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<DESCRIPTION>CALPINE CORP. FORM 8-K PRESS RELEASE
<TEXT>


                                  UNITED STATES

                       SECURITIES AND EXCHANGE COMMISSION

                             Washington, D.C. 20549


                                    FORM 8-K

                                 Current Report

                       Pursuant to Section 13 or 15(d) of

                           The Securities Act of 1934


       Date of Report (Date of earliest event reported): February 6, 2001



                               CALPINE CORPORATION

                            (A Delaware Corporation)

                        Commission File Number: 033-73160

                 I.R.S. Employer Identification No. 77-0212977


                           50 West San Fernando Street

                           San Jose, California 95113

                            Telephone: (408) 995-5115


<PAGE>

ITEM 5.  OTHER EVENTS

     On February 6, 2001, Calpine  Corporation  announced  operating results for
the quarter and year ended December 31, 2000.

     On February 8, 2001, Calpine Corporation  announced plans to acquire all of
the common shares of Encal Energy Ltd., a Calgary, Alberta-based natural gas and
petroleum exploration and development company.


(C)      Exhibits.

     99.0 Press release dated February 6, 2001, announcing operating results for
the quarter and year ended December 31, 2000.

     99.1 Press  release  dated  February 8, 2001,  announcing  plans to acquire
Encal Energy Ltd.


SIGNATURES

Pursuant to the  requirements  of the  Securities  and Exchange Act of 1934, the
registrant  has duly  caused  this  report  to be  signed  on its  behalf by the
undersigned hereunto duly authorized.

                               CALPINE CORPORATION


                          By: /s/ Charles B. Clark, Jr.
                              -------------------------
                              Charles B. Clark, Jr.
                          Vice President and Controller
                            Chief Accounting Officer
February 8, 2001


<PAGE>

EXHIBIT 99.0

                                              NEWS RELEASE Contact: 408/995-5115
                                        Public Relations: Bill Highlander, X1244
                                         Investor Relations: Rick Barraza, X1125

               CALPINE  REPORTS  EARNINGS  PER  SHARE UP 158% FOR 2000
                 Expanded Generation Base and Increased Demand
                       for Electricity Fuel Strong Results

         (SAN JOSE, CALIF.) February 6, 2001 -- Calpine Corporation  [NYSE:CPN],
one of the nation's fastest growing independent power companies,  today reported
strong  financial and operating  results for the quarter and year ended December
31, 2000.

         Net income,  before  extraordinary  charge, for the year ended December
31, 2000 was $324.7  million,  representing a 238% increase over 1999 net income
of $96.2 million.  Diluted earnings per share, before extraordinary charge, rose
158% to $1.11 per share, from $0.43 in 1999. Revenue for the year increased 171%
to $2.3 billion, from $847.7 million a year ago. Earnings Before Interest,  Tax,
Depreciation and Amortization (EBITDA) was $825.9 million for 2000, up 135% from
$351.5  million in 1999.  Total assets as of December 31, 2000 were $9.7 billion
as compared to $4.0 billion at December 31, 1999.

         Calpine CEO and President Peter  Cartwright  stated,  "2000 was another
outstanding  year for Calpine.  The execution of our successful  growth strategy
continues to deliver strong earnings growth and generate exceptional shareholder
value. Our ability to meet the challenges and opportunities in the ever-changing
power  industry is  reflected in the  strength of our  organization,  our proven
track record, and outstanding plant performance."

         For the quarter ended December 31, 2000, net income was $107.7 million,
an increase of 250% compared to $30.8  million  for the fourth  quarter in 1999.
Diluted  earnings per share for the quarter  were $0.34 per share,  up 183% from
$0.12 per share for the same period in 1999.  Revenue for the quarter  increased
304% to $1.0 billion, compared to $247.5 million for the same period a year ago.
EBITDA for the quarter ended December 31, 2000 was $263.1 million,  up 138% from
$110.6 million in 1999.

         Financial  results  for the  twelve  months  ended  December  31,  2000
benefited  primarily  from the  execution of  Calpine's  strategy to acquire and
build low-cost  power  generation  facilities  around the country in key markets
where supply is  insufficient  to meet the rising  demand for power and from the
continued  optimization of these assets through Calpine's vertically  integrated
organization.

         "Looking ahead,  Calpine has launched the largest  construction program
in the history of our industry," added  Cartwright.  "Our goal is to develop and
have in operation by the end of 2005,  70,000  megawatts of the  cleanest,  most
fuel-efficient  fleet  of  generating  facilities  in the  country.  We have the
people, the equipment and the financial strength to execute this program."

         Highlights for 2000 include:

ACQUISITION PROGRAM

         Acquiring  strategic power and natural gas assets has been an important
part  of  Calpine's  growth  strategy.   Throughout  2000,  several  significant
acquisitions were completed adding to a powerful base of earnings and cash flows
to  fuel  Calpine's  growth.  In  the  fourth  quarter,  Calpine  completed  the
acquisition  of SkyGen  Energy with a large  portfolio  of plants in  operation,
construction  and  development.  The company also closed the  acquisition of the
remaining  interests  in three new power  facilities  in New England from Energy
Management, Inc. These highly efficient power facilities will increase Calpine's
portfolio in the Northeast to over 1,700 megawatts. Throughout the year, Calpine
completed a number of other  transactions  that  consolidated  its  ownership in
operating  facilities  by acquiring the  remaining  interests in several  energy
centers located in California, Florida, and New York.

         To enhance the company's fuel position,  Calpine acquired Calgary-based
oil and gas company TriGas  Exploration,  Inc.,  adding 30 million cubic feet of
gas  equivalent  per day to Calpine's  strategic gas reserves.  In separate 2000
transactions,  Calpine also added additional  proven gas reserves in several key
gas markets that strengthen the company's position as the leading low-cost power
provider.

DEVELOPMENT PROGRAM

         Calpine has launched the largest  construction and development  program
in the power  industry  to date.  Currently,  the  company  has 24 plants  under
construction  totaling 13,400  megawatts and 24 plants in announced  development
totaling  14,200  megawatts,  compared  with 10 plants  and 4,400  megawatts  in
construction  and 11 plants and 6,200 megawatts in announced  development at the
end of 1999.

         During  2000,  Calpine  successfully  completed  construction  of  five
facilities  totaling  nearly  1,500  megawatts  of  efficient  power  generation
facilities in New England, Texas and the Midwest.

         Development  highlights from 2000 include the  announcements  of 32 new
facilities,  totaling  approximately 18,500 megawatts,  to be built in key power
markets  throughout  the U.S.  and Canada.  In  addition,  the pipeline of early
development  opportunities  increased  to 95  projects,  up from 70 a year  ago.
Totaling  all  current  projects in  operation,  construction  and  development,
Calpine is working on project opportunities in 32 states,  compared to 19 at the
end of 1999.

         In 2000,  Calpine continued to focus on its major equipment and turbine
maintenance  programs to lower costs and maximize  value.  To date,  Calpine has
placed  firm  orders  for  174  gas  turbines,   which,   when  operating  in  a
combined-cycle  mode,  represent  over  43,000  megawatts  of power  generation.
Calpine also ordered 15 General  Electric LM6000 gas turbines to provide peaking
power in certain key markets where peaking capacity is essential. In addition to
turbines,  the company focused on other critical equipment necessary for the new
energy centers and has placed orders for 85 heat recovery steam  generators from
Nooter/Eriksen.

         To support Calpine's operational activities,  the company acquired Boca
Raton,  Fla.-based  Power Systems  Manufacturing  (PSM).  An industry  leader in
combustion  turbine  component  engineering,  design  and  manufacturing,  PSM's
in-house  capabilities  provide  Calpine  with a  competitive  advantage  in the
ongoing maintenance and operation of its growing power portfolio.

POWER AND GAS MARKETING

         To  enhance  the  value of its  regional  systems  of power  generating
facilities,  Calpine continued to build-up its world-class power and gas trading
and marketing  organization.  Based in Houston,  this group now numbers over 120
industry  professionals and is actively marketing Calpine's power and gas assets
to maximize the value of the company's portfolio.

         During  the year,  Calpine  marketers  forged  multi-year  power  sales
agreements with Seminole  Electric  Cooperative,  Sacramento  Municipal  Utility
District,  Imperial Irrigation  District,  and Pacific Gas and Electric Company.
Calpine  signed a 20-year  tolling  contract  with Aquila Energy and completed a
first-of-its-kind gas purchase agreement with EOG Resources that links the daily
price of natural gas to the price of electricity.  The company also entered into
a long-term  firm storage  agreement that can provide up to 4 billion cubic feet
of natural gas inventory to help fuel Calpine's Northern  California  generation
portfolio.

CAPITAL PROGRAM

         Continuing  to  enhance  its  financial  strength,   Calpine's  finance
organization completed a number of transactions in 2000 including a $2.3 billion
capital markets  offering,  a second revolving  construction  credit facility of
$2.5 billion, several operating lease financings, a $400 million leveraged-lease
financing, and a $400 million, three-year revolving line of credit.

         Additionally,  Calpine completed two, 2-for-1 stock splits, raised $360
million through private placement of convertible preferred  securities,  and was
upgraded to investment grade by Fitch.

EARNINGS CONFERENCE CALL

         Calpine  will host a  conference  call to  review  fourth  quarter  and
year-end  results.  The conference call will take place on Tuesday,  February 6,
2001,  at 7:30 am PST. The call is available  in a  listen-only  mode by calling
1-877-692-2592  five  minutes  prior  to  the  start  of  the  conference  call.
International callers should dial 1-973-628-6885.

         In addition,  Calpine will simulcast the  conference  call live via the
Internet on Tuesday,  February 6, 2001.  The webcast can be accessed and will be
available  for 30 days on the investor  relations  page of Calpine's  website at
www.calpine.com.

ABOUT CALPINE

         Based  in  San  Jose,  Calif.,  Calpine  Corporation  is  dedicated  to
providing customers with reliable and competitively priced electricity.  Calpine
is focused on clean, efficient combined-cycle,  natural gas-fired generation and
is the world's  largest  producer of renewable  geothermal  energy.  Calpine has
launched the largest power development program in North America. The company was
founded in 1984 and is publicly  traded on the New York Stock Exchange under the
symbol  CPN.  For  more  information   about  Calpine,   visit  its  website  at
www.calpine.com.

This  news  release   discusses   certain   matters   that  may  be   considered
"forward-looking" statements within the meaning of Section 27A of the Securities
Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934,
as  amended,  including  statements  regarding  the  intent,  belief or  current
expectations  of  Calpine   Corporation  ("the  Company")  and  its  management.
Prospective investors are cautioned that any such forward-looking statements are
not  guarantees  of  future  performance  and  involve  a number  of  risks  and
uncertainties  that could  materially  affect  actual  results  such as, but not
limited to, (i) changes in government regulations,  including pending changes in
California,  and anticipated  deregulation of the electric energy industry, (ii)
commercial  operations of new plants that may be delayed or prevented because of
various  development  and  construction  risks,  such  as a  failure  to  obtain
financing  and the  necessary  permits to operate or the failure of  third-party
contractors to perform their contractual  obligations,  (iii) cost estimates are
preliminary  and actual costs may be higher than  estimated,  (iv) the assurance
that the Company will develop additional plants, (v) a competitor's  development
of a lower-cost generating gas-fired power plant, (vi) the risks associated with
marketing  and selling power from power plants in the newly  competitive  energy
market, (vii) the risks associated with marketing and selling combustion turbine
parts and components in the competitive  combustion turbine parts market, (viii)
the risks associated with engineering,  designing and  manufacturing  combustion
turbine parts and components,  or (ix) delivery and performance risks associated
with combustion turbine parts and components attributable to production, quality
control, suppliers and transportation.  Prospective investors are also cautioned
that the California energy market remains uncertain. The Company's management is
working  closely  with a number of parties to resolve the  current  uncertainty.
This is an ongoing process and, therefore,  the outcome cannot be predicted.  It
is  possible   that  any  such  outcome  will  include   changes  in  government
regulations,  business and contractual relationships or other factors that could
materially  affect  the  Company.  However,  management  believes  that a  final
resolution will not have a material  adverse impact on the Company.  Prospective
investors are also referred to the other risks  identified  from time to time in
the Company's reports and registration  statements filed with the Securities and
Exchange Commission.

<PAGE>
                      CALPINE CORPORATION AND SUBSIDIARIES
                      Consolidated Statements of Operations
        For the Three and Twelve Months Ended December 31, 2000 and 1999
                    (in thousands, except per share amounts)
                                   (unaudited)
<TABLE>
<CAPTION>
                                                                    Three Months Ended              Twelve Months Ended
                                                                       December 31,                      December 31,
                                                                ---------------------------     ---------------------------
                                                                    2000            1999            2000            1999
                                                                -----------     -----------     -----------     -----------
<S>                                                             <C>             <C>           <C>               <C>

Revenue:
  Electricity and steam sales ................................. $   609,390     $   230,560     $ 1,702,320     $   760,325
  Service contract revenue (1).................................     351,000           8,689         480,234          43,773
  Income from unconsolidated investments in power projects.....       2,798           2,430          24,639          36,593
  Interest income on loans to power projects ..................       4,827              --           4,827           1,226
  Other revenue ...............................................      36,801           5,818          70,773           5,818
                                                                -----------     -----------     -----------     -----------
     Total revenue ............................................   1,004,816         247,497       2,282,793         847,735
                                                                -----------     -----------     -----------     -----------
Cost of revenue:
  Plant operating expenses (2).................................      75,951          38,034         220,222         122,707
  Fuel expenses ...............................................     249,631          74,469         612,947         268,734
  Depreciation expense ........................................      52,180          26,518         154,263          82,812
  Production royalties ........................................      13,035           4,022          32,325          13,767
  Operating lease expenses ....................................      23,059          10,055          69,419          33,594
  Service contract expenses (1)................................     343,766           7,556         469,500          40,236
                                                                -----------     -----------     -----------     -----------
     Total cost of revenue ....................................     757,622         160,654       1,558,676         561,850
                                                                -----------     -----------     -----------     -----------
Gross profit ..................................................     247,194          86,843         724,117         285,885

Project development expenses ..................................      12,481           3,045          27,556          10,712
General and administrative expenses (2)........................      43,315          17,609          94,113          48,671
                                                                -----------     -----------     -----------     -----------
     Income from operations ...................................     191,398          66,189         602,448         226,502

Other expense (income):
Interest expense ..............................................         704          20,972          56,700          91,162
Distributions on trust preferred securities ...................      15,497           2,565          44,210           2,565
Interest income ...............................................     (10,828)         (7,801)        (39,901)        (24,106)
Minority interest, net ........................................        (498)             --           2,684              --
Other income, net .............................................        (173)            (72)         (4,883)         (1,335)
                                                                -----------     -----------     -----------     -----------
     Income before provision for income taxes .................     186,696          50,525         543,638         158,216

Provision for income taxes ....................................      78,951          19,759         218,951          61,973
                                                                -----------     -----------     -----------     -----------
     Income before extraordinary charge .......................     107,745          30,766         324,687          96,243
     Extraordinary charge, net of tax benefit of
       $ --, $ --, $796 and $793 ..............................          --              --           1,235           1,150
                                                                -----------     -----------     -----------     -----------
     Net income ............................................... $   107,745     $    30,766     $   323,452     $    95,093
                                                                ===========     ===========     ===========     ===========
Basic earnings per common share:
   Weighted average shares of common stock outstanding ........     281,817         239,553         264,799         209,314
   Income before extraordinary charge ......................... $      0.38     $      0.13     $      1.23     $      0.46
   Extraordinary charge ....................................... $        --     $        --     $      0.01     $      0.01
   Net income ................................................. $      0.38     $      0.13     $      1.22     $      0.45

Diluted earnings per common share:
   Weighted average shares of common stock outstanding
     before dilutive effect of certain trust preferred
     securities ...............................................     297,909         254,865         280,776         222,644
   Income before extraordinary charge and dilutive
     effect of certain trust preferred securities ............. $      0.36     $      0.12     $      1.16     $      0.43
   Dilutive effect of certain trust preferred securities (3) .. $      0.02     $        --     $      0.05     $        --
   Income before extraordinary charge ......................... $      0.34     $      0.12     $      1.11     $      0.43
   Extraordinary charge ....................................... $        --     $        --     $      0.01     $      0.01
   Net income ................................................. $      0.34     $      0.12     $      1.10     $      0.43
   EBITDA (4) ................................................. $   263,096     $   110,642     $   825,925     $   351,528

</TABLE>
1    Service  contract  revenue  and  expenses  in 1999 have been  reclassed  to
     conform with 2000 presentation.

2    Certain 1999 expenses have been reclassed  from general and  administrative
     expenses to plant operating expenses to conform with the 2000 presentation.

3    Includes  the  effect  of  the  assumed  conversion  of the  certain  trust
     preferred  securities.  For the three and twelve months ended  December 31,
     2000, the assumed  conversion  calculation adds 44,882 and 31,746 shares of
     common stock and $9,432 and $20,841 to the net income results, representing
     the after tax  distribution  expense on certain trust preferred  securities
     avoided upon conversion.

4    EBITDA  is  defined  as  net  income  less   income   from   unconsolidated
     investments,  plus cash  received  from  unconsolidated  investments,  plus
     provision for tax, plus interest expense, plus one-third of operating lease
     expenses,  plus depreciation and amortization,  plus distributions on trust
     preferred securities.


EXHIBIT 99.1

                                            NEWS RELEASE Contact: (408) 995-5115
                                        Media Relations: Katherine Potter, X1168
                                         Investor Relations: Rick Barraza, X1125

                       CALPINE CORPORATION ANNOUNCES PLANS
                  TO ACQUIRE ENCAL ENERGY LTD. FOR $1.2 BILLION
    Company to Add 1.0 Trillion Cubic Feet Equivalent of Natural Gas Reserves

         (SAN JOSE, CALIF.) February 8, 2001 -- Calpine Corporation [NYSE: CPN],
the San Jose, Calif.-based independent power company, announced plans to acquire
all of the common shares of Encal Energy Ltd.  [TSE:ENL;  NYSE:ECA],  a Calgary,
Alberta-based  natural gas and petroleum  exploration and  development  company,
through a  stock-for-stock  exchange.  The aggregate value of the transaction is
approximately US$1.2 billion, including the assumed net indebtedness of Encal.

         Upon completion of the acquisition, Calpine will gain approximately 1.0
trillion cubic feet equivalent of proved and probable natural gas reserves,  net
of royalties.  This transaction also provides access to firm gas  transportation
capacity  from  western  Canada  to  California  and the  eastern  U.S.,  and an
accomplished  management team capable of leading Calpine's business expansion in
Canada.

         Encal's assets currently  produce  approximately 230 million cubic feet
of gas  equivalent  (mmcfe) per day, net of royalties.  The company's  reserves,
which are primarily natural gas and associated natural gas liquids,  represent a
significant strategic addition to Calpine's natural gas portfolio.

         This  acquisition  will increase  Calpine's net production to 390 mmcfe
per day in North America.  Daily gas production under Calpine's control will now
be sufficient to fuel  approximately  2,300  megawatts of its power fleet.  Upon
completion of the acquisition,  Calpine's  proved and probable  reserves will be
1.7 trillion cubic feet equivalent, net of royalties.

         Peter  Cartwright,  president  and CEO of Calpine,  said,  "We are very
pleased to have such a high quality  organization  as Encal join our natural gas
team.  Encal's  properties are an excellent fit with Calpine's natural gas-fired
electric  generating  assets,  especially in California and the central U.S. The
acquisition will provide Calpine the opportunity to increase its margins through
reduced fuel costs."

         Under the terms of the definitive  agreement,  Encal  shareholders will
receive  Cdn$12.00  per share in Calpine  common  equivalent  shares based on an
exchange ratio to be determined prior to closing. The transaction is expected to
be  accounted  for  as  a  pooling-of-interests.  It  is  anticipated  that  the
transaction will be approximately  $0.20 accretive to earnings per share in 2001
and 2002. The  transaction is subject to approval by the  shareholders of Encal,
as well as court  and  regulatory  approvals,  and is  expected  to close in the
second quarter of 2001. Holders of approximately 34 percent of the fully diluted
Encal shares have agreed to vote in favor of the transaction.

         Goldman, Sachs & Co., Scotia Capital Inc., and Ernst & Young  Corporate
Finance Inc. acted as financial advisors to Calpine.

         Based  in  San  Jose,  Calif.,  Calpine  Corporation  is  dedicated  to
providing customers with reliable and competitively priced electricity.  Calpine
is focused on clean, efficient combined-cycle,  natural gas-fired generation and
is the world's  largest  producer of renewable  geothermal  energy.  Calpine has
launched the largest power  development  program in North America.  To date, the
company has  approximately  28,300  megawatts  of base load  capacity  and 5,200
megawatts of peaking capacity in operation,  under construction and in announced
development  in 27 states and  Canada.  The  company  was founded in 1984 and is
publicly  traded on the New York Stock  Exchange  under the symbol CPN. For more
information about Calpine, visit its website at www.calpine.com.

The matters  discussed in this news release may be considered  "forward looking"
statements  within the meaning of Section 27A of the Securities and Exchange Act
of 1993, as amended,  and Section 21E of the Securities Exchange Act of 1934, as
amended.  Such statements include  declaration  regarding the intent,  belief or
current  expectations of Calpine and its management.  Prospective  investors are
cautioned that any such forward-looking  statements are not guarantees of future
performance and involve a number of risks and  uncertainties  and actual results
could differ materially from those indicated by such forward-looking statements.
Among the important  factors that could cause results to differ  materially from
those indicated by such forward-looking  statements are (i) that the information
is of a preliminary nature and may be subject to further adjustments, (ii) risks
associated  with  tender  offers  and  mergers,   (iii)  changes  in  government
regulation,  (iv) general  operating risks, (v) the dependence on third parties,
(vi) the dependence on senior management,  (vii) the successful  exploitation of
an oil or gas resource that ultimately depends upon the geology of the resource,
the total  amount  and cost to develop  recoverable  reserves,  and  operational
factors  relating  to the  extraction  of natural  gas,  and (viii)  other risks
identified from time to time in Calpine's  reports and  registration  statements
filed with the Securities and Exchange Commission.

</TEXT>
</DOCUMENT>
</SUBMISSION>
