                      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): November 28, 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 November 28, 2001, Calpine  Corporation  announced that it currently has
no net exposure with Enron Corporation and its subsidiaries.



Item 7. Financial Statements and Exhibits

(a) Not applicable.

(b) Not applicable.

(c) Exhibits.

     99.1 Press release dated November 28, 2001

     99.2 Calpine Corporation's Net Positions with Enron at November 29, 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

Date:  November 30, 2001


<PAGE>



EXHIBIT 99.1                                 NEWS RELEASE CONTACT:  408/995-5115
                                        Media Relations:  Bill Highlander, X1244
                                        Investor Relations:  Rick Barraza, X1125


CALPINE CONFIRMS NO NET EXPOSURE TO ENRON

     (SAN JOSE, CALIF.) November 28, 2001 - Calpine Corporation [CPN:NYSE],  the
San Jose,  Calif.-based  independent  power  company,  announced  today  that it
currently  has no net  exposure  with  Enron  Corporation  and its  subsidiaries
(Enron). A netting agreement is in place, allowing Calpine to offset the amounts
owed by Enron with the amounts Calpine owes Enron.  Calpine's  transactions with
Enron  have been  contracts  for sales and  purchases  of power and gas for both
hedging  and  optimization  purposes  and  physical  delivery.  Calpine had been
decreasing  its trading  activity with Enron over the last several  months while
closely monitoring this situation.


     Calpine has restricted trading activities with Enron due to the downgrading
of Enron's credit rating.  Calpine continues trading with its usual creditworthy
counterparties.


     Calpine  is a  fully  integrated  power  company  that  owns  and  operates
electricity  generating facilities and natural gas reserves. The company's power
marketing  focus is on long-term  contracts and trading around its own assets to
add value to its portfolio.  Calpine manages every aspect of a power  generating
facility  -  from  development  through  design,  engineering  and  construction
management, into operations, fuel supply and power marketing. Calpine is engaged
in the largest development and construction program ever undertaken in the power
industry.  This year, ten new plants came on line - a total of 4,000 megawatts -
bringing the  company's  total  operating  plant  capacity to 11,000  megawatts.
Calpine is on schedule  toward  achieving  its goal of becoming  the largest and
most profitable power company in the United States by 2005.


     Calpine will host a conference call to further  discuss this  announcement.
The conference  call will take place on Thursday,  November 29, 2001, at 7:00 am
PST. The call is available in a listen-only mode by calling  1-877-683-1535 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 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.


     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) the assurance that
the Company will develop additional plants, (iv) a competitor's development of a
lower-cost  generating  gas-fired power plant, and (v) the risks associated with
marketing  and selling power from power plants in the newly  competitive  energy
market, including volatility of commodity prices. 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.




<PAGE>

EXHIBIT 99.2

Calpine Corporation's Net Positions with Enron at November 29, 2001

     Following are the net accounts receivable (payable) balances as well as the
fair  value  of the  open  contracts  with  Enron  subsidiaries  and  affiliates
("Enron") at November 29, 2001.  The  positive net  positions  have  realization
exposure,   while  the  negative  net   positions   are  existing  or  potential
obligations. See Footnote 11 in the Company's Form 10-Q for the quarterly period
ended September 30, 2001, filed on November 14, 2001.

<TABLE>
<CAPTION>


                                             Net          Fair
                                           Accounts     Value of
                                          Receivable      Open
(in millions)                             (Payable)     Positions         Total
                                          ----------    ---------         -----
<S>                                        <C>          <C>            <C>
Enron North America Corp ("ENA").........  $   0.2      $ (301.9)      $ (301.7)
Enron Power Marketing, Inc. ("EPMI").....     18.9         123.0          141.9
                                             -----        ------         ------
     Total from ENA and EPMI (1).........     19.1        (178.9)        (159.8)
Enron Canada ............................      --          (18.5)         (18.5)
Citrus Trading Corp. (2) ................      --           32.0           32.0
Other ...................................      0.1           --             0.1

</TABLE>

(1)  All  transactions  between  the  Company  and ENA and EPMI are subject to a
     netting agreement.

(2)  Citrus Trading Corp. is a subsidiary of Citrus Corp., which is 50% owned by
     a subsidiary of Enron and 50% owned by El Paso Corporation.



     Based on the above,  the Company  had no net  exposure to Enron at November
29, 2001.  Additionally,  the Company  believes  that its Citrus  Trading  Corp.
exposure is mitigated by the fact that its parent, Citrus Corp., is 50% owned by
El Paso  Corporation.  The Company has not established any reserve against Enron
exposure.



