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<TEXT>
                                  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): October 25, 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

     October 25, 2001,  Calpine  Corporation  announced  record earnings for the
three and nine  months  ended  September  30,  2001,  reflecting  the  continued
execution  of the  company's  program  to own and  operate  low-cost  generating
facilities  in key North  American  power  markets  and through  Calpine  Energy
Services'  successful power systems program.  For the quarter,  diluted earnings
per share were $0.88,  an  increase  of 80% from the same period last year.  Net
income for the quarter was $320.8 million, representing a 102% increase compared
to net income of $158.5  million for the third quarter of 2000.  Revenue for the
quarter increased 292% to $2.9 billion, from $744.8 million a year ago. Earnings
Before Interest,  Tax, Depreciation and Amortization (EBITDA) rose 68% to $625.2
million for the quarter, compared to $373.1 million a year ago.

ITEM 7.       FINANCIAL STATEMENTS AND EXHIBITS

(a)     Not applicable.

(b)     Not applicable.

(c)     Exhibits.

          99.0 Press release dated  October 25, 2001,  announcing  financial and
          operating  results for the three and nine months ended  September  30,
          2001.


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.
                      Senior Vice President and Controller
                            Chief Accounting Officer
October 25, 2001


<PAGE>


EXHIBIT 99.0



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

         CALPINE REPORTS RECORD THIRD QUARTER 2001 DILUTED EPS OF $0.88

     (SAN  JOSE,  CALIF.)  October  25,  2001 - San Jose,  Calif.-based  Calpine
Corporation   [NYSE:CPN],   the  nation's  leading  independent  power  company,
announced  today record  earnings for the three and nine months ended  September
30, 2001.

     For the quarter,  diluted earnings per share were $0.88, an increase of 80%
from the same period last year.  Net income for the quarter was $320.8  million,
representing  a 102% increase  compared to net income of $158.5  million for the
third quarter of 2000.  Revenue for the quarter  increased 292% to $2.9 billion,
from $744.8 million a year ago. Earnings Before Interest,  Tax, Depreciation and
Amortization  (EBITDA) rose 68% to $625.2  million for the quarter,  compared to
$373.1 million a year ago.

     For the nine months ending  September 30, 2001,  diluted earnings per share
from recurring  operations (before the deduction of nonrecurring merger costs of
$0.07  per  share   incurred   in   connection   with  the  Encal   Energy  Ltd.
pooling-of-interests  transaction  in the  second  quarter of 2001) rose 108% to
$1.64. Net income from recurring  operations was $575.4 million,  an increase of
141%  compared  to net  income of $239.2  million  for the same  period in 2000.
Revenue  for the first nine  months was $5.9  billion,  an increase of 306% from
$1.4  billion a year ago.  EBITDA  for the first  nine  months  rose 88% to $1.3
billion, from $673.3 million in 2000. Total assets as of September 30, 2001 were
approximately $19 billion, up 90% from $10 billion at December 31, 2000.

     Financial  results for the quarter and nine months ended September 30, 2001
benefited primarily from the continued execution of Calpine's program to own and
operate low-cost  generating  facilities in key North American power markets and
through Calpine Energy Services'  successful  power systems program.  During the
quarter,   Calpine  added  eight  facilities  to  its  portfolio,   representing
approximately  3,600  megawatts  of  capacity.  For  the  twelve  months  ending
September 30, 2001, Calpine increased its portfolio by nearly 6,300 megawatts of
capacity,  adding 16 facilities to its fleet of low-cost energy centers.  Today,
Calpine owns 61 operating facilities totaling  approximately 11,100 megawatts of
capacity.

     "Calpine  turned  in  another  record  quarter,  reflecting  our  continued
leadership and accelerated  growth in the North American power industry," stated
Calpine  President and CEO Peter  Cartwright.  "By the end of 2001, we will have
brought to the market over 12,000 megawatts of clean,  low-cost power. These new
energy resources will go a long way to help meet increased demand and to advance
retirement  of  old,  polluting  facilities  that  can't  compete  with  today's
fuel-efficient  technology.  More  important,  these  new  facilities  reinforce
Calpine's  position as the low-cost power  provider in the markets we serve.  In
today's  dynamic power industry,  shareholders  and customers alike benefit from
Calpine's consistent, proven and value-added strategy."

     "Looking  to  the  future,   Calpine's   outlook  remains   strong,"  added
Cartwright. "We expect continued strong financial results through the balance of
2001 and beyond,  with 2001 year-end earnings on track to be approximately $2.00
to $2.05 per share."

         Highlights of recent activities include:

     Development  Program - Calpine is  expanding  its fleet of  high-efficiency
generating facilities in attractive energy markets.

o    Channel Energy Center Enters First Phase of Operations - Calpine's  Channel
     Energy Center entered  simple-cycle  operations and is generating up to 190
     megawatts of  electricity  for the Texas  wholesale  power market.  Calpine
     expects to  complete  the  combined-cycle  buildout  in the spring of 2002,
     enabling  the plant to produce up to 630  megawatts  of  reliable  low-cost
     electricity.  In  addition  to  serving  the Texas  wholesale  market,  the
     facility  will supply all of the  electricity  and steam  requirements  for
     Lyondell-Citgo under the terms of a 20-year agreement.

o    Calpine to Acquire Remaining  Interest in 240-Megawatt  Gas-Fired Project -
     Calpine announced plans to acquire the remaining 50% interest in and assume
     operations  of the  240-megawatt  Gordonsville  Energy  Center.  Located in
     Gordonsville,  Va., this natural gas-fired  cogeneration  facility provides
     electric  power and steam to Virginia  Electric  and Power  Company and the
     Rapidan Service  Authority  under the terms of power sales  agreements that
     expire in 2024.

o    Calpine Breaks Ground on 115-Megawatt Peaker in Florida - Calpine initiated
     full-scale construction  activities on a 115-megawatt  simple-cycle peaking
     unit located at its existing  Auburndale Energy Center in Polk County, Fla.
     Calpine is designing the facility to serve the  fast-growing  Florida power
     market.  The project is expected to begin  operations  in time to help meet
     peak summer demand in 2002.

o    Wisconsin  Peaker  Enters  Operations  - Calpine's  RockGen  Energy  Center
     entered full production.  This 460-megawatt peaking facility,  located near
     Cambridge,  Wis.,  is providing  electricity  to Wisconsin  Power and Light
     Company under the terms of a seven-year contract. The facility was designed
     to operate  during peak summer demand to help maintain  sufficient  reserve
     margins.

o    Calpine  to  Purchase  27  Siemens  Westinghouse  Steam  Turbines - Calpine
     announced  plans to  purchase  27 steam  turbine  generators  from  Siemens
     Westinghouse   for  its  new  fleet  of  North  American  power  generating
     facilities.  Calpine expects turbine deliveries to begin in September 2002,
     with full  inventory in place by February  2005.  Combined,  these turbines
     represent up to 5,400 megawatts of generating capacity.

o    Calpine to Purchase 19 Toshiba Steam  Turbines - With its  announcement  of
     plans to acquire 19 Toshiba International steam turbine generators, Calpine
     has  ensured  access  to  the  major  equipment  necessary  to  attain  its
     development   goal.  This  latest  order   represents  3,800  megawatts  of
     generation capacity.

o    Calpine  Begins   Construction   on   750-Megawatt   Gas-Fired   Project  -
     Construction  is  under  way for  Calpine's  750-megawatt  Pastoria  Energy
     Center.  Located thirty miles south of Bakersfield,  Calif., the project is
     expected to be on line for the summer of 2003.  The facility will provide a
     needed and environmentally responsible energy resource for California.

o    Calpine Completes  Acquisition of Saltend Energy Centre - Calpine completed
     the  acquisition  and assumed  operations of the Saltend Energy  Centre,  a
     1,200-megawatt  natural gas-fired power plant located at Saltend near Hull,
     Yorkshire,  England.  This milestone acquisition marks Calpine's entry into
     the United  Kingdom  power  industry  and  represents  the  cornerstone  of
     Calpine's European strategy.

o    Calpine  Adds 350  Megawatts  to South  Carolina  Facility  -  Calpine  has
     completed  a  350-megawatt  expansion  of its Broad  River  Energy  Center,
     located in Gaffney,  S.C.  With the second  phase  completed,  the facility
     currently produces  approximately 890 megawatts of peaking capacity.  Total
     output is sold to Carolina  Power & Light under  long-term  power  purchase
     agreements.

o    California Energy  Commission  Approves License for Metcalf Energy Center -
     The  California  Energy  Commission,  in  a  unanimous  decision,  approved
     licensing of the 600-megawatt  Metcalf Energy Center,  located in San Jose,
     Calif.  Metcalf,  a joint  development of Calpine and Bechtel  Enterprises,
     will provide a vital source of  electricity  for Silicon  Valley - the most
     vulnerable metropolitan area on the Pacific Gas and Electric system.

o    Calpine  Fires Up  213-Megawatt  Gas-Fired  Facility  in Arkansas - Calpine
     announced  that its  213-megawatt  Pine Bluff  Energy  Center  has  entered
     operations. Located approximately 50 miles south of Little Rock, Ark., Pine
     Bluff is a combined-cycle,  natural gas-fired electric generating facility.
     The  project  is  helping  to  meet  the  growing  demand  for  electricity
     throughout  the Southeast  and, as a  cogenerator,  provides  International
     Paper's Pine Bluff Mill with a long-term supply of steam and electricity.

o    Calpine  Adds 275  Megawatts  to  Canadian  Power  Portfolio  - Calpine has
     completed the  acquisition and assumed  operations of two power  generating
     facilities,  adding  275  net  megawatts  of  strategic  natural  gas-fired
     generation  to  its  Canadian  power  portfolio.  Calpine  now  owns a 100%
     interest  in  the  250-megawatt  Island  Cogeneration  facility  and  a 50%
     interest in the 50-megawatt Whitby Cogeneration plant.  Calpine has assumed
     operations of both facilities.

o    Calpine Breaks Ground on South Carolina  Gas-Fired  Facility - Construction
     is under way for Calpine's  550-megawatt  Columbia Energy Center, a natural
     gas-fired  cogeneration  facility  located  in  Calhoun  County,  S.C.  The
     facility will provide  competitively  priced  electricity  for the region's
     growing  wholesale  power market and will supply  thermal energy to Eastman
     Chemical.  The project is expected to be fully  operational  by the fall of
     2003.


Calpine Finance - Calpine  Finance  continues to lower Calpine's cost of capital
while maximizing the value of the company's portfolio.

o    Calpine  Receives  Investment  Grade Rating by Moody's - Moody's  Investors
     Service has upgraded the company's  corporate  credit and senior  unsecured
     notes  to Baa3  from  Ba1.  This  upgrade  reflects  the  company's  strong
     operating  portfolio of efficient and low-cost  power  facilities and solid
     cash flow  positions  over the next five years.  Fitch  affirmed  Calpine's
     investment grade rating of BBB-. Standard & Poor's also affirmed its rating
     of BB+, with a stable outlook.

o    Calpine  Completes $2.6 Billion Offerings - Calpine increased the principal
     amount and priced four  concurrent  offerings  of senior  notes in the U.S.
     dollar,  Canadian  dollar,  Sterling  and Euro fixed  income  markets.  The
     company  also  completed  an offering of pass  through  lease  certificates
     relating to certain sale/leaseback  transactions.  Proceeds from these $2.6
     billion offerings will be used to refinance existing bridge loan financings
     incurred to fund recently completed  transactions,  finance the development
     and construction of additional power generation facilities, and for working
     capital and general corporate purposes.


Earnings Conference Call

     Calpine  will host a  conference  call to  review  third  quarter  results.
Calpine's  unaudited  consolidated  condensed  statements of operations  for the
three and nine months ended September 30, 2001 are attached. The conference call
will take place on  Thursday,  October 25,  2001,  at 10:30 am PDT.  The call is
available in a listen-only mode by calling  1-877-715-5321 five minutes prior to
the  start  of  the   conference   call.   International   callers  should  dial
1-973-321-1040. In addition, Calpine will simulcast the conference call live via
the Internet.  The web cast 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
35,100  megawatts of base load capacity and 7,600 megawatts of peaking  capacity
in operation, under construction, and in announced development in 29 states, the
United  Kingdom  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 web site 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;
however,  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.
For example,  Pacific Gas and Electric  Company (PG&E) has recently  agreed with
the Company to assume all of the Company's  Qualifying  Facility  contracts with
PG&E in  bankruptcy . 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 Statements of Operations
         For the Three and Nine Months Ended September 30, 2001 and 2000
                    (in thousands, except per share amounts)
                                   (unaudited)
<TABLE>
<CAPTION>
                                                                              Three Months Ended             Nine Months Ended
                                                                                 September 30,                 September 30,
                                                                          --------------------------    --------------------------
                                                                              2001           2000           2001           2000
                                                                          -----------     ----------    -----------    -----------
<S>                                                                       <C>            <C>            <C>            <C>
Revenue:
   Electric generation and marketing revenue ..........................   $ 2,755,603    $   643,782    $ 5,063,010    $ 1,191,461
   Oil and gas production and marketing revenue .......................       139,382         92,851        768,253        229,478
   Income from unconsolidated investments in power projects ...........         6,859          7,224          9,022         21,841
   Other revenue ......................................................        14,261            957         28,444          4,388
                                                                          -----------    -----------    -----------    -----------
       Total revenue ..................................................     2,916,105        744,814      5,868,729      1,447,168
                                                                          -----------    -----------    -----------    -----------
Cost of revenue:
   Electric generation and marketing expense ..........................     1,864,069        117,348      3,147,301        248,955
   Oil and gas production and marketing expense .......................        71,216         30,090        469,765         85,633
   Fuel expense .......................................................       322,100        185,619        807,544        363,315
   Depreciation expense ...............................................        91,514         59,125        235,671        154,940
   Operating lease expense ............................................        27,830         25,230         83,290         46,360
   Other expense ......................................................         3,485          1,143          9,474          3,923
                                                                          -----------    -----------    -----------    -----------
       Total cost of revenue ..........................................     2,380,214        418,555      4,753,045        903,126
                                                                          -----------    -----------    -----------    -----------
       Gross profit ...................................................       535,891        326,259      1,115,684        544,042
Project development expense ...........................................         4,894          6,091         25,105         15,074
General and administrative expense ....................................        29,859         28,147        116,481         57,295
Merger expense ........................................................            --             --         41,627             --
                                                                          -----------    -----------    -----------    -----------
       Income from operations .........................................       501,138        292,021        932,471        471,673
Other expense (income):
   Interest expense ...................................................        49,695         29,058        112,951         69,013
   Distributions on trust preferred securities ........................        15,385         12,650         45,947         28,713
   Interest income ....................................................       (21,073)       (15,896)       (60,962)       (29,073)
   Other expense (income), net ........................................        (7,875)         1,183        (16,893)         1,439
                                                                          -----------    -----------    -----------    -----------
       Income before provision for income taxes .......................       465,006        265,026        851,428        401,581
Provision for income taxes ............................................       144,207        106,481        303,037        162,427
                                                                          -----------    -----------    -----------    -----------
       Income before extraordinary charge and cumulative effect of
        a change in accounting principle ..............................       320,799        158,545        548,391        239,154
Extraordinary charge, net of tax benefit ..............................            --         (1,235)        (1,300)        (1,235)
Cumulative effect of a change in accounting principle .................            --             --          1,036             --
                                                                          -----------    -----------    -----------    -----------
       Net income .....................................................   $   320,799    $   157,310    $   548,127    $   237,919
                                                                          ===========    ===========    ===========    ===========
Basic earnings per common share:
     Weighted average shares of common stock outstanding ..............       304,666        285,143        302,649        275,392
     Income before extraordinary charge and cumulative effect of a
      change in accounting principle ..................................   $      1.05    $      0.56    $      1.81    $      0.87
     Extraordinary charge .............................................   $        --    $     (0.01)   $        --    $     (0.01)
     Cumulative effect of a change in accounting principle ............   $        --    $        --    $        --    $        --
                                                                          -----------    -----------    -----------    -----------
     Net income .......................................................   $      1.05    $      0.55    $      1.81    $      0.86
                                                                          ===========    ===========    ===========    ===========
Diluted earnings per common share:
     Weighted average shares of common stock outstanding before
      dilutive effect of certain convertible securities ...............       318,552        302,239        317,880        291,705
     Income before dilutive effect of certain convertible securities,
      extraordinary charge and change in accounting principle .........   $      1.01    $      0.52    $      1.73    $      0.82
     Dilutive effect of certain convertible securities (1) ...............$     (0.13)   $     (0.03)   $     (0.16)   $     (0.03)
                                                                          -----------    -----------    -----------    -----------
     Income before extraordinary charge and cumulative effect of a
      change in accounting principle ..................................   $      0.88    $      0.49    $      1.57    $      0.79
     Extraordinary charge .............................................   $        --    $     (0.01)   $        --    $     (0.01)
     Cumulative effect of a change in accounting principle ............   $        --    $        --    $        --    $        --
                                                                          -----------    -----------    -----------    -----------
     Net income .......................................................   $      0.88    $      0.48    $      1.57    $      0.78
                                                                          ===========    ===========    ===========    ===========
EBITDA (2) ...............................................................$   625,155    $   373,114    $ 1,268,070    $   673,341

</TABLE>

(1)  Includes  the  effect of the  assumed  conversion  of  certain  convertible
     securities.  For the three and nine months ended  September  30, 2001,  the
     assumed  conversion  calculation  adds  58,153 and 52,353  shares of common
     stock and $12,470 and $33,204 to the net income results,  representing  the
     after  tax  expense  on  certain   convertible   securities   avoided  upon
     conversion.  For the three and nine months ended  September  30, 2000,  the
     assumed  conversion  calculation  adds  39,573 and 31,338  shares of common
     stock and $7,696 and $15,373 to the net income results.

(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  expense,  plus  depreciation  and  amortization,  plus
     distributions on trust preferred securities.

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