After 37 league games, the title race will be decided by one more game. Dunn, Investor Relations:Andre Walker, Copyright Business Wire 2009. These filings are available by visiting theSecurities and Exchange Commission's web site at or Calpine's website at Actual results or developments may differ materiallyfrom the expectations expressed or implied in the forward-looking statements,and Calpine undertakes no obligation to update any such statements Calpine CorporationMedia Relations:Norma F. Please seethe risks identified in this release or in Calpine's reports and registrationstatements filed with the Securities and Exchange Commission, including, withoutlimitation, the risk factors identified in its Annual Report on Form 10-K forthe year ended December 31, 2008.

You are cautioned thatany such forward-looking statements are not guarantees of future performance andthat a number of risks and uncertainties could cause actual results to differmaterially from those anticipated in the forward-looking statements. Such statementsinclude, among others, those concerning expected financial performance andstrategic and operational plans, as well as assumptions, expectations,predictions, intentions or beliefs about future events. Forward-Looking InformationIn addition to historical information, this release contains forward-lookingstatements within the meaning of Section 27A of the Securities Act of 1933, asamended, and Section 21E of the Securities Exchange Act of 1934, as amended.Words such as "believe," "intend," "expect," "anticipate," "plan," "may," "will"and similar expressions identify forward-looking statements. Please visit for more information. Using advanced technologies, Calpine generates electricity in a reliableand environmentally responsible manner for the customers and communities itserves. Calpine owns, leases,and operates low-carbon, natural gas-fired, and renewable geothermal powerplants.

Founded in 1984, Calpine is a major U.S.power company, currently capable of delivering over 24,000 megawatts of clean,cost-effective, reliable and fuel-efficient electricity to customers andcommunities in 16 states in the United States and Canada. About CalpineCalpine Corporation is helping meet the needs of an economy that demands moreand cleaner sources of electricity. You may get these documents for free by visitingEDGAR on the SEC Web site at Alternatively, Morgan Stanley willarrange to send you the prospectus if you request it by calling 1-866-718-1649or by e-mail at . Before you invest,you should read the prospectus and the prospectus supplement and other documentsthe company has filed with the SEC for more complete information about CalpineCorporation and this offering. Calpine Corporation has filed a prospectus supplement to its shelf registrationstatement and related prospectus with the Securities and Exchange Commission("SEC") for the offering to which this communication relates. This press release shall not constitute an offer to sell or the solicitation ofan offer to buy, nor shall there be any sale of these securities in any state orjurisdiction in which such an offer, solicitation or sale would be unlawfulprior to the registration or qualification under the securities laws of any suchstate or jurisdiction. The common shares purchased by Morgan Stanley are being offered for resale fromtime to time in negotiated transactions or otherwise, at market prices on theNew York Stock Exchange prevailing at the time of sale, at prices related tosuch prevailing market prices or otherwise.

Morgan Stanley is acting as the sole underwriter for the offering. In addition, the selling stockholder has granted Morgan Stanleythe option to purchase an additional 3,000,000 shares solely to coverover-allotments. has agreed to sell 20,000,000 shares of the Company`s commonstock in a registered public secondary offering The Company will not receiveany proceeds from this offering The closing of the offering is scheduled forApril 29, 2009. HOUSTON--(Business Wire)--Calpine Corporation (NYSE:CPN) announced today that Harbinger Capital PartnersMaster Fund I, Ltd. Penver, 512-744-9234Chief Financial orMedia Contact:Lee Higgins, 512-744-9488Public Copyright Business Wire 2009. While alarge component of our expense, we believe investors want to exclude the effectsof stock-based compensation expense in order to compare our financialperformance with that of other companies and between time periods Active PowerInvestor Contact:John K. 25 through December31, 2005, and with the fair value recognition provisions of Statement ofFinancial Accounting Standards No 123(R) effective January 1, 2006.