
                                  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 Exchange Act of 1934


         Date of Report (Date of earliest event reported): July 16, 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  July  16,  2001,  Calpine  Corporation,   the  San  Jose,  Calif.-based
independent  power company,  announced Michael Polsky is leaving Calpine and has
resigned from its Board of Directors to begin a new energy  venture,  focused on
developing  evolving  energy  sector  opportunities.  Polsky  joined  Calpine in
October 2000, when the company acquired Northbrook-Ill.-based SkyGen Energy LLC.

ITEM 7.       FINANCIAL STATEMENTS AND EXHIBITS

(a)     Not applicable.

(b)     Not applicable.

(c)     Exhibits.

     99.0 Press release dated July 16, 2001,  announcing  that Michael Polsky is
     leaving Calpine and has resigned from its Board of Directors to begin a new
     energy venture.


SIGNATURES

Pursuant  to the  requirements  of the  Securities  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
July 16, 2001


<PAGE>


EXHIBIT 99.0

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


                   MICHAEL POLSKY TO LAUNCH NEW ENERGY VENTURE
        Former Calpine Officer to Pursue New Energy Sector Opportunities

     (SAN JOSE,  CALIF.) July 16, 2001 -- Calpine  Corporation  (NYSE: CPN), the
San Jose,  Calif.-based  independent power company,  announced Michael Polsky is
leaving  Calpine and has  resigned  from its Board of  Directors  to begin a new
energy  venture,  focused on developing  evolving  energy sector  opportunities.
Polsky   joined   Calpine   in  October   2000,   when  the   company   acquired
Northbrook-Ill.-based SkyGen Energy LLC.

     "We  wish  Michael  well  in his new  energy  venture  and are  considering
investing  in  this   opportunity,"   stated  Calpine  CEO  and  President  Pete
Cartwright.  "Michael  is a  true  entrepreneur  and  has  made  an  outstanding
contribution to Calpine in helping build our North American power fleet."

     According  to  Polsky,  the new  venture,  which has yet to be named,  will
pursue energy sector opportunities arising from changing supply, consumption and
regulatory  patterns in North  America.  Its  objective  is to match  investment
capital with its active development and asset management capabilities.

     Polsky stated, "My relationship with Calpine has been tremendous.  They are
the leading  independent power company in North America. I view this new venture
as a natural  evolution  from my  relationship  with Calpine and look forward to
working together again in the future."

     As a result of its SkyGen acquisition, Calpine added nearly 8,000 megawatts
of strategic  natural  gas-fired base load and peaking  generation in operation,
under  construction  and in announced  development.  Calpine expects to announce
additional  SkyGen projects in the near future.  John King,  Calpine senior vice
president,  will lead  Calpine's  Northbrook-Ill.  power  operations,  including
managing its 45-member staff of energy professionals.

     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
34,000  megawatts of base load capacity and 7,400 megawatts of peaking  capacity
in  operation,   under  construction,   pending  acquisition  and  in  announced
development in 29 states, the UK 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  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.

