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                                  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): December 18, 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 December 18, 2002,  Calpine  Corporation  announced that it has completed the
previously  announced sale of its 180-megawatt De Pere Energy Center in De Pere,
Wisconsin.


ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS

(a)      Not applicable.

(b)      Not applicable.

(c)      Exhibits.

          99.0 Press release dated December 18, 2002 - Calpine Completes Sale of
     De Pere Energy Center


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:  December 18, 2002



<PAGE>


EXHIBIT 99.0

NEWS RELEASE                                                           CONTACTS:
                                    Media Relations: Gail Petersen, 713/830-8831
                           Investor Relations: Rick Barraza, 408/995-5115, X1125


                 CALPINE COMPLETES SALE OF DE PERE ENERGY CENTER

                      Enhances Liquidity Position With Sale

     (SAN JOSE, CALIF.) December 18, 2002--Calpine  Corporation [NYSE:CPN],  the
nation's  leading  independent  power  company,  announced  today  that  it  has
completed  the  previously  announced  sale of its  180-megawatt  De Pere Energy
Center in De Pere,  Wis. The facility was sold to Wisconsin  Public  Service for
$120.4  million,  which  included  $72  million in cash at  closing  and a $48.4
million payment due in December 2003.  Subsequent to this  transaction,  Calpine
sold its right to the December  2003 payment to a third party for  approximately
$46  million.  The  Wisconsin  Public  Service  Commission  approved the sale in
November 2002.

     Wisconsin  Public  Service will operate the energy  center with the help of
some of the plant's current employees during a transition period. As part of the
transaction, an existing power sales agreement was terminated.  Wisconsin Public
Service has since entered into a new power sales agreement to purchase up to 235
megawatts  from the Calpine  Sherry Energy  Center to be built near  Marshfield,
Wis. Calpine also owns the  460-megawatt  Rockgen Energy Center in Cambridge and
is in the early stages of  construction  on the  600-megawatt  Riverside  Energy
Center in Beloit, Wis.

     "As an independent  power producer,  Calpine remains committed to supplying
the State of Wisconsin with clean,  reliable power," said Calpine Vice President
of Business  Development Jim Shield. "We see the De Pere transaction as a unique
opportunity to increase Calpine's liquidity while at the same time providing the
state of Wisconsin  with  long-term,  low-cost  power to meet the state's future
needs."

     Based in San Jose,  Calif.,  Calpine  Corporation is a leading  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 is
also 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 contains 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 such as those
concerning Calpine  Corporation's ("the Company") expected financial performance
and  its  strategic  and  operational   plans,  as  well  as  all   assumptions,
expectations,  predictions,  intentions or beliefs about future events.  You are
cautioned that any such forward-looking  statements are not guarantees of future
performance  and  involve a number of risks and  uncertainties  that could cause
actual results to differ materially from the  forward-looking  statements,  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) actual costs
being higher than preliminary cost estimates;  and (viii) 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  September 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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