Calpine Announces Upcoming Leadership Changes, Next CEO

(HOUSTON, Texas) – February 27, 2024 – The Board of Directors (Board) at Calpine Corporation (Calpine), one of America’s largest integrated competitive power companies, shared details of a planned leadership transition effective October 1, 2024. The Board has selected Andrew Novotny, Calpine’s President and Chief Operating Officer, to succeed Thad Hill as the Company’s Chief Executive Officer (CEO). Hill, who has served as CEO for ten years, will assume the role of Executive Chairman of the Board.

“I have been fortunate to have worked with Andrew since he joined Calpine in 2012,” said Hill. “He has played a major role in our financial growth and has been a thought leader in both our long-term strategic vision and tactical decisions. I am confident Andrew is exceptionally well-suited to assume the role of CEO and I am excited about what that means for the future of Calpine.”

Since going private in 2018, in a deal lead by Energy Capital Partners along with the Canadian Pension Plan Investment Board and Access Industries, Calpine has enjoyed a time of financial success and growth. In addition to providing reliable and affordable generation, Calpine has expanded its wholesale and retail customer-facing businesses and has embarked on a new development program including not only its core generation business but also zero carbon efforts including expansion at The Geysers, its geothermal generation facilities, as well as large-scale battery storage and carbon capture and sequestration projects.

“Serving as CEO of Calpine has been the privilege of a lifetime. I remain committed to the Company and look forward to a new role as Executive Chairman in October,” added Hill.

Novotny joined Calpine in 2012 and has served as Calpine’s President since May 2023, when he expanded his role as the Company’s Chief Operating Officer, a position he has held since January 2021. In his new role, Novotny will continue to be responsible for the Company’s operations and will assume the other duties customarily carried out by CEOs. Before joining Calpine, Novotny served as Vice President of Financial Gas and Power Trading for the BG Group and Vice President at Duke Energy. He holds a Bachelor of Arts from Vanderbilt University, graduating magna cum laude with high honors in Economics. He also received a Master of Business Administration from Rice University, where he was named a Jones Scholar.

“I am gratified and humbled by the Board’s selection of me to succeed such an accomplished leader,” said Novotny. “I am most grateful to Thad for setting an example as a disciplined and effective leader, and to the Board for its confidence in me to further advance the strategy Thad and the team have created. I am looking forward to leading this great Company and our world-class workforce as we advance our vision of being the premier integrated power company in the U.S.”

Hill, in his new role as Executive Chairman of the Board of Directors, will continue to work with Novotny on issues important to the Company, contribute to the development of the Calpine’s long-term strategic plan and provide Board leadership.

About Calpine

Calpine Corporation is America’s largest generator of electricity from natural gas and geothermal resources with operations in competitive power markets. Calpine has 78 power plants in operation, including an 80-MW battery energy storage system (BESS) in Santa Ana, CA. Calpine also has the following three battery storage facilities under construction: (1) the 680-MW Nova BESS in Menifee, CA; (2) the 25-MW West Ford Flat BESS at The Geysers and (3) the 13-MW Bear Canyon BESS at The Geysers. Calpine serves customers in 22 states, Canada and Mexico with over 26,700 MW of generation capacity. Our clean, efficient, modern and flexible fleet uses advanced technologies to generate power in a low-carbon and environmentally responsible manner. We are uniquely positioned to benefit from the secular trends affecting our industry, including the abundant and affordable supply of clean natural gas, environmental regulation, aging power generation infrastructure and the increasing need for dispatchable power plants to successfully integrate intermittent renewables into the grid.

If you would like to learn more about Calpine and our sustainability efforts, please visit CalpineActsOnClimate.com, or follow us at Twitter.com/Calpine or Linkedin.com/Calpine.