2. Safe Harbor Statement
Forward-Looking Statements
The information contained in this presentation includes certain estimates, projections and other forward-looking
information that reflect Calpine’s current views with respect to future events and financial performance. These
estimates, projections and other forward-looking information are based on assumptions that Calpine believes, as
of the date hereof, are reasonable. Inevitably, there will be differences between such estimates and actual
results, and those differences may be material.
There can be no assurance that any estimates, projections or forward-looking information will be realized.
All such estimates, projections and forward-looking information speak only as of the date hereof. Calpine
undertakes no duty to update or revise the information contained herein.
You are cautioned not to place undue reliance on the estimates, projections and other forward-looking
information in this presentation as they are based on current expectations and general assumptions and are
subject to various risks, uncertainties and other factors, including those set forth in Calpine’s Form 10-K for the
fiscal year ended December 31, 2007, Calpine’s Quarterly Reports filed on Form 10-Q for the periods ended
March 31, 2008 and June 30, 2008, and in other documents that Calpine files with the SEC. Many of these risks,
uncertainties and other factors are beyond Calpine’s control and may cause actual results to differ materially
from the views, beliefs and estimates expressed herein. Calpine’s reports and other information filed with the
SEC, including the risk factors identified in its Annual Report on Form 10-K for the year ended December 31, 2007
and in its Quarterly Reports on Form 10-Q for the periods ended March 31, 2008 and June 30, 3008, can be found
on the SEC’s website at www.sec.gov and on Calpine’s website at www.calpine.com.
Reconciliation to GAAP Financial Information 1
The following presentation includes certain “non-GAAP financial measures” as defined in Regulation G under
the Securities Exchange Act of 1934. A schedule is attached hereto that reconciles the non-GAAP financial
measures included in the following presentation to the most directly comparable financial measures calculated
and presented in accordance with Generally Accepted Accounting Principles.
1
5. Calpine is a unique independent power producer…
Calpine is the nation’s largest baseload renewable, natural gas
Calpine is the nation’s largest baseload renewable, natural gas
and cogeneration power provider.
and cogeneration power provider.
Most Geographically Diversified Among Large IPPs Most Generation Among Large IPPs
100,000
North 90,000
2,822 MW Southeast 80,000
12% 6,254 MW
Total MWh Generated (000)
70,000
26%
60,000
West
50,000
7,246 MW
40,000
30% Texas
30,000
7,487 MW
32% 20,000
10,000
CPN NRG DYN RRI MIR
4
Total Coal Nuclear Natural Gas Geothermal Other
23,809 MW
77 Plants
Note: Represents Calpine’s net ownership including peaking capacity. Source: Energy Velocity, CEMS domestic data (2007) and company data.
4
6. …well-positioned to respond to anticipated
environmental regulations
Lowest SO2 Emissions/MWh Among Large IPPs Lowest NOx Emissions/MWh Among Large IPPs
2.78
16.33 2.66
14.33
NOx (lbs / MWh)
SO2 (lbs /MWh)
1.49
1.01
5.03
4.04
0.23
0.01
MIR RRI NRG DYN CPN
MIR RRI NRG DYN CPN
Lowest CO2 Emissions/MWh Among Large IPPs
2,115
1,931 1,924 1,917
CO2 (lbs /MWh)
5
904
NRG RRI DYN MIR CPN
Source: Energy Velocity, CEMS data (2007)
5
7. Calpine has made significant progress in its first full
quarter post-emergence
Operations
• Deep bench of talent
• Organizationally integrated commercial and power operations
• Improved safety record across fleet
• Increased fleet utilization
Financial
• Improved Commodity Margin and Adjusted EBITDA over prior year for second
quarter and year-to-date
• Continued efforts to optimize capital structure through refinancing of Metcalf
project debt and preferred interests
• Added liquidity sources to support hedging activities 6
6
9. Calpine’s assets are well located and well positioned
Calpine is…
• Present in markets with tight supply/demand conditions
• Poised to benefit from anticipated environmental regulations
• Well-positioned to respond to wind capacity additions in ERCOT
• Favorably situated with respect to increasing replacement costs for power
generation nationwide
• Less sensitive to earnings impacts from fluctuating natural gas prices
• Environmentally friendly with largest geothermal resource in U.S.
8
8
10. Calpine primarily operates in areas with tight
reserve margins
• Reserve margins have been declining in much of the U.S.
- Majority of Calpine’s capacity is located in markets that currently have
relatively tight reserve margins
NEPOOL
Northwest1
NYPP2
MISO Capacity Deficit
MRO
PJM3
California1 CO-WY
SPP
TVA VACAR
Capacity Surplus
AZ-NM-SV
Entergy
Southern
ERCOT
FRCC
• Markets with tight supply and demand conditions often display price spikes and
improved bilateral contract opportunities
9
• Calpine expects market conditions to continue to support spark spreads and
create the need for new capacity – positive factors for Calpine
Supply in the Northwest and California varies according to hydro conditions.
1
NYPP excludes NYLI and NY-in city.
2
The degree of overbuild does not reflect potential local transmission constraints.
Source: PA Consulting Group.
9
11. Calpine is poised to benefit from anticipated
environmental regulations
Sample Impact on Green Spreads (Geysers)
Sample Impact on Spark Spreads (Combined Cycle)
$8.34 $16.67
$2.46 $9.30
$8.34
$2.46
$2.19
$2.19
No CO2 $15 / Ton, $30 / Ton, $30 / Ton, $30 / Ton, TOTAL:
No CO2 $15 / Ton, $30 / Ton, $30 / Ton, $30 / Ton, TOTAL:
Regulations No Allow. No Allow. 20% Allow. 40% Allow. $30 / Ton,
Regulations No Allow. No Allow. 20% Allow. 40% Allow. $30 / Ton,
40% Allow.
40% Allow.
Greenhouse gas regulations could provide material upside for Calpine.
Greenhouse gas regulations could provide material upside for Calpine.
10
Assumptions:
Combined cycle HR 7.0 CC CO2/MW h 0.4
Avg. On-peak Mkt. HR 9.5 Marg'l unit CO2/MWh 0.6
Tons CO2/MMBtu 117.0 Coal CO2/MW h 1.0
10
12. Calpine is prepared to respond to Texas wind
expansion
Hourly Wind Generation as % of Installed Capacity
(ERCOT)
50%
• Wind generation tends to supply more
power during off-peak hours and during
40%
shoulder months
30%
- As an intermediate power generator, 20%
Calpine has less margin at risk during 10%
periods when wind blows most 0%
0:00 2:00 4:00 6:00 8:00 10:00 12:00 14:00 16:00 18:00 20:00 22:00
On-Peak Hours 2006 AVG 2007 AVG
• Unpredictable nature of wind may Change in Hourly Wind Generation vs Installed Wind Capacity
(ERCOT, 2007)
increase need for flexible gas-fired 2000 5000
capacity to support grid reliability Wind Change from Previous Hour 4500
1500
Wind Capacity Installed
- Combined-cycle generators are well-
Hourly Change in Wind Output (MW)
4000
Installed Wind Capacity (MW)
1000
positioned to respond to volatility 3500
500
3000
0 2500
• Additional revenues from ancillary services 2000
are expected to mitigate energy revenue
-500
1500
declines for CT’s and CC’s, particularly if
-1000
11 1000
new gas-fired capacity is needed to -1500
500
support demand growth -2000 0
1 877 1753 2629 3505 4381 5257 6133 7009 7885 8761
Hour of 2007
Source: ERCOT
11
13. Calpine is favorably situated with respect to increasing
costs of new generation construction
As replacement costs increase, so does the value of Calpine’s young fleet.
As replacement costs increase, so does the value of Calpine’s young fleet.
• Rising costs of construction higher value for
2
existing Calpine portfolio
- Industry construction costs up 230% in past
8 years
- Recent CA utility filing requested more
than $1,500/kW for new construction1
- Potential restriction of CO2 allowances to
existing plants could further increase
relative costs for new build
• Rising costs of construction higher long-term
power prices due to capital recovery increases
• Calpine is additionally advantaged relative to
12
rising costs of construction by opportunities for
brownfield development at existing plants
Source: Megawatt Daily, 7/23/2008.
1
PCCI index is composed of a portfolio of 10 power generating assets (includes coal, wind, gas, nuclear) across the US and
2
tracks how costs associated with these assets would change in value.
12
14. Declining natural gas prices have limited impact on
Calpine’s earnings
• In gas-on-the-margin markets, increases or decreases in gas prices have smaller
absolute impacts on gas generators than coal or nuclear generators
- Gas prices tend to drive power prices in Calpine's key markets, linking Calpine's
fuel costs and revenues
Example – Assume $1/mmbtu decline in gas prices; 9,500 btu/kWh market heat
rate; and 7,000 btu/kWh heat rate for gas-fired plant:
($/MWh) Gas-fired Plant
Impact to revenues $(9.5)
Impact to costs 7.0
$ (2.5)
Net impact to gross margin
13
13
15. Calpine’s Geysers are a unique power generating asset
• Largest geothermal resource in U.S.
• Highly reliable power-generating asset (~95% availability year-to-date)
• Green spreads are highest among baseload generators, with no emissions costs
• Ideally situated with respect to potential environmental regulation
Calpine continues to maximize the value of this key resource.
• Recent capital expenditures have enhanced geothermal production by ~20 MW
• Recent additions of water reinjection sources preserve future value
14
14
16. Calpine features a flexible portfolio able to
respond to evolving markets
Continuing tight supply/demand conditions
– +
Anticipated environmental regulations
– +
Exposure to wind expansion in ERCOT
– +
Rising costs of new build
– +
Largest geothermal resource in U.S.
– + 15
15
17. Calpine delivered favorable operating results
in key markets
Employee Lost Time Accident Rate Generation in Key Markets (000 MWh)
9,477
1.3
7,824 7,982 7,962
3,827
0.42 2,635
0.31 0.31
1,552
0.20 1,117
0.01 0.00
West Texas Southeast North
2003 2004 2005 2006 2007 1H08
2 1
2Q07 2Q08
Calpine BLS 2006 Average
•Major 2Q08 outages:
Forced Outage Factor (%)
- Broad River insulator failure (SE)
5.44
- Columbia CT failure (SE)
- Freestone CT failure (TX)
- Magic Valley CT damage (TX)
3.69
- Westbrook (N)
3.17 3.02
2.41
2.23 2.37 2.31
•Key operations initiatives: 16
1.96
- Methodical analysis and resolution of
industry CT outages
0.60
- Continued focus on fleet optimization /
best practices
West Texas Southeast North CPN
Excludes plants sold, deconsolidated or mothballed since 2Q07
2Q07 2Q08 1
NAICS 221112 – Fossil Fuel Electric Power Generation 1,000+ Employees
2
16
18. Calpine’s hedging program focuses on capturing
near-term value while preserving long-term upside
• 87% of 2008 Gross Margin hedged1
• Strategically hedged in future periods
Power Hedge Profile1 Natural Gas Hedge Profile1
15%
15%
43%
47%
63% 65% 58% 62%
85% 85%
57% 53%
42%
37% 38%
35%
2008 2009 2010 2011
2008 2009 2010 2011
2 2 2 2
Hedged Volume Open Volume Hedged Volume Open Volume
• 2008 EBITDA sensitivities to commodity price changes1:
- $1/mmbtu Δ in natural gas prices $20 - $25 million Δ in EBITDA 17
- .25mmbtu/MWh Δ in implied market heat rates $20 - $25 million Δ in EBITDA
Balance of year, as of portfolio valuation on 7/24/08.
1
Volumes shown on a Delta Basis. Delta Volumes are the expected volume based on the probability of economic dispatch at a
2
future date based on current market prices for that future date. This is typically lower than the Notional Volume, which is plant
capacity, less known performance and operating constraints.
17
19. Calpine continues to invest in select growth opportunities
• Greenfield Energy Center
Sarnia, ON
- 1,005 MW gas-fired facility
- 50% CPN-owned
- Milestones achieved: Mechanical completion; all CTs fired to full load
- Oct 2008 COD
• Otay Mesa Energy Center
San Diego, CA
- 596 MW combined-cycle plant
- 100% CPN-owned
- Milestones achieved: Both CTs and steam turbine set on foundations
- Projected Q3 2009 COD
• Russell City
Hayward, CA
- 600 MW combined-cycle plant
- 65% CPN-owned 18
- Agreement in principle with Pacific Gas and Electric on a modified PPA
- Projected Q2 2012 COD
18
21. Calpine delivered improved financial performance
during 2Q08
Commodity Margin ($mm)
$1,271
Highlights:
$957
• Commodity Margin improved 47% and
$785
Adjusted EBITDA improved 45% (2Q08 v 2Q07)
$535
- Higher spark spreads in key markets
- Improvement despite 8% decline in avg.
MW in operation
2Q07 2Q08 1H07 1H08
• Maintained flat Plant Operating Expenses / MWh
(2Q08 v 2Q07)
Adjusted EBITDA ($mm)
• Interest Expense declined 22% (2Q08 v 2Q07)
$768
- Lower LIBOR
- Lower debt balances due to settlements
$576
$474
upon exit from Chapter 11
$326
20
• Commodity Margin and Adjusted EBITDA
improved 33% (1H08 v 1H07)
2Q07 2Q08 1H07 1H08
20
22. Strong financial performance achieved in key markets
Commodity Margin by Region ($mm) Avg. On-Peak Spark Spreads by Region1 ($/MWh)
$82.63
$340
$265 $258
$138
$91
$75 $72
$65 $20.39
$17.98 $19.74 $19.36
$16.45$17.35
$24 $14.07
$(8)
NP-15 ERCOT-HOU Entergy NEPOOL - Maine
West Texas Southeast North Other
2Q07 2Q08
2Q07 2Q08
Southeast Region – 40% ↑ Commodity Margin
West Region – 28% ↑ Commodity Margin
• Sale of transmission capacity
• Higher spark spreads
• Benefits from new PPAs
• Benefits from new agreements
• Higher avg. capacity factor & availability
21
North Region – Flat Commodity Margin
Texas Region – 87% ↑ Commodity Margin
• Higher spark spreads
• Higher spark spreads
• Westbrook plant outages
• Higher avg. capacity factor & availability
Based on market liquidation rates, assuming heat rate of 7,000 btu/kWh. Sources: Gas Daily, Megawatt Daily, ICE, NEISO.
1
21
23. Calpine has added flexibility to manage liquidity
1Q08 2Q08 JUL’08 (E)
($mm)
Cash & Cash Equivalents (non-restricted)1 $ 115 $ 157 $ 205
Revolver / LC Availability2 721 306 795
Liquidity (current) $ 836 $ 463 $ 1,000
Liquidity (contingent) – 150 350
Liquidity (total) $ 836 $ 613 $ 1,350
Two new credit facilities added since 1Q08:
• $200mm Knock-in facility (June 2008)
- $50mm available immediately; remainder available upon gas price thresholds
- Provides liquidity in event of gas price spikes
• $300mm Contingent Commodity Revolver facility (July 2008)
- $100mm available immediately; remainder contingent upon spark spreads
- Allows CPN to extend first lien collateral to wider group of counterparties; mitigates
requirements for cash collateral
Liquidity Sensitivities to Collateral Requirements3:
22
• $1/mmbtu Δ in natural gas prices $50 - $75 million inverse Δ in liquidity
• .25mmbtu/MWh Δ in implied market heat rates $100 - $150 million inverse Δ in liquidity
Equal to Cash and Cash Equivalents (as reported), less cash balances subject to project finance & lease agreement restrictions
1
Includes total capacity under exit facility revolver, Calpine Development Holding, Inc. (CDHI) letter of credit facility, knock-in
2
facility, and contingent commodity revolver, less cash drawn and letters of credit outstanding as of such date.
3 As of portfolio valuation on 7/24/08.
22
24. Calpine continues to optimize its capital structure
• During Q2, Calpine refinanced the Metcalf $100 million term loan and $155
million preferred interests with $265 million term loan facility
• Calpine will continue to opportunistically refinance its debt prior to maturity1
$5,606
$85 mm of PCFIII Notes
($mm)
to be repaid from cash
collateral account
$1,646
$366
$85
23
2008 2009 2010 2011 2012 2013 2014
CCFC Project Debt First Lien
Assumptions:
• Maturity balances assume no cash sweeps
• All other debt maturities are paid off from operating cash flows at the project level
The schedule shown here is not prepared on a GAAP basis and does not conform to the debt maturity schedule presented in
1
Calpine’s Form 10-Q. Refer to the Form 10-Q for further information regarding GAAP-basis debt maturity.
23
25. Calpine’s capital expenditures enhance
fleet performance
JUN YTD
($mm)
Capital Expenditures:
Growth $33
Maintenance / Other 46
Total CapEx $79
Major Maintenance Expense $96
CapEx and Maintenance Highlights:
• $33mm of Growth CapEx primarily related to Geysers, as well as Calpine
Engine Optimization program
24
• Additional $129mm of debt-funded CapEx in equity-method development
projects (Greenfield, Otay Mesa)
24
26. Calpine continues to benefit from NOL positions
• Calpine (including CCFC) has $5.1 billion of U.S. NOLs which will have annual
IRC Section 382 limitations on usage as follows:
$4.4 billion over 14 years ($325 million/year)
-
$665 million over 5 years ($133 million/year)
-
Any amount not utilized in any year from these limitations can be carried
-
forward to succeeding years.
• There are approximately $900 million of NOLs associated with Canada.
• In addition to these NOLs, Calpine has significant deferred tax assets related to
the bankruptcy that will generate tax deductions not limited under IRC Section
382.
• Calpine has identified an estimated $1.5 - $2.0 billion in total U.S. NOLs
generated during 2008, ~90% of which will not be limited under IRC Section 382.
25
25
28. Calpine continues to create value for its shareholders
• Unique and well-positioned to capture trends that drive our business
• Solid financial performance with clear demonstration of ability to be opportunistic
• Additional liquidity, adding flexibility to hedging program
• Continued execution of day-to-day operations for the benefit of our customers, led
by experienced management team
27
27
31. Reg G Reconciliation: Commodity Margin
Calpine uses the non-GAAP financial measure “Commodity Margin” to assess its financial performance on a consolidated basis and by
its reportable segments. Commodity Margin includes its electricity and steam revenues, hedging and optimization activities, renewable
energy credit revenue, transmission revenue and expenses, and fuel and purchased energy expenses, but excludes mark-to-market
activity and other service revenues. Calpine believes that Commodity Margin is a useful tool for assessing the performance of its core
operations and is a key operational measure reviewed by its chief operating decision maker. Commodity Margin is not a measure
calculated in accordance with GAAP, and should be viewed as a supplement to and not a substitute for Calpine’s results of operations
presented in accordance with GAAP. Commodity Margin does not purport to represent gross profit (loss), the most comparable GAAP
measure, as an indicator of operating performance and is not necessarily comparable to similarly-titled measures reported by other
companies.
Three Months Ended June 30, 2008
Consolidation
and
(in millions) West Texas Southeast North Other Elimination Total
Revenues from external customers $ 1,156 $ 1,185 $ 400 $ 170 $ (83) $ —$ 2,828
Intersegment revenues 12 75 59 6 3 (155) —
Total revenue $ 1,168 $ 1,260 $ 459 $ 176 $ (80) $ (155) $ 2,828
Commodity margin 340 258 91 72 24 — 785
Add: Mark-to-market commodity
activity, net and other service
revenues(1) 4 74 — — (40) (3) 35
Less:
Plant operating expense 95 48 22 24 22 (5) 206
Depreciation and amortization 44 33 18 13 1 (1) 108
Other cost of revenue 14 — 8 6 2 — 30
Gross profit (loss) 191 251 43 29 (41) 3 476
Three Months Ended June 30, 2007
Consolidation
(in millions)
and
West Texas Southeast North Other Elimination Total
Revenues from external customers $ 806 $ 797 $ 294 $ 147 $ 16 $ —$ 2,060
Intersegment revenues 8 1 50 1 2 (62) —
Total revenue $ 814 $ 798 $ 344 $ 148 $ 18 $ (62) $ 2,060
Commodity margin 265 138 65 75 (8) — 535
30
Add: Mark-to-market commodity
activity, net and other service
revenues(1) 3 48 8 — 13 (3) 69
Less:
Plant operating expense 86 39 31 22 36 (3) 211
Depreciation and amortization 54 29 19 14 1 1 118
Other cost of revenue 13 — 8 9 4 (1) 33
Gross profit (loss) 115 118 15 30 (36) — 242
(1) Included in operating revenues and fuel and purchased energy expenses.
30
32. Reg G Reconciliation: Commodity Margin (cont’d)
Six Months Ended June 30, 2008
Consolidation
and
(in millions) West Texas Southeast North Other Elimination Total
Revenues from external customers $ 2,118 $ 1,826 $ 657 $ 320 $ (142) $ —$ 4,779
Intersegment revenues 21 116 93 11 5 (246) —
Total revenue $ 2,139 $ 1,942 $ 750 $ 331 $ (137) $ (246) $ 4,779
Commodity margin 609 388 128 134 12 — 1,271
Add: Mark-to-market commodity
activity, net and other service
revenues(1) 14 41 1 — (155) (6) (105
Less:
Plant operating expense 199 110 50 49 37 (7) 438
Depreciation and amortization 94 63 37 25 2 (2) 219
Other cost of revenue 30 — 16 12 4 — 62
Gross profit (loss) 300 256 26 48 (186) 3 447
Six Months Ended June 30, 2007
Consolidation
and
(in millions)
West Texas Southeast North Other Elimination Total
Revenues from external customers $ 1,604 $ 1,320 $ 501 $ 299 $ (2) $ —$ 3,722
Intersegment revenues 15 (2) 72 2 15 (102) —
Total revenue $ 1,619 $ 1,318 $ 573 $ 301 $ 13 $ (102) $ 3,722
Commodity margin 495 224 102 138 (2) — 957
Add: Mark-to-market commodity
activity, net and other service
revenues(1) 15 52 8 — (21) (16) 38
Less:
Plant operating expense 165 68 55 38 58 (5) 379
31
Depreciation and amortization 105 60 42 27 2 — 236
Other cost of revenue 22 — 16 17 21 (6) 70
Gross profit (loss) 218 148 (3) 56 (104) (5) 310
(1) Included in operating revenues and fuel and purchased energy expenses.
31
33. Reg G Reconciliation: Adjusted EBITDA
Calpine uses the non-GAAP financial measure “Adjusted EBITDA” as a measure of its liquidity and performance. Calpine defines
Adjusted EBITDA as EBITDA as adjusted for certain items described in this presentation and in the accompanying reconciliation.
Adjusted EBITDA is not a measure calculated in accordance with GAAP, and should be viewed as a supplement to and not a substitute
for our results of operations presented in accordance with GAAP. Adjusted EBITDA does not purport to represent cash flow from
operations or net income (loss) as defined by GAAP as an indicator of operating performance. Furthermore, Adjusted EBITDA is not
necessarily comparable to similarly-titled measures reported by other companies.
Calpine believes Adjusted EBITDA is used by and useful to investors and other users of our financial statements in analyzing our liquidity
as it is the basis for material covenants under our DIP Facility, which was our primary source of financing during our Chapter 11 cases,
and under our Exit Facility, which is our primary source of funding. Calpine also believes that EBITDA is widely used by investors to
measure a company’s operating performance without regard to items such as interest expense, taxes, depreciation and amortization,
which can vary substantially from company to company depending upon accounting methods and book value of assets, capital
structure and the method by which assets were acquired.
Three Months Ended June 30, Six Months Ended June 30,
(in millions) 2008 2007 2008 2007
Cash provided by (used in) operating activities $ (324) $ 48 $ (586) $ (184 )
Less:
Changes in operating assets and liabilities,
excluding the effects of acquisition (306) 51 (432) (78 )
Additional adjustments to reconcile GAAP net
income (loss) to net cash provided by (used in)
operating activities:
Depreciation and amortization (1) 125 141 280 284
Deferred income taxes, net 21 (7) 85 82
Change in derivatives and derivative contracts
classified as financing activities under SFAS No.
149 (362) (73) (192) (10 )
Reorganization items 3 434 (322) 497
Other (2) 2 12 —
GAAP net income (loss) 197 (500) (17) (959 )
Add:
Adjustments to reconcile Adjusted EBITDA to net
income (loss):
Interest expense, net of interest income 192 247 598 530
32
Depreciation and amortization expense, excluding
deferred financing costs(1) 118 129 240 258
Provision (benefit) for income taxes 25 (7) 20 82
Impairment charges 6 — 6 2
Reorganization items 18 469 (261) 574
Major maintenance expense 42 46 96 74
Losses on repurchase or extinguishment of debt 6 — 13 —
Operating lease expense 11 13 23 24
(Gains) losses on derivatives (non-cash portion) (151) (65) 28 (2 )
Other 10 (6) 22 (7 )
Adjusted EBITDA $ 474 $ 326 $ 768 $ 576
32
34. Selected Operating Statistics
(in thousands, except heat rate)
2Q08 1 2Q07 2Q08 2Q07
1
Total MWh Generated Average MW of Peaker Facilities
21,211 21,439 2,540 3,019
West 7,982 7,824 West 983 983
Texas 9,477 7,962 Texas - -
Southeast 2,635 4,084 Southeast 963 963
North 1,117 1,569 North 594 1,073
Average Availability Average Capacity Factor, exc. Peakers
89.9% 89.9% 46.4% 43.3%
West 89.6% 86.2% West 57.3% 55.1%
Texas 91.8% 88.0% Texas 59.8% 50.1%
Southeast 89.3% 95.5% Southeast 21.2% 26.8%
North 87.4% 90.8% North 28.0% 35.4%
Average Total MW in Operation Steam Adjusted Heat Rate
23,113 25,091 7,268 7,182
West 7,246 7,246 West 7,319 7,366
Texas 7,251 7,274 Texas 7,144 6,780
Southeast 6,254 7,556 Southeast 7,459 7,462
North 2,362 3,015 North 7,635 7,857
33
Excludes plants which have been deconsolidated, sold, are not operated by Calpine or are no longer in operation.
1
33