                                  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): June 4, 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 June 4, 2002,  Calpine  Corporation  announced that it has increased its
two-year  secured  bank term loan to $1.0  billion  from $600  million,  and has
reduced the size of its secured  corporate  revolving credit  facilities to $1.0
billion  from  $1.4  billion.

     On June 5, 2002, Calpine Corporation reported that it did not engage in any
"roundtrip"  or  "wash"  natural  gas  trading  activities  for the  purpose  of
increasing  revenue  or  volumes,  impacting  market  prices,  or for any  other
improper business  purpose.  Calpine's report is in response to the May 22, 2002
data request by the Federal Energy Regulatory  Commission  (FERC)  investigating
natural  gas  trading  activities  in the U.S.  portion of the  Western  Systems
Coordinating Council and/or Texas during 2000 and 2001.

ITEM 7.  FINANCIAL STATEMENTS AND EXHIBITS

(a)      Not applicable.

(b)      Not applicable.

(c)      Exhibits.

          99.0 Press release dated June 4, 2002 - Calpine  Completes  Funding of
               Term Loan

          99.1 Press  release  dated  June 5,  2002 - Calpine Responds to FERC's
               Request


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:  June 6, 2002




<PAGE>


EXHIBIT 99.0

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


                CALPINE COMPLETES FUNDING OF $1 BILLION TERM LOAN

                Standard & Poor's Assigns Investment Grade Rating

     (SAN JOSE, Calif.) June 4, 2002 - Calpine Corporation [NYSE: CPN] announced
today that it has increased its two-year  secured bank term loan to $1.0 billion
from $600 million,  and has reduced the size of its secured corporate  revolving
credit facilities to $1.0 billion from $1.4 billion.  Standard & Poor's recently
assigned  its  BBB-  investment  grade  rating  to both  the  term  loan and the
revolving credit  facilities,  with Moody's  Investors  Service  assigning a Ba3
ranking.

     The term loan and  corporate  revolvers  give Calpine up to $2.0 billion in
combined cash  borrowing  and letter of credit  capacity.  On May 10, 2002,  the
company  received  $500 million in a partial  funding of the term loan.  Calpine
received the remaining $500 million on May 31, 2002. Lead Arrangers for the term
loan were Salomon Smith Barney, Inc., Deutsche Banc Alex. Brown, Inc. and Credit
Suisse First Boston.

     "This financing further demonstrates Calpine's ability to continue to raise
capital in today's difficult  financial and power markets," stated Calpine Chief
Financial  Officer  Bob  Kelly.  "Increasing  our  term  loan  by  $400  million
significantly  extends  Calpine's  access to capital and lowers our  refinancing
requirements in 2003 by $400 million."

     Calpine's corporate credit facilities now include:

     o    A $600-million and a $400-million  secured  revolving credit facility,
          each  expiring in May 2003,  that  together  provide  $1.0  billion in
          borrowing and letter of credit capacity and;

     o    A two-year, $1-billion secured term loan, maturing in May 2004.

     Calpine  remains  committed to building a  substantial  liquidity  cushion.
Since late December 2001, the company closed on several  transactions  providing
access to nearly $4 billion of capital,  retired  approximately  $953 million of
debt,  and  restructured  its  turbine  acquisition  program,  which will reduce
2002-2003  capital  spending by more than $3 billion.  In addition,  the company
brought on line more than 1,600  megawatts  of highly  efficient  generation  in
strategic power markets.

     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 21 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 forwardlooking  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,
2001,  and our  Quarterly  Reports on Form 10-Q for the quarter  ended March 31,
2002,  which  can be found on the  Company's  web site at  www.calpine.com.  All
information  set forth in this  news  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 RESPONDS TO FERC'S NATURAL GAS TRADING DATA REQUEST;
               REPORTS NO IMPROPER "ROUNDTRIP" TRADING ACTIVITIES

     (SAN JOSE,  CALIF.)  June 5, 2002 - Calpine  Corporation  [NYSE:CPN]  today
reported that it did not engage in any "roundtrip" or "wash" natural gas trading
activities for the purpose of increasing  revenue or volumes,  impacting  market
prices,  or for any other  improper  business  purpose.  Calpine's  report is in
response  to the May 22,  2002 data  request by the  Federal  Energy  Regulatory
Commission  (FERC)  investigating  natural  gas trading  activities  in the U.S.
portion of the Western Systems Coordinating Council and/or Texas during 2000 and
2001.

     Calpine conducted a comprehensive review of all subject transactions during
this period. Of the nearly 52,000 transactions,  15 resulted in the simultaneous
purchase and sale of the same  natural gas product  with the same  counterparty.
These  transactions  were  completed  for risk  management  purposes and did not
impact revenue in 2001. There were no such transactions in 2000. Calpine did not
report these transactions to Platt's, Bloomberg or any similar organization.

     A copy of  Calpine's  response  to the FERC will be made  available  on the
investor relations page of the company's website at www.calpine.com.

     Based in San Jose,  Calif.,  Calpine  Corporation is a leading  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 21 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 1.3 trillion cubic
feet  equivalent 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.

