<SUBMISSION>
<ACCESSION-NUMBER>0000891618-01-500861
<TYPE>424B5
<PUBLIC-DOCUMENT-COUNT>1
<FILING-DATE>20010522
<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>333-33736-01
<FILM-NUMBER>1645613
</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 II
<CIK>0001110738
<ASSIGNED-SIC>4911
<STATE-OF-INCORPORATION>DE
<FISCAL-YEAR-END>1231
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>424B5
<ACT>33
<FILE-NUMBER>333-33736
<FILM-NUMBER>1645614
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>50 WEST SAN FERNANDO STREET
<CITY>SAN JOSE
<STATE>CA
<ZIP>95113
<PHONE>4089955115
</BUSINESS-ADDRESS>
</FILER>
<DOCUMENT>
<TYPE>424B5
<SEQUENCE>1
<FILENAME>f72953b5e424b5.txt
<DESCRIPTION>FORM 424(B)(5)
<TEXT>

<PAGE>   1

                                                Filed Pursuant to Rule 424(b)(5)
                                            Registration Statement No. 333-33736

          PROSPECTUS SUPPLEMENT TO THE PROSPECTUS DATED JUNE 27, 2000
                                       OF

                              CALPINE CORPORATION
                                  RELATING TO
                        RESALES BY SELLING SHAREHOLDERS
                                       OF

                    5  1/2% CONVERTIBLE PREFERRED SECURITIES
             REMARKETABLE TERM INCOME DEFERRABLE EQUITY SECURITIES
                                (HIGH TIDES(SM))

     The Prospectus dated June 27, 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 23-25 thereof, by inserting the following as new selling
holders in the appropriate alphabetical location:

<TABLE>
<CAPTION>
                                                              NUMBER OF
                                                                HIGH
                       SELLING HOLDER                           TIDES
                       --------------                         ---------
<S>                                                           <C>
GLG Market Neutral Fund.....................................   50,000
</TABLE>

     In addition, the Prospectus is further supplemented by changing the entry
under the column "Number of HIGH TIDES" with respect to the Selling Holder
identified below to the corresponding entry 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......................    2,000
</TABLE>

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

                    Prospectus Supplement dated May 22, 2001
</TEXT>
</DOCUMENT>
</SUBMISSION>
