SMUD and Calpine extend geothermal power agreement

SMUD and Calpine extend geothermal power agreement

Contract increases from 100 MW to 150 MW

Sacramento, Calif. - SMUD and Calpine LLC have reached a long-term extension and expansion of their existing power purchase agreement for geothermal energy from The Geysers, strengthening SMUD's long-term strategy to deliver reliable, clean electricity to its customers.

The new agreement progressively increases SMUD's geothermal power purchase from 100 megawatts to 150 megawatts and extends the contract through 2042. This expanded supply of around-the-clock, renewable geothermal energy will further support SMUD's 2030 Zero Carbon Plan and ongoing commitment to reliability, affordability and environmental stewardship.

"Expanding this partnership with Calpine supports our Zero Carbon Plan by bringing more dependable renewable energy to Sacramento, all while continuing to keep our rates among the lowest in California," said SMUD CEO and General Manager Paul Lau. "We're proud to lead the way toward a clean energy future that benefits both our customers and our region for generations to come."

Located north of San Francisco, The Geysers is the largest complex of geothermal power plants in the world. Geothermal power from The Geysers delivers highly reliable, renewable electricity every hour of every day, making it a valuable resource as SMUD continues to transition its power supply to clean energy.

"Calpine is pleased to deepen our partnership with SMUD as they continue leading the way on clean and reliable power for their customers," said Gevan Reeves, Vice President of West Origination and Development at Calpine. "Geothermal energy from The Geysers plays a unique role in supporting grid reliability while helping California meet its clean energy goals. We're proud to partner with SMUD to advance its zero-carbon vision continuing our commitment to the local communities in Lake and Sonoma Counties where our teams live and work to produce this renewable energy."

About SMUD

As the nation's sixth-largest, community-owned, not-for-profit electric service provider, SMUD has been providing low-cost, reliable electricity to Sacramento County for more than 75 years. SMUD is a recognized industry leader for its innovative energy efficiency programs, renewable power technologies and for its sustainable solutions for a healthier environment. In 2024, SMUD's power supply was about 62% carbon free, which is largely influenced by the weather and amount of hydroelectricity produced. SMUD's goal is to completely eliminate carbon in its electricity production by 2030 while maintaining reliability and keeping rates among the lowest in California - on average, 50% lower than its neighboring, investor-owned utility. For more information on SMUD's Zero Carbon Planand its customer programs, visit smud.org.

About Calpine LLC

Calpine LLC is America's largest generator of electricity from natural gas and geothermal resources, operating 79 facilities with more than 27,000 megawatts of generation capacity. Through wholesale power operations and our retail businesses, we serve customers in 22 states and Canada. The Geysers, a wholly owned indirect subsidiary of Calpine, is the world's largest geothermal electrical operation, supplying renewable baseload energy to California every hour of every day. Calpine is a business unit of Constellation (Nasdaq: CEG). If you would like to learn more about Calpine, follow us: Linkedin.com/company/Calpine.