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): April 14, 2005


                               CALPINE CORPORATION
             (Exact name of registrant as specified in its charter)

                                    Delaware
                 (State of Other Jurisdiction of Incorporation)

                        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
         (Address of principal executive offices and telephone number)

     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:

     [ ]  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 7.01 -- REGULATION FD DISCLOSURE.

     On April 14, 2005, Calpine Corporation issued the press release attached as
Exhibit 99.1 hereto regarding the continued evaluation of strategic alternatives
for its Saltend Energy Center.



ITEM 9.01 -- FINANCIAL STATEMENTS AND EXHIBITS

(a)  Financial Statements of Businesses Acquired.

     Not  Applicable

(b)  Pro Forma Financial Information.

     Not  Applicable

(c)  Exhibits.

     99.1. Press release, dated April 14, 2005.






                                   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, Controller and
                                       Chief Accounting Officer


Date: April 14, 2005






EXHIBIT 99.1.

NEWS RELEASE                                            CONTACTS: (408) 995-5115
                                       Media Relations:  Katherine Potter, X1168
                                    Investor Relations:  Rick Barraza, Ext. 1125


              Calpine Continues to Evaluate Strategic Alternatives
                          For the Saltend Energy Centre

     (SAN JOSE,  Calif.)  /PR  Newswire - First  Call/  April 14, 2005 - Calpine
Corporation  [NYSE:CPN],  in  response to  yesterday's  news  release  issued by
Harbert  Distressed  Investment  Master Fund, Ltd. related to the Saltend Energy
Centre, stated:

     "Calpine  and  its  subsidiaries  are  in  full  compliance  with  all
     covenants and other legal  obligations  relating to the Saltend Energy
     Centre. As previously announced, we are evaluating strategic financial
     alternatives  for the Saltend Energy  Centre,  including the potential
     sale of the power plant.  In the event of a sale, all proceeds will be
     distributed as permitted by Calpine's  existing bond indentures and in
     compliance with applicable laws."

     Calpine  Corporation  is  a  North  American  power  company  dedicated  to
providing electric power to customers from clean,  efficient,  natural gas-fired
and geothermal  power plants.  The company is listed on the S&P 500. The company
was founded in 1984 and is publicly  traded on the New York Stock Exchange under
the symbol CPN. For more information, 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)
the timing and extent of changes in  commodity  prices for energy,  particularly
natural gas and electricity; (iii) unscheduled outages of operating plants; (iv)
a competitor's  development of lower cost generating gas-fired power plants; (v)
risks  associated  with  marketing  and selling  power from power  plants in the
newly-competitive  energy market;  (vi) 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, 2004,  which can also 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.