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Calpine Corporation, through its subsidiaries, engages in the generation and sale of electricity and electricity-related products in the United States. It offers electricity generated from natural gas-fired combustion and renewable geothermal facilities. The thermal energy produced by the gas-fired power cogeneration facilities is primarily sold to industrial users. The company engages in the ownership and operation of gas-fired power generation and cogeneration facilities, geothermal power generation facilities, geothermal steam fields, and gas pipelines. It markets electricity produced by its generating facilities to utilities and various third party purchasers. As of December 31, 2006, it had ownership or lease interests in 85 operating power generation facilities with 25,322 megawatts of net capacity. The firm has no submitted 13F filings and does not appear to be an investment advisor.

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