                                  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): September 10, 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  September  10,  2002,  Calpine  Corporation  provided  an update of its
non-strategic  asset sales  program for 2002  consisting of  approximately  $650
million of potential asset sales that would enhance liquidity and strengthen its
balance sheet.

ITEM 7.  FINANCIAL STATEMENTS AND EXHIBITS

(a)      Not applicable.

(b)      Not applicable.

(c)      Exhibits.

         99.0  Press release dated September 10, 2002 - Calpine  Provides Update
               on Non-Strategic Asset Sales


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:  September 10, 2002



<PAGE>


EXHIBIT 99.0

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


              CALPINE PROVIDES UPDATE ON NON-STRATEGIC ASSET SALES

     (SAN JOSE,  CALIF.)  September  10, 2002 - Calpine  Corporation  [NYSE:CPN]
today  provided  an update of its  non-strategic  asset  sales  program for 2002
consisting  of  approximately  $650 million of potential  asset sales that would
enhance  liquidity and strengthen its balance  sheet.  Since January 2002,  more
than $260 million of asset sales have been identified:

     o    Calpine sold its 11.4 percent  minority  interest in the  200-megawatt
          Lockport Power Plant for  approximately  $27 million to Fortistar LLC.
          This transaction was completed in the first quarter of 2002.

     o    The company  announced  plans to sell its  180-megawatt De Pere Energy
          Center peaking  facility to Wisconsin Public Service for $120 million.
          This transaction is expected to close in the fourth quarter of 2002.

     o    Last month,  the company  completed the sale of certain  non-strategic
          Canadian oil and gas properties for approximately $81 million.

     o    Termination of a Canadian power  development  partnership  resulted in
          the   reimbursement  to  Calpine  of  approximately   $14  million  of
          development costs.

     o    Calpine has entered into a letter of intent to sell two of its General
          Electric  LM6000  combustion  gas  turbines.  The  company  expects to
          complete this asset sale in the fourth quarter of 2002.

     "We are  very  pleased  with  the  progress  made  to  date on the  sale of
non-strategic assets. Calpine remains focused on further enhancing our liquidity
position and improving our balance sheet,  while  preserving the long-term value
of our business," stated Bob Kelly, Calpine CFO and executive vice president.

     The company  continues to evaluate the potential  sales of certain  assets,
including  additional  oil  and  gas  properties,  power  sales  agreements  and
non-strategic  power  assets.  Any future  asset  sales  could  involve  Calpine
receiving the purchase price in the form of cash or the  combination of cash and
Calpine debt  securities as  consideration  for the assets.  Any debt securities
offered  as  consideration  could  include  securities  currently  held  by  the
purchaser,  or  securities  acquired  in  open  market  purchases  or  privately
negotiated  transactions.

     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 23 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 approximately 1.1 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.

     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)  unscheduled  outages of operating
plants, (v) unseasonable weather patterns that produce reduced demand for power,
(vi) systemic  economic  slowdowns,  which can adversely  affect  consumption of
power by businesses and  consumers,  (vii) cost  estimates are  preliminary  and
actual costs may be higher than estimated,  (viii) a competitor's development of
lower-cost  generating  gas-fired  power  plants,  (ix)  risks  associated  with
marketing  and selling power from power plants in the  newly-competitive  energy
market,  (x)  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, (xi) the effects on the Company's  business resulting
from reduced  liquidity in the trading and power  industry,  (xii) the Company's
ability to access the capital  markets on attractive  term,  (xiii)  sources and
uses of cash are estimates based on current expectations;  actual sources may be
lower and actual uses may be higher than estimated, (xiv) 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  rating  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 desired amounts or on favorable terms, and (xv) other risks
identified from  time-to-time in our reports and  registration  statements filed
with the SEC,  including the risk factors  identified in our Quarterly Report on
Form 10Q for the quarter  ended June 30,  2002 and in our Annual  Report on Form
10-K for the year ended  December 31, 2001,  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.

