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): February 20, 2004


                               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 COMPLETES NON-RECOURSE PROJECT FINANCING
                  FOR 600-MEGAWATT ROCKY MOUNTAIN ENERGY CENTER

                   New Facility to Deliver Long-term Power to
                       Public Service Company of Colorado

     (SAN JOSE,  CALIF.)  /PR  Newswire - First  Call/ Feb.  20,  2004 - Calpine
Corporation  [NYSE:  CPN]  today  announced  it has  completed  a $250  million,
non-recourse  project  financing  for its  600-megawatt  Rocky  Mountain  Energy
Center. The natural gas-fueled  electric  generating facility is currently under
construction in Weld County, Colo. Upon completion of construction in June 2004,
Calpine will sell the entire electrical output of the facility to Public Service
Company of Colorado ("PSCo") under the terms of a ten-year tolling agreement.

     A group of banks,  including Credit Lyonnais,  Co-Bank, DZ Bank, HVB Group,
HSH  Nordbank,  and GMAC,  will finance  construction  of the plant at a rate of
LIBOR plus 250 basis points.  Upon  commercial  operation of the Rocky  Mountain
Energy Center, the banks will provide a three-year  term-loan facility priced in
relation to PSCo's  unsecured  credit rating,  which is currently LIBOR plus 325
basis points.

     "This  transaction  clearly  demonstrates  Calpine's  continued  ability to
successfully  finance its power plants in the project  finance  market,"  stated
Brian Harenza, Calpine vice president, finance.

     Calpine began  construction  of the facility in September  2002.  Fueled by
clean  natural  gas,  the  facility is  designed to operate in a  combined-cycle
configuration,  using two  natural  gas-fired  combustion  turbines  and a steam
turbine for maximum fuel efficiency. Calpine developed and is building the Rocky
Mountain Energy Center using its  Calpine-Construct  approach.  This is a unique
construction  management  program  whereby  Calpine  oversees  every  phase of a
project's  development  - including  the design,  engineering,  procurement  and
construction of the plant - to ensure quality and cost control,  while providing
maximum design flexibility.

     Calpine  Corporation,  celebrating  its 20th  year in  power in 2004,  is a
leading North  American power company  dedicated to providing  electric power to
wholesale and industrial customers from clean, efficient,  natural gas-fired and
geothermal power  facilities.  The company  generates power at plants it owns or
leases in 21 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 owns or controls  approximately one trillion cubic feet
equivalent of proved  natural gas reserves in the United States and Canada.  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  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)
unscheduled  outages of operating plants;  and (iii) other risks identified from
time-to-time in the Company's reports and registration statements filed with the
SEC, including the risk factors identified in its Annual Report on Form 10-K for
the year ended  December 31, 2002,  its Form 8-K filed on October 23, 2003,  and
its  Quarterly  Report on Form 10-Q for the quarter  ended  September  30, 2003,
which can be found on the Company's website 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:  February 24, 2004