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): September 17, 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

     Check the  appropriate  box below if the Form 8-K  filing  is  intended  to
simultaneously  satisfy the filing obligation of the registrant under any of the
following provisions (see General Instruction A.2. below):

     [ ]  Written communications pursuant to Rule 425 under the Securities Act
          (17 CFR 230.425)

     [ ]  Soliciting material pursuant to Rule 14a-12 under the Exchange Act
          (17 CFR 240.14a-12)

     [ ]  Pre-commencement communications pursuant to Rule 14d-2(b) under the
          Exchange Act (17 CFR 240.14d-2(b))

     [ ]  Pre-commencement communications pursuant to Rule 13e-4(c) under the
          Exchange Act (17 CFR 240.13e-4(c))





ITEM 8.01.  OTHER EVENTS

NEWS RELEASE                                             CONTACTS:  408-995-5115
                                   Media Relations:  Katherine Potter, Ext. 1168
                                    Investor Relations:  Karen Bunton, Ext. 1121


            Calpine Announces $360 Million Preferred Equity Offering
                         Relating to its Saltend Project

     (SAN JOSE,  CALIF.) Sept. 17, 2004 - Calpine  Corporation  [NYSE:CPN] today
announced  that  Calpine  (Jersey)  Limited,  a new company  being  formed as an
indirect, wholly owned subsidiary of Calpine, intends to commence an offering of
$360 million of two-year Redeemable Preferred Shares. The offering is subject to
the receipt of certain regulatory approvals.

     The proceeds of the  offering of the  Redeemable  Preferred  Shares will be
initially loaned to Calpine's  1,200-megawatt  Saltend  cogeneration power plant
located in Hull, Yorkshire,  England, and the payments of principal and interest
on such loan will fund  payments on the  Redeemable  Preferred  Shares.  The net
proceeds of the Redeemable  Preferred Shares offering will ultimately be used as
permitted by the company's indentures.

     The  Redeemable  Preferred  Shares  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.  The
Redeemable Preferred Shares will be offered in a private placement in the United
States under  Regulation D under the  Securities  Act of 1933 and outside of the
United States  pursuant to Regulation S under the Securities  Act of 1933.  This
press release shall not  constitute an offer to sell or the  solicitation  of an
offer to buy.  Securities laws applicable to private placements 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 Corporate Controller,
                                        Chief Accounting Officer

Date: September 21, 2004