Calpine Corporation has received approval from the U.S. Bankruptcy Court, Southern District of New York, for the $120 million sale of the company’s 250-megawatt Goldendale Energy Center to Puget Sound Energy, a utility subsidiary of Puget Energy. The asset sale will advance Calpine’s restructuring program to further focus the company’s resources on those core power assets and key markets in which Calpine can best compete. The company expects to close the transaction within the next 30 days.

Located in Goldendale, Wash., the Goldendale Energy Center is a natural gas-fired power plant, which uses highly fuel-efficient, combined-cycle and emissions control technologies. The plant entered operations in September 2004. Upon closing of the transaction, Puget Sound Energy expects to retain the appropriate staff currently operating Goldendale. Proceeds from the sale will be used to reduce debt and enhance liquidity.

Calpine Corporation is helping meet the needs of an economy that demands more and cleaner sources of electricity. Founded in 1984, Calpine is a major North American power company, capable of delivering nearly 26,000 megawatts of clean, reliable, cost-effective and fuel-efficient electricity to customers and communities in 18 U.S. states and three Canadian provinces. The company owns, leases and operates low-carbon, natural gas-fired and renewable geothermal power plants. Using advanced technologies, Calpine generates electricity in a reliable and environmentally responsible manner for the customers and communities it serves. Please visit www.calpine.com for more information.

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