<SUBMISSION>
<ACCESSION-NUMBER>0000919574-08-008504
<TYPE>4
<PUBLIC-DOCUMENT-COUNT>1
<PERIOD>20081113
<FILING-DATE>20081117
<DATE-OF-FILING-DATE-CHANGE>20081117
<REPORTING-OWNER>
<OWNER-DATA>
<CONFORMED-NAME>FALCONE PHILIP
<CIK>0001233569
</OWNER-DATA>
<FILING-VALUES>
<FORM-TYPE>4
<ACT>34
<FILE-NUMBER>001-12079
<FILM-NUMBER>081196166
</FILING-VALUES>
<BUSINESS-ADDRESS>
<PHONE>2125216972
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>555 MADISON AVE
<STREET2>16TH FLOOR
<CITY>NEW YORK
<STATE>NY
<ZIP>10022
</MAIL-ADDRESS>
</REPORTING-OWNER>
<REPORTING-OWNER>
<OWNER-DATA>
<CONFORMED-NAME>HARBERT RAYMOND J
<CIK>0001233571
</OWNER-DATA>
<FILING-VALUES>
<FORM-TYPE>4
<ACT>34
<FILE-NUMBER>001-12079
<FILM-NUMBER>081196165
</FILING-VALUES>
<BUSINESS-ADDRESS>
<PHONE>205-987-5500
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>2100 THIRD AVENUE NORTH
<STREET2>SUITE 600
<CITY>BIRMINGHAM
<STATE>AL
<ZIP>35203
</MAIL-ADDRESS>
</REPORTING-OWNER>
<REPORTING-OWNER>
<OWNER-DATA>
<CONFORMED-NAME>LUCE MICHAEL D
<CIK>0001233573
</OWNER-DATA>
<FILING-VALUES>
<FORM-TYPE>4
<ACT>34
<FILE-NUMBER>001-12079
<FILM-NUMBER>081196164
</FILING-VALUES>
<BUSINESS-ADDRESS>
<PHONE>205-987-5500
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>2100 THIRD AVENUE NORTH
<STREET2>SUITE 600
<CITY>BIRMINGHAM
<STATE>AL
<ZIP>35203
</MAIL-ADDRESS>
</REPORTING-OWNER>
<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>HARBERT MANAGEMENT CORP
<CIK>0001259933
</OWNER-DATA>
<FILING-VALUES>
<FORM-TYPE>4
<ACT>34
<FILE-NUMBER>001-12079
<FILM-NUMBER>081196167
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>2100 THIRD AVENUE NORTH
<STREET2>SUITE 600
<CITY>BIRMINGHAM
<STATE>AL
<ZIP>35203
<PHONE>205-987-5500
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>2100 THIRD AVENUE NORTH
<STREET2>SUITE 600
<CITY>BIRMINGHAM
<STATE>AL
<ZIP>35203
</MAIL-ADDRESS>
</REPORTING-OWNER>
<REPORTING-OWNER>
<OWNER-DATA>
<CONFORMED-NAME>HARBINGER CAPITAL PARTNERS SPECIAL SITUATIONS FUND, L.P.
<CIK>0001371517
</OWNER-DATA>
<FILING-VALUES>
<FORM-TYPE>4
<ACT>34
<FILE-NUMBER>001-12079
<FILM-NUMBER>081196170
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>555 MADISON AVENUE
<STREET2>16TH FLOOR
<CITY>NEW YORK
<STATE>NY
<ZIP>10022
<PHONE>212-521-6970
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>555 MADISON AVENUE
<STREET2>16TH FLOOR
<CITY>NEW YORK
<STATE>NY
<ZIP>10022
</MAIL-ADDRESS>
<FORMER-NAME>
<FORMER-CONFORMED-NAME>HARBINGER CAPITAL PARTNERS SITUATIONS FUND, L.P.
<DATE-CHANGED>20060803
</FORMER-NAME>
</REPORTING-OWNER>
<REPORTING-OWNER>
<OWNER-DATA>
<CONFORMED-NAME>HARBINGER CAPITAL PARTNERS SPECIAL SITUATIONS GP, LLC
<CIK>0001371518
</OWNER-DATA>
<FILING-VALUES>
<FORM-TYPE>4
<ACT>34
<FILE-NUMBER>001-12079
<FILM-NUMBER>081196169
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>555 MADISON AVENUE
<STREET2>16TH FLOOR
<CITY>NEW YORK
<STATE>NY
<ZIP>10022
<PHONE>212-521-6970
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>555 MADISON AVENUE
<STREET2>16TH FLOOR
<CITY>NEW YORK
<STATE>NY
<ZIP>10022
</MAIL-ADDRESS>
</REPORTING-OWNER>
<REPORTING-OWNER>
<OWNER-DATA>
<CONFORMED-NAME>HMC - NEW YORK, INC.
<CIK>0001371519
</OWNER-DATA>
<FILING-VALUES>
<FORM-TYPE>4
<ACT>34
<FILE-NUMBER>001-12079
<FILM-NUMBER>081196168
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>555 MADISON AVENUE
<STREET2>16TH FLOOR
<CITY>NEW YORK
<STATE>NY
<ZIP>10022
<PHONE>212-521-6970
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>555 MADISON AVENUE
<STREET2>16TH FLOOR
<CITY>NEW YORK
<STATE>NY
<ZIP>10022
</MAIL-ADDRESS>
</REPORTING-OWNER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>p938896_ex.xml
<DESCRIPTION>HCPMF/CALPINE
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0303</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2008-11-13</periodOfReport>

    <notSubjectToSection16>0</notSubjectToSection16>

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

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001371517</rptOwnerCik>
            <rptOwnerName>HARBINGER CAPITAL PARTNERS SPECIAL SITUATIONS FUND, L.P.</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>555 MADISON AVENUE</rptOwnerStreet1>
            <rptOwnerStreet2>16TH FLOOR</rptOwnerStreet2>
            <rptOwnerCity>NEW YORK</rptOwnerCity>
            <rptOwnerState>NY</rptOwnerState>
            <rptOwnerZipCode>10022</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>1</isOther>
            <otherText>*See Remarks</otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001371518</rptOwnerCik>
            <rptOwnerName>HARBINGER CAPITAL PARTNERS SPECIAL SITUATIONS GP, LLC</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>555 MADISON AVENUE</rptOwnerStreet1>
            <rptOwnerStreet2>16TH FLOOR</rptOwnerStreet2>
            <rptOwnerCity>NEW YORK</rptOwnerCity>
            <rptOwnerState>NY</rptOwnerState>
            <rptOwnerZipCode>10022</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>1</isOther>
            <otherText>*See Remarks</otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001371519</rptOwnerCik>
            <rptOwnerName>HMC - NEW YORK, INC.</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>555 MADISON AVENUE</rptOwnerStreet1>
            <rptOwnerStreet2>16TH FLOOR</rptOwnerStreet2>
            <rptOwnerCity>NEW YORK</rptOwnerCity>
            <rptOwnerState>NY</rptOwnerState>
            <rptOwnerZipCode>10022</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>1</isOther>
            <otherText>*See Remarks</otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001259933</rptOwnerCik>
            <rptOwnerName>HARBERT MANAGEMENT CORP</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>2100 THIRD AVENUE NORTH</rptOwnerStreet1>
            <rptOwnerStreet2>SUITE 600</rptOwnerStreet2>
            <rptOwnerCity>BIRMINGHAM</rptOwnerCity>
            <rptOwnerState>AL</rptOwnerState>
            <rptOwnerZipCode>35203</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>1</isOther>
            <otherText>*See Remarks</otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001233569</rptOwnerCik>
            <rptOwnerName>FALCONE PHILIP</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>555 MADISON AVE</rptOwnerStreet1>
            <rptOwnerStreet2>16TH FLOOR</rptOwnerStreet2>
            <rptOwnerCity>NEW YORK</rptOwnerCity>
            <rptOwnerState>NY</rptOwnerState>
            <rptOwnerZipCode>10022</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>1</isOther>
            <otherText>*See Remarks</otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001233571</rptOwnerCik>
            <rptOwnerName>HARBERT RAYMOND J</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>2100 THIRD AVENUE NORTH</rptOwnerStreet1>
            <rptOwnerStreet2>SUITE 600</rptOwnerStreet2>
            <rptOwnerCity>BIRMINGHAM</rptOwnerCity>
            <rptOwnerState>AL</rptOwnerState>
            <rptOwnerZipCode>35203</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>1</isOther>
            <otherText>*See Remarks</otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001233573</rptOwnerCik>
            <rptOwnerName>LUCE MICHAEL D</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>2100 THIRD AVENUE NORTH</rptOwnerStreet1>
            <rptOwnerStreet2>SUITE 600</rptOwnerStreet2>
            <rptOwnerCity>BIRMINGHAM</rptOwnerCity>
            <rptOwnerState>AL</rptOwnerState>
            <rptOwnerZipCode>35203</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>1</isOther>
            <otherText>*See Remarks</otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>71318088</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>Footnotes</value>
                    <footnoteId id="F1"/>
                    <footnoteId id="F2"/>
                    <footnoteId id="F3"/>
                    <footnoteId id="F4"/>
                    <footnoteId id="F8"/>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <transactionDate>
                <value>2008-11-13</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>S</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>10000</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>8.64</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>34559892</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                    <footnoteId id="F1"/>
                    <footnoteId id="F5"/>
                    <footnoteId id="F6"/>
                    <footnoteId id="F7"/>
                    <footnoteId id="F9"/>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <transactionDate>
                <value>2008-11-14</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>S</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>213777</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>8.51</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>34346115</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                    <footnoteId id="F1"/>
                    <footnoteId id="F5"/>
                    <footnoteId id="F6"/>
                    <footnoteId id="F7"/>
                    <footnoteId id="F9"/>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
    </nonDerivativeTable>

    <footnotes>
        <footnote id="F1">IMPORTANT NOTE: THE SECURITIES SET FORTH IN THIS REPORT ARE DIRECTLY BENEFICIALLY OWNED BY HARBINGER CAPITAL PARTNERS MASTER
 FUND I, LTD. AND/OR HARBINGER CAPITAL PARTNERS SPECIAL SITUATIONS FUND, L.P. (COLLECTIVELY, THE &quot;FUNDS&quot;). ALL OTHER ENTITIES
 OR PERSONS ARE INCLUDED WITHIN THIS REPORT DUE TO THEIR AFFILIATION WITH ONE OR BOTH OF THE FUNDS.</footnote>
        <footnote id="F2">These securities are owned by Harbinger Capital Partners Master Fund I, Ltd. (the &quot;Master Fund&quot;).</footnote>
        <footnote id="F3">These securities may be deemed to be indirectly beneficially owned by the following entities or persons: Harbinger Capital
 Partners Offshore Manager, L.L.C. (&quot;Harbinger Management&quot;), the investment manager of the Master Fund, HMC Investors,
 L.L.C., its managing member (&quot;HMC Investors&quot;), Philip Falcone, a member of HMC Investors and the portfolio manager of the
 Master Fund, Raymond J. Harbert, a member of HMC Investors, and Michael D. Luce, a member of HMC Investors.</footnote>
        <footnote id="F4">Each entity or person listed in Footnotes 2 and 3 disclaims beneficial ownership of the reported securities except to the
 extent of his or its pecuniary interest therein, and this report shall not be deemed an admission that such entity or person
 is the beneficial owner of the securities for purposes of Section 16 of the Securities Exchange Act of 1934, as amended, or
 for any other purpose.</footnote>
        <footnote id="F5">These securities are owned by Harbinger Capital Partners Special Situations Fund, L.P. (the &quot;Special Situations Fund&quot;), which
 is a Reporting Person.</footnote>
        <footnote id="F6">These securities may be deemed to be indirectly beneficially owned by the following Reporting Persons: Harbinger Capital
 Partners Special Situations GP, LLC (&quot;HCPSS&quot;), HMC-New York, Inc. (&quot;HMCNY&quot;), Harbert Management Corporation (&quot;HMC&quot;), Philip
 Falcone, Raymond J. Harbert and Michael Luce. HCPSS is the general partner of the Special Situations Fund. HMCNY is the
 managing member of HCPSS. HMC wholly owns HMCNY. Philip Falcone is the portfolio manager of the Special Situations Fund and
 is a shareholder of HMC. Raymond J. Harbert and Michael D. Luce are shareholders of HMC.</footnote>
        <footnote id="F7">Each Reporting Person listed in Footnotes 5 and 6 disclaims beneficial ownership of the reported securities except to the
 extent of his or its pecuniary interest therein, and this report shall not be deemed an admission that such Reporting Person
 is the beneficial owner of the securities for purposes of Section 16 of the Securities Exchange Act of 1934, as amended, or
 for any other purpose.</footnote>
        <footnote id="F8">Includes 6,189,645 Shares held by Kelson Investments, S.ar.l., an indirect wholly owned subsidiary of the Master Fund and the
 Special Situations Fund.</footnote>
        <footnote id="F9">Includes 3,092,603 Shares held by Kelson Investments, S.ar.l., an indirect wholly owned subsidiary of the Master Fund and the
 Special Situations Fund.</footnote>
    </footnotes>

    <remarks>(+)  The Reporting Persons may be deemed to be members of a &quot;group&quot; for purposes of the Securities Exchange Act of 1934, as
 amended. Each Reporting Person disclaims beneficial ownership of any  securities deemed to be owned by the group that are
 not directly owned by the Reporting Person. This report shall not be deemed an admission that such Reporting Person is a
 member of a group or the beneficial owner of any securities not directly owned by such Reporting Person.</remarks>

    <ownerSignature>
        <signatureName>Harbinger Capital Partners Special Situations Fund, L.P.(+), By: Harbinger Capital Partners Special Situations GP, LLC, By: HMC-New York, Inc., Managing Member, By: /s/ Joel B. Piassick</signatureName>
        <signatureDate>2008-11-17</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>Harbinger Capital Partners Special Situations GP, LLC(+), By: HMC-New York, Inc., Managing Member, By: /s/ Joel B. Piassick</signatureName>
        <signatureDate>2008-11-17</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>HMC-New York, Inc.(+), By: /s/ Joel B. Piassick</signatureName>
        <signatureDate>2008-11-17</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>Harbert Management Corporation(+), By: /s/ Joel B. Piassick</signatureName>
        <signatureDate>2008-11-17</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>/s/ Philip Falcone(+)</signatureName>
        <signatureDate>2008-11-17</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>/s/ Raymond J. Harbert(+)</signatureName>
        <signatureDate>2008-11-17</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>/s/ Michael D. Luce(+)</signatureName>
        <signatureDate>2008-11-17</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SUBMISSION>
