                       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): March 13, 2002


                               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

     After  filing  our  amended  Form  10-Q for Q3  2001,  we  became  aware of
inadvertent errors in the derivation of the  "comprehensive  gain (loss) on cash
flow hedges before  reclassification  adjustment" in the Derivative  Instruments
footnote to our financial  statements for each of the three-month  periods ended
March  31,  June 30 and  September  30,  2001.  In each  case,  the  disclosures
correctly stated the total pre-tax  unrealized  comprehensive  loss on cash flow
hedges for the  periods in  question,  but  disclosed  incorrect  numbers in the
entries  above  this  total.  Set  forth  below  is a  table  demonstrating  the
disclosure as reported and as revised.

     None  of the  revisions  described  in the  table  affects  (positively  or
negatively) any of the numbers in our statement of operations,  balance sheet or
statement of cash flows for any of the periods in question. In particular, there
is no impact on our net income,  stockholders'  equity or cash flow as disclosed
in our quarterly unaudited financial statements.

     In addition to this filing,  Calpine will provide the information set forth
below in its Annual  Report on Form 10-K for the fiscal year ended  December 31,
2001, which is due to be filed by April 1, 2002.

<TABLE>
<CAPTION>
                                                    --------------------------------------     -------------------------------------
                                                                  As Reported                                 Revised
                                                    --------------------------------------     -------------------------------------
                                                     Interest                                   Interest
                                                       Rate       Commodity       Total           Rate      Commodity      Total
($ in thousands)                                    Derivative    Derivative    Derivative     Derivative   Derivative   Derivative
                                                    Instruments   Instruments   Instruments    Instruments  Instruments  Instruments
                                                    ---------------------------------------    -------------------------------------
YTD 9/30/01 - Footnote 8 - Derivative Instruments
<S>                                                  <C>           <C>           <C>            <C>          <C>          <C>
Comprehensive gain (loss) on cash flow hedges
  before reclassification adjustment                 (84,585)      (354,011)     (438,596)      (84,585)     (108,393)    (192,978)
Reclassification adjustment for (gain) loss
  included in net income                               9,085        122,809       131,894         9,085      (122,809)    (113,724)
                                                     --------      ---------     ---------      --------     ---------    ---------
Total pre-tax unrealized comprehensive
  gain (loss) on cash flow hedges                    (75,500)      (231,202)     (306,702)      (75,500)     (231,202)    (306,702)


YTD 6/30/01 - Footnote 3 - Derivative Instruments

Comprehensive gain (loss) on cash flow hedges
  before reclassification adjustment                 (25,937)       176,933       150,996       (25,937)      220,517      194,580
Reclassification adjustment for (gain) loss
  included in net income                                   -         21,792        21,792             -       (21,792)     (21,792)
                                                     --------      ---------     ---------      --------     ---------    ---------
Total pre-tax unrealized comprehensive
  gain (loss) on cash flow hedges                    (25,937)       198,725       172,788       (25,937)      198,725      172,788


YTD 3/31/01 - Footnote 2 - Summary of significant
  accounting principles

Comprehensive gain (loss) on cash flow hedges
  before reclassification adjustment                 (35,898)       (67,330)     (103,228)      (35,898)      (33,236)     (69,134)
Reclassification adjustment for (gain) loss
  included in net income                                   -         17,047        17,047             -       (17,047)     (17,047)
                                                     --------      ---------     ---------      --------     ---------    ---------
Total pre-tax unrealized comprehensive
  gain (loss) on cash flow hedges                    (35,898)       (50,283)      (86,181)      (35,898)      (50,283)     (86,181)

</TABLE>



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:  March 13, 2002

