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): June 26, 2001


                               CALPINE CORPORATION

                             A Delaware Corporation

                         Commission File Number: 1-12079

                  I.R.S. Employer Identification No. 77-0212977


                           50 West San Fernando Street

                           San Jose, California 95113

                            Telephone: (408) 995-5115




Item 5.  Other Events

     Calpine Corporation  ("Calpine") merged with Encal Energy Ltd. ("Encal") on
April 19, 2001, in a business  combination  accounted  for under the  accounting
rules for pooling of interests.

     Accounting Series Release 135, as interpreted by Staff Accounting  Bulletin
65, indicates that no affiliate of either combining  company may reduce its risk
relating to its common  shareholder  position until the publication of financial
results covering at least 30 days of post-merger combined operations.  This Form
8-K is filed for the purpose of publishing combined operating results to satisfy
this provision.

     This Form 8-K sets forth the following  required  financial  information on
combined  revenues  and net income of Calpine and Encal for more than 30 days of
post-merger  combined  operations  from May 1, 2001  through May 31,  2001.  The
following  results  do not  include  all of the  information  and the  footnotes
required by generally  accepted  accounting  principles in the United States for
audited financial statements or for unaudited financial statements.  For further
information,  reference should be made to the consolidated  financial statements
and footnotes included in Calpine  Corporation's  annual report on Form 10-K for
the year ended  December 31, 2000,  and on Form 10-Q for the quarter ended March
31, 2001.



                          Combined Post-Merger Results
                         For May 1, 2001 - May 31, 2001
                            (unaudited, in thousands)
                         ------------------------------
                                    
     Revenues                          $511,814
     Net income                        $ 54,500



     The above  results have been  prepared and  published  only for purposes of
complying  with  pooling  of  interests  accounting   requirements  relating  to
affiliate  transactions.  The amount  reported  in net income  does not  reflect
approximately  $39.4 million in merger related expenses that were recorded prior
to May 2001.  Further,  electricity demand and price levels vary due to seasonal
and  numerous  other  factors.  The  above  results  are  thus  not  necessarily
indicative of either full quarterly or future financial  results.  The unaudited
results set forth above  reflect no change in Calpine's  reserve  related to the
California energy situation.  Unaudited  financial results for the three and six
months ended June 30, 2001 are scheduled for release on July 26, 2001.


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.
                           Vice President, Controller
                          and Chief Accounting Officer
June 26, 2001