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Business Description
Calpine Corporation is an independent power company engaged in the development, acquisition, ownership and operation of power generation facilities and the sale of electricity predominantly in the United States, but also in Canada and the United Kingdom. The Company also is a producer of renewable geothermal energy, and is owns 1.3 trillion cubic feet equivalent of proved natural gas reserves in Canada and the United States. The Company owns interests in 64 power plants having a net capacity of 12,090 megawatts. Calpine also has 24 gas-fired projects under construction having a net capacity of 14,142 megawatts and has 34 projects in advanced development with a net capacity of 15,100 megawatts. The completion of the projects under construction would give the Company interests in 86 power plants located in 21 states, three Canadian provinces and the United Kingdom, having a net capacity of 26,232 megawatts.

Financial Information
Calpine Corporation is engaged in the acquisition, development, ownership and operation of power generation facilities and the sale of electricity and its by-product, thermal energy, primarily in the form of steam. For the six months ended 6/30/02, revenues rose 25% to $3.68 billion. Net loss before acct. change and extraordinary item totalled 3.9 million vs. income of $227.6 million. Results benefited from the addition of new power, offset by a $168.5 million equipment cancellation cost.