Exhibit 99.1 Press Release Dated April 20, 2000
NEWS RELEASE
Contact: Calpine (408) 995-5115
Public Relations Katherine Potter ext. 1168
Investor Relations Rick Barraza ext. 1125
CALPINE ANNOUNCES 250-MEGAWATT "CALGARY ENERGY CENTRE"
The Proposed State-of-the-Art Project Will Help Meet the Needs of Calgary's
Energy Future
(SAN JOSE, CALIF./CALGARY, AB) - April 20, 2000 - Calpine Corporation
[NYSE:CPN], the San Jose, Calif.-based independent power producer, today
announced plans to construct the US$135 million Calgary Energy Centre (CEC) to
increase security of electricity supply for Calgarians.
Scheduled to begin commercial operation in 2003, the 250-megawatt
combined-cycle, natural gas-fired facility will be the first independent power
project (IPP) announced in the Calgary area, and represents Calpine's first
investment in the Canadian power industry. The facility will generate enough
power to supply approximately a quarter of a million homes, and will have the
ability to produce an additional 50 megawatts of electricity during peak demand
periods.
"We are pleased to announce the Calgary Energy Centre," stated Dan Allard,
vice-president of business development for Calpine. "This project responds to
rising demand for power, to a real need for generation near Calgary, and to the
opportunities provided by Alberta's deregulation process. The Calgary Energy
Centre exemplifies Calpine's commitment to repowering North America with
high-efficiency, environmentally responsible power generation."
Alberta's Resource Development Minister and acting Provincial Treasurer, Dr.
Steve West, welcomed the announcement, saying the arrival of Calpine to the
Alberta market shows that restructuring in the electricity industry is working.
"This is an example of the benefits of a competitive market, where the private
sector makes investment decisions based on market needs - in this case, a need
for additional power generation in southern Alberta - not on the direction of
the regulator," West said. "This is the kind of innovation and responsiveness a
competitive electricity marketplace will bring to Alberta."
The Calgary Energy Centre will supply electricity to the Alberta Power Pool and
provide a competitive source of supply to Calgary customers as the market
prepares for full electricity deregulation and customer choice on January 1,
2001. It will also help meet the recommendations of the province's Transmission
Administrator and the Alberta Energy and Utilities Board to attract 500 new
megawatts of power generation to meet demand growth in southern Alberta.
Calpine proposes to build a clean, modern natural gas-fired facility. It will be
located adjacent to an existing natural gas processing plant in northeast
Calgary. The project will utilize Selective Catalytic Reduction Technology. The
plant will be permitted at 3.5 parts per million of nitrogen oxide
emissions-significantly lower than Canadian regulatory limits. In addition,
sulfur dioxide emissions will be eliminated, and carbon dioxide emissions will
be minimized.
Calpine's project will create approximately 300 jobs during peak construction
and 20-to-25 full time positions when the facility enters operation.
Construction is expected to commence this fall.
Calpine Corporation, the leading independent power company in the United States,
is dedicated to providing customers with clean, reliable and competitively
priced electricity. Calpine is active in 20 states and Alberta, Canada.
Calpine's Corporate headquarters are located in San Jose, Calif., with regional
offices in Houston, Texas; Pleasanton, Calif.; and Boston, Mass. Calpine
currently has approximately 17,200 megawatts of capacity in operation, under
construction or in announced development - enough energy to power more than 17
million households. The company was founded in 1984 and is publicly traded on
the New York Stock Exchange under the symbol CPN.
This news release discusses certain matters that may be considered
"forward-looking" statements within the meaning of Section 27A of the Securities
Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934,
as amended, including statements regarding the intent, belief or current
expectations of Calpine Corporation ("the Company") and its management.
Prospective investors are cautioned that any such forward-looking statements are
not guarantees of future performance and involve a number of risks and
uncertainties that could materially affect actual results such as, but not
limited to, (i) changes in government regulations and anticipated deregulation
of the electric energy industry; (ii) commercial operations of new plants that
may be delayed or prevented because of various development and construction
risks, such as a failure to obtain financing and the necessary permits to
operate or the failure of third-party contractors to perform their contractual
obligations (iii) cost estimates are preliminary and actual cost may be higher
than estimated, (iv) the assurance that the Company will develop additional
plants, (v) a competitor's development of a lower-cost generating gas-fired
power plant or (vi) the risks associated with marketing and selling power from
power plants in the newly competitive energy market. Prospective investors are
also referred to the other risks identified from time to time in the Company's
reports and registration statements filed with the Securities and Exchange
Commission.