<SUBMISSION>
<ACCESSION-NUMBER>0001181431-08-058022
<TYPE>4
<PUBLIC-DOCUMENT-COUNT>1
<PERIOD>20081020
<FILING-DATE>20081022
<DATE-OF-FILING-DATE-CHANGE>20081022
<ISSUER>
<COMPANY-DATA>
<CONFORMED-NAME>CALPINE CORP
<CIK>0000916457
<ASSIGNED-SIC>4911
<IRS-NUMBER>770212977
<STATE-OF-INCORPORATION>DE
<FISCAL-YEAR-END>1231
</COMPANY-DATA>
<BUSINESS-ADDRESS>
<STREET1>50 WEST SAN FERNANDO ST
<CITY>SAN JOSE
<STATE>CA
<ZIP>95113
<PHONE>4089955115
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>50 W SAN FERNANDO
<STREET2>SUITE 500
<CITY>SAN JOSE
<STATE>CA
<ZIP>95113
</MAIL-ADDRESS>
</ISSUER>
<REPORTING-OWNER>
<OWNER-DATA>
<CONFORMED-NAME>Luminus Energy Partners Master Fund, Ltd.
<CIK>0001405850
<STATE-OF-INCORPORATION>D0
</OWNER-DATA>
<FILING-VALUES>
<FORM-TYPE>4
<ACT>34
<FILE-NUMBER>001-12079
<FILM-NUMBER>081135879
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>1700 BROADWAY, 35TH FLOOR
<CITY>NEW YORK
<STATE>NY
<ZIP>10019
<PHONE>(212) 615-3450
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>1700 BROADWAY, 35TH FLOOR
<CITY>NEW YORK
<STATE>NY
<ZIP>10019
</MAIL-ADDRESS>
</REPORTING-OWNER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>rrd221411.xml
<DESCRIPTION>FORM 4
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0303</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2008-10-20</periodOfReport>

    <notSubjectToSection16>0</notSubjectToSection16>

    <issuer>
        <issuerCik>0000916457</issuerCik>
        <issuerName>CALPINE CORP</issuerName>
        <issuerTradingSymbol>CPN</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001405850</rptOwnerCik>
            <rptOwnerName>Luminus Energy Partners Master Fund, Ltd.</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>1700 BROADWAY</rptOwnerStreet1>
            <rptOwnerStreet2>38TH FLOOR</rptOwnerStreet2>
            <rptOwnerCity>NEW YORK</rptOwnerCity>
            <rptOwnerState>NY</rptOwnerState>
            <rptOwnerZipCode>10019</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <transactionDate>
                <value>2008-10-20</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>J</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
                <footnoteId id="F1"/>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>20340</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>17.36</value>
                    <footnoteId id="F2"/>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>7820924</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                    <footnoteId id="F3"/>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
    </nonDerivativeTable>

    <footnotes>
        <footnote id="F1">The shares reported herein were received in satisfaction of a claim held by the Reporting Person as part of a settlement agreement with the Issuer pursuant to the Issuer?s Sixth Amended Joint Plan of Reorganization, as further detailed in the Schedule 13D filed by the Reporting Person on February 11, 2008.</footnote>
        <footnote id="F2">No cash consideration was paid for the shares reported herein.  The dollar value assigned 	to each share was calculated by dividing the total number of shares received pursuant to 	the settlement agreement described above into the dollar settlement amount.</footnote>
        <footnote id="F3">Luminus Management, LLC is the manager of Luminus Energy Partners Master Fund, Ltd. (&quot;Luminus Energy Fund&quot;). Due to its relationship with Luminus Energy Fund, Luminus Management, LLC may be deemed to have shared voting and investment power with respect to the shares owned by Luminus Energy Fund. As such, Luminus Management, LLC may be deemed to have shared beneficial ownership of the shares of which Luminus Energy Fund is the owner. Luminus Management, LLC however, disclaims beneficial ownership of such shares except to the extent of its pecuniary interest therein. For further details relating to the Reporting Person's ownership structure, please refer to the Schedule 13D filed with the Securities and Exchange Commission on February 11, 2008.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>/s/ Paul Segal as attorney-in-fact</signatureName>
        <signatureDate>2008-10-22</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SUBMISSION>
