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): November 6, 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

                                                        CONTACTS: (408) 995-5115
                                       Media Relations:  Katherine Potter, x1168
                                        Investor Relations:  Rick Barraza, x1125


              Calpine Announces Pricing on $1 Billion of Securities

     (SAN JOSE,  CALIF.) / PR  NEWSWIRE-First  Call / November 6, 2003 - Calpine
Corporation [NYSE:CPN],  a leading North American power company, today announced
that it has priced its separate offerings of senior unsecured  convertible notes
and second priority  senior secured notes.  The pricing for the securities is as
follows:

     o    $400 million  offering of 9 7/8% Second  Priority Senior Secured Notes
          due 2011, offered at 98.01% of par. This offering is expected to close
          on November 18, 2003. The company expects to use the net proceeds from
          this offering to purchase  approximately  $433.6 million face value of
          outstanding  senior notes,  including $200.0 million of 4% convertible
          senior  notes,  at a  total  cost  of  approximately  $380.9  million.
          Remaining  net  proceeds  will be used to  repurchase  other  existing
          indebtedness.

     o    $600 million offering of 4 3/4% Senior Unsecured Convertible Notes due
          2023. The securities will be convertible  into cash and into shares of
          Calpine common stock at a price of $6.50 per share, which represents a
          38% premium on the  November 6, 2003 New York Stock  Exchange  closing
          price of $4.71 per Calpine common share. In addition,  the company has
          granted the initial purchaser an option to purchase an additional $300
          million of the senior unsecured  convertible  notes.  This offering is
          expected to close on November 14, 2003. Net proceeds from the offering
          will be used to repurchase existing indebtedness.

     Both offerings will be offered in a private placement under Rule 144A, have
not been registered  under the Securities Act of 1933, and may not be offered in
the  United  States  absent   registration  or  an  applicable   exemption  from
registration  requirements.  This press release shall not constitute an offer to
sell or the  solicitation  of an offer to buy.  Securities  laws  applicable  to
private  placements  under Rule 144A limit the extent of information that can be
provided at this time.







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:  November 7, 2003