1

                                                Filed Pursuant to Rule 424(b)(5)
                                            Registration Statement No. 333-47068

        PROSPECTUS SUPPLEMENT TO THE PROSPECTUS DATED NOVEMBER 14, 2000
                                       OF

                              CALPINE CORPORATION
                                  RELATING TO
                        RESALES BY SELLING SHAREHOLDERS
                                       OF

                      5% CONVERTIBLE PREFERRED SECURITIES
             REMARKETABLE TERM INCOME DEFERRABLE EQUITY SECURITIES
                                (HIGH TIDES(SM))

     The Prospectus dated November 14, 2000, as supplemented to date (the
"Prospectus") relating to resales by selling shareholders of 5% Convertible
Preferred Securities, Remarketable Term Income Deferrable Equity Securities
(HIGH TIDES(SM)), is hereby supplemented by amending the "Selling Holders"
section on pages 24-28 thereof, by inserting the following as new selling
holders in the appropriate alphabetical location:



                                                              NUMBER OF
                       SELLING HOLDER                         HIGH TIDES
                       --------------                         ----------
                                                           
Mellon Bank(1)..............................................    40,000
Northern Trust Company......................................    30,000


                            ------------------------

                 Prospectus Supplement dated December 15, 2000
---------------
1 As Record Owner for Pacific Life Insurance Company, the beneficial owner.