EXHIBIT 1.8

CALPINE ANNOUNCES PRICING ON $785 MILLION OF SENIOR SECURED NOTES

SAN JOSE, Calif., Sep 28, 2004 /PRNewswire-FirstCall via COMTEX/ -- Calpine
Corporation (NYSE: CPN) today announced that it has priced its offering of $785
million of 9 5/8% first-priority senior secured notes due 2014, offered at
99.212% of par. These notes will be secured, directly and indirectly, by
substantially all of the assets owned by Calpine, including its natural gas and
power assets and the stock of Calpine Energy Services and other subsidiaries.
The offering is expected to close on September 30, 2004.

Net proceeds from this offering are expected to be used to redeem or repurchase
existing indebtedness through open-market purchases, and as otherwise permitted
by the company's indentures.

The secured notes will be offered in a private placement under Rule 144A, have
not been registered under the Securities Act of 1933, and may not be offered in
the United States absent registration or an applicable exemption from
registration requirements. This press release shall not constitute an offer to
sell or the solicitation of an offer to buy. Securities laws applicable to
private placements under Rule 144A limit the extent of information that can be
provided at this time.