

                                  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): April 9, 2001



                               CALPINE CORPORATION

                            (A Delaware Corporation)

                        Commission File Number: 1-12079

                  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 April 9,  2001,  Calpine  Corporation,  the San  Jose,  Calif.-based
independent  power  company,  in response to Pacific Gas and Electric  Company's
(PG&E)  April 6th Chapter 11 filing,  stated it is  confident  that PG&E will be
able to pay Calpine's  Qualifying  Facility (QF)  subsidiaries  for all past due
power  sales,  in addition to  electricity  deliveries  made on a  going-forward
basis.


(C)      Exhibits.

     99.0 Press release dated April 9, 2001, announcing PG&E bankruptcy will not
          affect Calpine's commitment to California power market.


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
April 9, 2001


<PAGE>

EXHIBIT 99.0

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

                    PG&E BANKRUPTCY WILL NOT AFFECT CALPINE'S
                      COMMITMENT TO CALIFORNIA POWER MARKET

         (SAN JOSE,  CALIF.)  April 9, 2001 -- In  response  to Pacific  Gas and
Electric  Company's  (PG&E)  April 6th  Chapter 11 filing,  Calpine  Corporation
[NYSE:CPN],  the San Jose, Calif.-based  independent power company, stated it is
confident that PG&E,  through a successful  reorganization,  will be able to pay
Calpine's Qualifying Facility (QF) subsidiaries for all past due power sales, in
addition to electricity deliveries made on a going-forward basis.

         Calpine's  QF  subsidiaries  sell  power  to PG&E  under  the  terms of
long-term QF contracts at eleven facilities,  representing  nearly 600 megawatts
of electricity for Northern  California power  customers.  As of March 31, 2001,
Calpine has  recorded  approximately  $267 million in accounts  receivable  with
PG&E, plus a $68 million note receivable not yet due and payable.  The company's
remaining  California  operations,   totaling  approximately  700  megawatts  of
capacity,  provide  electricity to municipalities  and other  creditworthy third
parties.

         Calpine's QF  facilities  are part of a  9,000-megawatt  QF supply that
provide  California  customers with a long-term  source of electricity at prices
significantly  below  current  wholesale  prices.  This  critical  power  supply
represents  approximately 33 percent of the state's power demand.  Without these
contracts  in place  for this  summer,  California  faces the  prospect  of more
blackouts and hundreds of millions of dollars in increased costs.

         For these QF contracts to continue,  PG&E must assume the  contracts in
the bankruptcy  proceedings.  In order to assume these  contracts,  PG&E will be
required  to cure  all  outstanding  defaults,  including  paying  all  past due
amounts.  If PG&E fails to assume the contracts,  Calpine's QF subsidiaries will
be able to sell power on the open market and seek  damages  from PG&E for breach
of contract through the bankruptcy claims resolution process.

         "As  the  state's   leading   developer  of  new  electric   generating
facilities,  Calpine  remains  committed to providing  innovative  solutions for
California's  energy  crisis," stated Calpine CEO Peter  Cartwright.  "Calpine's
natural gas and geothermal Qualifying Facilities offer a critical, immediate and
long-term  electricity  supply for  California  power  consumers  at  attractive
prices.  We will  continue to work with PG&E to resolve these issues and will be
actively  involved in all  bankruptcy  proceedings  to ensure  California  power
consumers can benefit from these vital energy resources."

         Calpine will host a conference call to discuss PG&E's Chapter 11 filing
today at 8:30 am Pacific  Daylight Time (11:30 am Eastern  Daylight  Time).  The
call is available in a listen-only mode by dialing  1-800-370-0906  five minutes
prior to the start of the  conference  call.  International  callers should dial
1-973-872-3100. In addition, Calpine will simulcast the conference call live via
the Internet  today.  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.

         Based  in  San  Jose,  Calif.,  Calpine  Corporation  is  dedicated  to
providing customers with reliable and competitively priced electricity.  Calpine
is focused on clean, efficient,  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  31,200  megawatts of base load  capacity  and 6,500  megawatts of
peaking capacity in operation,  under construction and in announced  development
in 28 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.

         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 cost 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, and (vi) the risks associated
with  marketing  and selling  power from power  plants in the newly  competitive
energy  market.  Prospective  investors are also  cautioned  that the California
energy  environment  remains  volatile,  especially  in light of Pacific Gas and
Electric  Company's Chapter 11 bankruptcy  filing,  including  uncertainties and
delays  inherent in the bankruptcy  process,  where the court sits as a court of
equity and must  reconcile  the  competing  interests of multiple  parties.  The
Company's  management is working closely with a number of parties to resolve the
current  uncertainty,  while  protecting  the  Company's  interests.  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.

