                                  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 31, 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  31,  2002,  Calpine  Corporation  announced  it  has  received
approximately  $22 million from Las  Vegas-based  Nevada Power  Company  (Nevada
Power) for all outstanding payables owed to Calpine for power deliveries Calpine
made to Nevada Power  during the period of May 1, 2002,  through  September  15,
2002.

     On November 4, 2002,  Calpine  Corporation  announced it has renegotiated a
10-year  power  sales  agreement  with the City of Lodi.  Under the terms of the
revised contract,  Calpine's obligations to deliver electricity have ceased, and
the parties have agreed to an amount to be paid to Calpine in  settlement of the
City of Lodi's obligations under the contract.

ITEM 7.  FINANCIAL STATEMENTS AND EXHIBITS

(a)      Not applicable.

(b)      Not applicable.

(c)      Exhibits.

     99.0 Press release  dated  October 31, 2002 - Calpine  Receives $22 Million
          From Nevada Power For All Past-Due Payments For Energy Deliveries

     99.1 Press  release  dated  November 4, 2002 - Calpine  Renegotiates  Power
          Sales Agreement With City of Lodi


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:  November 4, 2002



<PAGE>


EXHIBIT 99.0

NEWS RELEASE                                                           CONTACTS:
                                   Media Relations: Kent Robertson, 925-479-6635
                           Investor Relations: Rick Barraza, 408-995-5115, X1125


                 CALPINE RECEIVES $22 MILLION FROM NEVADA POWER
                 FOR ALL PAST-DUE PAYMENTS FOR ENERGY DELIVERIES

     (SAN JOSE, CALIF.) October 31, 2002 - Calpine Corporation  [NYSE:CPN] today
announced it has received  approximately $22 million from Las Vegas-based Nevada
Power Company  (Nevada Power) for all  outstanding  payables owed to Calpine for
power  deliveries  Calpine made to Nevada Power during the period of May 1, 2002
through September 15, 2002.  Calpine provides power and other ancillary services
to Nevada Power through a variety of short-term contracts.

     In April 2002,  Nevada  Power  requested  that its power  suppliers  extend
payment  terms to help  overcome the utility's  short-term  liquidity  problems.
Subsequently,  Nevada Power withheld a significant portion of the power payments
owed to Calpine for power deliveries  during the period from May 1, 2002 through
September 15, 2002.

     Although  Nevada Power was no longer meeting its full payment  obligations,
Calpine  continued to deliver much needed  electricity to Nevada Power customers
during the hot summer months, when power demand is at its highest.

     Curt Hildebrand,  Calpine vice president,  stated, "Calpine recognizes that
with a vital  product  like  electricity,  customers  require a reliable  energy
provider.  Calpine  continues to  demonstrate  our  long-term  commitment to the
Nevada power market by continuing to provide a dependable  source of electricity
to Nevada Power customers."

     Based in San Jose,  Calif.,  Calpine  Corporation is an  independent  power
company that is dedicated to providing  wholesale and industrial  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 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.



<PAGE>


EXHIBIT 99.1

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


          CALPINE RENEGOTIATES POWER SALES AGREEMENT WITH CITY OF LODI

              Company Receives Cash Proceeds From Sale of Contract

     (SAN JOSE, CALIF.) November 4, 2002 - Calpine Corporation  [NYSE:CPN],  the
San  Jose,  Calif.-based  independent  power  company,  today  announced  it has
renegotiated a 10-year power sales  agreement  with the City of Lodi.  Under the
terms of the revised contract, Calpine's obligations to deliver electricity have
ceased,  and the  parties  have  agreed to an amount  to be paid to  Calpine  in
settlement of the City of Lodi's  obligations  under the  contract.  The City of
Lodi has the option to make  installment  payments  to Calpine for nine years or
elect to prepay its total  obligation  to Calpine  at a  predetermined  discount
rate. The City has until November 30, 2002 to select a payment  option.  Calpine
has since sold this renegotiated contract and monetized the installment payments
under a separate agreement with a major financial  institution.  The company has
received  an  initial  payment  of $33.2  million  and  expects  to  receive  an
additional payment of up to $8.3 million.

     "Calpine  continues to advance its asset sales program to enhance liquidity
and our financial  strength,"  stated Calpine CFO Bob Kelly.  "This  transaction
reflects  Calpine's  focused,   balanced  approach  to  strengthening  our  cash
position, while retaining the long-term value of Calpine's core business."

     Based in San Jose,  Calif.,  Calpine  Corporation is an  independent  power
company that is dedicated to providing  wholesale and industrial  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 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.

