Finance ULC Announce the Release of Monitor's Report in CCAA Proceedings

CALGARY, ALBERTA--(CCNMatthews - March 30, 2006) - Calpine Corporation ("Calpine"), together with its indirect wholly-owned subsidiary, Calpine Canada Energy Finance ULC ("ULC"), announce the release of the Fifth Report (the "Report") by Ernst & Young Inc. (the "Monitor"), the Court appointed monitor of Calpine's Canadian subsidiaries who are the subject of proceedings that were commenced on December 20, 2005 pursuant to Companies' Creditors Arrangement Act (Canada) (the "CCAA"). ULC is one of Calpine's Canadian subsidiaries that is party to the CCAA proceedings.

The purpose of the Report is to provide a preliminary overview of the assets, liabilities and equity of the Calpine Canadian subsidiaries who are party to the CCAA proceedings. Accordingly, the Report includes a review of the assets, liabilities and equity of ULC. The Report has been filed with the Court of Queen's Bench of Alberta, Judicial District of Calgary, and is available from the Court. It can also be downloaded from the Monitor's website at: www.ey.com/ca/calpinecanada.

Calpine Canada Energy Finance ULC is an indirect wholly owned subsidiary of Calpine Corporation and was established as a special purpose finance subsidiary of Calpine Corporation whose primary business is to engage in financing activities to raise funds for the business operations of Calpine Corporation and its subsidiaries. Calpine Corporation is a major power company that supplies customers and communities with electricity from clean, efficient, natural gas-fired and geothermal power plants. Calpine owns, leases and operates integrated systems of plants in 21 U.S. states and in three Canadian provinces. Calpine was founded in 1984.

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