Citi 2011 North American Credit Conference Zamir Rauf

Chief Financial Officer

November 16, 2011

Safe Harbor Statement

Forward-Looking Statements The information contained in this presentation includes certain estimates, projections and other forward-looking information that reflect Calpines current views with respect to future events and financial performance. These estimates, projections and other forward-looking information are based on assumptions that Calpine believes, as of the date hereof, are reasonable. Inevitably, there will be differences between such estimates and actual results, and those differences may be material. There can be no assurance that any estimates, projections or forward-looking information will be realized. All such estimates, projections and forward-looking information speak only as of the date hereof. Calpine undertakes no duty to update or revise the information contained herein other than as required by law. You are cautioned not to place undue reliance on the estimates, projections and other forward-looking information in this presentation as they are based on current expectations and general assumptions and are subject to various risks, uncertainties and other factors, including those set forth in Calpines Annual Report on Form 10-K for the year ended December 31, 2010, Quarterly Report on Form 10-Q for each of the quarters ended March 31, June 30, and September 30, 2011, and in other documents that Calpine files with the SEC. Many of these risks, uncertainties and other factors are beyond Calpines control and may cause actual results to differ materially from the views, beliefs and estimates expressed herein. Calpines reports and other information filed with the SEC, including the risk factors identified in its Annual Report on Form 10-K for the year ended December 31, 2010, can be found on the SECs website at www.sec.gov and on Calpines website at www.calpine.com. Reconciliation to U.S. GAAP Financial Information The following presentation includes certain non-GAAP financial measures as defined in Regulation G under the Securities Exchange Act of 1934, as amended. Schedules are included herein and/or on the Investor Relations section of our website (www.calpine.com) that reconcile the non-GAAP financial measures included in the following presentation to the most directly comparable financial measures calculated and presented in accordance with U.S. GAAP.
2

Calpine Overview

Strategically positioned within U.S. power industry value chain

Fuel Supply

Retail

Transportation

Transmission & Distribution

Calpine (NYSE: CPN) Calpine (NYSE: CPN)

2,000+ employees 2,000+ employees 28,000+ MW 28,000+ MW generation capacity generation capacity 92operating plants 92 operating plants

Power Generation 3

National Portfolio of More Than 28,000 MW

Geographic Diversity
Southeast 6,083 MW 22% Texas 7,239 MW 26%

North 7,914 MW 28% West 6,898 MW 24%

Dispatch Flexibility
Peaking 6,474 MW 23% Baseload 5,267 MW 19%

Intermediate 16,393 MW 58%

As of November 2011

Unique Independent Power Producer

Calpine is the nations largest baseload renewable, Calpine is the nations largest baseload renewable, natural gas and cogeneration power provider natural gas and cogeneration power provider Modern
50 Wtd. - Avg. Age (Years) 40 30 20 10 CPN DYN NRG GEN
Source: Energy Velocity (2010).

Clean
10 8

SO2 lbs./MWh

6 4 2 CPN DYN NRG GEN

Source: Energy Velocity (2010).

Efficient
14,000

Scale
100,000 2010 Generation (MWh) (000)
NRG

Heat Rate (btu/KWh)

12,000 10,000 8,000 6,000 CPN

Our steam-adjusted heat rate is 7,338

80,000 60,000 40,000 20,000 -

DYN

GEN

CPN
Source: 2010 SEC filings.

NRG

GEN

DYN

Source: Energy Velocity (2010). Not adjusted for steam, and excluding nonfossil fuel generation. Steam-adjusted heat rate does not include peakers.

Calpine Value Proposition: Compelling Risk-Adjusted Total Return

The Investment Modern, clean and reliable natural gas-fired and geothermal power generation fleet, currently trading at a deep discount to replacement cost

Gas-fired generation will displace a material amount of coal generation

Cleaner, more efficient and more economic technology Stable fuel supply at low prices

Value Drivers

Unlocking Intrinsic Value

Market heat rates (spark spreads) are set to rise

Environmental compliance costs Retirements of existing supply: age, economics, compliance Where new capacity needed, power prices must increase to incent investment

Calpine: poised to benefit from higher utilization and market heat rates
Highly underutilized in todays market: CCGT capacity factor of 50%1

Enhancing Value through Effective Capital Allocation

As excellent stewards of your capital, we will enhance value by:

Pursuing a pipeline of financially disciplined growth Monetizing appropriate assets through sale or contract Returning capital to shareholders over time

Our capital structure offers the flexibility necessary to act in our shareholders best interest

Experienced management team possesses vision and skill to execute strategy

1

Calpines average annual CCGT capacity factor, 2007 2010.

3Q11 Financial Overview

($ millions)

Key Messages:
On track to meet 2011 guidance $2B+ of liquidity with no significant near-term maturities Key Drivers: 3Q11 v 3Q10 Sale of Colorado plants and Freestone Lower margins in West and Southeast

Adjusted EBITDA1
$1,326 $1,347

Adjusted Recurring FCF1

$499 $381 $361 $381

$663

$638

3Q10 3Q11

YTD10 YTD11

3Q102 3Q11

YTD102 YTD11

Recent Achievements:
Corporate secured debt upgraded to BB- credit rating Announced and commenced $300M share repurchase program Completed $373M Los Esteros project financing at very attractive terms Completed reserve share distributions

Strong Liquidity
$2,100 $2,158
$635 $845 $238 $341 $304 $977 $610 3Q10
Revolver / LC Availability Restricted Cash Cash and Cash Equivalents, Non-corporate Cash and Cash Equivalents, Corporate

No Significant Near Term Maturities3

Plus: Flexible covenants No corporate maturities >$2B per year

$2,000 $1,488 $1,544 $1,000 $682 $213 $1,100 $1,200

$308

3Q11

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020 CCFC

2021

2022

2023

Senior Secured Term Loan

Senior Secured Notes

Project Debt

1 2

A non-GAAP financial measure. Reconciliations of Adjusted EBITDA and Adjusted Recurring Free Cash Flow to Net Income (Loss), the most comparable U.S. GAAP measure, are included in the appendix. 2010 Adjusted Recurring Free Cash Flow has been recast to confirm with current year presentation, which excludes settlements of non-hedging interest rate swaps. 3 The debt maturity schedules shown here are not prepared on a U.S. GAAP basis and do not conform to the debt maturity schedule presented in Calpines Form 10-K. (Refer to the Form 10-K for further information regarding U.S. GAAP-basis debt maturities). Assumptions used in debt maturity charts shown here are as follows: (i) excludes letter of credit facilities; (ii) maturity balances assume cash sweeps; and (iii) all other debt maturities are paid from operating cash flows at the project level. Project debt in 2019 represents projected balance for OMEC. Put price in the PPA approximates the projected debt balance.

Guidance Update as of October 28, 2011

(in millions)

Affirmed 2011 Guidance

Adjusted EBITDA1 Less: Operating lease payments Major maintenance expense & CapEx2 Recurring cash interest, net3 Cash taxes Other Adjusted Recurring Free Cash Flow1,4 Non-recurring interest rate swap payments5 Growth CapEx (net of funding) Riverside sale proceeds6
1 2

Provided 2012 Guidance

$1,550 1,750 35 350 770 10 10 $375 575 $(150) $(10) $375

2013 Knowns: 2013 Knowns:

Russell City Russell City Los Esteros Los Esteros PJM RPM PJM RPM Payments Payments AB32 AB32 Riverside sale Riverside sale Adj. EBITDA Adj. EBITDA Cash proceeds Cash proceeds Contract rolloff Contract rolloff

$1,700 - 1,750 30 390 780 15 10 $475 525 $(175) $(155)

A non-GAAP financial measure. Reconciliations of Adjusted EBITDA and Adjusted Recurring Free Cash Flow to Net Income (Loss), the most comparable U.S. GAAP measure, are included in the appendix. Includes major maintenance expense of $235 million and $185 million in 2011 and 2012, respectively, and maintenance capital expenditures of $155 million and $165 million in 2011 and 2012, respectively. Major maintenance expense includes that of unconsolidated investments. 2012 figures exclude amounts to be funded by project debt. 3 Includes fees for letters of credit. 4 Adjusted Recurring Free Cash Flow, a non-GAAP financial measure, is Earnings Before Interest, Tax, Depreciation and Amortization, as adjusted, less operating lease payments, major maintenance expense and capital expenditures, net cash interest, cash taxes, working capital and other adjustments. 5 Interest payments related to legacy LIBOR hedges associated with floating rate First Lien Credit Facility, which has been refinanced. 2011 figures do not include $17 million in interest rate swap breakage costs related to the repayment of project debt in June 2011. 6 Assumes exercise of purchase option by customer, for which a deposit is required in the fourth quarter of 2012. Amount based upon customers public disclosures of estimated purchase price.

2012 Guidance: A Closer Look

(Guidance as provided on October 28, 2011)
($ millions)

Adjusted EBITDA1 Bridge

$1,700 - $1,750 $170 $30
Adj. Recurr. FCF Guidance

2012 Sources and Uses of Capital

$1,550 - $1,750

$1,575-$1,775

$(55)

$625 - $1,200 $(400) $(120) $(150) $(10) $(270) $375

($220)

Unrestricted Cash on Hand

FY11 Adjusted EBITDA Guidance

Regulatory Capacity Contracts (CA, PJM)

2012 Market vs. 2 2011 Realized

Benefit of Hedges

Feb 2011 ERCOT Event

FY12 Adjusted EBITDA Guidance

Cash Sources

Cash Uses
Min. Corp Amortizations Liquidity & Cash (Cash Sweeps Component) Legacy Swaps Committed Growth Share Repurchase Program

Riverside Sale Proceeds

Excess Cash

2012 Guidance Key Messages:

Regulatory capacity changes impact CA and PJM
CA: Less capacity under Resource Adequacy contracts PJM: Average annual RPM prices3 decline from ~$142/MW-day (2011) to $125/MW-day (2012)

Conservatively Managing Capital

Uncertainties remaining: Sources
Alliant exercise of call option to purchase Riverside Market structure and pricing

Market impact largely driven by 2011 weather extremes 2012 hedge position
More open PJM and ERCOT, especially summer Less open California and natural gas
1 2 3

Uses
Future growth: $450 - $550 MM (equity funding) Amount and timing of share repurchases

A non-GAAP financial measure. Reconciliations of Adjusted EBITDA and Adjusted Recurring Free Cash Flow to Net Income (Loss), the most comparable U.S. GAAP measure, are included in the appendix. Includes net change in contracts. Prices shown for E-MAAC.

Calpine: Positioned for the Future

Solid financial results and positive cash flow generation

Capital available for investment or return

No environmental liabilities to fund or environmental investments to make

Strategic and financial flexibility: investment grade-like covenants

Poised to respond to future opportunities

10

APPENDIX

11

Focused on Best-in-Class Operations

Employee Lost-Time Incident Rate
Good performance on a relative basis; No lost time incidents in 3Q11
0.50

Generation in Key Markets (000 MWh)2

Generated 29 million MWh: Plant sales (), Hydro in CA (), Extreme summer in TX ()
11,251 9,895 7,410

0.27 0.24

5,035

5,068

5,588

6,065 5,919

1,504 1,505

4-Yr. Avg.
Calpine

YTD11

BLS Top Quartile

West - Gas

West - Geo
3Q11

Texas
Sold in 2010

North
3Q10

Southeast

Forced Outage Factor (FOF, %)

Significant improvements during important 3Q

Plants with no recordable injuries and < 2 % FOF for 3Q11

Agnews Baytown Bethlehem Carlls Corner Edge Moor Freestone Geysers* Greenleaf 1 Hermiston Hidalgo Kennedy King City Los Esteros Mankato Metcalf Oneta Osprey Otay Mesa Pine Bluff Riverside Riverview Rockgen Santa Rosa Solano Peakers Stony Brook Sutter Texas City Westbrook York Zion

5.3

Carville Channel Clear Lake

3.0 1.9 0.3 0.9 2.4 1.5 2.4 2.6 2.9 1.9

Columbia Corpus Christi Decatur Deep Water Deer Park

0.1 West - Gas

West - Geo

Texas 3Q10

North 3Q11

Southeast

CPN

Delta

* Geysers includes Bear Canyon, Big Geysers, Calistoga, Cobb Creek, Eagle Rock, Grant, Lakeview, McCabe, Quicksilver, Ridge Line, Socrates, Sonoma, Sulphur Springs and West Ford Flat.

1 2

NAICS 221112 Fossil Fuel Electric Power Generation 1,000+ Employees. Most recent First Quartile data available (2006). As compared to our SEC filings, generation shown here includes net interest in generation from deconsolidated projects, plants owned but not operated, and plants/interests sold or retired during 2010.

12

Selected Operating Statistics: Full Year Results

2010 Total MWh Generated (in thousands) West Texas Southeast North Average Availability West Texas Southeast North
1

2009 91,156 36,033 31,091 17,370 6,662 92.1% 92.1% 90.0% 93.2% 94.7%

2008 89,033 37,135 33,683 12,374 5,840 90.3% 88.2% 88.8% 93.6% 92.6% Average Capacity Factor, excl. Peakers West Texas Southeast North Steam Adjusted Heat Rate (Btu/KWh) West Texas Southeast North

2010 46.0% 56.5% 48.1% 38.0% 32.8% 7,338 7,316 7,236 7,315 7,819

2009 48.2% 64.0% 47.4% 37.9% 31.1% 7,264 7,314 7,142 7,299 7,614

2008 47.6% 66.5% 51.6% 26.6% 32.8% 7,231 7,271 7,082 7,388 7,584

94,287 33,968 31,674 17,987 10,658 90.4% 91.5% 87.6% 92.5% 90.7%

Generation has been adjusted to include net interest in generation from deconsolidated projects and from plants and interest sold or retired during 2010 in all periods.

13

Selected Operating Statistics

3Q11 Total MWh Generated (in thousands) West Texas North Southeast Average Availability West Texas North Southeast
1

3Q10 29,942 8,913 9,896 5,068 6,065 95.9% 92.9% 96.5% 96.8% 97.4% YTD 10 72,511 25,376 25,530 7,893 13,712 91.5% 91.5% 89.1% 93.1% 93.4% Average Capacity Factor, excl. Peakers West Texas North Southeast Steam Adjusted Heat Rate (Btu/KWh) West Texas North Southeast Average Capacity Factor, excl. Peakers West Texas North Southeast Steam Adjusted Heat Rate (Btu/KWh) West Texas North Southeast

3Q11 53.8% 47.4% 70.1% 43.4% 48.9% 7,464 7,479 7,296 8,003 7,344

3Q10 54.3% 58.7% 60.0% 43.7% 49.3% 7,415 7,345 7,305 7,865 7,366

29,297 6,540 11,251 5,588 5,918 95.9% 91.2% 98.2% 97.5% 96.6% YTD 11

YTD 11 YTD 10 42.9% 39.6% 52.5% 34.4% 41.0% 7,434 7,488 7,256 7,939 7,323 47.9% 55.7% 51.9% 36.8% 38.4% 7,328 7,315 7,222 7,773 7,331

Total MWh Generated (in thousands) West Texas North Southeast Average Availability West Texas North Southeast
1

68,295 16,189 25,172 12,445 14,489 89.8% 86.4% 88.8% 92.3% 92.0%

Generation has been adjusted to include net interest in generation from deconsolidated projects and from plants and interest sold or retired during 2010 in all periods.

14

Pro Forma Energy Margin1: Positioned to Respond to Favorable Secular Trends

Energy Hedge Profile2
$ Energy Margin1,2 as % of Total Commodity Margin (by year):
Change to Commodity Margin
$400 $300 $200 $100 $0 ($100) ($200) ($300) ($400)

Natural Gas Price Sensitivity2

Option Premiums Collected (by year, $MM): $8 $85 $68 $ --

79%

80%

77%

78%

Use in conjunction with modeling tips in appendix

20%
Hedge level, 2Q11

363 254 15 (16) 132 (149) (340) (366)

37% 61% 68%

80% 63% 39% 32%

2011 BOY

2012 Hedged Volume

3

2013 Open Volume

3

2014

Added 2014 disclosure: base of longer-term contracts Added hedges in 2012, primarily in winter/ shoulder months Implementing gas option strategy for 2013

2011 BOY

2012

2013

2014

Natural Gas +$1/mmbtu

Natural Gas -$1/mmbtu

Market Heat Rate Sensitivity2

2011 Hedged Margin ($/MWh)2 Current M-t-M on Natural Gas Hedge Swaps ($MM)4 Avg. Total MW in Operation
2,5

2012 $22 $83 28,182

2013 $27 $ -28,254

2014 $26 $ -28,210

Change to Commodity Margin

$400 $300 $200 $100 $0 ($100) ($200)

$22 $28 28,020

18 (15)

145

235

281

(123) (211)

(256)

($300) Energy Margin + Regulatory & Other Margin = Total Commodity Margin. Estimated as of 10/14/11. Hedged margin excludes unconsolidated projects. Changing market heat rates will change delta volumes and ($400) gas price exposures. Sensitivities are assumed to occur across the portfolio and the sensitivities on strategic options only capture intrinsic value. 2011 BOY 2012 2013 2014 3 Volumes are on a delta hedge basis. Delta volumes are the expected volume based on the probability of economic dispatch at a future date based on current market prices for that future date. This is lower than the notional volume, which is plant capacity, less known Heat Rate +500 btu/KWh Heat Rate -500 btu/KWh performance and operating constraints. Volumes assume sale of Riverside and addition of Los Esteros and 75% of Russell City in 2013. 4 Amounts represent natural gas hedge value in addition to natural gas hedge value already captured in hedged margin. Does not include option premiums. 5 Represents Calpines forecasted average annual capacity of net ownership interest with peaking capacity. Capacity additions or deletions are reflected in the anticipated month of completion.
1 2

15

Although Calpines fleet can be difficult to model, simplifying techniques may help
Ideas to help investors assess trends based on disclosures to date: 1. Estimate annual generation (MWh) based on market outlook relative to disclosed historical generation with adjustments for asset acquisitions, asset divestitures and plants reaching commercial operations. 2. Estimate hedged energy margin based on disclosed % hedged (blue bars) and disclosed hedge margin ($/MWh). Note: 2011 hedged margin ($/MWh) is full year average including YTD settlements. 2011 hedge profile is for balance of year (applicable for steps 3 and 4 as well). 3. Estimate Geysers unhedged energy margin using MWh estimate (historically, ~6 million MWhs), assume the Geysers unhedged % is the same as the entire portfolio, and NP-15 ATC prices. 4. Estimate gas fleet unhedged gross margin based on rough assumptions: Dispatched generation tends to capture 10 15% premium to peak spark spread on open volume. For this exercise, hedge profile is relatively flat across all regions, and disclosed regional steam adjusted plant heat rates should be considered when calculating spark spreads. 5. Add the amounts disclosed for Current Mark-to-Market on Natural Gas Hedges. (NOTE: Option premiums on Natural Gas Price Sensitivity graph are not additive to these amounts.) 6. Adjust margin to capture items such as ancillary services and storage positions (benefit of small tens of millions), as well as carbon costs in California. Consider that current NP-15 market heat rates likely include some assumed impact from AB32 no earlier than 1/1/13. To consider Calpine's AB32 costs, apply our combined-cycle average emissions rate of 872 lb/MWh for the California combined-cycle plants and assume that ~50% of those costs are passed on to our customers per contractual arrangements. In addition, factor in the probability that the implementation of AB32 could be delayed. 7. The sum of steps 2 through 6 above will provide you with an estimate of our Energy Margin. To estimate the contribution of Reliability and Other Margin (regulatory capacity and REC revenue) and arrive at an estimate of total Commodity Margin, simply divide the Energy Margin by the disclosed percentages of Energy Margin as a % of total Commodity Margin. 8. Add estimated margin from unconsolidated investments (Greenfield, Whitby) by multiplying Calpine capacity (net interest) by $110/kw-yr in all periods shown. Since these margins from unconsolidated investments are not included in Commodity Margin, but are included in Adjusted EBITDA, it is necessary to additionally estimate expenses related to unconsolidated investments for purposes of calculating Adjusted EBITDA. 9. When modeling operating costs for the consolidated power plants, remember to apply an inflationary factor to reported costs, with adjustments for asset acquisitions, asset divestitures and plants reaching commercial operations.
Note: Tips are provided to help investors consider simplifying techniques to apply the information disclosed to date in their modeling efforts. These tips are naturally less precise than models based on detailed operational, contract, and hedge position data might be.

16

Capital Structure Chart

($ in millions)
Senior Secured Notes First Lien Credit Facility Corporate Revolver

Corporate Debt
$5,892 $1,650

Total Corporate Debt

$7,542

Project Debt $1,599 Projects Steamboat Freeport Mankato Bethpage Otay Mesa Agnews Pasadena Calpine BRSP Russell City Los Esteros

CCFC $970 Projects Brazos Valley Magic Valley Sutter Hermiston Osprey Westbrook

Notes Payable & Other $59 Projects Gilroy Cogen Other

Capital Lease Obligations $234 Projects Hidalgo King City Stony Brook Other

Total Debt: Add: Net Debt from Unconsolidated Projects Less: Cash, Cash Equivalents & Restr. Cash Net Debt
1

$10,404 202 (1,523) $9,083

Net Debt / Adjusted EBITDA2 = 5.1x Net Debt / Adjusted EBITDA2 = 5.1x
2

Note: All balances shown as of 9/30/11. 1 Equal to our net interest in total debt, less cash and cash equivalents and restricted cash from unconsolidated projects. Figures based upon mid-point of 2011 Adj. EBITDA guidance range. Calculation excludes project debt associated with Russell City and Los Esteros while under construction.

17

Calpine1 Continues to Benefit from Federal NOL Positions

Federal NOLs at Dec. 31, 2010: $7.4 billion $4.9 billion of NOLs not subject to limitations, not including 2011 loss $2.5 billion of NOLs subject to annual IRC Section 382 limitations. Average annual limitation for the next 4 years is approximately $403 million/year - Subject to certain limitations, any amount not utilized in any year can be carried forward and applied in succeeding years

Includes CCFC.

18

Calpine Operating Power Plants

As of October 28, 2011
Technology Load Type With Location COD Peaking Capacity CPN Interest With Peaking Capacity, Net

West Region Agnews Power Plant* Creed Energy Center Delta Energy Center Feather River Energy Center Geysers (15 plants) Gilroy Cogeneration Plant* Gilroy Energy Center Goose Haven Energy Center Greenleaf 1 Power Plant* Greenleaf 2 Power Plant* Hermiston Power Project King City Cogeneration Plant* King City Peaking Energy Center Lambie Energy Center Los Esteros Critical Energy Facility Los Medanos Energy Center* Metcalf Energy Center Otay Mesa Energy Center Pastoria Energy Center Riverview Energy Center South Point Energy Center Sutter Energy Center Wolfskill Energy Center Yuba City Energy Center Total - West Region Texas Region Baytown Energy Center* Brazos Valley Power Plant Channel Energy Center* Clear Lake Power Plant* Corpus Christi Energy Center* Deer Park Energy Center* Freeport Energy Center* Freestone Energy Center Hidalgo Energy Center Magic Valley Generation Station Pasadena Power Plant* Texas City Power Plant* Total - Texas Region Natural Gas Natural Gas Natural Gas Natural Gas Natural Gas Natural Gas Natural Gas Natural Gas Natural Gas Natural Gas Natural Gas Natural Gas Intermediate Intermediate Intermediate Intermediate Intermediate Intermediate Intermediate Intermediate Intermediate Intermediate Intermediate Intermediate TX TX TX TX TX TX TX TX TX TX TX TX 2002 2003 2001 1985 2002 2003 2007 2002 2000 2002 1998 1987 842 606 608 400 500 1,001 236 994 476 692 781 453 100% 100% 100% 100% 100% 100% 100% 75% 79% 100% 100% 100% 842 606 608 400 500 1,001 236 746 374 692 781 453 7,239 Natural Gas Natural Gas Natural Gas Natural Gas Geothermal Natural Gas Natural Gas Natural Gas Natural Gas Natural Gas Natural Gas Natural Gas Natural Gas Natural Gas Natural Gas Natural Gas Natural Gas Natural Gas Natural Gas Natural Gas Natural Gas Natural Gas Natural Gas Natural Gas Intermediate Peaking Intermediate Peaking Baseload Intermediate Peaking Peaking Intermediate Intermediate Intermediate Intermediate Peaking Peaking Peaking Intermediate Intermediate Intermediate Intermediate Peaking Intermediate Intermediate Peaking Peaking CA CA CA CA CA CA CA CA CA CA OR CA CA CA CA CA CA CA CA CA AZ CA CA CA 1990 2003 2002 2002 1971 - 1989 1988 2002 2003 1989 1989 2002 1989 2002 2003 2003 2001 2005 2009 2005 2003 2001 2001 2003 2002 28 47 857 47 725 128 141 47 50 49 616 120 44 47 188 572 605 608 729 47 530 578 48 47 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 28 47 857 47 725 128 141 47 50 49 616 120 44 47 188 572 605 608 729 47 530 578 48 47 6,898

19

Calpine Operating Power Plants (contd)

As of October 28, 2011
Technology Load Type With Location COD Peaking Capacity CPN Interest With Peaking Capacity, Net

North Region Bayview Bethlehem Bethpage Energy Center 3 Bethpage Peaker Bethpage Power Plant Cumberland Deepwater Edge Moor* Greenfield Energy Centre Hay Road Kennedy Int'l Airport Power Plant* Mankato Energy Center Mid-Atlantic Peakers** Riverside Energy Center RockGen Energy Center Stony Brook Power Plant* Vineland Solar Westbrook Energy Center Whitby Cogen* York Energy Center Zion Energy Center Total - North Region Southeast Region Auburndale Peaking Energy Center Broad River Energy Center Carville Energy Center* Columbia Energy Center* Decatur Energy Center Hog Bayou Energy Center Morgan Energy Center* Oneta Energy Center Osprey Energy Center Pine Bluff Energy Center* Santa Rosa Energy Center Total - Southeast Region TOTAL - CALPINE Projects Under Construction Russell City Energy Center Los Esteros Critical Energy Center * Indicates cogeneration plant ** Includes: Carll's Corner, Cedar, Christiana, Crisfield, Delaware City, Mickleton, Middle, Missouri Avenue, Sherman Avenue, Tasley, and West Natural Gas Natural Gas Natural Gas Natural Gas Natural Gas Natural Gas Natural Gas Natural Gas Natural Gas Natural Gas Natural Gas Peaking Peaking Intermediate Intermediate Intermediate Intermediate Intermediate Intermediate Intermediate Intermediate Intermediate FL SC LA SC AL AL AL OK FL AR FL 2002 2000 2003 2004 2002 2001 2003 2002 2004 2001 2003 117 847 501 606 795 237 807 1,134 599 215 225 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 117 847 501 606 795 237 807 1,134 599 215 225 6,083 28,134 Oil Natural Gas Natural Gas Natural Gas Peaking Intermediate Peaking Intermediate VA PA NY NY NY NJ NJ DE Ontario, CA DE NY MN NJ/DE/MD/VA WI WI NY NJ ME Ontario, CA PA IL 1963 2003 2005 2002 1989 1990/2009 1954/1958 1973 2008 1989 1995 2006 1964-1991 2004 2001 1995 2009 2001 1998 2011 2002 12 1,130 80 48 56 191 158 725 1,038 1,130 121 375 576 603 503 47 4 543 50 565 503 100% 100% 100% 100% 100% 100% 100% 100% 50% 100% 100% 100% 100% 100% 100% 100% 100% 100% 50% 100% 100% 12 1,130 80 48 56 191 158 725 519 1,130 121 375 576 603 503 47 4 543 25 565 503 7,914 Natural Gas / Oil Intermediate

Natural Gas / Oil Peaking Natural Gas / Oil Peaking Natural Gas / Oil Peaking Natural Gas Natural Gas Natural Gas Natural Gas Natural Gas Natural Gas Solar Natural Gas Natural Gas Natural Gas Natural Gas Intermediate Intermediate Intermediate Intermediate Peaking Intermediate Peaking Intermediate Intermediate Intermediate Peaking Natural Gas / Oil Intermediate

Natural Gas / Oil Peaking

Natural Gas Natural Gas

Intermediate Intermediate

CA CA

2013 (est) 2013 (est)

619 308

75% 100%

464 308

20

Reg G Reconciliation: Adjusted EBITDA and Adjusted Recurring Free Cash Flow
Adjusted EBITDA represents net income (loss) before interest, taxes, depreciation and amortization, adjusted for certain non-cash or non-recurring items as detailed in the following reconciliation. Adjusted EBITDA is presented because our management uses Adjusted EBITDA (i) as a measure of operating performance to assist in comparing performance from period to period on a consistent basis and to readily view operating trends; (ii) as a measure for planning and forecasting overall expectations and for evaluating actual results against such expectations; and (iii) in communications with our Board of Directors, shareholders, creditors, analysts and investors concerning our financial performance. We believe Adjusted EBITDA is also used by and is useful to investors and other users of our financial statements in evaluating our operating performance because it provides them with an additional tool to compare business performance across companies and across periods. Adjusted EBITDA is not a measure calculated in accordance with U.S. GAAP, and should be viewed as a supplement to and not a substitute for our results of operations presented in accordance with U.S. GAAP. Adjusted EBITDA is not intended to represent cash flows from operations or net income (loss) as defined by U.S. GAAP as an indicator of operating performance. Furthermore, Adjusted EBITDA is not necessarily comparable to similarly-titled measures reported by other companies. Adjusted Recurring Free Cash Flow represents net income before interest, taxes, depreciation and amortization, as adjusted, less operating lease payments, major maintenance expense and maintenance capital expenditures, net cash interest, cash taxes, working capital and other adjustments. Adjusted Recurring Free Cash Flow is presented because our management uses this measure, among others, to make decisions about capital allocation. Adjusted Recurring Free Cash Flow is not intended to represent cash flows from operations as defined by U.S. GAAP as an indicator of operating performance and is not necessarily comparable to similarly-titled measures reported by other companies.
Three Months Ended September 30, Nine Months Ended September 30, 2011 2010 2011 2010 (in millions)

Net income (loss) attributable to Calpine Net income attributable to noncontrolling interest Discontinued operations, net of tax expense Income tax expense (benefit) Other (income) expense and debt extinguishment costs, net (Gain) loss on interest rate derivatives, net Interest expense, net Income from operations Add: Adjustments to reconcile income from operations to Adjusted EBITDA: Depreciation and amortization expense, excluding deferred financing costs(1) Impairment losses Major maintenance expense Operating lease expense Unrealized (gain) loss on commodity derivative mark-to-market activity Adjustments to reflect Adjusted EBITDA from unconsolidated investments(2) Stock-based compensation expense Loss on dispositions of assets Conectiv acquisition-related costs Contract amortization Other Adjusted EBITDA from continuing operations Adjusted EBITDA from discontinued operations Total Adjusted EBITDA Less: Lease payments Major maintenance expense and capital expenditures(3) Cash interest(4) Cash taxes Other Adjusted Recurring Free Cash Flow(5)

190

217

(177) $
1

55

20

(19) 21
23

(45)
108

(31) 38
36

3 190 403

84 228 554

149 568 604

87 627 812

143

151
19

406

33 9 9 9 6 8
4

13 11 (131) 10 6 2 6
2

169 26 48 30 18 17
5

424 19 111 33 (212) 25 18 7 25

14 638

638 9 72 194 1
1

643 20 663 11 69 200 2

24 1,347

1,347 26 335 587 11 7 381

3 1,265 61 1,326 33 203 582 10 (1) 499

361

381

_________
(1) (2) (3) Depreciation and amortization expense in the income from operations calculation on our Consolidated Condensed Statements of Operations excludes amortization of other assets. Adjustments to reflect Adjusted EBITDA from unconsolidated investments include unrealized losses on mark-to-market activity of $1 million for both the three and nine months ended September 30, 2011 and 2010. Includes $35 million and $174 million in major maintenance expense for the three and nine months ended September 30, 2011, respectively, and $37 million and $161 million in maintenance capital expenditures for the three and nine months ended September 30, 2011, respectively. Includes $5 million and $110 million in major maintenance expense for the three and nine months ended September 30, 2010, respectively, and $64 million and $93 million in maintenance capital expenditures for the three and nine months ended September 30, 2010, respectively. Includes commitment, letter of credit and other bank fees from both consolidated and unconsolidated investments, net of capitalized interest and interest income. Excludes increase in working capital of $166 million and $21 million for the three and nine months ended September 30, 2011, respectively, and a decrease in working capital of $48 million and an increase in working capital of $32 million for the three and nine months ended September 30, 2010, respectively. Adjusted Recurring Free Cash Flow, as reported, excludes changes in working capital, such that it is calculated on the same basis as our guidance. 2010 Adjusted Recurring Free Cash Flow has been recast to conform with current year presentation, which excludes settlements of non-hedging interest rate swaps.

(4) (5)

21

Reg G Reconciliation: 2011 Adjusted EBITDA and Adjusted Recurring Free Cash Flow Guidance

Full Year 2011 Range:

Low

High

GAAP Net Income (Loss)(1) Plus: (Gain) loss on interest rate derivatives, net Debt extinguishment costs Interest expense, net of interest income Depreciation and amortization expense Major maintenance expense Operating lease expense Other(2) Adjusted EBITDA Less: Operating lease payments Major maintenance expense and maintenance capital expenditures(3) Recurring cash interest, net(4) Cash taxes Other Adjusted Recurring Free Cash Flow Non-recurring interest rate swap payments(5)

(in millions) (150) $

(100) 149 94 760 560 230 35 22 1,750 30 390 780 15 10 525 175

149 94 760 560 230 35 22 1,700 30 390 780 15 10 475 175

__________ (1) For purposes of Net Income guidance reconciliation, unrealized mark-to-market adjustments are assumed to be nil. (2) Other includes stock-based compensation expense, adjustments to reflect Adjusted EBITDA from unconsolidated investments, income tax expense and other items. (3) Includes projected major maintenance expense of $235 million and maintenance capital expenditures of $155 million. Capital expenditures exclude major construction and development projects. (4) Includes fees for letters of credit, net of interest income. (5) Interest payments related to legacy LIBOR hedges associated with floating rate First Lien Credit Facility, which has been refinanced. Does not include $17 million in interest rate swap breakage costs related to the repayment of project debt in June 2011.

Note: Guidance as provided on October 28, 2011.

22

Reg G Reconciliation: 2012 Adjusted EBITDA and Adjusted Recurring Free Cash Flow Guidance

Full Year 2012 Range:

Low

High

GAAP Net Income (Loss)(1) Plus: Interest expense, net of interest income Depreciation and amortization expense Major maintenance expense Operating lease expense Other(2) Adjusted EBITDA Less: Operating lease payments Major maintenance expense and maintenance capital expenditures(3) Recurring cash interest, net(4) Cash taxes Other Adjusted Recurring Free Cash Flow Non-recurring interest rate swap payments(5)

(in millions) (80) $

120 765 555 185 35 90 1,750 35 350 770 10 10 575 150

765 555 185 35 90 1,550 35 350 770 10 10 375 150

__________ (1) For purposes of Net Income guidance reconciliation, unrealized mark-to-market adjustments are assumed to be nil. (2) Other includes stock-based compensation expense, adjustments to reflect Adjusted EBITDA from unconsolidated investments, income tax expense and other items. (3) Includes projected major maintenance expense of $185 million and maintenance capital expenditures of $165 million. Capital expenditures exclude major construction and development projects. 2012 figures exclude amounts to be funded by project debt. (4) Includes fees for letters of credit, net of interest income. (5) Interest payments related to legacy LIBOR hedges associated with floating rate First Lien Credit Facility, which has been refinanced.

Note: Guidance as provided on October 28, 2011.

23