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): December 12, 2001


                               CALPINE CORPORATION

                            (A Delaware Corporation)

                        Commission File Number: 001-12079

                  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

     On December 12, 2001, Calpine Corporation  announced that it purchased $122
million in aggregate principal amount of its Zero Coupon Convertible  Debentures
due April 30, 2021 in open-market and privately negotiated transactions.

ITEM 7.       FINANCIAL STATEMENTS AND EXHIBITS

(a)     Not applicable.

(b)     Not applicable.

(c)     Exhibits.

        99.0      Press release dated December 12, 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.
                      Senior Vice President and Controller
                            Chief Accounting Officer
Date:  December 13, 2001





EXHIBIT 99.0

NEWS RELEASE                                              Contact:  408/995-5115
                                       Media Relations:  Katherine Potter, X1168
                                        Investor Relations:  Rick Barraza, X1125


      CALPINE PURCHASES $122 MILLION OF ZERO COUPON CONVERTIBLE DEBENTURES


     (SAN JOSE,  CALIF.)  December  12, 2001 -- Calpine  Corporation  [NYSE:CPN]
announced today that it has purchased $122 million in aggregate principal amount
of its Zero Coupon Convertible  Debentures due April 30, 2021 in open-market and
privately negotiated  transactions.  These purchases were effected today through
several  transactions  at various prices.  All convertible  debentures that have
been  repurchased  will be retired.  Calpine used  existing cash on hand to fund
these  purchases.   The  amount  of  the  Convertible   Debentures  that  remain
outstanding after these purchases is $878 million.

     Bob Kelly,  president of Calpine Finance Company,  stated, "These purchases
reaffirm our commitment  and position that Calpine has  sufficient  liquidity to
meet our current and ongoing capital requirements."

     Calpine may purchase additional convertible debentures from time to time in
open-market  or privately  negotiated  transactions  based upon market and other
conditions.

     Based in San Jose,  Calif.,  Calpine  Corporation is dedicated to providing
customers with reliable and competitively priced electricity. Calpine is focused
on clean,  efficient,  natural  gas-fired  generation and is the world's largest
producer of renewable geothermal energy.  Calpine has launched the largest power
development  program in North America.  The company  currently has approximately
9,200  megawatts  of base  load and  1,900  megawatts  of  peaking  capacity  in
operation, 17,100 megawatts under construction and 18,400 megawatts in announced
development.  Calpine's  projects are located in 29 states in the United States,
three provinces in Canada and in the United Kingdom.  The company was founded in
1984 and is publicly traded on the New York Stock Exchange under the symbol CPN.
For more information about Calpine, visit its website at www.calpine.com.