
                                  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 26, 2001


                               CALPINE CORPORATION

                            (A Delaware Corporation)

                        Commission File Number: 001-12079

                  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 26, 2001,  Calpine  Corporation  announced  strong  financial  and
operating  results for the quarter  ended March 31,  2001.  Net income was $94.8
million for the quarter ended March 31, 2001,  representing a 424% increase over
2000  first  quarter  net  income of $18.1  million.  Earnings  for the  quarter
benefited  primarily  from the  continued  execution  of  Calpine's  strategy to
acquire and build low-cost generation facilities in key power markets throughout
the U.S.

ITEM 7.  FINANCIAL STATEMENTS AND EXHIBITS

(a)  Not applicable.

(b)  Not applicable.

(c)  Exhibits.

     99.0 Press  release  dated April 26, 2001,  announcing  first  quarter 2001
          financial and operating results.


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 27, 2001


<PAGE>

EXHIBIT 99.0

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

                 CALPINE REPORTS FIRST QUARTER 2001 EPS OF $0.30

       Results Reflect Strategic Acquisitions, Strong Operating Portfolio
                             and Robust Power Market

     SAN JOSE, CALIF.  (April 26, 2001) - Calpine  Corporation  [NYSE:CPN],  the
nation's leading independent power company, today announced strong financial and
operating results for the quarter ended March 31, 2001.

     Net  income  was $94.8  million  for the  quarter  ended  March  31,  2001,
representing  a 424%  increase  over  2000  first  quarter  net  income of $18.1
million. Diluted earnings per share for the first quarter rose 329% to $0.30 per
share,  from  $0.07 per share for the same  period  last year.  Revenue  for the
quarter increased 410% to $1.2 billion, from $235.4 million a year ago. Earnings
Before Interest,  Tax,  Depreciation and Amortization (EBITDA) increased 191% to
$251.5  million for the  quarter,  compared to $86.5  million a year ago.  Total
assets at March 31,  2001 were $11.5  billion  as  compared  to $9.7  billion at
December 31, 2000.

     Calpine CEO and  President  Peter  Cartwright  stated,  "Our  strong  first
quarter earnings  reflect  Calpine's  continued  success as the nation's leading
independent power company.  Calpine completed several strategic power generation
and natural gas  acquisitions.  We strengthened our construction and development
program, and turned in another quarter of outstanding plant performance.  We are
well on our way to  achieving  our  2005  operating  goal of  generating  70,000
megawatts of clean, cost-competitive electricity throughout North America."

     Earnings for the quarter benefited  primarily from the continued  execution
of Calpine's strategy to acquire and build low-cost generation facilities in key
power markets throughout the U.S.

     At April 6, 2001,  Calpine had  accounts  receivable  from  Pacific Gas and
Electric  Company (PG&E) of  approximately  $270 million and notes receivable of
approximately  $69  million,  both  arising  from power  sales  under  long-term
Qualifying  Facility (QF) contracts.  Payments are not due to start on the notes
receivable  from PG&E until  February  2003.  Calpine  expects to recover the QF
receivable  amounts  and,  therefore,  has not  established  a reserve on the QF
receivables  at this time.  Calpine is currently  receiving  payments  from PG&E
under the QF contracts for power deliveries occurring after April 6, 2001.

     Calpine remains committed to helping alleviate  California's energy crisis.
The company's  natural gas and  geothermal  QFs offer a critical,  immediate and
long-term  electricity  supply for  California  power  consumers  at  attractive
prices. Calpine 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.

     Highlights of recent activities include:

Development   Program  -  Calpine  leads  the  nation  in  the  acquisition  and
development of modern natural gas-fired energy centers.  Today, Calpine has more
than  32,000  megawatts  of  generating  facilities  under  construction  or  in
announced  development  - the  largest  program  in the  history  of  the  power
industry.

o    Calpine Sets  70,000-Megawatt  Operating  Goal for 2005 - Calpine set a new
     five-year  operating  goal.  By the end of  2005,  Calpine's  portfolio  is
     expected  to  generate  approximately  70,000  megawatts  of  capacity.  By
     comparison,  today's  largest  domestic  generator  produces  about  48,000
     megawatts of generation.

o    Calpine  Acquires   Development  Rights  for  Goldendale  Energy  Center  -
     Construction will soon begin for Calpine's newly acquired Goldendale Energy
     Center.  The  248-megawatt  natural  gas-fired  facility  will be  built in
     Goldendale,  Wash.  to serve the growing  Pacific  Northwest  power market.
     Calpine expects to begin production as soon as July 2002.

o    Calpine Purchases  Development Rights for Washington Parish Energy Center -
     Calpine  acquired the  Washington  Parish  Energy  Center - a  500-megawatt
     natural gas-fired generating facility under construction near Bogalusa, La.
     The project  will be able to generate 490  megawatts of base load  capacity
     and up to 577 megawatts  during peak power demand.  The project is expected
     to enter commercial operation in mid-2002.

o    Calpine Acquires  Pastoria Energy Center - Calpine  significantly  advanced
     its $5  billion  California  power  program  with  the  acquisition  of the
     750-megawatt  Pastoria  Energy  Center  planned  for  Kern  County,  Calif.
     Construction for the natural gas-fired  generating  facility is expected to
     begin this summer, with energy deliveries scheduled for the summer of 2003.

o    Calpine Files with CEC for East  Altamont  Energy Center - Calpine filed an
     Application for Certification with the California Energy Commission for its
     proposed  1,100-megawatt  East Altamont Energy Center. The filing marks the
     beginning of a yearlong licensing process.  Calpine is proposing to develop
     this new natural  gas-fired  facility in Alameda County,  Calif. as part of
     its 9,000-megawatt California power program.

o    Calpine Announces  1,000-Megawatt Facility in Texas - Calpine is developing
     a 1,000-megawatt natural gas-fired generating facility in Deer Park, Texas.
     The proposed  Deer Park Energy  Center will supply steam to Shell  Chemical
     Company and generate  electricity  for the Texas  wholesale  power  market.
     Construction is scheduled to commence in July 2001.

o    Calpine  Announces  Two  New  Energy  Centers  in  Colorado  -  Calpine  is
     developing  two new  energy  centers  in  Colorado.  Its  first,  the Rocky
     Mountain Energy Center, is a combined-cycle  natural gas-fired  facility to
     be located near the town of Hudson in Weld County, Colo. The Rocky Mountain
     facility  will supply Xcel Energy with up to 600  megawatts of  electricity
     for ten years. Its second, the Colorado Energy Center, will be located east
     of Denver in Aurora and will provide a ten-year supply of peaking  capacity
     for Xcel Energy.  Calpine's SkyGen Energy LLC (SkyGen Energy) subsidiary is
     developing  this   336-megawatt   natural   gas-fired   peaking   facility.
     Construction for both facilities will begin in 2002.

o    SkyGen  Energy  Announces  New Natural  Gas-Fired  Facility in  Wisconsin -
     SkyGen Energy entered an agreement to provide  Wisconsin  Power & Light Co.
     (WP&L)  453  megawatts  of  electric  capacity  and  energy  from  its  new
     600-megawatt   Rivergen  Energy  Center.  Under  the  terms  of  a  10-year
     agreement,  WP&L will have rights for the first 453  megawatts  produced by
     the  facility and will manage the purchase and delivery of fuel used at the
     facility.  The  remaining  output will be available  for sale by Calpine to
     other  Wisconsin  utilities.  Construction  of the  facility is expected to
     begin during the third quarter of 2001, with commercial  operation starting
     in 2003.

o    SkyGen  Energy  Announces  New  Cogeneration  Facility  in Georgia - SkyGen
     Energy  announced  plans  to  develop  an  800-megawatt  natural  gas-fired
     cogeneration  facility in Augusta,  Ga. The proposed  Augusta Energy Center
     will supply  energy to DSM  Chemicals  North  America,  Inc. for use in its
     production processes. Electric power generated at the facility will be sold
     on the wholesale power market. Calpine expects to begin construction during
     the second  quarter of 2001,  with  commercial  start up scheduled  for May
     2003.

o    Calpine  to  Purchase  46 GE Gas  Turbines  -  Calpine  announced  plans to
     purchase  35 model  7FB and 11 model FA  gas-fired  turbines  from GE Power
     Systems.  With this announcement,  Calpine has firm orders in place for the
     delivery of 203 turbines,  representing  50,000 megawatts of combined-cycle
     baseload capacity.

Power Marketing - Calpine  recently  entered into several  long-term power sales
agreements to provide needed sources of clean,  competitively priced electricity
for its customers.

o    Calpine Signs Three Long-Term Contracts with California Department of Water
     Resources - Calpine  entered into three  long-term  power sales  agreements
     with the California  Department of Water  Resources (DWR) to help alleviate
     California's  energy  crisis.  Under the terms of two 10-year  fixed priced
     contracts,  totaling  $9.8  billion,  Calpine  will  deliver  up  to  2,000
     megawatts  of base  load  capacity  from  the  company's  fleet  of new and
     existing  energy  centers.  Calpine will also supply up to 495 megawatts of
     peaking capacity from 11 new peaking  facilities through a separate 20-year
     agreement, totaling up to $3.1 billion.

o    Calpine  Begins  Electricity  Deliveries  to Southern  California - Calpine
     recently entered into an interim  two-month  agreement with DWR,  providing
     immediate relief for Southern California electric power consumers.  Calpine
     is supplying DWR with up to the full  electric  output from its South Point
     Energy Center during plant  testing.  The  555-megawatt  natural  gas-fired
     facility is located in Arizona at the Fort Mojave Indian Reservation,  near
     the Arizona/California border.

o    Florida PSC Approves  Application for Calpine's  Osprey Energy Center - The
     Florida Public Service  Commission  approved a joint  application  filed by
     Calpine and Seminole Electric  Cooperative,  Inc., under which Calpine will
     build a  529-megawatt  combined-cycle  electric  generating  facility.  The
     proposed  Osprey Energy Center,  to be located in Auburndale,  Fla. next to
     Calpine's  150-megawatt  cogeneration  facility,  will  provide a long-term
     electricity  supply to help meet  Seminole  members'  power  needs.  Osprey
     represents  the first  independent  power facility to be approved under the
     Florida Power Plant Siting Act.

Fuels  Program - Calpine  continues to expand and diversify its fuels program to
lower costs and maximize value of its North American energy centers.

o    Calpine  Completes Merger with Encal Energy - Calpine  completed the merger
     with  Encal  Energy  Ltd.,  the  Calgary,  Alberta-based  natural  gas  and
     petroleum  exploration and development  company,  through a stock-for-stock
     exchange.   With  the   completion  of  the   transaction,   Calpine  gains
     approximately  1.0 trillion  cubic feet  equivalent  of proven and probable
     natural  gas  reserves,   net  of   royalties,   and  access  to  firm  gas
     transportation  capacity from Western  Canada to California and the Eastern
     U.S.

Capital  Program -  Continuing  to enhance  its  financial  strength,  Calpine's
finance  organization  recently  raised  approximately  $3.5  billion  in  three
separate offerings.

o    Calpine  Sells Zero Coupon  Debentures  - Calpine sold $850 million of zero
     coupon  convertible  debentures due 2021 in a private  placement under Rule
     144A.  The securities  will be convertible  into Calpine common shares at a
     price of $75.35.  The company  granted the  underwriter  an  over-allotment
     option for $150 million of debentures.  This  transaction  will close April
     30, 2001.

o    Calpine Canada Energy Finance  Completes $1.5 Billion Senior Notes Offering
     - Calpine's wholly-owned  financing company,  Calpine Canada Energy Finance
     ULC,  completed a $1.5  billion  offering of 8-1/2%  Senior  Notes Due 2008
     priced at 99.768%.  Proceeds from the Senior Notes offering will be used to
     refinance existing  indebtedness,  finance the construction and development
     of additional  power  generating  facilities,  and for working  capital and
     general corporate purposes. This transaction closed April 25, 2001.

o    Calpine  Prices $1.15 Billion in Senior Notes  Offering - Calpine  priced a
     public offering of $1.15 billion in principal amount of 8-1/2% Senior Notes
     Due 2011 at 99.768%.  Proceeds  from the offering will be used to refinance
     existing  indebtedness,  and for  working  capital  and  general  corporate
     purposes. This transaction closed February 15, 2001.

Earnings Conference Call

     Calpine will host a conference  call to review first quarter  results.  The
conference call will take place on Thursday, April 26, 2001, at 7:30 am PDT. The
call is available in a listen-only mode by calling 1-888-868-9080,  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.  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,  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 6,800 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.  You 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.  You 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.  For
example,  although the Company  believes  that it is in PG&E's best  interest to
assume the QF contracts in  bankruptcy,  it is possible that PG&E will elect not
to do so. The Company  believes that a final  resolution of the situation in the
California energy market will not have a material adverse impact on the Company.
You 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 Condensed Statement of Operations
               For the Three Months Ended March 31, 2001 and 2000
                    (In thousands, except per share amounts)
                                   (unaudited)
<TABLE>
<CAPTION>
                                                         Three Months Ended
                                                              March 31,
                                                    ----------------------------
                                                         2001           2000
                                                         ----           ----
<S>                                                  <C>            <C>
Revenue:
  Electric generation and marketing revenue ......   $ 1,050,067    $   206,068
  Oil and gas production and marketing revenue ...       175,957         17,179
  Income from unconsolidated
     investments in power projects ...............           563          9,774
  Other revenue ..................................         3,262          2,381
                                                     -----------    -----------
     Total revenue ...............................     1,229,849        235,402
                                                     -----------    -----------

Cost of revenue:
  Power plant generating and marketing expense ...       551,735         52,885
  Oil and gas production and marketing expense ...       131,711         10,413
  Fuel expenses ..................................       257,014         73,652
  Depreciation expenses ..........................        52,910         27,818
  Operating lease expenses .......................        28,011         10,458
  Other expenses .................................         2,499          1,501
                                                     -----------    -----------
     Total cost of revenue .......................     1,023,880        176,727
                                                     -----------    -----------

Gross profit .....................................       205,969         58,675

Project development expenses .....................        15,839          3,755
General and administrative expenses ..............        32,712          8,619
                                                     -----------    -----------
     Income from operations ......................       157,418         46,301

Interest expense .................................        15,705         17,907
Distributions on trust preferred securities ......        15,175          6,978
Interest income ..................................       (19,359)        (7,562)
Other income .....................................       (10,787)          (836)
                                                     -----------    -----------
     Income before provision for income taxes ....       156,684         29,814

Provision for income taxes .......................        62,943         11,687
                                                     -----------    -----------

     Income before cumulative effect of a
       change in accounting principle ............        93,741         18,127
Cumulative effect of a change in accounting
  principle, net of tax ..........................         1,036           --
                                                     -----------    -----------
     Net income ..................................   $    94,777    $    18,127
                                                     ===========    ===========

Basic earnings per common share:
     Weighted average shares of common stock
       outstanding ...............................       284,160        253,347
     Income before cumulative effect of a
       change in accounting principle ............   $      0.33    $      0.07
     Cumulative effect of a change in
       accounting principle ......................   $      --      $      --
                                                     -----------    -----------
     Net income ..................................   $      0.33    $      0.07
                                                     ===========    ===========

Diluted earnings per common share:
     Weighted average shares of common stock
       outstanding before dilutive effect of
       certain trust preferred securities ........       299,927        269,255
     Income before dilutive effect of certain
       trust preferred securities and
       cumulative effect of a change in
       accounting principle ......................   $      0.31    $      0.07
     Dilutive effect of certain trust
       preferred securities (1) ..................   $      0.01    $      --
                                                     -----------    -----------
     Income before cumulative effect of a
       change in accounting principle ............   $      0.30    $      0.07
     Cumulative effect of a change in
       accounting principle ......................   $      --      $      --
                                                     -----------    -----------
     Net income ..................................   $      0.30    $      0.07
                                                     ===========    ===========
     EBITDA (2) ..................................   $   251,490    $    86,489
</TABLE>

     (1) Includes the dilutive effect of the assumed conversion of certain trust
preferred  securities.  For the three months  ended March 31, 2001,  the assumed
conversion  calculation adds 32,969 shares of common stock and $5,423 to the net
income results, representing the after tax distribution expense on certain trust
preferred securities avoided upon conversion.

     (2) This  non-GAAP  measure  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.


