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Calpine confirms $97 million settlement with Enron

SAN JOSE, Calif., July 17, 2003 -- Calpine Corp. confirmed that it has reached a preliminary agreement with Enron Corp. to settle the termination of certain natural gas and electricity contracts between Calpine and Enron affiliates.

The settlement agreement must be submitted to the creditors committee for review and is subject to bankruptcy court approval.

Calpine Corp. is a North American power company dedicated to providing electric power to wholesale and industrial customers from clean, efficient, natural gas-fired and geothermal power facilities.

The company was founded in 1984 and is publicly traded on the New York Stock Exchange under the symbol CPN. For more information about Calpine, visit www.calpine.com.




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