
<TABLE> <S> <C>


<ARTICLE>                     5
<LEGEND>
THIS SCHEDULE  CONTAINS  SUMMARY  FINANCIAL  INFORMATION  EXTRACTED FROM CALPINE
CORPORATION'S CONDENSED CONSOLIDATED BALANCE SHEET AS OF SEPTEMBER 30, 1998, AND
FROM THE CONDENSED CONSOLIDATED STATMENT OF OPERATIONS FOR THE NINE MONTHS ENDED
SEPTEMBER  30,  1998,AND  IS  QUALIFIED  IN ITS  ENTIRETY  BY  REFERNCE  TO SUCH
FINANCIAL STATEMENTS.
</LEGEND>
<CIK>            0000916457             
<NAME>           CALPINE CORPORATION             
<MULTIPLIER>                                   1,000
<CURRENCY>                                     U.S. DOLLAR
       
<S>                             <C>
<PERIOD-TYPE>                   9-MOS
<FISCAL-YEAR-END>                              DEC-31-1998
<PERIOD-START>                                 JAN-01-1998
<PERIOD-END>                                   SEP-30-1998
<EXCHANGE-RATE>                                1
<CASH>                                         100,620
<SECURITIES>                                   1,820
<RECEIVABLES>                                  100,816
<ALLOWANCES>                                   0
<INVENTORY>                                    13,926
<CURRENT-ASSETS>                               243,616
<PP&E>                                         1,379,427
<DEPRECIATION>                                 331,432
<TOTAL-ASSETS>                                 1,675,099
<CURRENT-LIABILITIES>                          96,535
<BONDS>                                        950,522
<PREFERRED-MANDATORY>                          0
<PREFERRED>                                    0
<COMMON>                                       20
<OTHER-SE>                                     272,805
<TOTAL-LIABILITY-AND-EQUITY>                   1,675,099
<SALES>                                        347,359
<TOTAL-REVENUES>                               382,915
<CGS>                                          241,515
<TOTAL-COSTS>                                  253,229
<OTHER-EXPENSES>                               23,272
<LOSS-PROVISION>                               0
<INTEREST-EXPENSE>                             65,138
<INCOME-PRETAX>                                51,499
<INCOME-TAX>                                   19,213
<INCOME-CONTINUING>                            32,286
<DISCONTINUED>                                 0
<EXTRAORDINARY>                                641
<CHANGES>                                      0
<NET-INCOME>                                   31,645
<EPS-PRIMARY>                                  1.58
<EPS-DILUTED>                                  1.50
        


</TABLE>
