Calpine Named to 2004 Fortune List of America's Most-Admired Companies Calpine Ranked No. 1 Among Energy Firms SAN JOSE, Calif., Feb. 25 /PRNewswire-FirstCall/ -- Fortune magazine has named Calpine Corporation [NYSE: CPN] to its prestigious 2004 list of America's Most-Admired Companies, ranking the company No. 1 overall among the nation's energy companies. According to Fortune, Calpine ranked first in its industry in several key areas, including innovation, employee talent, social responsibility,quality of management and quality of products and services. Calpine ranked second for its use of corporate assets and long-term investment strategy. "We're honored to be on Fortune's list of America's Most-Admired Companies," Calpine CEO Peter Cartwright said. "This is a great tribute to our people and our vision. Integrity is Calpine's #1 priority-for our company and each employee. We have all worked extremely hard, in very difficult market and economic circumstances the last couple of years, and it has made us a stronger company and positioned us well for the long term," Cartwright added. Fortune used The Hay Group, a global human resources and organizational consulting firm, to conduct the surveys. The firm began with the ten largest companies by revenue in 64 industries, including foreign firms with large U.S. operations. Then it asked 10,000 executives, directors, and securities analysts to rate the companies in their own industries on eight criteria, using a scale of one to ten. Bycontrast, for the top-ten list, respondents selected the ten companies they admire most in any industry. They chose from a list of corporations that ranked in the top 25% overall last year, plus any that finished in the top 20% of their industry. Thelist and related information are available at http://www.fortune.com/fortune/mostadmired . Print copies are available on newsstands March 1. Calpine Corporation, celebrating its 20th year in power in 2004, is a leading 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 generates power at plants it owns or leases in 21 states in the United States, three provinces in Canada and in the United Kingdom. Calpine is also the world's largest producer of renewable geothermal energy, and owns or controls approximately one trillion cubic feet equivalent of proved natural gas reserves in the United States and Canada. 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 http://www.calpine.com/. DATASOURCE: Calpine Corporation CONTACT: media, Katherine Potter, ext. 1168, or investors, Rick Barraza, ext. 1125, both of Calpine Corporation, +1-408-995-5115 Web site: http://www.calpine.com/

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