<SUBMISSION>
<ACCESSION-NUMBER>0001181431-11-047765
<TYPE>4
<PUBLIC-DOCUMENT-COUNT>1
<PERIOD>20110825
<FILING-DATE>20110901
<DATE-OF-FILING-DATE-CHANGE>20110901
<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>717 TEXAS AVENUE
<STREET2>SUITE 1000
<CITY>HOUSTON
<STATE>TX
<ZIP>77002
<PHONE>7138308775
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>717 TEXAS AVENUE
<STREET2>SUITE 1000
<CITY>HOUSTON
<STATE>TX
<ZIP>77002
</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>111072053
</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>rrd321191.xml
<DESCRIPTION>LUMINUS ENERGY PARTNERS MASTER FUND, LTD. - FORM 4 - 08/25/2011
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0304</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2011-08-25</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>2011-08-25</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>J</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
                <footnoteId id="F1"/>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>2956</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>0.00</value>
                    <footnoteId id="F1"/>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>8823964</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                    <footnoteId id="F3"/>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <transactionDate>
                <value>2011-08-26</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>J</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
                <footnoteId id="F2"/>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>195126</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>0.00</value>
                    <footnoteId id="F1"/>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>9019090</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                    <footnoteId id="F3"/>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
    </nonDerivativeTable>

    <footnotes>
        <footnote id="F1">The Reporting Person received the shares reported herein pursuant to a previously negotiated agreement with LSP Cal Holdings II, LLC (&quot;Cal II&quot;).  Under the agreement, Cal II agreed to transfer a percentage of the shares it received in connection with the Issuer's Sixth Amended Joint Plan of Reorganization to the Reporting Person.</footnote>
        <footnote id="F2">The Reporting Person received the shares reported herein in exchange for escrow bonds held by the Reporting Person in connection with the  Issuer's Sixth Amended Joint Plan of Reorganization (the &quot;Plan&quot;), which was approved by the U.S. Bankruptcy Court for the Southern District of New York and became effective on January 31, 2008.</footnote>
        <footnote id="F3">Luminus Management, LLC is the manager of Luminus Energy Fund.  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, as last amended on August 22, 2011.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>By: Luminus Management, LLC, Its Investment Manager, By Jonathan Barrett, President</signatureName>
        <signatureDate>2011-09-01</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SUBMISSION>
