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): May 23, 2003


                               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

NEWS RELEASE                                       CALPINE CONTACTS 408-995-5115
                                        Media Relations: Katherine Potter, x1168
                                         Investor Relations: Rick Barraza, x1125


                     CALPINE RECEIVES MATURITY EXTENSION ON
                       EXISTING WORKING CAPITAL FACILITIES

     (SAN JOSE, CALIF.) May 23, 2003 - Calpine Corporation [NYSE:CPN], a leading
North American power  company,  today  announced that the bank groups on its two
existing working capital facilities,  totaling  approximately $950 million, have
agreed to extend the  maturity  dates to June 16,  2003.  The  extension  of the
maturity dates will provide  Calpine and the banks  sufficient  time to finalize
the  terms  and  conditions  for a new,  two-year  $1  billion  working  capital
facility.

     Calpine  Corporation is a leading North American power company dedicated to
providing  wholesale and  industrial  customers with clean,  efficient,  natural
gas-fired and geothermal  power  generation and a full range of energy  products
and  services.  The  company  generates  power at plants it owns or leases in 22
states  in the  United  States,  three  provinces  in Canada  and in the  United
Kingdom.  Calpine is also the world's largest  producer of renewable  geothermal
energy,  and it owns  approximately one 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 www.calpine.com.

     This news release contains 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 such as those
concerning Calpine  Corporation's ("the Company") expected financial performance
and  its  strategic  and  operational   plans,  as  well  as  all   assumptions,
expectations,  predictions,  intentions or beliefs about future events.  You are
cautioned that any such forward-looking  statements are not guarantees of future
performance  and  involve a number of risks and  uncertainties  that could cause
actual results to differ materially from the forwardlooking statements, 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) the effects on the Company's  business  resulting
from the  liquidity  in the  trading  and power  industry;  (vii) the  Company's
ability to access the bank markets on attractive terms,  including the inability
to enter into a new working capital  facility on similar terms;  (viii) systemic
economic  slowdowns,   which  can  adversely  affect  consumption  of  power  by
businesses and consumers;  (ix) actual costs being higher than  preliminary cost
estimates;  (x) 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 (xi) other  risks  identified  from  time-to-time  in our
reports  and  registration  statements  filed with the SEC,  including  the risk
factors identified in our Annual Report on Form 10-K for the year ended December
31, 2002, 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.






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:  May 23, 2003