Quarterly Consolidated Financial Data (unaudited)

Our quarterly operating results have fluctuated in the past and may continue to do so in the future as a result of a number of factors, including, but not limited to, our restructuring activities (including asset sales), the completion of development projects, the timing and amount of curtailment of operations under the terms of certain PPAs, the degree of risk management and marketing, hedging and optimization activities, energy commodity market prices and variations in levels of production. Furthermore, the majority of the dollar value of capacity payments under certain of our PPAs are received during the months of May through October.



	Quarter Ended
	December 31			September 30		June 30			March 31
	(in millions, except per share amounts)
2011
Operating revenues	$	1,459		$	2,209	$	1,633		$	1,499
Income from operations	196			403		183			18
Income (loss) before discontinued operations attributable to Calpine	$	(13	)	$	190	$	(70	)	$	(297	)
Discontinued operations, net of tax expense, attributable to Calpine	—			—		—			—
Net income (loss) attributable to Calpine	$	(13	)	$	190	$	(70	)	$	(297	)
Basic earnings (loss) per common share:
Income (loss) before discontinued operations attributable to Calpine	$	(0.03	)	$	0.39	$	(0.14	)	$	(0.61	)
Discontinued operations, net of tax expense, attributable to Calpine	—			—		—			—
Net income (loss) attributable to Calpine	$	(0.03	)	$	0.39	$	(0.14	)	$	(0.61	)
Diluted earnings (loss) per common share:
Income (loss) before discontinued operations attributable to Calpine	$	(0.03	)	$	0.39	$	(0.14	)	$	(0.61	)
Discontinued operations, net of tax expense, attributable to Calpine	—			—		—			—
Net income (loss) attributable to Calpine	$	(0.03	)	$	0.39	$	(0.14	)	$	(0.61	)
2010
Operating revenues	$	1,471		$	2,130	$	1,430		$	1,514
Income from operations	89			554		108			150
Income (loss) before discontinued operations attributable to Calpine	$	(186	)	$	198	$	(119	)	$	(55	)
Discontinued operations, net of tax expense, attributable to Calpine	162			19		4			8
Net income (loss) attributable to Calpine	$	(24	)	$	217	$	(115	)	$	(47	)
Basic earnings (loss) per common share:
Income (loss) before discontinued operations attributable to Calpine	$	(0.38	)	$	0.41	$	(0.25	)	$	(0.11	)
Discontinued operations, net of tax expense, attributable to Calpine	0.33			0.04		0.01			0.01
Net income (loss) attributable to Calpine	$	(0.05	)	$	0.45	$	(0.24	)	$	(0.10	)
Diluted earnings (loss) per common share:
Income (loss) before discontinued operations attributable to Calpine	$	(0.38	)	$	0.41	$	(0.25	)	$	(0.11	)
Discontinued operations, net of tax expense, attributable to Calpine	0.33			0.04		0.01			0.01
Net income (loss) attributable to Calpine	$	(0.05	)	$	0.45	$	(0.24	)	$	(0.10	)