CALPINE ACCELERATES PJM DEVELOPMENT PROGRAM

(HOUSTON, Texas) - August 22, 2024 - Calpine is accelerating its PJM electricity generation development program following market signals indicating higher demand for reliable power. This effort includes exploring multiple new locations in the PJM region, particularly in Ohio and Pennsylvania. Calpine is also exploring potential expansion of its existing fleet.

"When more electricity generation capacity is needed and reserves begin to tighten, a well-designed competitive market sends the appropriate signals to generators to spend capital on both new and existing sources. We received that message loud and clear," said Caleb Stephenson, Calpine EVP Commercial Operations. "Over the past 10 years, competitive generators have brought online nearly 31,000 MW of new gas-fired generation in the PJM region without a single penny of ratepayer dollars being at risk, including over 1,600 MW built by Calpine."

"The PJM market needs and values reliable, dispatchable, non-duration-limited power, and in response we are restarting our PJM development efforts. We are focusing on locations in Ohio and Pennsylvania, although clarity regarding state-level air emissions regulations is needed for projects to move forward in Pennsylvania."

"Similarly, after seeing positive market signals, we restarted development efforts last year in Texas, where we are now on track to add over 1,000 MW of generation to our Texas fleet over the coming years. We are increasing staffing and are looking forward to bringing more generation online in PJM as well," added Stephenson.

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