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Calpine Reports Fourth Quarter And Full Year 2012 Results, Raises Adjusted Free Cash Flow Per Share Guidance And Increases Share Repurchase Authorization By $400 Million

8 Represents incremental baseload capacity at annual average conditions. Incremental summer peaking capacity is approximately 200 MW per unit, supplemented by incremental efficiencies across the balance of plant.

OPERATIONS UPDATE

2012 Power Operations Achievements:

  • Safety Performance:— Maintained stellar safety metrics— Recognized for 10 years with no lost time incidents: Westbrook Energy Center, Pine Bluff Energy Center, Baytown Energy Center, Zion Energy Center, Tasley Energy Center, Missouri Avenue Energy Center, Crisfield Energy Center, Bayview Energy Center, Geysers plants – Aidlin, Sonoma, Cobb Creek, Quicksilver, Socrates
  • Availability Performance:— Delivered lowest annual fleetwide forced outage factor on record: 1.6%— Achieved an impressive full year fleetwide starting reliability: 98.3%
  • Cost Performance:— Held normal, recurring plant operating expense 4 essentially flat, despite a 23% increase in generation 3, after accounting for prior period insurance reimbursements in 2011
  • Geothermal Generation:— Provided more than 6 million MWh of renewable baseload generation with a remarkable 0.26% forced outage factor during 2012
  • Natural Gas-fired Generation:— Increased combined-cycle capacity factor in 2012 to 52.3% compared to 42.6% in 2011— Deer Park Energy Center: Produced 6.2 million MWh in 2012, the most by any individual plant in fleet history

2012 Commercial Operations Achievements:

  • Customer-oriented Growth:— Entered into a 10-year PPA with Tennessee Valley Authority to provide the full output of power from our Decatur Energy Center, a natural gas-fired, combined-cycle power plant that can generate up to 795 MW, commencing in January 2013— Entered into a 15-year PPA with Public Service Company of Oklahoma to provide 260 MW of capacity, energy and ancillary services from our Oneta Energy Center commencing in June 2016— Entered into a five-year PPA with Southwestern Public Service Company to provide an additional 200 MW of capacity and energy from our Oneta Energy Center beginning June 2014— Executed a new five-year resource adequacy contract with PG&E for approximately 280 MW of combined heat and power capacity from our Los Medanos Energy Center commencing in summer 2013— Entered into a new seven-year resource adequacy contract with Southern California Edison Company ("SCE") for approximately 280 MW of combined heat and power capacity from our Los Medanos Energy Center commencing in January 2014— Executed a new five-year resource adequacy contract with SCE for approximately 120 MW of combined heat and power capacity from our Gilroy Cogeneration Plant commencing in January 2014— Amended an existing PPA with Dow Chemical Company for an incremental energy sale of up to approximately 158,000 MWh per year of energy from our Los Medanos Energy Center that runs through February 2025— Signed 20-year PPA with Western Farmers Electric Cooperative to provide 160 MW of power and capacity from our Oneta Energy Center beginning June 2014. The capacity under contract will increase in increments, up to a maximum of 280 MW in years 2019 through 2035.

FINANCIAL OUTLOOK

(in millions, except per share amounts)

    Full Year 2013
 
Adjusted EBITDA $ 1,760 - 1,960
Less:
Operating lease payments 35
Major maintenance expense and maintenance capital expenditures (1) 370
Cash interest, net (2) 755
Cash taxes 15
Other   10  
Adjusted Free Cash Flow $ 575 - 775
Per Share Midpoint (diluted) $ 1.50
 
Growth capital expenditures (net of debt funding) $ (250 )
Debt amortization $ (140 )

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