Andrew Novotny Takes the Helm as Calpine's New CEO

HOUSTON, Oct. 1, 2024 /PRNewswire/ -- Andrew Novotny has formally stepped into his new role as Chief Executive Officer (CEO) of Calpine Corporation (Calpine), one of America's largest integrated competitive power companies. Novotny previously served as Calpine's President and Chief Operating Officer and was selected by the Board of Directors (Board) to succeed Thad Hill, who has served as CEO since 2014.

"I am grateful to our employees and Board of Directors for entrusting me with the opportunity to lead Calpine at such a pivotal moment for the power industry," said Novotny. "I would also like to recognize Thad's support and mentorship over the years. Under his leadership, Calpine has excelled at navigating changing markets, and with demand growing at record rates, we have the right mix of talents and assets to deliver reliable power for a sustainable future. I look forward to building on Calpine's success as America's premier competitive power company."

As part of the transition, first announced in February, Hill will remain a core member of Calpine's leadership structure as the company's new Executive Chairman of the Board.

"I have been privileged to work alongside Andrew for more than a decade," said Hill. "His strategic insights, deep industry knowledge and operational expertise give me tremendous confidence in the company's future. I look forward to supporting Andrew and the entire Calpine team in my new capacity as Executive Chairman of the Board."

Novotny joined Calpine in 2012 and has served as Calpine's President since May 2023, when he expanded the role he held as the Company's Chief Operating Officer since January 2021. 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.

"For our customers and our employees, this will be a seamless transition," added Novotny. "I believe in the direction we are headed, and I look forward to growing our footprint with new plants, new projects and new ways to help our customers."

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 77 power plants in operation and serves customers in 22 states and Canada, 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 follow us: Twitter.com/Calpine or Linkedin.com/Calpine.

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SOURCE Calpine Corporation