Exhibit 99.1

Item 6.  Selected Financial Data

Selected Consolidated Financial Data(1)

		Years Ended December 31,
		2002		2001		2000		1999		1998
				Restated(1)		Restated(1)
		(In thousands, except earnings per share)
Statement of Operations data:
Total revenue		$	7,450,247	$	6,747,364	$	2,375,178	$	890,789	$	604,448
Income before discontinued operations and cumulative effect of a change in accounting principle		$	59,145	$	587,419	$	332,803	$	89,939	$	26,480
Discontinued operations, net of tax			59,473		35,037		36,281		16,711		12,037
Cumulative effect of a change in accounting principle			—		1,036		—		—		—
Net income		$	118,618	$	623,492	$	369,084	$	106,650	$	38,517
Basic earnings per common share:
	Income before discontinued operations and cumulative effect of a change in accounting principle	$	0.16	$	1.94	$	1.18	$	0.40	$	0.15
Diluted earnings per common share:
	Income before discontinued operations and cumulative effect of a change in accounting principle	$	0.16	$	1.70	$	1.07	$	0.38	$	0.14
	Discontinued operations, net of tax provision		0.17		0.10		0.11		0.07		0.07
	Net income	$	0.33	$	1.80	$	1.18	$	0.45	$	0.21
Balance Sheet data:
Total assets		$	23,226,992	$	21,937,227	$	10,610,232	$	4,400,902	$	2,032,009
Short-term debt and capital lease obligations			1,651,448		903,307		64,525		47,470		5,450
Long-term debt and capital lease obligations			12,462,290		12,490,175		5,018,044		2,214,921		1,211,377
Company-obligated mandatorily redeemable convertible preferred securities of subsidiary trusts		$	1,123,969	$	1,122,924	$	1,122,390	$	270,713	$	—

(1)  See Note 2 of Notes to Consolidated Financial Statements regarding the restatement of financial statements.

1

		Years Ended December 31,
Reconciliation of GAAP net income to EBITDA,
as adjusted(1):		2002			2001			2000			1999			1998
					Restated(2)			Restated(2)
		(In thousands)
GAAP net income		$	118,618		$	623,492		$	369,084		$	106,650		$	38,517
Income from unconsolidated investments in power projects			(16,552	)		(16,946	)		(28,796	)		(36,593	)		(25,240	)
Distributions from unconsolidated investments in power projects			14,117			5,983			29,979			43,318			27,717
	Adjusted net income		116,183			612,529			370,267			113,375			40,994
Interest expense			413,702			198,473			81,890			96,932			86,031
1/3 of operating lease expense			37,007			33,173			21,154			11,198			5,710
Distributions on trust preferred securities			62,632			62,412			45,076			2,565			—
Provision (benefit) for income taxes			(12,181	)		299,427			231,451			61,523			19,592
Depreciation, depletion and amortization expense			459,465			311,302			195,863			112,665			99,891
Interest expense, provision for income taxes and depreciation from discontinued operations			78,186			85,007			73,971			35,093			30,274
EBITDA, as adjusted(1)		$	1,154,994		$	1,602,323		$	1,019,672		$	433,351		$	282,492

(1)

This non-GAAP measure is presented not as a measure of operating results, but rather as a measure of our ability to service debt. It should not be construed as an alternative to either (i) income from operations or (ii) cash flows from operating activities. It is defined as net income less income from unconsolidated investments, plus cash received from unconsolidated investments, plus provision for tax, plus interest expense, plus one-third of operating lease expense, plus depreciation, depletion and amortization, plus distributions on trust preferred securities. The interest, tax and depreciation and amortization components of discontinued operations are added back in calculating EBITDA, as adjusted. In 2002, we recorded a non-cash equipment cancellation charge of $0.4 billion. If the calculation disclosed above added back this non-cash charge, EBITDA, as adjusted would have been $1.6 billion.

(2)

See Note 2 of Notes to Consolidated Financial Statements regarding the restatement of financial statements.

2

Selected Operating Information

			Years Ended December 31,
			2002		2001		2000		1999		1998
					Restated(1)		Restated(1)
			(Dollars in thousands, except production and pricing data)
Power Plants:
Electricity and steam (“E&S”) revenues:
	Energy		$	2,299,450	$	1,722,671	$	1,220,684	$	452,909	$	331,983
	Capacity			797,921		536,193		376,085		252,565		125,804
	Thermal and other			182,920		158,617		99,297		54,851		50,110
		Subtotal	$	3,280,291	$	2,417,481	$	1,696,066	$	760,325	$	507,897
E&S revenue from discontinued operations				16,915		17,112		7,178		—		—
Spread on sales of purchased power(2)				527,546		345,834		11,262		2,476		334
Adjusted E&S revenues			$	3,824,752	$	2,780,427	$	1,714,506	$	762,801	$	508,231
Megawatt hours produced				74,541,729		43,542,293		22,749,588		14,802,709		9,864,080
All-in electricity price per megawatt hour generated			$	51.31	$	63.86	$	75.36	$	51.53	$	51.52

(1)	See Note 2 of Notes to Consolidated Financial Statements regarding the restatement of financial statements.
(2)	From hedging, balancing and optimization activities related to our generating assets.

      Set forth above is certain selected operating information for our power plants and, through May 1999 for our geothermal steam fields at The Geysers, for which results are consolidated in our statements of operations. Electricity revenue is composed of fixed capacity payments, which are not related to production, and variable energy payments, which are related to production. Capacity revenues include, besides traditional capacity payments, other revenues such as Reliability Must Run and Ancillary Service revenues. The information set forth under thermal and other revenue consists of host steam sales and other thermal revenue, including our geothermal steam field revenues prior to our acquisition of the PG&E geothermal power plants at The Geysers on May 7, 1999.

3

      Set forth below is a table summarizing the dollar amounts and percentages of our total revenue for the years ended December 31, 2002, 2001, and 2000, that represent purchased power and purchased gas sales and the costs we incurred to purchase the power and gas that we resold during these periods (in thousands, except percentage data):

	Year Ended December 31,
	2002			2001			2000
				Restated(1)			Restated(1)
Total revenue	$	7,450,247		$	6,747,364		$	2,375,178
Sales of purchased power		3,145,991			3,332,412			369,911
As a percentage of total revenue		42.2	%		49.4	%		15.6	%
Sale of purchased gas		870,466			526,517			87,119
As a percentage of total revenue		11.7	%		7.8	%		3.7	%
Total cost of revenue (“COR”)		6,435,392			5,516,128			1,627,409
Purchased power expense		2,618,445			2,986,578			358,649
As a percentage of total COR		40.7	%		54.1	%		22.0	%
Purchased gas expense		821,065			492,587			107,591
As a percentage of total COR		12.8	%		8.9	%		6.6	%

(1)  See Note 2 of Notes to Consolidated Financial Statements regarding the restatement of financial statements.

      The primary reasons for the significant levels of these sales and costs of revenue items include: (a) the growth of Calpine Energy Services (“CES”) in 2001 and 2002 compared to 2000 and the corresponding increase in hedging, balancing and optimization activities; (b) particularly volatile markets for electricity and natural gas, which prompted us to frequently adjust our hedge positions by buying power and gas and reselling it; (c) the accounting requirements under Staff Accounting Bulletin (“SAB”) No. 101, “Revenue Recognition in Financial Statements,” and Emerging Issues Task Force (“EITF”) Issue No. 99-19, “Reporting Revenue Gross as a Principal versus Net as an Asset”, which require us to show most of our hedging contracts on a gross basis (as opposed to netting sales and cost of revenue); and (d) rules in effect throughout 2001 and 2002 associated with the NEPOOL market in New England, which require that all power generated in NEPOOL be sold directly to the Independent System Operator (“ISO”) in that market; we then buy from the ISO to serve our customer contracts. Generally accepted accounting principles require us to account for this activity, which applies to three of our merchant generating facilities, as the aggregate of two distinct sales and one purchase. This gross basis presentation increases revenues but not gross profit. The table below details the financial extent of our transactions with NEPOOL for the period indicated. The increase in 2001 is primarily due to our entrance into the NEPOOL market, which began with our acquisition of the Dighton, Tiverton, and Rumford facilities on December 15, 2000.

		Year Ended December 31,
		2002		2001		2000
				Restated(1)		Restated(1)
		(In thousands)
Sales to NEPOOL from power we generated		$	294,634	$	285,706	$	8,511
Sales to NEPOOL from hedging and other activity			106,861		165,416		—
	Total sales to NEPOOL	$	401,495	$	451,122	$	8,511
Total purchases from NEPOOL		$	360,113	$	413,875	$	—

(1)  See Note 2 of Notes to Consolidated Financial Statements regarding the restatement of financial statements.

(The information contained in the Selected Financial Data is derived from the audited

Consolidated Financial Statements of Calpine Corporation and Subsidiaries. See the Notes to the Consolidated Financial Statements and Item 7. “Management’s Discussion and Analysis of Financial Condition — Results of Operation” for additional information.)

4