<SUBMISSION>
<ACCESSION-NUMBER>0001095811-01-000039
<TYPE>424B5
<PUBLIC-DOCUMENT-COUNT>1
<FILING-DATE>20010103
<FILER>
<COMPANY-DATA>
<CONFORMED-NAME>CALPINE CAPITAL TRUST III
<CIK>0001125244
<ASSIGNED-SIC>4911
<IRS-NUMBER>776194923
<STATE-OF-INCORPORATION>DE
<FISCAL-YEAR-END>1231
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>424B5
<ACT>33
<FILE-NUMBER>333-47068
<FILM-NUMBER>1501276
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>50 WEST SAN FERNANDO STREET
<CITY>SAN JOSE
<STATE>CA
<ZIP>95113
<PHONE>4089955115
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>50 WEST SAN FERNANDO STREET
<CITY>SAN JOSE
<STATE>CA
<ZIP>95113
</MAIL-ADDRESS>
</FILER>
<FILER>
<COMPANY-DATA>
<CONFORMED-NAME>CALPINE CORP
<CIK>0000916457
<ASSIGNED-SIC>4911
<IRS-NUMBER>770212977
<STATE-OF-INCORPORATION>DE
<FISCAL-YEAR-END>1231
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>424B5
<ACT>33
<FILE-NUMBER>333-47068-01
<FILM-NUMBER>1501277
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>50 WEST SAN FERNANDO ST
<CITY>SAN JOSE
<STATE>CA
<ZIP>95113
<PHONE>4089955115
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>50 W SAN FERNANDO
<STREET2>SUITE 500
<CITY>SAN JOSE
<STATE>CA
<ZIP>95113
</MAIL-ADDRESS>
</FILER>
<DOCUMENT>
<TYPE>424B5
<SEQUENCE>1
<FILENAME>f68308b5e424b5.txt
<DESCRIPTION>424B5
<TEXT>

<PAGE>   1

                                                Filed Pursuant to Rule 424(b)(5)
                                                      Registration No. 333-47068

        PROSPECTUS SUPPLEMENT TO THE PROSPECTUS DATED NOVEMBER 14, 2000
                                       OF

                              CALPINE CORPORATION
                                  RELATING TO
                        RESALES BY SELLING SHAREHOLDERS
                                       OF

                      5% CONVERTIBLE PREFERRED SECURITIES
             REMARKETABLE TERM INCOME DEFERRABLE EQUITY SECURITIES
                                (HIGH TIDES(SM))

     The Prospectus dated November 14, 2000, as supplemented to date (the
"Prospectus") relating to resales by selling shareholders of 5% Convertible
Preferred Securities, Remarketable Term Income Deferrable Equity Securities
(HIGH TIDES(SM)), is hereby supplemented by amending the "Selling Holders"
section on pages 24-28 thereof, by inserting the following as a new selling
holder in the appropriate alphabetical location:

<TABLE>
<CAPTION>
                                                                NUMBER
                                                                  OF
                       SELLING HOLDER                         HIGH TIDES
                       --------------                         ----------
<S>                                                           <C>
Bear Stearns Securities Corp(1).............................    70,500
</TABLE>

                            ------------------------

                  Prospectus Supplement dated January 3, 2001

------------------------
(1)As record owner for Highbridge Capital Corporation, the beneficial owner.
</TEXT>
</DOCUMENT>
</SUBMISSION>
