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<TEXT>
                                  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 19, 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 19, 2002, Calpine Corporation announced it has entered into an
agreement  with  Calgary,   Alberta-based   Pengrowth  Corporation   (Pengrowth)
[TSX:PGF-U],  for Pengrowth to acquire  substantially  all of Calpine's  British
Columbia  oil  and  gas  properties  for   approximately   US$248  million,   or
approximately Cdn$387.5 million.

     On September 20, 2002, Calpine Corporation  announced that the syndicate of
underwriters,  jointly led by Scotia  Capital Inc. and CIBC World  Markets Inc.,
has fully exercised the overallotment  option that it was granted as part of the
initial public  offering of Trust Units in the newly  established  Calpine Power
Income Fund (the "Fund").  As a result, the underwriters have acquired 3,450,000
additional Trust Units of the Fund at Cdn$10 per Trust Unit, generating Cdn$34.5
million.  This brings the total gross amount of the initial  public  offering to
Cdn$264.5 million.

ITEM 7.  FINANCIAL STATEMENTS AND EXHIBITS

(a)      Not applicable.

(b)      Not applicable.

(c)      Exhibits.

     99.0 Press  release  dated  September  19,  2002 - Calpine To Sell  British
          Columbia Oil and Gas Properties

     99.1 Press release dated September 20, 2002 - Calpine Sells Additional 3.45
          Million Canadian Power Income Fund Units


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 20, 2002



<PAGE>


EXHIBIT 99.0

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


             CALPINE TO SELL BRITISH COLUMBIA OIL AND GAS PROPERTIES

     (SAN JOSE,  CALIF.)  September  19, 2002 - Calpine  Corporation  [NYSE:CPN]
today  announced it has entered into an agreement  with  Calgary,  Alberta-based
Pengrowth Corporation (Pengrowth) [TSX:PGF-U], administrator of Pengrowth Energy
Trust, for Pengrowth to acquire  substantially all of Calpine's British Columbia
oil and gas  properties  for  approximately  US$248  million,  or  approximately
Cdn$387.5 million. Of the total  consideration,  approximately 60% is to be paid
in cash,  with the  remainder to be paid through the purchase in the open market
and  tendering of Calpine debt  securities by  Pengrowth.  The assets  represent
approximately  171 billion cubic feet of gas equivalent  proved reserves (net of
royalties),  48 percent of which are oil and liquids.  Calpine retains a call on
future purchases of oil and gas production from these assets. The transaction is
effective July 1, 2002 and is scheduled to close on or about October 1, 2002.

     "This  divestiture  further  enhances  Calpine's  liquidity  and  financial
strength," stated Calpine's CFO and executive vice president Bob Kelly. "It also
is consistent  with  Calpine's  strategy of increasing  our cash position  while
retaining the long-term value of our core power generation business and provides
an important call on gas produced by these assets."

     The British Columbia assets represent  approximately  167,000 net developed
acres and 380,000 net  undeveloped  acres of  petroleum  and natural gas rights.
Current production from these assets is approximately 75.2 million cubic feet of
gas equivalent per day (net of royalties).

     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 1.0 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 10-Q 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.


<PAGE>


EXHIBIT 99.1

NEWS RELEASE                                                            CONTACT:
                           Investor Relations: Rick Barraza, 408/995-5115, X1125
                                 Media Relations: Katherine Potter, 408/792-1168


                      CALPINE SELLS ADDITIONAL 3.45 MILLION
                        CANADIAN POWER INCOME FUND UNITS

     (SAN JOSE,  CALIF.)  September  20, 2002 - Calpine  Corporation  [NYSE:CPN]
(Calpine),  a leading North American power  producer,  today  announced that the
syndicate  of  underwriters,  jointly led by Scotia  Capital Inc. and CIBC World
Markets Inc., has fully exercised the  overallotment  option that it was granted
as part of the initial public  offering of Trust Units in the newly  established
Calpine  Power Income Fund (the  "Fund").  As a result,  the  underwriters  have
acquired 3,450,000  additional Trust Units of the Fund at Cdn$10 per Trust Unit,
generating  Cdn$34.5 million.  This brings the total gross amount of the initial
public offering to Cdn$264.5 million.

     As an unincorporated open-ended trust, the Fund invests in electrical power
generation,  transmission and distribution  assets. It indirectly owns interests
in two power plants in British Columbia and Alberta and has a loan interest in a
power plant in Ontario.  The Fund is managed by Calgary,  Alberta-based  Calpine
Canada Power Ltd. Trust Units are listed on the Toronto Stock Exchange under the
symbol CF.UN.

     The securities  offered have not been registered under the U.S.  Securities
Act of 1933,  as  amended,  and may not be offered or sold in the United  States
absent   registration   or  an  applicable   exemption  from  the   registration
requirements.  This  news  release  shall not  constitute  an offer to buy these
securities in any state of the United States or province of Canada.

     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 or 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 1.0 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 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)  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 10-Q 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.

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