<SUBMISSION>
<ACCESSION-NUMBER>0001095811-01-501358
<TYPE>424B5
<PUBLIC-DOCUMENT-COUNT>1
<FILING-DATE>20010418
<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>1605912
</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>
<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>1605913
</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>
<DOCUMENT>
<TYPE>424B5
<SEQUENCE>1
<FILENAME>f71714b5e424b5.txt
<DESCRIPTION>PROSPECTUS SUPPLEMENT
<TEXT>

<PAGE>   1

                                                Filed Pursuant to Rule 424(b)(5)
                                            Registration Statement 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 1/2% 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
                                                               HIGH
                       SELLING HOLDER                         TIDES
                       --------------                         ------
<S>                                                           <C>
Bear Stearns Securities Corp.(1) ...........................  4,000
</TABLE>

     In addition, the Prospectus is further supplemented by changing the entries
under the column "Number of HIGH TIDES" with respect to the Selling Holders
identified below to the corresponding entries below the column "New Number of
HIGH TIDES" set forth below.

<TABLE>
<CAPTION>
                                                               NEW
                                                              NUMBER
                                                                OF
                                                               HIGH
                       SELLING HOLDER                         TIDES
                       --------------                         ------
<S>                                                           <C>
Credit Suisse First Boston Corporation......................  47,500
Jeffries & Company..........................................  50,000
</TABLE>

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

                   Prospectus Supplement dated April 18, 2001

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

<TABLE>
<S>                                                           <C>
As Record Owner for Lipper Convertibles, L.P. (Class B), the
  Beneficial Owner.
</TABLE>
</TEXT>
</DOCUMENT>
</SUBMISSION>
