CALGARY, May 19, 2004 (Canada NewsWire via COMTEX) -- Calpine Power Income Fund (TSX: CF.UN) today confirmed that the cash distribution for the period May 1 to May 31 has been set at $0.079 per trust unit. The cash distribution for this period will be paid on June 18, 2004 to unitholders of record on May 31, 2004. The ex- distribution date is May 27, 2004.

The Fund is also pleased to report that the acquisition by the Fund of the King City Cogeneration Facility and related transactions (collectively, the "Transaction") was approved by Unitholders, excluding Calpine Corporation and certain related parties, at the Annual and Special Meeting of the Fund, held on May 18, 2004. The Transaction is expected to close on or around May 20, 2004.

Calpine Power Income Fund is an unincorporated open-ended trust that invests in electrical power assets. The Fund indirectly owns interests in two power plants, one in British Columbia and one in Alberta, and also has a loan interest in a power plant in Ontario. The Fund is managed by Calpine Canada Power Ltd., which is headquartered in Calgary, Alberta.

The Calpine Power Income Fund units are listed on the Toronto Stock Exchange under the symbol CF.UN.

VIEW ADDITIONAL COMPANY-SPECIFIC INFORMATION: http://www.newswire.ca/en/releases/orgDisplay.cgi?okey=44881

For further information:
www.calpinepif.com
Darlice Albers
Investor/Media Relations
Phone: (403) 781-3148
Email: ir(at)calpinecanada.com
John W. Nearing, Vice President and Chief Financial Officer
Phone: (403) 781-6200