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                                                                    EXHIBIT 23.2
 
                   CONSENT OF INDEPENDENT PUBLIC ACCOUNTANTS
 
     As independent public accountants, we hereby consent to the incorporation
by reference in this registration statement of our report dated February 10,
1998 (except for Note 16 as to which the date is February 17, 1998) included in
Calpine Corporation's Form 10-K for the year ended December 31, 1997 and to all
references to our Firm included in this registration statement.
 
                                          ARTHUR ANDERSEN LLP
 
San Jose, California
August 7, 1998
