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): August 26, 2002


                               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 August 26, 2002, Calpine Corporation announced it has priced the initial
public offering of its newly established Canadian income trust fund.

     On August 26,  2002,  Calpine  Corporation  announced  it has  completed  a
$106-million   non-recourse  project  financing  for  the  construction  of  its
300-megawatt Blue Spruce Energy Center. Calpine will sell the full output of the
natural  gas-fired  peaking facility to Public Service Co. of Colorado under the
terms of a ten-year tolling agreement.

     On August 27,  2002,  Calpine  Corporation  announced  that it would  begin
expensing the cost of all stock options granted on or after January 1, 2003.

ITEM 7.  FINANCIAL STATEMENTS AND EXHIBITS

(a)  Not applicable.

(b)  Not applicable.

(c)  Exhibits.

     99.0 Press release dated August 26, 2002 - Calpine  Prices  Canadian  Power
          Income Fund

     99.1 Press release dated August 26, 2002 - Calpine  Completes  Non-Recourse
          Project Financing for Blue Spruce Energy Center

     99.2 Press release dated August 27, 2002 - Calpine to Expense  Future Stock
          Options



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:  August 27, 2002





EXHIBIT 99.0

NEWS RELEASE                                                           CONTACTS:
                       Media Relations, San Jose: Katherine Potter, 408/792-1168
                             Media Relations, Calgary: Rob McManus, 403/750-3330

                           Investor Relations: Rick Barraza, 408/995-5115, X1125


                    CALPINE PRICES CANADIAN POWER INCOME FUND
                         Company Files Final Prospectus

     (CALGARY,  ALBERTA)  August  26,  2002  -  Calpine  Corporation  [NYSE:CPN]
(Calpine),  a leading North  American  power  producer,  today  announced it has
priced the initial  public  offering of its newly  established  Canadian  income
trust fund - the Calpine Power Income Fund.

     The Calpine  Power Income Fund,  with a market  valuation of  approximately
Cdn$520  million,  will  indirectly  own a 70%  interest  in Calpine  Power L.P.
through Class A Priority  Units,  with Calpine owning the remaining  interest in
the form of Class B Subordinated  Units.  Calpine Power L.P. holds  interests in
Calpine's three Canadian power-generating assets,  representing a combined power
generating capacity of approximately 550 net megawatts.

     Under this initial  offering,  Calpine  Power Income Fund will issue to the
public 23 million of the  approximately 52 million total Trust Units outstanding
for gross proceeds of Cdn$230  million.  Calpine will retain the remaining Trust
Units for potential future sale. To cover  over-allotments,  Calpine has granted
its  underwriters  an option to  purchase up to 3.45  million  Trust Units for a
period  expiring 30 days following the closing of the offering.  The Trust Units
were priced at Cdn$10.00 per unit, to initially yield 9.35% per annum.

     A final  prospectus was filed with securities  commissions in Canada today.
The  offering  is  expected  to close on August  29,  2002,  with the first cash
distribution  expected to be paid on or about October 20, 2002 to unitholders of
record as of September 30, 2002. The Calpine Power Income Fund will make monthly
cash distributions to its unitholders.

     Standard & Poor's has assigned its second-highest Canadian stability rating
of `SR-2' to the Trust Units, with a stable outlook.  The Toronto Stock Exchange
has  conditionally  approved  the  listing  of the Trust  Units,  subject to the
fulfillment of customary conditions. The Trust Units will trade under the symbol
CF.UN.

     The  Calpine  Power  Income  Fund   power-generating   assets  include  the
225-megawatt  Island  Cogeneration  Facility located in British  Columbia,  near
Campbell  River  and the  300-megawatt  combined-cycle  Calgary  Energy  Centre,
currently under construction in Calgary,  Alberta. The Calpine Power Income Fund
also  will  make a loan  to a  Calpine  subsidiary,  which  indirectly  holds  a
half-interest  in the  50-megawatt  Whitby  Cogeneration  Facility,  located  in
Whitby, Ontario.

     The offering was jointly led by Scotia  Capital Inc. and CIBC World Markets
Inc.  on behalf of a syndicate  of  underwriters  that  includes  National  Bank
Financial  Inc.,  TD  Securities  Inc.,  Canaccord  Capital  Corporation,   HSBC
Securities (Canada) Inc. and Dundee Securities Corporation.

     The securities  offered have not been registered under the U.S.  Securities
Act of 1933,  as  amended,  and may not be offered or sold in the United  States
absent   registration   or  an  applicable   exemption  from  the   registration
requirements.  This  news  release  shall not  constitute  an offer to buy these
securities in any state of the United States or province of Canada.

     Based in San Jose,  Calif.,  Calpine  Corporation is an  independent  power
company that is dedicated to providing customers with clean, efficient,  natural
gas-fired  power  generation.  It generates and markets power through  plants it
develops,  owns and operates in 23 states in the United States,  three provinces
in  Canada  and in the  United  Kingdom.  Calpine  also is the  world's  largest
producer of renewable  geothermal  energy,  and it owns 1.2 trillion  cubic feet
equivalent of proved natural gas reserves in Canada and the United  States.  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.

     This  news  release  discusses  certain  matters  that  may  be  considered
"forward-looking" statements within the meaning of Section 27A of the Securities
Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934,
as  amended,  including  statements  regarding  the  intent,  belief or  current
expectations  of  Calpine   Corporation  ("the  Company")  and  its  management.
Prospective investors are cautioned that any such forward-looking statements are
not  guarantees  of  future  performance  and  involve  a number  of  risks  and
uncertainties  that could  materially  affect  actual  results  such as, but not
limited to, (i) the timing and extent of  deregulation of energy markets and the
rules and regulations adopted on a transitional basis with respect thereto; (ii)
the timing and extent of changes in  commodity  prices for energy,  particularly
natural gas and electricity;  (iii) commercial operations of new plants that may
be delayed or prevented because of various  development and construction  risks,
such as a failure  to obtain  the  necessary  permits  to  operate,  failure  of
third-party  contractors to perform their contractual  obligations or failure to
obtain  financing on acceptable  terms;  (iv)  unscheduled  outages of operating
plants; (v) unseasonable weather patterns that produce reduced demand for power;
(vi) systemic  economic  slowdowns,  which can adversely  affect  consumption of
power by businesses and  consumers;  (vii) cost  estimates are  preliminary  and
actual costs may be higher than estimated;  (viii) a competitor's development of
lower-cost  generating  gas-fired  power  plants;  (ix)  risks  associated  with
marketing  and selling power from power plants in the  newly-competitive  energy
market;  (x)  the  successful  exploitation  of an  oil  or  gas  resource  that
ultimately depends upon the geology of the resource,  the total amount and costs
to  develop  recoverable   reserves  and  operations  factors  relating  to  the
extraction of natural gas; (xi) the effects on the Company's  business resulting
from reduced  liquidity in the trading and power  industry;  (xii) the Company's
ability to access the capital  markets on attractive  term;  (xiii)  sources and
uses of cash are estimates based on current expectations;  actual sources may be
lower and actual uses may be higher than estimated; (xiv) the direct or indirect
effects on the Company's business of a lowering of its credit rating (or actions
it may  take  in  response  to  changing  credit  rating  criteria),  including,
increased collateral requirements, refusal by the Company's current or potential
counterparties  to enter into  transactions  with it and its inability to obtain
credit or capital in desired amounts or on favorable terms; and (xv) other risks
identified from  time-to-time in our reports and  registration  statements filed
with the SEC,  including the risk factors  identified in our Quarterly Report on
Form 10-Q for the quarter  ended June 30, 2002 and in our Annual  Report on Form
10-K for the year ended  December 31, 2001,  which can be found on the Company's
web site at  www.calpine.com.  All information set forth in this news release is
as of  today's  date,  and  the  Company  undertakes  no  duty  to  update  this
information.




EXHIBIT 99.1

NEWS RELEASE                                                           CONTACTS:
                                   Media Relations: Kent Robertson, 925/479-6635
                           Investor Relations: Rick Barraza, 408/995-5115, x1125


                CALPINE COMPLETES NON-RECOURSE PROJECT FINANCING
                      FOR 300-MW BLUE SPRUCE ENERGY CENTER
                 New Facility to Deliver Long-term Peaking Power
                       to Public Service Co. of Colorado

     (SAN JOSE, CALIF.) August 26, 2002 - Calpine  Corporation [NYSE: CPN] today
announced it has completed a $106-million non-recourse project financing for the
construction of its  300-megawatt  Blue Spruce Energy Center.  Calpine will sell
the full output of the natural  gas-fired peaking facility to Public Service Co.
of Colorado (Public Service) under the terms of a ten-year tolling agreement.

     A group of banks led by Credit Lyonnaise provided project financing for the
$150-million peaking facility, under a six-year,  non-recourse  construction and
term-loan facility.

     "Credit Lyonnaise's  financial  commitment to Calpine further  demonstrates
that modern energy centers, like the Blue Spruce Energy Center, will continue to
be the workhorses of the power industry,"  stated Bob Kelly,  Calpine CFO. "This
competitively priced financing will help ensure Calpine delivers clean, reliable
and low-cost electricity to help meet Public Service's peak demand."

     The project, currently under construction, is located in an industrial area
east of Denver in Aurora,  and will interconnect with Public Service's  existing
transmission  lines,  with access to nearby  natural gas  pipelines  serving the
region.

     Calpine  expects  to begin  energy  deliveries  in May 2003 to help  Public
Service meet its peak summer load and to ensure  system  reliability.  Under the
ten-year tolling agreement,  Public Service will have dispatch rights for all of
the  capacity  and energy  produced  by the  facility  and also will  manage the
purchase  and  delivery of fuel used at the  facility.  Output from the facility
will be added directly to Public Service's grid when power is needed the most.

     Based in San Jose,  Calif.,  Calpine  Corporation is an  independent  power
company that is dedicated to providing customers with clean, efficient,  natural
gas-fired  power  generation.  It generates and markets power through  plants it
develops,  owns and operates in 23 states in the United States,  three provinces
in  Canada  and in the  United  Kingdom.  Calpine  also is the  world's  largest
producer of renewable  geothermal  energy,  and it owns 1.2 trillion  cubic feet
equivalent of proved natural gas reserves in Canada and the United  States.  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.

     This  news  release  discusses  certain  matters  that  may  be  considered
"forward-looking" statements within the meaning of Section 27A of the Securities
Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934,
as  amended,  including  statements  regarding  the  intent,  belief or  current
expectations  of  Calpine   Corporation  ("the  Company")  and  its  management.
Prospective investors are cautioned that any such forwardlooking  statements are
not  guarantees  of  future  performance  and  involve  a number  of  risks  and
uncertainties  that could  materially  affect  actual  results  such as, but not
limited to, (i) the timing and extent of  deregulation of energy markets and the
rules and regulations  adopted on a transitional basis with respect thereto (ii)
the timing and extent of changes in  commodity  prices for energy,  particularly
natural gas and electricity  (iii) commercial  operations of new plants that may
be delayed or prevented because of various  development and construction  risks,
such as a failure  to obtain  the  necessary  permits  to  operate,  failure  of
third-party  contractors to perform their contractual  obligations or failure to
obtain  financing  on  acceptable  terms (iv)  unscheduled  outages of operating
plants (v)  unseasonable  weather patterns that produce reduced demand for power
(vi) systemic  economic  slowdowns,  which can adversely  affect  consumption of
power by businesses  and consumers  (vii) cost  estimates  are  preliminary  and
actual costs may be higher than estimated  (viii) a competitor's  development of
lower-cost   generating  gas-fired  power  plants  (ix)  risks  associated  with
marketing  and selling power from power plants in the  newly-competitive  energy
market (x) the successful exploitation of an oil or gas resource that ultimately
depends upon the geology of the resource,  the total amount and costs to develop
recoverable  reserves  and  operations  factors  relating to the  extraction  of
natural gas (xi) the effects on the Company's  business  resulting  from reduced
liquidity  in the  trading and power  industry  (xii) the  Company's  ability to
access the capital  markets on attractive  term (xiii)  sources and uses of cash
are estimates  based on current  expectations;  actual  sources may be lower and
actual uses may be higher than estimated (xiv) the direct or indirect effects on
the  Company's  business of a lowering  of its credit  rating (or actions it may
take in response to  changing  credit  rating  criteria),  including,  increased
collateral   requirements,   refusal  by  the  Company's  current  or  potential
counterparties  to enter into  transactions  with it and its inability to obtain
credit or capital in desired amounts or on favorable terms, and (xv) other risks
identified from  time-to-time in our reports and  registration  statements filed
with the SEC,  including the risk factors  identified in our Quarterly Report on
Form 10-Q for the quarter  ended June 30, 2002 and in our Annual  Report on Form
10-K for the year ended  December 31, 2001,  which can be found on the Company's
web site at  www.calpine.com.  All information set forth in this news release is
as of  today's  date,  and  the  Company  undertakes  no  duty  to  update  this
information.




EXHIBIT 99.2

NEWS RELEASE                                             CONTACTS:  408/995-5115
                                        Media Relations:  Bill Highlander, X1244
                                        Investor Relations:  Rick Barraza, X1125


                     CALPINE TO EXPENSE FUTURE STOCK OPTIONS
             First Major IPP to Adopt Preferred Accounting Standard

     (SAN JOSE, CALIF.) August 27, 2002 - Calpine  Corporation  [NYSE:CPN],  the
nation's leading independent power company,  today announced that it would begin
expensing  the cost of all stock  options  granted on or after  January 1, 2003.
Calpine is the first major U.S.  independent  power  company to elect to expense
the cost of all stock option grants.

     "Calpine is  committed  to  maintaining  the highest  level of integrity in
every  aspect of our  business.  We  continue  to  refine  and  expand  upon our
disclosure  practices to ensure that we present our  investors  with a clear and
concise financial valuation of our company and an in-depth  understanding of our
business," said Peter Cartwright,  Calpine's  chairman,  chief executive officer
and president.  "By expensing the cost of options, our financial statements will
more clearly reflect Calpine's total compensation expense."

     Beginning January 1, 2003, the company will expense all stock options under
the  Statement  of  Financial  Accounting  Standards  No. 123,  "Accounting  for
Stock-Based  Compensation" (SFAS No. 123). All future Calpine stock options will
be expensed over the vesting period of the grants (generally a four-year period)
based on the Black-Scholes fair-value at the date the options are granted. Based
on current forecasts,  the company does not expect that the adoption of SFAS No.
123 will have a material financial impact.

     Calpine  Corporation is an  independent  power company that is dedicated to
providing customers with clean,  efficient,  natural gas-fired power generation.
It generates and markets power through plants it develops,  owns and operates in
23 states in the  United  States,  three  provinces  in Canada and in the United
Kingdom.  Calpine also is the world's largest  producer of renewable  geothermal
energy,  and it owns 1.2 trillion  cubic feet  equivalent of proved  natural gas
reserves in Canada and the United States. 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.

     This  news  release  discusses  certain  matters  that  may  be  considered
"forward-looking" statements within the meaning of Section 27A of the Securities
Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934,
as  amended,  including  statements  regarding  the  intent,  belief or  current
expectations  of  Calpine   Corporation  ("the  Company")  and  its  management.
Prospective investors are cautioned that any such forward-looking statements are
not  guarantees  of  future  performance  and  involve  a number  of  risks  and
uncertainties  that could  materially  affect  actual  results  such as, but not
limited to, (i) estimates  are subject to a number of variables  that can change
in the future,  many of which are outside the Company's  control,  including the
trading prices of the Company's common stock and resultant  volatility  measure,
and interest  rates and thus may not be  representative  of the actual impact in
future years;  and (ii) cost estimates are  preliminary  and actual costs may be
higher than estimated; and (iii) other risks identified from time-to-time in our
reports  and  registration  statements  filed with the SEC,  including  the risk
factors  identified in our  Quarterly  Report on Form 10-Q for the quarter ended
June 30, 2002 and in our Annual Report on Form 10-K for the year ended  December
31,  2001,  which  can be found  on the  Company's  web site at  www.calpine.com
(http://www.calpine.com).  All  information set forth in this news release is as
of today's date, and the Company undertakes no duty to update this information.