<SUBMISSION>
<ACCESSION-NUMBER>0001095811-01-505814
<TYPE>424B5
<PUBLIC-DOCUMENT-COUNT>1
<FILING-DATE>20011025
<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>333-66078
<FILM-NUMBER>1766284
</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>1766285
</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>f76516b5e424b5.txt
<DESCRIPTION>424(B)(5)
<TEXT>
<PAGE>

                                                Filed Pursuant to Rule 424(b)(5)
                           Registration Statement No. 333-47068 and 333-48068-01

        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% 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 new selling
holders in the appropriate alphabetical location:

<Table>
<Caption>
                                                              NUMBER OF
                                                                HIGH
                       SELLING HOLDER                           TIDES
                       --------------                         ---------
<S>                                                           <C>
Coastal Convertibles LTD....................................   10,000
Julius Baer Multibond Convertbond...........................   10,000
</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>
Deutsche Bank Securities(1).................................   109,800
</Table>

     In addition, the Prospectus is further supplemented by changing the name of
the Selling Holder set forth on the list of Selling Holders on page 27 of the
Prospectus from "Van Waters & Rogers, Inc. Retirement Plan (f.k.a. Univar
Corporation)" to "Vopak USA, Inc. Retirement Plan".

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

                  Prospectus Supplement dated October 25, 2001

---------------
(1)As Record Owner for Lipper Convertibles L.P., the Beneficial Owner.

</TEXT>
</DOCUMENT>
</SUBMISSION>
