Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

The information set forth in Item 7.01 below is incorporated by reference in this Item 2.02 as if fully set forth herein.

On August 14, 2007, the Company and certain of its subsidiaries (collectively, the “Debtors”) filed their unaudited consolidated Monthly Operating Statement for the month ended June 30, 2007 (the “Monthly Operating Statement”), with the U.S. Bankruptcy Court in the matter of In re Calpine Corporation, et al., Case No. 05-60200 (BRL). Exhibit 99.1 to this Current Report on Form 8-K contains the unaudited consolidated Monthly Operating Statement as filed with the U.S. Bankruptcy Court.

The Monthly Operating Statement is limited in scope, covers a limited time period, and has been prepared solely for the purpose of complying with the monthly reporting requirements of the U.S. Bankruptcy Court. Certain of the Company’s Canadian subsidiaries were granted relief by the Court of Queen’s Bench of Alberta, Judicial District of Calgary (the “Canadian Court”) under the Companies’ Creditors Arrangement Act (Canada) (the “CCAA”). As a result, certain of the Company’s Canadian and other foreign subsidiaries were deconsolidated as of December 20, 2005. Financial information regarding such deconsolidated subsidiaries is not part of the consolidated group included in the Monthly Operating Statement. The financial information in the Monthly Operating Statement is preliminary and unaudited and does not purport to show the financial statements of any of the Debtors in accordance with accounting principles generally accepted in the United States of America (“GAAP”), and therefore may exclude items required by GAAP, such as certain reclassifications, eliminations, accruals, valuations and disclosure items. The Company cautions readers not to place undue reliance upon the Monthly Operating Statement. There can be no assurance that such information is complete and the Monthly Operating Statement may be subject to revision. The Monthly Operating Statement is in a format required by the U.S. Bankruptcy Code and should not be used for investment purposes. The Monthly Operating Statement should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2006, and its Quarterly Reports on Forms 10-Q for the quarters ended March 31, 2007, and June 30, 2007.

These unaudited financial statements have been derived from the books and records of the Company. This information, however, has not been subject to procedures that would typically be applied to financial information presented in accordance with GAAP and, upon the application of such procedures, the Company believes that the financial information could be subject to changes, and these changes could be material. The information furnished in the Monthly Operating Statement includes primarily normal recurring adjustments but does not include all of the adjustments that would typically be made for quarterly financial statements in accordance with GAAP. In addition, certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted.

Access to documents filed with the U.S. Bankruptcy Court and other general information about the Chapter 11 cases is available at www.kccllc.net/calpine. Certain information regarding the Canadian proceedings under the CCAA, including the reports of the monitor appointed by the Canadian Court, is available at the monitor’s website at www.ey.com/ca/calpinecanada. The content of the foregoing websites is not a part of this Report.

The Monthly Operating Statement is being furnished for informational purposes only and is not deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended. Registration statements or other documents filed with the SEC shall not incorporate the Monthly Operating Statement or any other information set forth in this Report by reference, except as otherwise expressly stated in such filing. This Report will not be deemed an admission as to the materiality of any information that is required to be disclosed solely by Regulation FD.

In addition to historical information, this Report contains forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act. Words such as “believe,” “intend,” “expect,” “anticipate,” “plan,” “may,” “will” and similar expressions identify forward-looking statements. Such statements include, among others, those concerning expected financial performance and strategic and operational plans, as well as all assumptions, expectations, predictions, intentions or beliefs about future events. You are cautioned that any such forward-looking statements are not guarantees of future performance and that a number of risks and uncertainties could cause actual results to differ materially from those anticipated in the forward-looking statements. Such risks and uncertainties include, but are not limited to: (i) the risks and uncertainties associated with the Chapter 11 and CCAA cases, including the Company’s ability to successfully reorganize and emerge from Chapter 11; (ii) the Company’s ability to implement its business plan; (iii) financial results that may be volatile and may not reflect historical trends; (iv) seasonal fluctuations of results; (v) potential volatility in earnings associated with fluctuations in prices for commodities such as natural gas and power; (vi) the Company’s ability to manage liquidity needs and comply with financing obligations; (vii) the direct or indirect effects on the Company’s business of its impaired credit including increased cash collateral requirements in connection with the use of commodity contracts; (viii) transportation of natural gas and transmission of electricity; (ix) the expiration or termination of PPAs (as defined in the Monthly Operating Statement) and the related results on revenues; (x) risks associated with the operation of power plants including unscheduled outages; (xi) factors that impact the output of the Company’s geothermal resources and generation facilities, including unusual or unexpected steam field well and pipeline maintenance and variables associated with the waste water injection projects that supply added water to the steam reservoir; (xii) risks associated with power project development and construction activities; (xiii) the Company’s ability to attract, retain and motivate key employees; (xiv) the Company’s ability to attract and retain customers and counterparties; (xv) competition; (xvi) risks associated with marketing and selling power from plants in the evolving energy markets; (xvii) present and possible future claims, litigation and enforcement actions; (xviii) effects of the application of laws or regulations, including changes in laws or regulations or the interpretation thereof; and (xix) other risks identified in this Report, and the Company’s annual and quarterly reports on Forms 10-K and 10-Q. You should also carefully review other reports that the Company files with the SEC. The Company undertakes no obligation to update any forward-looking statements, whether as a result of new information, future developments or otherwise.

ITEM 9.01 — FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS.

99.1 Calpine Corporation’s Unaudited Monthly Operating Statement for the month ended June 30, 2007.

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this Report to be signed on its behalf by the undersigned hereunto duly authorized.

The undersigned, having reviewed the attached report and being familiar with the Debtors’ financial affairs, verifies under penalty of perjury, that the information contained therein is complete, accurate and truthful to the best of my knowledge.

As used in this Monthly Operating Statement, the following abbreviations contained herein have the meanings set forth below. Additionally, the terms “Calpine,” “we,” “us” and “our” refer to Calpine Corporation and its consolidated subsidiaries, unless the context clearly indicates otherwise. For clarification, such terms will not include the Canadian and other foreign subsidiaries that were deconsolidated as of the Petition Date, as a result of the filings by the Canadian Debtors under the CCAA in the Canadian Court. The term “Calpine Corporation” shall refer only to Calpine Corporation and not to any of its subsidiaries. Unless and as otherwise stated, any references in this Monthly Operating Statement to any agreement means such agreement and all schedules, exhibits and attachments thereto in each case as amended, restated, supplemented or otherwise modified to the date of this Monthly Operating Statement.

Abbreviation		Definition
Calpine Debtor(s)		The U.S. Debtors and the Canadian Debtors
Canadian Court		The Court of Queen’s Bench of Alberta, Judicial District of Calgary
Canadian Debtor(s)		The subsidiaries and affiliates of Calpine Corporation that have been granted creditor protection under the CCAA in the Canadian Court
	Canadian Settlement Agreement	Settlement Agreement dated as of July 24, 2007, by and between Calpine Corporation, on behalf of itself and its U.S. subsidiaries, Calpine Canada Energy Ltd., Calpine Canada Power Ltd., Calpine Canada Energy Finance ULC, Calpine Energy Services Canada Ltd., Calpine Canada Resources Company, Calpine Canada Power Services Ltd., Calpine Canada Energy Finance II ULC, Calpine Natural Gas Services Limited, 3094479 Nova Scotia Company, Calpine Energy Services Canada Partnership, Calpine Canada Natural Gas Partnership, Calpine Canadian Saltend Limited Partnership and HSBC Bank USA, National Association, as successor indenture trustee
	Cash Collateral Order	Second Amended Final Order of the U.S. Bankruptcy Court Authorizing Use of Cash Collateral and Granting Adequate Protection, dated February 24, 2006 as modified by orders of the U.S. Bankruptcy Court dated June 21, 2006, July 12, 2006, October 25, 2006, November 15, 2006, December 20, 2006, December 28, 2006, January 17, 2007, and March 1, 2007
	CCAA	Companies’ Creditors Arrangement Act (Canada)
	CCRC	Calpine Canada Resources Company, formerly Calpine Canada Resources Ltd.
	CES	Calpine Energy Services, L.P.
	Chapter 11	Chapter 11 of the Bankruptcy Code
	Cleco	Cleco Corp.
	Company	Calpine Corporation, a Delaware corporation, and subsidiaries
	Convertible Notes	Calpine Corporation’s Contingent Convertible Notes Due 2014, 7 3/4% Contingent Convertible Notes Due 2015, 4 3/4% Contingent Convertible Senior Notes Due 2023 and 4% Convertible Senior Notes Due December 26, 2006
	DIP	Debtor-in-possession
	DIP Order	Order of the U.S. Bankruptcy Court dated March 12, 2007, approving the DIP Facility
	DIP Facility	The Revolving Credit, Term Loan and Guarantee Agreement, dated as of March 29, 2007, among the Company, as borrower, certain of the Company’s subsidiaries, as guarantors, the lenders party thereto, Credit Suisse, Goldman Sachs Credit Partners L.P. and JPMorgan Chase Bank, N.A., as co-syndication agents and co-documentation agents, General Electric Capital Corporation, as sub-agent, and Credit Suisse, as administrative agent and collateral agent, with Credit Suisse Securities (USA) LLC, Goldman Sachs Credit Partners L.P., JPMorgan Securities Inc., and Deutsche Bank Securities Inc. acting as Joint Lead Arrangers and Bookrunners
	Disclosure Statement	Disclosure Statement for Debtors’ Joint Plan of Reorganization Pursuant to Chapter 11 of the United States Bankruptcy Code filed by the U.S. Debtors with the U.S. Bankruptcy Court on June 20, 2007, as it may be amended, modified or supplemented from time to time
	Exchange Act	U.S. Securities Exchange Act of 1934, as amended
	FASB	Financial Accounting Standards Board

Abbreviation		Definition
	FIN	FASB Interpretation Number
	FSP	FASB Staff Position
	GAAP	Generally accepted accounting principles in the U.S.
	Greenfield LP	Greenfield Energy Centre LP
	IRS	U.S. Internal Revenue Service
	LSTC	Liabilities subject to compromise
	MW	Megawatt(s)
	NOL	Net operating loss
	Non-U.S. Debtor(s)	The consolidated subsidiaries and affiliates of Calpine Corporation that are not U.S. Debtor(s)
	OMEC	Otay Mesa Energy Center, LLC
	Original DIP Facility	The Revolving Credit, Term Loan and Guarantee Agreement, dated as of December 22, 2005, as amended on January 26, 2006, and as amended and restated by that certain Amended and Restated Revolving Credit, Term Loan and Guarantee Agreement, dated as of February 23, 2006, among Calpine Corporation, as borrower, the Guarantors party thereto, the Lenders from time to time party thereto, Credit Suisse Securities (USA) LLC and Deutsche Bank Securities Inc., as joint syndication agents, Deutsche Bank Trust Company Americas, as administrative agent for the First Priority Lenders, General Electric Capital Corporation, as Sub-Agent for the Revolving Lenders, Credit Suisse, as administrative agent for the Second Priority Term Lenders, Landesbank Hessen Thuringen Girozentrale, New York Branch, General Electric Capital Corporation and HSH Nordbank AG, New York Branch, as joint documentation agents for the First Priority Lenders and Bayerische Landesbank, General Electric Capital Corporation and Union Bank of California, N.A., as joint documentation agents for the Second Priority Lenders
	Petition Date	December 20, 2005
	Plan of Reorganization	Joint Plan of Reorganization Pursuant to Chapter 11 of the United States Bankruptcy Code filed by the U.S. Debtors with the U.S. Bankruptcy Court on June 20, 2007, as it may be amended, modified or supplemented from time to time
	Plan Supplement	Supplement to Debtors’ Joint Plan of Reorganization Pursuant to Chapter 11 of the United States Bankruptcy Code filed by the U.S. Debtors with the U.S. Bankruptcy Court on June 20, 2007, as it may be amended, modified or supplemented from time to time
	PPA(s)	Any contract for a physically settled sale (as distinguished from a financially settled future, option or other derivative or hedge transaction) of any electric power product, including electric energy, capacity and/or ancillary services, in the form of a bilateral agreement or a written or oral confirmation of a transaction between two parties to a master agreement, including sales related to a tolling transaction in which part of the consideration provided by the purchaser of an electric power product is the fuel required by the seller to generate such electric power
	SDG&E	San Diego Gas & Electric Company
	SDNY Court	U.S. District Court for the Southern District of New York
	SEC	U.S. Securities and Exchange Commission

Revenue:
Electricity and steam revenue	$	539
Sales of purchased power and gas for hedging and optimization		163
Mark-to-market activities, net		61
Other revenue		11
Total revenue		774
Cost of revenue:
Plant operating expense		68
Purchased power and gas expense for hedging and optimization		123
Fuel expense		367
Depreciation and amortization expense		39
Operating plant impairments		—
Operating lease expense		4
Other cost of revenue		14
Total cost of revenue		615
Gross profit		159
Equipment, development project and other impairments		—
Sales, general and administrative expense		10
Other operating expenses		1
Income from operations		148
Interest expense		91
Interest (income)		(2	)
Minority interest (income)		(1	)
Other (income) expense, net		(1	)
Income before reorganization items and provision (benefit) for income taxes		61
Reorganization items		76
Loss before (benefit) for income taxes		(15	)
(Benefit) for income taxes		(16	)
Net income	$	1

ASSETS
Current assets:
Cash and cash equivalents	$	1,404
Accounts receivable, net		964
Inventories		144
Margin deposits and other prepaid expense		432
Restricted cash, current		410
Current derivative assets		245
Assets held for sale		378
Other current assets		56
Total current assets		4,033
Property, plant and equipment, net		12,759
Restricted cash, net of current portion		148
Investments		262
Long-term derivative assets		358
Other assets		1,006
Total assets	$	18,566
LIABILITIES AND STOCKHOLDERS’ DEFICIT
Current liabilities:
Accounts payable	$	697
Accrued interest payable		268
Debt, current		4,877
Current derivative liabilities		291
Income taxes payable		36
Liabilities held for sale		312
Other current liabilities		354
Total current liabilities		6,835
Debt, net of current portion		3,222
Deferred income taxes, net of current portion		602
Long-term derivative liabilities		489
Other long-term liabilities		275
Total liabilities not subject to compromise		11,423
Liabilities subject to compromise		15,249
Minority interests		3
Stockholders’ equity (deficit):
Common stock		1
Additional paid-in capital		3,269
Additional paid-in capital, loaned shares		22
Additional paid-in capital, returnable shares		(22	)
Accumulated deficit		(11,337	)
Accumulated other comprehensive loss		(42	)
Total stockholders’ deficit		(8,109	)
Total liabilities and stockholders’ deficit	$	18,566

General Bankruptcy Matters — Since the Petition Date, Calpine Corporation and 273 of its wholly owned subsidiaries in the U.S. have filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code in the U.S. Bankruptcy Court. Similarly, since the Petition Date, 12 of Calpine’s Canadian subsidiaries have filed for creditor protection under the CCAA in the Canadian Court. Certain other subsidiaries could file under Chapter 11 in the U.S. or for creditor protection under the CCAA in Canada in the future. See Note 3 “Chapter 11 Cases and Related Disclosures” in the Notes to Consolidated Financial Statements included in our 2006 Form 10-K and Note 2 “Chapter 11 Cases and Related Disclosures” in the Notes to Consolidated Condensed Financial Statements included in each of our 2007 Forms 10-Q for further information regarding our Chapter 11 cases and the CCAA proceedings.

The Calpine Debtors are continuing to operate their business as debtors-in-possession and will continue to conduct business in the ordinary course under the protection of the Bankruptcy Courts. Generally, pursuant to automatic stay provisions under the Bankruptcy Code and orders (which currently extend through December 20, 2007) granted by the Canadian Court, while a plan or plans of reorganization (with respect to the U.S. Debtors) or arrangement (with respect to the Canadian Debtors) are developed, all actions to enforce or otherwise effect repayment of liabilities preceding the Petition Date as well as all pending litigation against the Calpine Debtors are stayed while the Calpine Debtors continue their business operations as debtors-in-possession.

As a result of our Chapter 11 filings and the other matters described herein, including uncertainties related to the fact that we have not yet had time to complete and obtain confirmation of a plan or plans of reorganization, there is substantial doubt about our ability to continue as a going concern. Our ability to continue as a going concern, including our ability to meet our ongoing operational obligations, is dependent upon, among other things: (i) our ability to maintain adequate cash on hand; (ii) our ability to generate cash from operations; (iii) the cost, duration and outcome of the restructuring process; (iv) our ability to comply with the terms of the DIP Facility and the adequate assurance provisions of the Cash Collateral Order; and (v) our ability to achieve profitability following a restructuring. These challenges are in addition to those operational and competitive challenges faced by us in connection with our business. In conjunction with our advisors, we are implementing strategies to aid our liquidity and our ability to continue as a going concern. However, there can be no assurance as to the success of such efforts.

Plan of Reorganization — On June 20, 2007, the U.S. Debtors filed the Plan of Reorganization with the U.S. Bankruptcy Court, together with the Disclosure Statement and portions of the Plan Supplement. The Plan of Reorganization provides for the treatment of claims of creditors on a “waterfall” basis that allocates value to our creditors and shareholders in accordance with the priorities of the Bankruptcy Code. Pursuant to the Plan of Reorganization, allowed administrative claims and priority tax claims will be paid in full in cash or cash equivalents, as will allowed first and second lien debt claims. Other allowed secured claims will be reinstated, paid in full in cash or cash equivalents, or have the collateral securing such claims returned to the secured creditor. Allowed unsecured claims will receive a pro rata distribution of common stock of the reorganized Calpine Corporation until paid in full; allowed unsecured convenience claims (all claims $50,000 or less) will be paid in full in cash or cash equivalents. Any remaining value after such allowed creditors’ claims have been paid in full will be distributed pro rata to existing holders of allowed interests (primarily holders of existing Calpine Corporation common stock) and holders of subordinated equity securities claims in the form of reorganized Calpine Corporation common stock.

The Plan of Reorganization assumes that allowed claims plus Non-Debtor net project debt of $4.1 billion will range from $20.1 billion to $22.3 billion after completion of the claims objection, reconciliation and resolution process. However, because disputed claims, including litigation instituted by us challenging so-called “make whole,” premium, or “no-call”

claims, have not yet been finally adjudicated, and our total enterprise value upon emergence has not yet been finally determined, no assurances can be given that actual recoveries to creditors and interest holders will not be materially higher or lower than proposed in the Plan of Reorganization.

The Disclosure Statement contains detailed information about the Plan of Reorganization, a historical profile of our business, a description of proposed distributions to creditors, and an analysis of the Plan of Reorganization’s feasibility, as well as many of the technical matters required for the exit process, such as descriptions of who will be eligible to vote on the Plan of Reorganization and the voting process itself. The information contained in the Disclosure Statement is subject to change, whether as a result of amendments to the Plan of Reorganization, actions of third parties or otherwise.

On July 27, 2007, we informed the U.S. Bankruptcy Court that we had been contacted by certain parties about potentially sponsoring an alternative plan of reorganization premised upon a structure that will provide guaranteed distributions to the U.S. Debtors’ stakeholders. We are currently investigating the proposed alternative plan structure to determine whether it would offer recoveries to our stakeholders that are superior to those under the current Plan of Reorganization and assessing potential investors’ interest in sponsoring a guaranteed distribution plan that would not compromise what we believe is an appropriate balance sheet upon emergence. To that end, on or about July 20, 2007, we distributed to potential investors requests for proposals in connection with a guaranteed distribution plan.

To allow time to evaluate the prospects of a guaranteed distribution plan and for potential plan sponsors to conduct due diligence in connection with making any plan sponsorship commitments, we adjourned the originally scheduled August 8, 2007, hearing on the adequacy of the Disclosure Statement until September 11, 2007, and have also generally moved back other key plan solicitation and confirmation dates by approximately one month. We may not solicit votes on the Plan of Reorganization, as filed or as it may be amended (whether to reflect any alternative distribution plan or otherwise) until the adequacy of the information in the Disclosure Statement has been approved by the U.S. Bankruptcy Court.

We have the exclusive right until August 20, 2007, to solicit acceptance of the Plan of Reorganization, as filed or amended, which is the maximum period of time provided by the Bankruptcy Code. During this exclusivity period, competing plans of reorganization may not be filed by third parties. The U.S. Bankruptcy Court has the power to terminate this exclusivity period prior to August 20, 2007, and we can make no assurance that the U.S. Bankruptcy Court will not do so.

Nothing contained in this Report is intended to be, nor should it be construed as, a solicitation for a vote on the Plan of Reorganization, as filed or as it may be amended. The Plan of Reorganization will become effective only if it receives the requisite approval and is confirmed by the U.S. Bankruptcy Court, which we currently expect to occur during the last quarter of 2007. However, there can be no assurance that the U.S. Bankruptcy Court will confirm the Plan of Reorganization or that it will be implemented successfully.

Additional DIP Facility Commitment — On July 11, 2007, the U.S. Bankruptcy Court authorized us to enter into a commitment letter, pay associated commitment and other fees, and to amend the DIP Facility to provide for additional secured exit financing of up to $3.0 billion in addition to amounts currently available under the DIP Facility upon conversion of the DIP Facility to exit financing. The amendment of the DIP Facility is subject to further conditions, including obtaining necessary approvals of lenders under the DIP Facility. The commitment to fund the additional facilities under the amended DIP Facility will expire on January 31, 2008, if certain conditions, including effectiveness of the Plan of Reorganization, are not met. See Note 6 for additional information regarding our DIP Facility.

Asset Sales — In connection with our restructuring activities, we have identified certain assets for potential divestiture. We are required to obtain U.S. Bankruptcy Court approval of sales of assets, subject to certain exceptions including with respect to de minimis assets. Such sales are subject in certain cases to U.S. Bankruptcy Court approved auction procedures. Asset sale activities during the month of June 2007 and through the filing of this Report, included the following:

On July 6, 2007, we completed the sale of the Parlin Power Plant, a 118-MW natural gas-fired facility in Parlin, New Jersey, to EFS Parlin Holdings, LLC, an affiliate of General Electric Capital Corporation, for approximately $3 million in cash plus the assumption by EFS Parlin Holdings, LLC of certain liabilities and the agreement to waive certain asserted

claims against the Parlin Power Plant. We recorded a pre-tax gain of approximately $40 million in July 2007. The Parlin power plant is one of the designated projects for which we had agreed to limit available funds pursuant to the Cash Collateral Order.

On August 1, 2007, the U.S. Bankruptcy Court approved the sale of our 50% ownership interest in Acadia PP, the owner of the Acadia Energy Center, a 1,212-MW natural gas-fired facility located near Eunice, Louisiana, to Cajun Gas Energy, L.L.C. for consideration totaling approximately $189 million consisting of $104 million in cash and the payment of $85 million in priority distributions due to Cleco (the indirect owner, through its subsidiary APH, of the remaining 50% ownership interest in Acadia PP) in accordance with Acadia PP’s limited liability company agreement, plus the assumption by Cajun Gas Energy, L.L.C. of certain liabilities. The transaction, which was pursuant to a U.S. Bankruptcy Court approved auction process, is expected to close in the third quarter of 2007, subject to certain additional conditions including receipt of any regulatory approvals.

Based on APH’s original offer to purchase our interest in Acadia PP for $145 million, we previously recorded a pre-tax, predominately non-cash impairment charge of approximately $131 million in May 2007, to record our interest in Acadia PP at fair value less cost to sell. This impairment charge was reduced to $89 million in June 2007, as a result of the U.S. Bankruptcy Court approval of the sale to Cajun Gas Energy, L.L.C. This impairment charge is included in reorganization items on our Consolidated Condensed Statements of Operations.

The sales of the Parlin Power Plant and the anticipated sale of our interest in Acadia PP discussed above did not meet the criteria for discontinued operations due to our continuing activity in the markets in which these power plants operate; therefore, the results of operations for all periods prior to sale are included in our continuing operations.

Assets Held for Sale — Our assets and liabilities held for sale at June 30, 2007, include the assets and liabilities of Acadia PP and the Parlin Power Plant. Liabilities held for sale also include the minority interest for Acadia PP. The carrying amounts of the major classes of assets and liabilities held for sale which are included on our Consolidated Condensed Balance Sheet are as follows (in millions):

Reorganization Items — Reorganization items represent the direct and incremental costs related to our Chapter 11 cases, such as professional fees, pre-petition liability claim adjustments and losses that are probable and can be estimated, net of interest income earned on accumulated cash during the Chapter 11 process and gains on the sale of assets related to our restructuring activities. Our restructuring activities will likely result in additional charges for expected allowed claims, asset impairments and other reorganization items that could be material to our financial position or results of operations in any given period. The table below lists the significant components of reorganization items for the month ended June 30, 2007 (in millions).

Canadian Settlement Agreements — On July 30, 2007, we entered into the Canadian Settlement Agreement after the Bankruptcy Courts approved the terms of our two previously disclosed proposed settlements with the Canadian Debtors and with an ad hoc committee of holders of notes issued by our subsidiary ULC I and guaranteed by Calpine Corporation. The Canadian Settlement Agreement, which encompasses both proposed settlements, resolves virtually all major cross-border issues among the parties. Implementation of the Canadian Settlement Agreement is subject to the completion of certain contingent events including the sale by CCRC of repurchased ULC I notes held by it. Following implementation, we expect

to reduce the provision for expected allowed claims in LSTC relating thereto by more than $3.0 billion. However, there can be no assurance that the contingent events will be satisfied, the Canadian Settlement Agreement will be implemented successfully and that the provision for expected allowed claims will be reduced accordingly.

Second Priority Debt Preliminary Settlement Agreement — On August 8, 2007, the U.S. Bankruptcy Court approved a settlement with the Ad Hoc Committee of Second Lien Holders of Calpine Corporation and Wilmington Trust Company as indenture trustee for the Second Priority Notes. Pursuant to the settlement, approximately $282 million of claims for make whole premiums and/or damages asserted against the U.S. Debtors by the holders of the Second Priority Debt will be replaced by a secured claim for $60 million that shall be paid in cash and an unsecured claim for $40 million. As a result, we recorded a provision for allowed claims of $100 million in July 2007.

Convertible Notes — On August 8, 2007, the U.S. Bankruptcy Court approved our limited objection to certain claims asserted by holders of the Convertible Notes, disallowing claims seeking damages for alleged breach of “conversion rights.” The U.S. Bankruptcy Court’s decision does not affect a previous agreement to allow claims for repayment of principal and interest on the Convertible Notes.

The accompanying Consolidated Condensed Financial Statements have been prepared on a going concern basis, which assumes continuity of operations and realization of assets and satisfaction of liabilities in the ordinary course of business, and in accordance with SOP 90-7, “Financial Reporting by Entities in Reorganization Under the Bankruptcy Code.” The Consolidated Condensed Financial Statements do not include any adjustments that might be required should we be unable to continue to operate as a going concern. In accordance with SOP 90-7, all pre-petition liabilities subject to compromise have been segregated in the Consolidated Condensed Balance Sheet and classified as LSTC, at the estimated amount of allowed claims. Interest expense related to pre-petition LSTC has been reported only to the extent that it will be paid during the pendency of the Chapter 11 cases or is permitted by the Cash Collateral Order or is expected to be an allowed claim. Liabilities not subject to compromise are separately classified as current or noncurrent. Income, expenses and provisions for losses resulting from reorganization and certain other items directly related to our Chapter 11 cases are reported separately as reorganization items.

On May 3, 2007, OMEC, an indirect wholly owned subsidiary and the owner of the Otay Mesa Energy Center, entered into a ten year tolling agreement with SDG&E. OMEC also entered into a ground sublease and easement agreement with SDG&E which, among other things, provides for a put option by OMEC to sell, and a call option by SDG&E to buy, the Otay Mesa facility at the end of the tolling agreement. OMEC is a variable interest entity. The tolling agreement and the put and call options were determined to absorb the majority of risk from the entity such that we are not OMEC’s primary beneficiary. Accordingly, we deconsolidated OMEC during the three months ended June 30, 2007, and our investment in OMEC is accounted for under the equity method. The deconsolidation of OMEC resulted in a reduction in construction in progress of $144 million, cash of $29 million, debt of $7 million, other current and non-current assets of $12 million and other current and non-current liabilities of $22 million.

The Monthly Operating Statement is limited in scope, covers a limited time period, and has been prepared solely for the purpose of complying with the monthly reporting requirements of the U.S. Bankruptcy Court. Certain of our Canadian subsidiaries were granted relief by the Canadian Court under the CCAA. As a result, certain of our Canadian and other foreign subsidiaries were deconsolidated as of the Petition Date. Financial information regarding such deconsolidated subsidiaries is not included with that of the consolidated group reported in the Monthly Operating Statement. The financial information in the Monthly Operating Statement is preliminary and unaudited and does not purport to show the financial statements of any of the U.S. Debtors in accordance with GAAP, and therefore may exclude items required by GAAP, such as certain reclassifications, eliminations, accruals, valuations and disclosure items. We caution readers not to place undue reliance upon the Monthly Operating Statement. There can be no assurance that such information is complete and the Monthly Operating Statement may be subject to revision. The Monthly Operating Statement is in a format required by the Bankruptcy Code and should not be used for investment purposes. The Monthly Operating Statement should be read in

conjunction with the consolidated financial statements and notes thereto included in the 2006 Form 10-K and the 2007 Forms 10-Q.

The unaudited financial statements contained in the Monthly Operating Statement have been derived from the books and records of the Company. This information, however, has not been subject to procedures that would typically be applied to financial information presented in accordance with GAAP, and upon the application of such procedures, we believe that the financial information could be subject to changes, and these changes could be material. The information furnished in this Monthly Operating Statement includes primarily normal recurring adjustments but does not include all of the adjustments that would typically be made for financial statements prepared in accordance with GAAP. In addition, certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted. Per agreement among the Company, the Office of the U.S. Trustee and the Official Committee of Unsecured Creditors of Calpine Corporation, the Statement of Cash Flows is excluded from Monthly Operating Statements except on a quarterly basis. See Schedule VIII for the Consolidated Condensed Statement of Cash Flows for the six months ended June 30, 2007.

Mark-to-Market — Mark-to-market, net activity includes realized settlements of and unrealized mark-to-market gains and losses on both power and gas derivative instruments not designated as cash flow hedges, including those held for trading purposes. Gains and losses due to ineffectiveness on hedging instruments are also included in unrealized mark-to-market gains and losses. Of the total mark-to-market gain of $61 million in June 2007, there was a $62 million unrealized gain and a realized loss of $1 million. The realized loss included a non-cash gain of approximately $6 million from amortization of various items.

See Note 2 “Summary of Significant Accounting Policies” in the Notes to Consolidated Financial Statements included in our 2006 Form 10-K and Note 1 “Basis of Presentation and Summary of Significant Accounting Policies” in the Notes to Consolidated Condensed Financial Statements included in each of the 2007 Forms 10-Q for a summary of the accounting policies that we believe are significant to us.

In September 2006, FASB issued SFAS No. 157, “Fair Value Measurements.” SFAS No. 157 defines fair value, establishes a framework for measuring fair value in GAAP, and enhances disclosures about fair value measurements. SFAS No. 157 applies when other accounting pronouncements require fair value measurements; it does not require new fair value measurements. SFAS No. 157 is effective for fiscal years beginning after November 15, 2007, with early adoption encouraged. We are currently assessing the impact this standard will have on our results of operations, cash flows and financial position.

In February 2007, FASB issued SFAS No. 159, “The Fair Value Option for Financial Assets and Financial Liabilities – Including an Amendment of FASB Statement No. 115.” SFAS No. 159 permits entities to choose to measure many financial instruments and certain other items at fair value at specified election dates with unrealized gains and losses on items for which the fair value option has been elected reported in earnings at each subsequent reporting date. SFAS No. 159 also establishes presentation and disclosure requirements designed to facilitate comparisons between entities that choose different measurement attributes for similar types of assets and liabilities. SFAS No. 159 does not affect any existing accounting literature that requires certain assets and liabilities to be carried at fair value nor does it eliminate disclosure requirements included in other accounting standards, including requirements for disclosures about fair value measurements. SFAS No. 159 is effective for fiscal years beginning after November 15, 2007, with early adoption permitted provided that

the entity also elects to apply SFAS No. 157. We are currently assessing the impact this standard will have on our results of operations, cash flows and financial position.

In April 2007, the FASB staff issued FSP FIN 39-1, “Amendment of FASB Interpretation No. 39.” FSP FIN 39-1 permits an entity to offset the fair value amounts recognized for cash collateral paid or cash collateral received against the fair value amounts recognized for derivative instruments executed with the same counterparty under a master netting arrangement. Under the provisions of this pronouncement, a reporting entity shall make an accounting decision whether or not to offset fair value amounts. The guidance in FSP FIN 39-1 is effective for fiscal years beginning after November 15, 2007, with early application permitted. We expect that we will not elect to apply the netting provisions allowed under FSP FIN 39-1.

In May 2007, the FASB staff issued FSP FIN 48-1, “Definition of Settlement in FASB Interpretation No. 48.” FSP FIN 48-1 clarifies how an enterprise should determine whether a tax position is effectively settled for the purpose of recognizing previously unrecognized tax benefits. The guidance in FSP FIN 48-1 is to be applied upon the initial adoption of FIN 48, “Accounting for Uncertainty in Income Taxes — An Interpretation of FASB Statement No. 109.” If FIN 48 was not applied in a manner consistent with this interpretation, the provisions would need to be applied retrospectively to the initial adoption date of FIN 48. We applied FIN 48 in a manner consistent with the provisions of FSP FIN 48-1; therefore, the application of the provisions of FSP FIN 48-1 did not have a material impact on our results of operations, cash flows and financial position.

Cash and Cash Equivalents — We have certain project finance facilities and lease agreements that establish segregated cash accounts. These accounts have been pledged as security in favor of the lenders under such project finance facilities, and the use of certain cash balances on deposit in such accounts with our project financed securities is limited, at least temporarily, to the operations of the respective projects. At June 30, 2007, $231 million of the cash and cash equivalents balance that was unrestricted was subject to such project finance facilities and lease agreements.

Restricted Cash — We are required to maintain cash balances that are restricted by provisions of certain of our debt and lease agreements or by regulatory agencies. These amounts are held by depository banks in order to comply with the contractual provisions requiring reserves for payments such as for debt service, rent, major maintenance and debt repurchases. Funds that can be used to satisfy obligations due during the next twelve months are classified as current restricted cash, with the remainder classified as non-current restricted cash. Restricted cash is generally invested in accounts earning market rates; therefore, the carrying value approximates fair value. Such cash is excluded from cash and cash equivalents in the Consolidated Condensed Balance Sheet and Statement of Cash Flows.

The table below represents the components of our consolidated restricted cash as of June 30, 2007 (in millions):

Of our restricted cash at June 30, 2007, $259 million relates to the assets of the following entities, each an entity with its existence separate from us and our other subsidiaries (in millions).

Commodity Margin Deposits — As of June 30, 2007, to support commodity transactions, we had margin deposits with third parties of $269 million; we had a gas and power prepayment balance of $105 million; and had no letters of credit outstanding. Counterparties had margin deposits with us of $1 million at June 30, 2007. We use margin deposits, prepayments and letters of credit as credit support for commodity procurement and risk management activities. Future cash collateral requirements may increase based on the extent of our involvement in standard contracts and movements in commodity prices and also based on our credit ratings and general perception of creditworthiness in this market. While we believe that we have adequate liquidity to support our operations at this time, it is difficult to predict future developments and the amount of credit support that we may need to provide as part of our business operations.

Our $5.0 billion DIP Facility consists of a $4.0 billion first priority senior secured term loan and a $1.0 billion first priority senior secured revolving credit facility together with an uncommitted term loan facility that permits us to raise up to $2.0 billion of incremental term loan funding on a senior secured basis with the same priority as the current debt under the DIP Facility. In addition, under the DIP Facility, the U.S. Debtors have the ability to provide liens to counterparties to secure potential obligations arising under certain hedging agreements. The DIP Facility is priced at LIBOR plus 2.25% or base rate plus 1.25% and matures on the earlier of the effective date of a confirmed plan or plans of reorganization or March 29, 2009. We have the option to convert the DIP Facility into our exit financing, provided certain conditions are met, which would extend the maturity date to March 29, 2014. We expect the effective date of our plan or plans of reorganization will be within the next twelve months; therefore, borrowings under the DIP Facility are classified as current at June 30, 2007.

On July 11, 2007, the U.S. Bankruptcy Court authorized us to enter into a commitment letter, pay associated fees and expenses and amend the DIP Facility to provide for additional exit financing. The amended DIP Facility will provide for up to $3 billion in secured exit financing in addition to amounts currently available under the DIP Facility upon conversion of the DIP Facility to exit financing. See Note 1 for further information.

The DIP Facility contains restrictions on the U.S. Debtors, including limiting their ability to, among other things: (i) incur additional indebtedness; (ii) create or incur liens to secure debt; (iii) lease, transfer or sell assets or use proceeds of

permitted asset leases, transfers or sales; (iv) issue capital stock; (v) make investments; and (vi) conduct certain types of business.

Our ability to utilize the DIP Facility is subject to the DIP Order. Subject to the exceptions set forth in the DIP Order, the obligations of the U.S. Debtors under the DIP Facility are an allowed administrative expense claim in each of the loan parties’ Chapter 11 cases, and are secured by (i) a perfected first priority lien on, and security interest in, all present and after-acquired property of the U.S. Debtors not subject to a valid, perfected and non-avoidable lien in existence on the Petition Date or to a valid lien in existence on the Petition Date and subsequently perfected (excluding rights in avoidance actions), (ii) a perfected junior lien on, and security interest in, all present and after-acquired property of the U.S. Debtors that is otherwise subject to a valid, perfected and non-avoidable lien in existence on the Petition Date or a valid lien in existence on the Petition Date that is subsequently perfected and (iii) to the extent applicable, a perfected first priority priming lien on, and security interest in, all present and after-acquired property of the U.S. Debtors that is subject to the replacement liens granted pursuant to and under the Cash Collateral Order.

As of June 30, 2007, there was $4.0 billion outstanding under the term loan facility and no borrowings outstanding under the revolving credit facility, and $177 million of letters of credit issued against the revolving credit facility.

	U.S. Debtors			Non-U.S. Debtors			Eliminations			Consolidated
ASSETS
Current assets:
Cash and cash equivalents	$	1,234		$	170		$	—		$		1,404
Accounts receivable, net		37,764			2,527			(39,327	)			964
Inventories		117			27			—				144
Margin deposits and other prepaid expense		398			47			(13	)			432
Restricted cash, current		89			321			—				410
Current derivative assets		207			38			—				245
Assets held for sale		—			378			—				378
Other current assets		903			35			(882	)			56
Total current assets		40,712			3,543			(40,222	)			4,033
Property, plant and equipment, net		7,199			5,561			(1	)			12,759
Restricted cash, net of current portion		34			114			—				148
Investments		16,107			9,819			(25,664	)			262
Long-term derivative assets		287			71			—				358
Other assets		5,529			512			(5,035	)			1,006
Total assets	$	69,868		$	19,620		$	(70,922	)	$		18,566
LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT)
Current liabilities:
Accounts payable	$	793		$	1,617		$	(1,713	)	$	697
Accrued interest payable		401			91			(224	)		268
Debt, current		5,021			579			(723	)		4,877
Current derivative liabilities		247			44			—			291
Income taxes payable, current		36			—			—			36
Liabilities held for sale		—			312			—			312
Other current liabilities		275			91			(12	)		354
Total current liabilities		6,773			2,734			(2,672	)		6,835
Debt, net of current portion		4,918			4,441			(6,137	)		3,222
Deferred income taxes, net of current portion		284			318			—			602
Long-term derivative liabilities		405			84			—			489
Other long-term liabilities		231			55			(11	)		275
Total liabilities not subject to compromise		12,611			7,632			(8,820	)		11,423
Liabilities subject to compromise		51,889			1			(36,641	)		15,249
Minority interests		—			—			3			3
Stockholders’ equity (deficit):
Common stock		32			5			(36	)		1
Additional paid-in capital		30,957			10,836			(38,524	)		3,269
Accumulated equity (deficit)		(25,594	)		1,161			13,096			(11,337		)
Accumulated other comprehensive loss		(27	)		(15	)		—			(42		)
Total stockholders’ equity (deficit)		5,368			11,987			(25,464	)		(8,109		)
Total liabilities and stockholders’ equity (deficit)	$	69,868		$	19,620		$	(70,922	)	$	18,566

Calpine Corporation’s consolidated results are comprised of U.S. Debtor and Non-U.S. Debtor entities that have affiliated transactions with other U.S. Debtor and Non-U.S. Debtor entities that must be eliminated in consolidation. Amounts listed under the “Eliminations” heading are required to correctly eliminate transactions between any affiliated entities for consolidated financial statement presentation purposes.

	U.S. Debtors			Non-U.S. Debtors			Eliminations			Consolidated
Revenue:
Electricity and steam revenue	$	727		$	418		$	(606	)	$	539
Sales of purchased power and gas for hedging and optimization		542			—			(379	)		163
Mark-to-market activities, net		22			39			—			61
Other revenue		40			1			(30	)		11
Total revenue		1,331			458			(1,015	)		774
Cost of revenue:
Plant operating expense		662			35			(629	)		68
Purchased power and gas expense for hedging and optimization		94			35			(6	)		123
Fuel expense		637			111			(381	)		367
Depreciation and amortization expense		24			15			—			39
Operating plant impairments		—			—			—			—
Operating lease expense		4			—			—			4
Other cost of revenue		8			6			—			14
Total cost of revenue		1,429			202			(1,016	)		615
Gross profit (loss)		(98	)		256			1			159
Equipment, development project and other impairments		—			—			—			—
Sales, general and administrative expense		8			2			—			10
Other operating (income) expense		449			(58	)		(390	)		1
Income (loss) from operations		(555	)		312			391			148
Interest expense		61			34			(4	)		91
Interest (income)		(4	)		(2	)		4			(2	)
Minority interest (income)		—			(1	)		—			(1	)
Other (income) expense, net		1			(2	)		—			(1	)
Income (loss) before reorganization items and (benefit) for income taxes		(613	)		283			391			61
Reorganization items		73			3			—			76
Income (loss) before (benefit) for income taxes		(686	)		280			391			(15	)
(Benefit) for income taxes		(15	)		(1	)		—			(16	)
Net income (loss)	$	(671	)	$	281		$	391		$	1

Legal Entity	Case Number	Disbursements
Amelia Energy Center, LP	05-60223-BRL	$	—
Anacapa Land Company, LLC	05-60226-BRL		913
Anderson Springs Energy Company	05-60232-BRL		—
Androscoggin Energy, Inc.	05-60239-BRL		—
Auburndale Peaker Energy Center, LLC	05-60244-BRL		151,428
Augusta Development Company, LLC	05-60248-BRL		—
Aviation Funding Corp.	05-60252-BRL		—
Baytown Energy Center, LP	05-60255-BRL		489,711
Baytown Power GP, LLC	05-60256-BRL		—
Baytown Power, LP	05-60258-BRL		—
Bellingham Cogen, Inc.	05-60224-BRL		—
Bethpage Energy Center 3, LLC	05-60225-BRL		166,077
Bethpage Fuel Management Inc.	05-60228-BRL		—
Blue Heron Energy Center, LLC	05-60235-BRL		—
Blue Spruce Holdings, LLC	05-60238-BRL		—
Broad River Energy LLC	05-60242-BRL		425,576
Broad River Holdings, LLC	05-60245-BRL		—
CalGen Equipment Finance Company, LLC	05-60249-BRL		—
CalGen Equipment Finance Holdings, LLC	05-60251-BRL		—
CalGen Expansion Company, LLC	05-60253-BRL		—
CalGen Finance Corp.	05-60229-BRL		—
CalGen Project Equipment Finance Company One, LLC	05-60236-BRL		—
CalGen Project Equipment Finance Company Three, LLC	05-60259-BRL		10,750
CalGen Project Equipment Finance Company Two, LLC	05-60262-BRL		—
Calpine Acadia Holdings, LLC	05-60265-BRL		—
Calpine Administrative Services Company, Inc.	05-60201-BRL		3,587,012
Calpine Agnews, Inc.	05-60268-BRL		—
Calpine Amelia Energy Center GP, LLC	05-60270-BRL		—
Calpine Amelia Energy Center LP, LLC	05-60272-BRL		—
Calpine Auburndale Holdings, LLC	05-60452-BRL		—
Calpine Baytown Energy Center GP, LLC	05-60453-BRL		—
Calpine Baytown Energy Center LP, LLC	05-60320-BRL		—
Calpine Bethpage 3 Pipeline Construction Company, Inc.	05-60330-BRL		—
Calpine Bethpage 3, LLC	05-60342-BRL		—
Calpine c*Power, Inc.	05-60250-BRL		—
Calpine CalGen Holdings, Inc.	05-60352-BRL		—
Calpine California Development Company, LLC	05-60355-BRL		—
Calpine California Energy Finance, LLC	05-60360-BRL		—
Calpine California Equipment Finance Company, LLC	05-60464-BRL		—
Calpine Calistoga Holdings, LLC	05-60377-BRL		—

Legal Entity	Case Number	Disbursements
Calpine Capital Trust	05-60325-BRL		—
Calpine Capital Trust II	05-60379-BRL		—
Calpine Capital Trust III	05-60384-BRL		—
Calpine Capital Trust IV	05-60391-BRL		—
Calpine Capital Trust V	05-60221-BRL		—
Calpine Central Texas GP, Inc.	05-60329-BRL		—
Calpine Central, Inc.	05-60333-BRL		—
Calpine Central, L.P.	05-60351-BRL		1,178,629
Calpine Central-Texas, Inc.	05-60338-BRL		—
Calpine Channel Energy Center GP, LLC	05-60340-BRL		—
Calpine Channel Energy Center LP, LLC	05-60343-BRL		—
Calpine Clear Lake Energy GP, LLC	05-60345-BRL		—
Calpine Clear Lake Energy, LP	05-60349-BRL		—
Calpine Cogeneration Corporation	05-60233-BRL		8,000
Calpine Construction Management Company, Inc.	05-60260-BRL		874,522
Calpine Corporation	05-60200-BRL		112,641,216
Calpine Corpus Christi Energy GP, LLC	05-60247-BRL		—
Calpine Corpus Christi Energy, LP	05-60261-BRL		—
Calpine Decatur Pipeline, Inc.	05-60263-BRL		—
Calpine Decatur Pipeline, L.P.	05-60254-BRL		—
Calpine Dighton, Inc.	05-60264-BRL		—
Calpine East Fuels, Inc.	05-60257-BRL		—
Calpine Eastern Corporation	05-60266-BRL		106,659
Calpine Energy Holdings, Inc.	05-60207-BRL		—
Calpine Energy Services Holdings, Inc.	05-60208-BRL		—
Calpine Energy Services, L.P.	05-60222-BRL		331,823,519
Calpine Finance Company	05-60204-BRL		—
Calpine Freestone Energy GP, LLC	05-60227-BRL		—
Calpine Freestone Energy, LP	05-60230-BRL		—
Calpine Freestone, LLC	05-60231-BRL		—
Calpine Fuels Corporation	05-60203-BRL		—
Calpine Gas Holdings LLC	05-60234-BRL		—
Calpine Generating Company, LLC	05-60237-BRL		1,304,054
Calpine Geysers Company, LP	06-10939-BRL		—
Calpine Gilroy 1, Inc.	05-60240-BRL		—
Calpine Gilroy 2, Inc.	05-60241-BRL		—
Calpine Gilroy Cogen, L.P.	05-60243-BRL		253,493
Calpine Global Services Company, Inc.	05-60246-BRL		7,541
Calpine Gordonsville GP Holdings, LLC	05-60281-BRL		—
Calpine Gordonsville LP Holdings, LLC	05-60282-BRL		—
Calpine Gordonsville, LLC	05-60283-BRL		—
Calpine Greenleaf Holdings, Inc.	05-60284-BRL		—
Calpine Greenleaf, Inc.	05-60285-BRL		210,110
Calpine Hidalgo Design, L.P.	06-10039-BRL		—
Calpine Hidalgo Energy Center, L.P.	06-10029-BRL		438,180
Calpine Hidalgo Holdings, Inc.	06-10027-BRL		—
Calpine Hidalgo Power GP, LLC	06-10030-BRL		—
Calpine Hidalgo Power, LP	06-10028-BRL		—

Legal Entity	Case Number	Disbursements
Calpine Hidalgo, Inc.	06-10026-BRL		—
Calpine International Holdings, Inc.	05-60205-BRL		—
Calpine International, LLC	05-60288-BRL		389,991
Calpine Investment Holdings, LLC	05-60289-BRL		—
Calpine Kennedy Airport, Inc.	05-60294-BRL		—
Calpine Kennedy Operators Inc.	05-60199-BRL		—
Calpine KIA, Inc.	05-60465-BRL		—
Calpine Leasing Inc.	05-60297-BRL		—
Calpine Long Island, Inc.	05-60298-BRL		—
Calpine Lost Pines Operations, Inc.	05-60314-BRL		—
Calpine Louisiana Pipeline Company	05-60328-BRL		—
Calpine Magic Valley Pipeline, Inc.	05-60331-BRL		—
Calpine Monterey Cogeneration, Inc.	05-60341-BRL		5,937
Calpine MVP, Inc.	05-60348-BRL		—
Calpine NCTP GP, LLC	05-60359-BRL		—
Calpine NCTP, LP	05-60406-BRL		—
Calpine Northbrook Corporation of Maine, Inc.	05-60409-BRL		—
Calpine Northbrook Energy Holdings, LLC	05-60418-BRL		—
Calpine Northbrook Energy, LLC	05-60431-BRL		—
Calpine Northbrook Holdings Corporation	05-60286-BRL		—
Calpine Northbrook Investors, LLC	05-60291-BRL		—
Calpine Northbrook Project Holdings, LLC	05-60295-BRL		—
Calpine Northbrook Services, LLC	05-60299-BRL		—
Calpine Northbrook Southcoast Investors, LLC	05-60304-BRL		—
Calpine NTC, LP	05-60308-BRL		—
Calpine Oneta Power I, LLC	05-60311-BRL		—
Calpine Oneta Power II, LLC	05-60315-BRL		—
Calpine Oneta Power, L.P.	05-60318-BRL		1,053,961
Calpine Operating Services Company, Inc.	05-60322-BRL		47,099,134
Calpine Operations Management Company, Inc.	05-60206-BRL		—
Calpine Pastoria Holdings, LLC	05-60302-BRL		—
Calpine Philadelphia, Inc.	05-60305-BRL		99,813
Calpine Pittsburg, LLC	05-60307-BRL		124,309
Calpine Power Company	05-60202-BRL		2,220
Calpine Power Equipment LP	05-60310-BRL		—
Calpine Power Management, Inc.	05-60319-BRL		—
Calpine Power Management, LP	05-60466-BRL		5,673
Calpine Power Services, Inc.	05-60323-BRL		298,874
Calpine Power, Inc.	05-60316-BRL		—
Calpine PowerAmerica, Inc.	05-60211-BRL		—
Calpine PowerAmerica, LP	05-60212-BRL		454,697
Calpine PowerAmerica-CA, LLC	05-60213-BRL		99,837
Calpine PowerAmerica-CT, LLC	05-60214-BRL		—
Calpine PowerAmerica-MA, LLC	05-60215-BRL		—
Calpine PowerAmerica-ME, LLC	05-60216-BRL		—
Calpine PowerAmerica-NH, LLC	06-10032-BRL		—
Calpine PowerAmerica-NY, LLC	06-10031-BRL		—
Calpine PowerAmerica-OR, LLC	06-10034-BRL		—

Legal Entity	Case Number	Disbursements
Calpine Producer Services, L.P.	05-60217-BRL		9,464,949
Calpine Project Holdings, Inc.	05-60324-BRL		—
Calpine Pryor, Inc.	05-60326-BRL		—
Calpine Rumford I, Inc.	05-60327-BRL		—
Calpine Rumford, Inc.	05-60414-BRL		—
Calpine Schuylkill, Inc.	05-60416-BRL		—
Calpine Siskiyou Geothermal Partners, L.P.	05-60420-BRL		14,410
Calpine Sonoran Pipeline LLC	05-60423-BRL		—
Calpine Stony Brook Operators, Inc.	05-60424-BRL		—
Calpine Stony Brook Power Marketing, LLC	05-60425-BRL		—
Calpine Stony Brook, Inc.	05-60426-BRL		—
Calpine Sumas, Inc.	05-60427-BRL		—
Calpine TCCL Holdings, Inc.	05-60429-BRL		—
Calpine Texas Pipeline GP, Inc.	05-60433-BRL		—
Calpine Texas Pipeline LP, Inc.	05-60439-BRL		—
Calpine Texas Pipeline, L.P.	05-60447-BRL		12,654
Calpine Tiverton I, Inc.	05-60450-BRL		—
Calpine Tiverton, Inc.	05-60451-BRL		—
Calpine ULC I Holding, LLC	05-60454-BRL		—
Calpine University Power, Inc.	05-60455-BRL		—
Calpine Unrestricted Funding, LLC	05-60456-BRL		—
Calpine Unrestricted Holdings, LLC	05-60458-BRL		—
Calpine Vapor, Inc.	05-60459-BRL		—
Carville Energy LLC	05-60460-BRL		499,446
CCFC Development Company, LLC	05-60267-BRL		—
CCFC Equipment Finance Company, LLC	05-60269-BRL		—
CCFC Project Equipment Finance Company One, LLC	05-60271-BRL		—
Celtic Power Corporation	05-60273-BRL		—
CES GP, LLC	05-60218-BRL		—
CGC Dighton, LLC	05-60274-BRL		—
Channel Energy Center, LP	05-60275-BRL		1,152,545
Channel Power GP, LLC	05-60276-BRL		—
Channel Power, LP	05-60277-BRL		—
Clear Lake Cogeneration Limited Partnership	05-60278-BRL		406,487
CogenAmerica Asia Inc.	05-60372-BRL		—
CogenAmerica Parlin Supply Corp.	05-60383-BRL		—
Columbia Energy LLC	05-60440-BRL		486,379
Corpus Christi Cogeneration L.P.	05-60441-BRL		1,265,957
CPN 3rd Turbine, Inc.	05-60443-BRL		—
CPN Acadia, Inc.	05-60444-BRL		—
CPN Berks Generation, Inc.	05-60445-BRL		—
CPN Berks, LLC	05-60446-BRL		—
CPN Bethpage 3rd Turbine, Inc.	05-60448-BRL		51,145
CPN Cascade, Inc.	05-60449-BRL		—
CPN Clear Lake, Inc.	05-60287-BRL		—
CPN Decatur Pipeline, Inc.	05-60290-BRL		—
CPN East Fuels, LLC	05-60476-BRL		—
CPN Energy Services GP, Inc.	05-60209-BRL		—

Legal Entity	Case Number	Disbursements
CPN Energy Services LP, Inc.	05-60210-BRL		—
CPN Freestone, LLC	05-60293-BRL		—
CPN Funding, Inc.	05-60296-BRL		—
CPN Morris, Inc.	05-60301-BRL		—
CPN Oxford, Inc.	05-60303-BRL		—
CPN Pipeline Company	05-60309-BRL		394,882
CPN Pleasant Hill Operating, LLC	05-60312-BRL		—
CPN Pleasant Hill, LLC	05-60317-BRL		—
CPN Power Services GP, LLC	05-60321-BRL		—
CPN Power Services, LP	05-60292-BRL		—
CPN Pryor Funding Corporation	05-60300-BRL		79,548
CPN Telephone Flat, Inc.	05-60306-BRL		108,810
Decatur Energy Center, LLC	05-60313-BRL		1,863,684
Deer Park Power GP, LLC	05-60363-BRL		—
Deer Park Power, LP	05-60370-BRL		—
Delta Energy Center, LLC	05-60375-BRL		1,776,169
Dighton Power Associates Limited Partnership	05-60382-BRL		—
East Altamont Energy Center, LLC	05-60386-BRL		1,858
Fond du Lac Energy Center, LLC	05-60412-BRL		—
Fontana Energy Center, LLC	05-60335-BRL		—
Freestone Power Generation LP	05-60339-BRL		897,122
GEC Bethpage Inc.	05-60347-BRL		—
Geothermal Energy Partners, LTD., a California limited partnership	05-60477-BRL		—
Geysers Power Company II, LLC	05-60358-BRL		—
Geysers Power Company, LLC	06-10197-BRL		6,317,988
Geysers Power I Company	05-60389-BRL		—
Goldendale Energy Center, LLC	05-60390-BRL		257,615
Hammond Energy LLC	05-60393-BRL		—
Hillabee Energy Center, LLC	05-60394-BRL		72,231
Idlewild Fuel Management Corp.	05-60397-BRL		—
JMC Bethpage, Inc.	05-60362-BRL		—
KIAC Partners	05-60366-BRL		4,969,599
Lake Wales Energy Center, LLC	05-60369-BRL		—
Lawrence Energy Center, LLC	05-60371-BRL		—
Lone Oak Energy Center, LLC	05-60403-BRL		—
Los Esteros Critical Energy Facility, LLC	05-60404-BRL		408,860
Los Medanos Energy Center LLC	05-60405-BRL		802,733
Magic Valley Gas Pipeline GP, LLC	05-60407-BRL		—
Magic Valley Gas Pipeline, LP	05-60408-BRL		—
Magic Valley Pipeline, L.P.	05-60332-BRL		654
MEP Pleasant Hill, LLC	05-60334-BRL		34,880
Moapa Energy Center, LLC	05-60337-BRL		580
Mobile Energy L L C	05-60344-BRL		164,949
Modoc Power, Inc.	05-60346-BRL		—
Morgan Energy Center, LLC	05-60353-BRL		1,744,764
Mount Hoffman Geothermal Company, L.P.	05-60361-BRL		—
Mt. Vernon Energy LLC	05-60376-BRL		—
NewSouth Energy LLC	05-60381-BRL		—

Legal Entity	Case Number	Disbursements
Nissequogue Cogen Partners	05-60388-BRL		673,336
Northwest Cogeneration, Inc.	05-60336-BRL		—
NTC Five, Inc.	05-60463-BRL		—
NTC GP, LLC	05-60350-BRL		—
Nueces Bay Energy LLC	05-60356-BRL		16,682
O.L.S. Energy-Agnews, Inc.	05-60374-BRL		1,553,263
Odyssey Land Acquisition Company	05-60367-BRL		—
Pajaro Energy Center, LLC	05-60385-BRL		—
Pastoria Energy Center, LLC	05-60387-BRL		—
Pastoria Energy Facility L.L.C.	05-60410-BRL		2,012,065
Philadelphia Biogas Supply, Inc.	05-60421-BRL		—
Phipps Bend Energy Center, LLC	05-60395-BRL		—
Pine Bluff Energy, LLC	05-60396-BRL		476,323
Power Investors, L.L.C.	05-60398-BRL		—
Power Systems MFG., LLC	05-60399-BRL		124,625
Quintana Canada Holdings, LLC	05-60400-BRL		—
RockGen Energy LLC	05-60401-BRL		1,523,644
Rumford Power Associates Limited Partnership	05-60467-BRL		364
Russell City Energy Center, LLC	05-60411-BRL		3,648
San Joaquin Valley Energy Center, LLC	05-60413-BRL		43,447
Silverado Geothermal Resources, Inc.	06-10198-BRL		110,790
Skipanon Natural Gas, LLC	05-60415-BRL		—
South Point Energy Center, LLC	05-60417-BRL		921,647
South Point Holdings, LLC	05-60419-BRL		—
Stony Brook Cogeneration, Inc.	05-60422-BRL		—
Stony Brook Fuel Management Corp.	05-60428-BRL		—
Sutter Dryers, Inc.	05-60430-BRL		—
TBG Cogen Partners	05-60432-BRL		86,077
Texas City Cogeneration, L.P.	05-60434-BRL		778,388
Texas Cogeneration Company	05-60435-BRL		—
Texas Cogeneration Five, Inc.	05-60436-BRL		—
Texas Cogeneration One Company	05-60437-BRL		—
Thermal Power Company	05-60438-BRL		—
Thomassen Turbine Systems America, Inc.	05-60354-BRL		—
Tiverton Power Associates Limited Partnership	05-60357-BRL		—
Towantic Energy, L.L.C.	05-60364-BRL		1,092
VEC Holdings, LLC	05-60365-BRL		—
Venture Acquisition Company	05-60368-BRL		—
Vineyard Energy Center, LLC	05-60373-BRL		—
Wawayanda Energy Center, LLC	05-60378-BRL		—
Whatcom Cogeneration Partners, L.P.	05-60468-BRL		—
Zion Energy LLC	05-60380-BRL		276,346

Total		$	545,164,471

All insurance policies are fully paid for the current period, including amounts owed for workers’ compensation and disability insurance.

	Three Months Ended June 30, 2007			Six Months Ended June 30, 2007
Revenue:
Electricity and steam revenue	$	1,447		$	2,722
Sales of purchased power and gas for hedging and optimization		449			817
Mark-to-market activities, net		63			3
Other revenue		16			48
Total revenue		1,975			3,590
Cost of revenue:
Plant operating expense		211			379
Purchased power and gas expense for hedging and optimization		353			676
Fuel expense		990			1,875
Depreciation and amortization expense		118			236
Operating plant impairments		—			—
Operating lease expense		13			24
Other cost of revenue		37			80
Total cost of revenue		1,722			3,270
Gross profit		253			320
Equipment, development project and other impairments		—			2
Sales, general and administrative expense		39			79
Other operating expense		3			10
Income from operations		211			229
Interest expense		275			574
Interest (income)		(17	)		(34	)
Minority interest (income)		(3	)		(1	)
Other (income) expense, net		(6	)		(7	)
Loss before reorganization items and provision (benefit) for income taxes		(38	)		(303	)
Reorganization items		469			574
Loss before provision (benefit) for income taxes		(507	)		(877	)
Provision (benefit) for income taxes		(7	)		82
Net loss	$	(500	)	$	(959	)

Cash flows from operating activities:
Net loss	$	(959	)
Adjustments to reconcile net loss to net cash (used in) operating activities:
Depreciation and amortization⁽¹⁾		284
Impairment charges		2
Deferred income taxes, net		82
Loss on sale of assets, excluding reorganization items		10
Foreign currency transaction (gain)		(6	)
Mark-to-market activities, net		(3	)
Non-cash derivative activities		2
Non-cash reorganization items		497
Other		(6	)
Change in operating assets and liabilities, net of effects of acquisitions:
Accounts receivable		(232	)
Other assets		(147	)
Accounts payable, liabilities subject to compromise and accrued expenses		319
Other liabilities		(18	)
Net cash (used in) operating activities		(175	)
Cash flows from investing activities:
Purchases of property, plant and equipment		(128	)
Disposals of property, plant and equipment		15
Disposals of investments, turbines and power plants		398
Advances to joint ventures		(68	)
Return of investment in joint ventures		92
Cash flows from derivatives not designated as hedges		(9	)
Decrease in restricted cash		60
Cash effect of deconsolidation of OMEC		(29	)
Other		3
Net cash provided by (used in) investing activities		334

	By:	/s/ Charles B. Clark, Jr.
		Charles B. Clark, Jr.
		Senior Vice President and Chief Accounting Officer

Date: August 14, 2007

UNITED STATES BANKRUPTCY COURT
SOUTHERN DISTRICT OF NEW YORK
	x
In re:	:	Chapter 11
	:
CALPINE CORPORATION, et al.,	:	Case No. 05-60200 BRL
	:
Debtors.	:	(Jointly Administered)
	:
	x

DEBTORS’ ADDRESS:	50 West San Fernando Street, San Jose, California 95113
	717 Texas Avenue, Houston, Texas 77002

	MONTHLY DISBURSEMENTS MADE BY CALPINE CORPORATION, ET AL. AND ITS U.S. DEBTOR SUBSIDIARIES (IN MILLIONS):	$	545

DEBTORS’ ATTORNEYS:	Kirkland & Ellis LLP
	Richard M. Cieri (RC 6062)
	Marc Kieselstein (admitted pro hac vice)
	David R. Seligman (admitted pro hac vice)
	Edward O. Sassower (ES 5823)
	Citigroup Center
	153 East 53rd Street
	New York, NY 10022-4611

	MONTHLY OPERATING INCOME (LOSS) (IN MILLIONS):	$	1

REPORT PREPARER:	CALPINE CORPORATION, et al.

	/s/ CHARLES B. CLARK, JR.
	Charles B. Clark, Jr.
	Senior Vice President and Chief Accounting Officer
DATE: August 14, 2007	Calpine Corporation

Abbreviation		Definition
2006 Form 10-K		Calpine Corporation’s Annual Report on Form 10-K for the year ended December 31, 2006, filed with the SEC on March 14, 2007
2007 First Quarter Form 10-Q		Calpine Corporation’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2007, filed with the SEC on May 9, 2007
2007 Second Quarter Form 10-Q		Calpine Corporation’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2007, filed with the SEC on August 8, 2007
2007 Forms 10-Q		2007 First Quarter Form 10-Q and 2007 Second Quarter Form 10-Q
Acadia PP		Acadia Power Partners, LLC
APH		Acadia Power Holdings, LLC, a wholly owned subsidiary of Cleco
Bankruptcy Code		U.S. Bankruptcy Code
Bankruptcy Courts		The U.S. Bankruptcy Court and the Canadian Court
CalGen		Calpine Generating Company, LLC
CalGen First Lien Debt		Collectively, $235,000,000 First Priority Secured Floating Rate Notes Due 2009 issued by CalGen and CalGen Finance; $600,000,000 First Priority Secured Institutional Terms Loans Due 2009 issued by CalGen; and the CalGen First Priority Revolving Loans
CalGen First Priority Revolving Loans		$200,000,000 First Priority Revolving Loans issued on or about March 23, 2004, pursuant to that Amended and Restated Agreement, among CalGen, the guarantors party thereto, the lenders party thereto, The Bank of Nova Scotia, as administrative agent, L/C Bank, lead arranger and sole bookrunner, Bayerische Landesbank, Cayman Islands Branch, as arranger and co-syndication agent, Credit Lyonnais, New York Branch, as arranger and co-syndication agent, ING Capital LLC, as arranger and co-syndication agent, Toronto Dominion (Texas) Inc., as arranger and co-syndication agent, and Union Bank of California, N.A., as arranger and co-syndication agent
CalGen Second Lien Debt		Collectively, $640,000,000 Second Priority Secured Floating Rate Notes Due 2010 issued by CalGen and CalGen Finance; and $100,000,000 Second Priority Secured Institutional Term Loans Due 2010 issued by CalGen
CalGen Third Lien Debt		Collectively, $680,000,000 Third Priority Secured Floating Rate Notes Due 2011 issued by CalGen and CalGen Finance; and $150,000,000 11 1/2% Third Priority Secured Notes Due 2011 issued by CalGen and CalGen Finance
CalGen Secured Debt		Collectively, the CalGen First Lien Debt, the CalGen Second Lien Debt and the CalGen Third Lien Debt

Abbreviation		Definition
	Second Priority Debt	Collectively, the Second Priority Notes and Calpine Corporation’s Senior Secured Term Loans Due 2007
	Second Priority Notes	Calpine Corporation’s Second Priority Senior Secured Floating Rate Notes Due 2007, 8 1/2% Second Priority Senior Secured Notes Due 2010, 8 3/4% Second Priority Senior Secured Notes Due 2013 and 9 7/8% Second Priority Senior Secured Notes Due 2011
	Securities Act	U.S. Securities Act of 1933, as amended
	SFAS	Statement of Financial Accounting Standards
	SOP	Statement of Position
	ULC I	Calpine Canada Energy Finance ULC
	U.S.	United States of America
	U.S. Bankruptcy Court	U.S. Bankruptcy Court for the Southern District of New York
	U.S. Debtor(s)	Calpine Corporation and each of its subsidiaries and affiliates that have filed voluntary petitions for reorganization under Chapter 11 of the Bankruptcy Code in the U.S. Bankruptcy Court, which matters are being jointly administered in the U.S. Bankruptcy Court under the caption In re Calpine Corporation, et al., Case No. 05-60200 (BRL)

				Page
Financial Statements as of and for the Month Ended June 30, 2007:
Consolidated Condensed Statement of Operations				11
Consolidated Condensed Balance Sheet				12
Notes to Unaudited Consolidated Condensed Financial Statements
	1.	Chapter 11 Cases and Related Disclosures		13
	2.	Basis of Presentation		17
	3.	Summary of Significant Accounting Policies		18
	4.	Recent Accounting Pronouncements		18
	5.	Cash and Cash Equivalents, Restricted Cash and Commodity Margin Deposits		19
	6.	DIP Facility		20
Schedules:
Schedule I			Consolidating Condensed Balance Sheet as of June 30, 2007	22
Schedule II			Consolidating Condensed Statement of Operations for the Month Ended June 30, 2007	23
Schedule III			Payroll and Payroll Taxes	24
Schedule IV			Federal, State and Local Taxes Collected, Received, Due or Withheld	25
Schedule V			Disbursements by Debtor	26
Schedule VI			Debtors’ Statement Regarding Insurance Policies	32
Schedule VII			Consolidated Condensed Statements of Operations for the Three and Six Months Ended June 30, 2007	33
Schedule VIII			Consolidated Condensed Statement of Cash Flows for the Six Months Ended June 30, 2007	34

	June 30, 2007
Assets:
Cash and cash equivalents	$	1
Accounts receivable		1
Inventories		2
Prepaid expenses		3
Property, plant and equipment, net		371
Total assets held for sale	$	378
Liabilities:
Current liabilities	$	10
Long-term liabilities		36
Minority interest		266
Total liabilities held for sale	$	312

Provision for expected allowed claims⁽¹⁾	$	84
Asset impairments⁽²⁾		(25	)
Professional fees		12
Interest (income) on accumulated cash		(9	)
Other⁽³⁾		14
Total reorganization items	$	76

Provision for expected allowed claims⁽¹⁾	$	6,228
Second Priority Debt⁽²⁾		3,672
Unsecured senior notes		1,880
Convertible notes		1,824
Notes payable and other liabilities – related party		1,164
Accounts payable and accrued liabilities		481
Total liabilities subject to compromise	$	15,249

	Current		Non-Current		Total
Debt service	$	103	$	112	$	215
Rent reserve		22		—		22
Construction/major maintenance		95		18		113
Security/project/insurance reserves		134		—		134
Collateralized letters of credit and other credit support		4		—		4
Other		52		18		70
Total	$	410	$	148	$	558

Power Contract Financing, L.L.C.	$	105
Gilroy Energy Center, LLC		50
Rocky Mountain Energy Center, LLC		31
Riverside Energy Center, LLC		35
Calpine King City Cogen, LLC		28
Metcalf Energy Center, LLC		6
Power Contract Financing III, LLC		4
	$	259

	Amount Withheld/Accrued			Amount Paid
Federal and state income taxes	$	(15	)	$	—
State and local taxes:
Property		4			3
Sales and use		(4	)		2
Franchise		—			—
Other		—			—
Total state and local taxes		—			5
Total taxes	$	(15	)	$	5

Cash flows from financing activities:
Repayments of notes payable and lines of credit	$	(89	)
Borrowings from project financing		15
Repayments of project financing		(69	)
Repayments on CalGen Secured Debt		(224	)
DIP Facility borrowings		614
Repayments of DIP Facility		(18	)
Redemptions of preferred interests		(4	)
Financing costs		(60	)
Other		3
Net cash provided by financing activities		168
Net increase in cash and cash equivalents		327
Cash and cash equivalents, beginning of period		1,077
Cash and cash equivalents, end of period	$	1,404
Cash paid (received) during the period for:
Interest, net of amounts capitalized	$	585
Income taxes	$	1
Reorganization items included in operating activities, net of cash received	$	65
Reorganization items included in investing activities, net of cash received	$	(250	)
Reorganization items included in financing activities, net of cash received	$	52

Supplemental disclosure of non-cash investing and financing activities:
DIP Facility borrowings used to extinguish the Original DIP Facility principal ($989), CalGen Secured Debt principal ($2,309), and operating liabilities ($88)	$	3,386
Project financing ($159) and operating liabilities ($33) extinguished with sale of Aries Power Plant	$	192
Fair value of loaned common stock returned	$	123
Letter of credit draws under the CalGen Secured Debt used for operating activities	$	16
Fair value of Metcalf cooperation agreement, with offsets to notes payable ($6) and operating liabilities ($6)	$	12