Calpine CEO Jack Fusco Extends Contract; To Become Executive Chairman in 2014

Fri Dec 21, 2012 4:30pm EST

* Reuters is not responsible for the content in this press release.

HOUSTON--(Business Wire)--
Calpine Corporation (NYSE:CPN) today announced that Jack Fusco, President and
Chief Executive Officer since August 2008, has agreed to extend the term of his
contract through December 2015. Mr. Fusco will continue to serve as CEO through
the May 2014 Annual Meeting, immediately following which he will become
Executive Chairman of the Board of Directors. 

"The Board of Directors is delighted to have Jack continue to lead Calpine.
Jack`s vision has been instrumental in positioning Calpine to benefit from
America`s move toward greater reliance on cleaner and more efficient natural
gas-fired electricity generation and from the tightening supply and demand
dynamics in key markets," said J. Stuart Ryan, Chairman of the Board of
Directors. "Jack, who began his career working in power plants, has inspired the
Calpine team to achieve continuous improvement across the organization. He also
has tirelessly advocated for fair and transparent competitive markets as well as
responsible environmental regulations, all the while enhancing Calpine`s
reputation with our investors." 

Recently, buy-side and sell-side investment analysts ranked Mr. Fusco as the
best CEO in the electric industry, according to Institutional Investor Magazine.
Both sets of analysts gave him a first-place ranking in the magazine`s 2012
All-American Executive Team awards. 

The Company also appointed Thad Hill as President, effective immediately. Mr.
Hill joined Calpine in September 2008 as Executive Vice President and Chief
Commercial Officer and became Chief Operating Officer in October 2010. Mr. Hill
will continue to serve as COO and to report to Mr. Fusco. 

"I`ve known Thad for many years. He possesses a deep understanding of our
markets and operations and has demonstrated the clear ability to make sound
business decisions," said Mr. Fusco. "I am confident that Thad will continue to
inspire even better, smarter performance by our team while helping to make
strategic and tactical decisions that benefit Calpine`s shareholders." 

Finally, the Company announced that Thad Miller, Executive Vice President, Chief
Legal Officer and Secretary, has also agreed to extend the term of his contract
through December 2015. Mr. Miller joined Calpine in August 2008 with
responsibility for legal matters, governmental, regulatory and market relations,
corporate communications, internal audit, compliance and insurance. Mr. Miller
will continue to report to Mr. Fusco. 

Mr. Fusco previously served as Chairman and CEO of Texas Genco LLC, CEO of Orion
Power Holdings, Inc., and Vice President at Goldman Sachs and held various
positions at Pacific Gas & Electric. Mr. Hill previously served as Executive
Vice President of NRG and President of NRG Texas, Executive Vice President of
Texas Genco and head of Boston Consulting Group`s North American Energy
Practice. Mr. Miller previously served as Chief Legal Officer of Texas Genco and
Orion Power and Vice President at Goldman Sachs. 

About Calpine

Calpine Corporation is the largest independent power producer in the U.S., with
a fleet of 94 power generation plants representing nearly 29,000 megawatts of
generation capacity. Last year our plants generated more than 94 million
megawatt hours of power for our wholesale customers in 20 states and Canada. Our
92 operating plants as well as two under construction consist primarily of
natural gas-fired and renewable geothermal power plants that use advanced
technologies to generate power in a low-carbon and environmentally responsible
manner. Our modern, clean, efficient and cost-effective fleet stands ready to
respond to the increased need for cleaner and more affordable power as the
economy recovers, as new environmental rules are implemented and force older,
dirtier plants to retire or reduce generation, as variable renewable power
generation from wind and solar grows and with it the need for flexible natural
gas generation to assure firm supply to the grid, and finally, as natural gas
becomes economically competitive with coal as a fuel for power generation.
Please visit to learn more about why Calpine is a generation
ahead - today. 

Forward-Looking Information

In addition to historical information, this release contains 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.
Words such as "believe," "intend," "expect," "anticipate," "plan," "may," "will"
and similar expressions identify forward-looking statements. Such statements
include, among others, those concerning expected financial performance and
strategic and operational plans, as well as assumptions, expectations,
predictions, intentions or beliefs about future events. You are cautioned that
any such forward-looking statements are not guarantees of future performance and
that a number of risks and uncertainties could cause actual results to differ
materially from those anticipated in the forward-looking statements. Please see
the risks identified in this release or in Calpine`s reports and registration
statements filed with the Securities and Exchange Commission, including, without
limitation, the risk factors identified in its Annual Report on Form 10-K for
the year ended Dec. 31, 2011. These filings are available by visiting the
Securities and Exchange Commission`s website at or Calpine`s website
at Actual results or developments may differ materially from
the expectations expressed or implied in the forward-looking statements, and
Calpine undertakes no obligation to update any such statements.

Calpine Corporation
Media Relations:
Norma F. Dunn, 713-830-8883
Investor Relations:
Bryan Kimzey, 713-830-8775

Copyright Business Wire 2012
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