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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): October 2, 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 October 2, 2002,  Calpine  Corporation  announced it has  completed  the
previously  announced sale of substantially  all of its British Columbia oil and
gas  properties  to Calgary,  Alberta-based  Pengrowth  Corporation  (Pengrowth)
[TSX:PGF-U], administrator of Pengrowth Energy Trust, for approximately US$243.7
million.  Calpine received a US$155.3  million cash payment from Pengrowth;  the
remaining  US$88.4  million  was paid from the  purchase  in the open market and
tendering of Calpine debt securities by Pengrowth.

ITEM 7.  FINANCIAL STATEMENTS AND EXHIBITS

(a)      Not applicable.

(b)      Not applicable.

(c)      Exhibits.

     99.0 Press  release  dated  October  2,  2002 - Calpine  Completes  Sale of
          British Columbia Oil and Gas Properties


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:  October 3, 2002



<PAGE>

EXHIBIT 99.0

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


                   CALPINE COMPLETES SALE OF BRITISH COLUMBIA
                             OIL AND GAS PROPERTIES

     (SAN JOSE, CALIF.) October 2, 2002 - Calpine  Corporation  [NYSE:CPN] today
announced it has completed the previously announced sale of substantially all of
its British Columbia oil and gas properties to Calgary,  Alberta-based Pengrowth
Corporation  (Pengrowth)  [TSX:PGF-U],  administrator of Pengrowth Energy Trust,
for approximately  US$243.7 million. Of the total  consideration,  which exceeds
book value, Calpine received a US$155.3 million cash payment from Pengrowth; the
remaining  US$88.4  million  was paid from the  purchase  in the open market and
tendering of Calpine debt securities by Pengrowth.

     "This asset sale provides  Calpine an excellent  opportunity to improve our
balance sheet.  With the acquisition of our securities,  we will reduce our debt
outstanding by $197.4 million,  record a gain  approximately  $111.1 million and
lower our annual interest  expense on these  securities by  approximately  $16.6
million," stated Calpine's CFO and Executive Vice President Bob Kelly.

     The cost of $88.4 million to Pengrowth to acquire the securities included a
market cost of $82.9  million,  accrued  interest of $4.5 million and fees of $1
million.  The face value of the securities purchased and tendered to Calpine was
$197.4 million and consisted of the following securities:

     o    $17.25 million 7-7/8% Senior Notes Due 2008
     o    $90.15 million 8-1/2% Senior Notes Due 2008
     o    $14.09 million 7-3/4% Senior Notes Due 2009
     o    $17.50 million 8-5/8% Senior Notes Due 2010
     o    $58.50 million 8-1/2% Senior Notes Due 2011

     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.

</TEXT>
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