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<TEXT>
                       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 12, 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

     On March 12,  2002,  Calpine  Corporation  announced  that it closed a new,
$1.6-billion  secured credit facility.  This new facility  provides Calpine with
capacity  for  combined  cash  borrowings  and  letters  of credit of up to $2.0
billion.

     On March 12, 2002, Calpine Corporation reported completion of a significant
restructuring  of its gas and steam turbine purchase  program.  This new program
reduces previously forecasted capital spending by approximately $1.2 billion and
$1.8 billion in 2002 and 2003, respectively,  and entails the cancellation of 34
gas turbine generators and one steam turbine  generator,  which will result in a
pre-tax charge to earnings of approximately $161 million in the first quarter of
2002.

ITEM 7.  FINANCIAL STATEMENTS AND EXHIBITS

(a)     Not applicable.

(b)     Not applicable.

(c)     Exhibits.

        99.0   Press release dated March 12, 2002 - Credit Facility

        99.1   Press release dated March 12, 2002 - Restructured Turbine Program


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 12, 2002


<PAGE>


EXHIBIT 99.0

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


                  CALPINE INCREASES CREDIT LINE TO $2.0 BILLION

                  Closes $1.6-Billion Secured Credit Facility,
               Significantly Enhancing Cash Cushion and Liquidity

     (SAN JOSE,  CALIF.) March 12, 2002 - Calpine  Corporation  [NYSE: CPN], the
leading  independent  power company,  announced  today that it has closed a new,
$1.6-billion  secured credit facility.  This new facility  provides Calpine with
capacity  for  combined  cash  borrowings  and  letters  of credit of up to $2.0
billion.

     The security for the new  $1.6-billion  credit  facility and the  company's
amended  $400-million credit facility include Calpine's interests in its natural
gas  properties,  the Saltend  power plant in the United  Kingdom and  Calpine's
equity  investment  in nine U.S.  power plants.  The proceeds of the  borrowings
under  the  credit   facilities  will  be  used  to  finance  Calpine's  capital
expenditures  and, subject to the limits of Calpine's  existing bond indentures,
for other general corporate purposes. The credit facilities include:

     o    A new  $1.0-billion  and  an  amended  $400-million  revolving  credit
          facility, expiring on May 24, 2003, that together provide $1.4 billion
          in borrowing and letters of credit capacity;

     o    A new  two-year,  $600-million  term loan that will be available  upon
          satisfaction  of  certain  conditions,  which the  company  expects to
          satisfy within the next 30 days.

     "This  substantially   expanded  facility  is  an  important  step  in  our
continuing  program to strengthen  Calpine's  liquidity,"  said Pete Cartwright,
chairman  and  CEO of  Calpine.  "We're  committed  to  building  a  substantial
liquidity cushion,  and we have made significant  progress towards this goal. We
are in  negotiations  on a wide  range of  additional  opportunities  to further
enhance our liquidity."

     "Over the last six months,  Calpine  has raised  over $6 billion.  This new
facility  demonstrates  our ability to continue to raise capital even in today's
difficult  financial and power  markets,"  said Bob Kelly,  president of Calpine
Finance.  "Calpine  remains  committed  to restoring - or attaining - investment
grade ratings and to taking  additional  steps to enhance its  creditworthiness,
including repaying debt."

     The banks in the new credit facility are The Bank of Nova Scotia, Citibank,
Bank of America, Bayerische Landesbank Girozentrale, Credit Suisse First Boston,
Deutsche Bank, The Toronto-Dominion Bank and ING Barings.

2002 Liquidity Update

     Calpine is concluding negotiations for the outsourcing of certain blocks of
power for 2002 and continues  negotiations for broader  alliances  involving its
Calpine  Energy  Services  (CES)  group - each of which  will  reduce  Calpine's
liquidity requirements related to CES.

     Calpine provided the following update to its currently  anticipated sources
and uses of funds for the year  2002.  These  estimates  are  subject to further
change as the company finalizes the  liquidity-enhancing  alternatives  outlined
above and as it monitors the scope and pace of its construction program based on
market conditions.
<PAGE>
<TABLE>
<CAPTION>
                                                        ($ in millions)
                                                    As of          As Discussed
Sources of Cash                                 March 12, 2002     Jan. 31, 2002
                                                --------------     -------------
  <S>                                             <C>                 <C>
  Available Cash
      Cash on hand 01/01/02                       $1,800 (1)          $1,800
      Less cash used to date to repurchase
         zero coupon debentures                     (193)                 --
      Estimated 2002 operating cash flow           1,200 (2)           1,200
      CES cash collateral replaced
         with letters of credit                      480 (3)              --
  Financings
      Credit facilities                            1,000 (4)             750
      Construction revolvers                         125                 125
      California peaker lease                        500 (5)             500
  Other
      Sale of non-strategic assets currently
         under negotiations                          250 (6)              --
                                                  ------              ------
             Total Sources                        $5,162              $4,375
                                                  ------              ------


Uses of Cash
  Construction capital for current program,
      including equipment                         $2,500              $2,500
  Maintenance and gas capital                        250                 250
  Purchase balance of zero coupon debentures         685                 819
  Cash lease payments                                330                 330
  Estimated Enron payments                           140 (7)              --
  Payments for future turbines                        --                 500
      Turbines for financeable projects              261 (11)             --
      Turbines for future projects                   457 (8)              --
                                                  ------              ------
             Total Uses                           $4,623              $4,399
                                                  ------              ------

Net Cash Flow                                     $  539              $  (24)
                                                  ------              ======


Additional Cash Sources
  Canadian Royalty Trust                          $  300 (9)
  Zion sale-leaseback                                150 (10)
  Financings for Future Turbines                     261 (11)
  Sale of Gilroy accounts receivable                 175 (12)
                                                  ------
             Total Additional Cash Sources           886
                                                  ------

Total Estimated Cash Cushion                      $1,425
                                                  ======
</TABLE>
--------------------------------

(1)  Cash  resources  include  $1.5  billion on hand at  year-end,  $224 million
     received  in  early  January  2002 on the  PG&E  receivables  sale and $100
     million balance of proceeds from the $1.2 billion  convertible senior notes
     offering received in early January 2002.

(2)  Annual  operating  cash  flow  for 2002 is  based  on an  initial  earnings
     estimate of $1.70 per share, which is expected to generate approximately $2
     billion of EBITDA,  as adjusted.  Annual operating cash flow equals EBITDA,
     as adjusted,  plus non-cash  operating lease expense of $200 million,  less
     $900 million of cash interest and $100 million of cash taxes.

(3)  Represents  an increase to available  cash from CES cash  deposits  made in
     2001 that will be replaced with letters of credit.

(4)  Estimated  cash  borrowing  capacity  after  utilizing  approximately  $1.0
     billion of letters of credit capacity.

(5)  Calpine is proceeding with the completion of a  sale-leaseback  transaction
     of its 11 California  peaker  facilities.  This  transaction is expected to
     generate $500 million of cash that will be received  throughout 2002 as the
     power facilities enter commercial operation.

(6)  Calpine is currently in negotiations  on the sale of several  non-strategic
     assets, which could generate approximately $250 million in cash as early as
     the end of the second quarter.

(7)  Represents an  approximation  of the company's  current estimate of the net
     amount  due  Enron  upon the final  settling  of all  transactions  between
     Calpine and Enron.

(8)  Represents  the  current  estimate  for 2002  capital  spending  for future
     turbines (also, see Note 11).

(9)  The  company is  establishing  a Canadian  Royalty  Trust to  monetize  its
     Canadian power  generation  assets that could generate  approximately  $300
     million by the end of the second quarter.

(10) Calpine  is   currently   analyzing   an   opportunity   to  enter  into  a
     sale-leaseback  transaction  for its Zion power  plant that could  generate
     approximately $150 million of cash by the end of the second quarter.

(11) Certain turbines are assigned to future projects with long-term  contracts,
     providing  Calpine with the  flexibility  to obtain project debt to finance
     this equipment.

(12) The  company is  evaluating  monetizing  its Gilroy  power  plant  accounts
     receivable due from PG&E. This  transaction  could take place by the end of
     the third quarter.

Conference Call Information

     Calpine will host a  conference  call to discuss its new,  expanded  credit
facility  and  provide an update on its  strengthened  liquidity  position.  The
conference  call  will  occur  today,  March  12,  2002,  at  10:00  am PST.  To
participate  via  the  teleconference   (in  listen-only   mode),   please  dial
1-973-628-6885 (for domestic and international  callers).  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 web site at www.calpine.com.

About Calpine

     Based in San Jose,  Calif.,  Calpine  Corporation is an  independent  power
company that is dedicated to providing customers with clean, efficient,  natural
gas-fired power  generation.  It generates and markets power,  through plants it
develops,  owns and operates, in 29 states in the United States, three provinces
in  Canada  and in the  United  Kingdom.  Calpine  also is the  world's  largest
producer of renewable  geothermal  energy,  and it owns and markets 1.3 trillion
cubic feet of proved natural gas reserves in Canada and the United  States.  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) the timing and extent of  deregulation of energy markets and the
rules and regulations  adopted on a transitional basis with respect thereto (ii)
the timing and extent of changes in  commodity  prices for energy,  particularly
natural gas and electricity  (iii) commercial  operations of new plants that may
be delayed or prevented because of various  development and construction  risks,
such as a failure  to obtain  the  necessary  permits  to  operate,  failure  of
third-party  contractors to perform their contractual  obligations or failure to
obtain  financing on acceptable  terms (iv)  unseasonable  weather patterns that
produce  reduced  demand for power (v) systemic  economic  slowdowns,  which can
adversely  affect  consumption  of power by businesses  and consumers  (vi) cost
estimates are  preliminary and actual costs may be higher than estimated (vii) a
competitor's  development of lower-cost generating gas-fired power plants (viii)
risks  associated  with  marketing  and selling  power from power  plants in the
newly-competitive  energy market (ix) the successful  exploitation  of an oil or
gas resource that ultimately depends upon the geology of the resource, the total
amount and costs to develop recoverable reserves and operations factors relating
to the  extraction  of natural  gas, (x) the effects on the  Company's  business
resulting  from the  liquidity  in the  trading  and  power  industry,  (xi) the
Company's  ability to access the capital  markets on similar  attractive  terms,
(xii) the direct or indirect effects on the Company's  business of a lowering of
its credit rating (or actions it may take in response to changing credit ratings
criteria),   including,  increased  collateral  requirements,   refusal  by  the
Company's  current or potential  counter parties to enter into transactions with
it and its  inability  to obtain  credit or capital  in amounts or on  favorable
terms,  and (xiii) other risks  identified  from time to time in our reports and
registration   statements  filed  with  the  SEC,  including  the  risk  factors
identified  in our Annual  Report on Form 10-K for the year ended  December  31,
2000, as restated in our Current Report on Form 8-K filed on September 10, 2001,
and our  Quarterly  Reports on Form 10-Q for the quarters  ended March 31, 2001,
June 30, 2001 and  September 30, which can be found on the Company's web site at
www.calpine.com.  All  information  set  forth in this  press  release  is as of
today's date, and the Company undertakes no duty to update this information.



<PAGE>


EXHIBIT 99.1

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


                 CALPINE ANNOUNCES RESTRUCTURED TURBINE PROGRAM,
                      RESULTING IN MORE THAN $3-BILLION OF
                    CAPITAL SPENDING REDUCTIONS IN 2002/2003

     (SAN JOSE, CALIF.) March 12, 2002 -- Calpine  Corporation  [NYSE:CPN] today
reported that it has completed a significant  restructuring of its gas and steam
turbine purchase program. This new turbine program reduces previously forecasted
capital spending by approximately $1.2 billion in 2002 and $1.8 billion in 2003.
These  cash  savings  are the  result  of  agreements  with  its  major  turbine
manufacturers,  including GE Power Systems (GE), Siemens Westinghouse  (Siemens)
and Toshiba, to defer or cancel existing turbine orders.

     The first phase of the  restructured  turbine program  includes  agreements
with GE,  Siemens  and  Toshiba  to adjust the timing of  delivery  and  related
payment schedules. With these agreements,  Calpine has deferred the delivery and
payment on 81 turbines  originally  slated for  delivery  between 2002 and 2005.
Calpine  will not incur any  additional  cash charges as a result of its revised
turbine delivery and payment schedule.

     In phase two of this program,  Calpine has  cancelled  orders for 34 GE gas
turbines and one GE steam  turbine.  As a result of this  cancellation,  Calpine
will record a non-cash,  pre-tax charge to earnings in the first quarter of 2002
of  approximately  $161 million,  which includes  financing costs to date. After
netting the amount of Calpine's  turbine  payments with GE's  cancellation  fee,
Calpine's cash payment to affect the cancellation is immaterial.

     "Calpine's restructured turbine program further demonstrates our commitment
to reducing  capital  expenditures  in the face of short-term  conditions in the
power and financial  markets," said Pete  Cartwright,  Calpine Chairman and CEO.
"We  continue  to  evaluate  a full range of  options  to  further  enhance  our
financial strength. We are doing what it takes to increase liquidity and enhance
creditworthiness while bringing new power generation capacity on line when - and
only when - power and capital market conditions warrant."

     With its new turbine program in place,  Calpine has 127 F-type gas turbines
on order for  delivery  between  2002 and 2007.  The  company  will  continue to
evaluate the economics of the current  program,  including its  cancellation and
deferral options, and may continue to restructure the program in the future.

     Based in San Jose,  Calif.,  Calpine  Corporation is an  independent  power
company that is dedicated to providing customers with clean, efficient,  natural
gas-fired power  generation.  It generates and markets power,  through plants it
develops,  owns and operates, in 29 states in the United States, three provinces
in  Canada  and in the  United  Kingdom.  Calpine  also is the  world's  largest
producer of renewable  geothermal  energy,  and it owns and markets 1.3 trillion
cubic feet of proved natural gas reserves in Canada and the United  States.  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) the timing and extent of  deregulation of energy markets and the
rules and regulations  adopted on a transitional basis with respect thereto (ii)
the timing and extent of changes in  commodity  prices for energy,  particularly
natural gas and electricity  (iii) commercial  operations of new plants that may
be delayed or prevented because of various  development and construction  risks,
such as a failure  to obtain  the  necessary  permits  to  operate,  failure  of
third-party  contractors to perform their contractual  obligations or failure to
obtain  financing on acceptable  terms (iv)  unseasonable  weather patterns that
produce  reduced  demand for power (v) systemic  economic  slowdowns,  which can
adversely  affect  consumption  of power by businesses  and consumers  (vi) cost
estimates are  preliminary and actual costs may be higher than estimated (vii) a
competitor's  development of lower-cost generating gas-fired power plants (viii)
risks  associated  with  marketing  and selling  power from power  plants in the
newly-competitive  energy market (ix) the successful  exploitation  of an oil or
gas resource that ultimately depends upon the geology of the resource, the total
amount and costs to develop recoverable reserves and operations factors relating
to the  extraction  of natural  gas, (x) the effects on the  Company's  business
resulting  from the  liquidity  in the  trading  and  power  industry,  (xi) the
Company's  ability to access the capital  markets on similar  attractive  terms,
(xii) the direct or indirect effects on the Company's  business of a lowering of
its credit rating (or actions it may take in response to changing credit ratings
criteria),   including,  increased  collateral  requirements,   refusal  by  the
Company's current or potential counterparties to enter into transactions with it
and its inability to obtain credit or capital in amounts or on favorable  terms,
and  (xiii)  other  risks  identified  from  time  to time  in our  reports  and
registration   statements  filed  with  the  SEC,  including  the  risk  factors
identified  in our Annual  Report on Form 10-K for the year ended  December  31,
2000, as restated in our Current Report on Form 8-K filed on September 10, 2001,
and our  Quarterly  Reports on Form 10-Q for the quarters  ended March 31, 2001,
June 30, 2001 and September 30, 2001.  All  information  set forth in this press
release is as of today's date, and the Company undertakes no duty to update this
information.



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