Calpine Power Income Fund
TSX : CF.UN

Calpine Power Income Fund

May 26, 2006 19:13 ET

Calpine Power Income Fund Announces Commencement of Re-Tolling Process -Calgary Energy Centre

CALGARY, ALBERTA--(CCNMatthews - May 26, 2006) - Calpine Canada Power Ltd, Manager of the Calpine Power Income Fund (TSX:CF.UN) announced today the commencement of its process to re-toll the generation capacity of the Calgary Energy Centre.

"We are pleased to announce the commencement of our process to re-toll the Calgary Energy Centre on a long term basis", says Toby Austin, President and Chief Executive Officer of Calpine Canada Power Ltd., Manager of the Calpine Power Income Fund. "We are seeking interest from various parties in Canada and the United States through a competitive bid process and hope to have a new long term tolling agreement in place within the next 90 to 120 days. Completion of this process should further enhance our goals to ensure stable and sustainable cash distributions for our unitholders.

"In addition, we are also contemplating an additional short term tolling agreement to cause the capacity of the plant to be fully contracted until the implementation of a longer term agreement. Currently the capacity of the plant is contracted to EPCOR Merchant and Capital LP under an agreement due to expire on June 30, 2006."

Calpine Power Income Fund is an unincorporated open-ended trust that invests in electrical power assets. The Fund indirectly owns interests in power generating facilities in British Columbia, Alberta and California. In addition, the Fund owns a participating loan interest in a power plant in Ontario and a promissory note issued by Calpine Canada Power Ltd. The Fund is managed by Calpine Canada Power Ltd., which is headquartered in Calgary, Alberta.

The Calpine Power Income Fund units are listed on the Toronto Stock Exchange under the symbol CF.UN. For further information on the Fund, please visit our website at www.calpinepif.com.

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