-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 VdQsq9ufrbaJeK0VcHDLxFi6JCtQD9RoHwi3SMVYTd7aOYCJmDFSTASqEaSg80dw
 iSh6kIxgocDoKm3M80AyKQ==

<SEC-DOCUMENT>0000919574-09-009926.txt : 20090507
<SEC-HEADER>0000919574-09-009926.hdr.sgml : 20090507
<ACCEPTANCE-DATETIME>20090507171232
ACCESSION NUMBER:		0000919574-09-009926
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20090505
FILED AS OF DATE:		20090507
DATE AS OF CHANGE:		20090507

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			FALCONE PHILIP
		CENTRAL INDEX KEY:			0001233569

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-12079
		FILM NUMBER:		09806491

	MAIL ADDRESS:	
		STREET 1:		555 MADISON AVENUE, 16TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10022

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CALPINE CORP
		CENTRAL INDEX KEY:			0000916457
		STANDARD INDUSTRIAL CLASSIFICATION:	ELECTRIC SERVICES [4911]
		IRS NUMBER:				770212977
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		50 WEST SAN FERNANDO ST
		CITY:			SAN JOSE
		STATE:			CA
		ZIP:			95113
		BUSINESS PHONE:		4089955115

	MAIL ADDRESS:	
		STREET 1:		50 W SAN FERNANDO
		STREET 2:		SUITE 500
		CITY:			SAN JOSE
		STATE:			CA
		ZIP:			95113

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			HARBINGER CAPITAL PARTNERS MASTER FUND I, LTD.
		CENTRAL INDEX KEY:			0001233563

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-12079
		FILM NUMBER:		09806494

	BUSINESS ADDRESS:	
		STREET 1:		C/O INTERNATIONAL FUND SERVICES LIMITED
		STREET 2:		THIRD FL, BISHOP'S SQUARE REDMOND'S HILL
		CITY:			DUBLIN  2
		STATE:			L2
		ZIP:			00000
		BUSINESS PHONE:		2125216972

	MAIL ADDRESS:	
		STREET 1:		C/O INTERNATIONAL FUND SERVICES LIMITED
		STREET 2:		THIRD FL, BISHOP'S SQUARE REDMOND'S HILL
		CITY:			DUBLIN  2
		STATE:			L2
		ZIP:			00000

	FORMER NAME:	
		FORMER CONFORMED NAME:	HARBERT DISTRESSED INVESTMENT MASTER FUND LTD
		DATE OF NAME CHANGE:	20030516

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			HARBINGER HOLDINGS, LLC
		CENTRAL INDEX KEY:			0001456927
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-12079
		FILM NUMBER:		09806492

	BUSINESS ADDRESS:	
		STREET 1:		555 MADISON AVENUE, 16TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10022
		BUSINESS PHONE:		212 521 6970

	MAIL ADDRESS:	
		STREET 1:		555 MADISON AVENUE, 16TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10022

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			HARBINGER CAPITAL PARTNERS LLC
		CENTRAL INDEX KEY:			0001457298
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-12079
		FILM NUMBER:		09806493

	BUSINESS ADDRESS:	
		STREET 1:		555 MADISON AVENUE, 16TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10022
		BUSINESS PHONE:		212 521 6970

	MAIL ADDRESS:	
		STREET 1:		555 MADISON AVENUE, 16TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10022
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>p993434_ex.xml
<DESCRIPTION>HCPMF/CALPINE
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0303</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2009-05-05</periodOfReport>

    <notSubjectToSection16>0</notSubjectToSection16>

    <issuer>
        <issuerCik>0000916457</issuerCik>
        <issuerName>CALPINE CORP</issuerName>
        <issuerTradingSymbol>CPN</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001233563</rptOwnerCik>
            <rptOwnerName>HARBINGER CAPITAL PARTNERS MASTER FUND I, LTD.</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>C/O INTERNATIONAL FUND SERVICES LIMITED</rptOwnerStreet1>
            <rptOwnerStreet2>THIRD FL, BISHOP'S SQUARE REDMOND'S HILL</rptOwnerStreet2>
            <rptOwnerCity>DUBLIN</rptOwnerCity>
            <rptOwnerState>L2</rptOwnerState>
            <rptOwnerZipCode>00000</rptOwnerZipCode>
            <rptOwnerStateDescription>IRELAND</rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>1</isOther>
            <otherText>*See Remarks</otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001457298</rptOwnerCik>
            <rptOwnerName>HARBINGER CAPITAL PARTNERS LLC</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>555 MADISON AVENUE, 16TH FLOOR</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>NEW YORK</rptOwnerCity>
            <rptOwnerState>NY</rptOwnerState>
            <rptOwnerZipCode>10022</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>1</isOther>
            <otherText>*See Remarks</otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001456927</rptOwnerCik>
            <rptOwnerName>HARBINGER HOLDINGS, LLC</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>555 MADISON AVENUE, 16TH FLOOR</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>NEW YORK</rptOwnerCity>
            <rptOwnerState>NY</rptOwnerState>
            <rptOwnerZipCode>10022</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>1</isOther>
            <otherText>*See Remarks</otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001233569</rptOwnerCik>
            <rptOwnerName>FALCONE PHILIP</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>555 MADISON AVENUE, 16TH FLOOR</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>NEW YORK</rptOwnerCity>
            <rptOwnerState>NY</rptOwnerState>
            <rptOwnerZipCode>10022</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>1</isOther>
            <otherText>*See Remarks</otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <transactionDate>
                <value>2009-05-05</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>S</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
                <footnoteId id="F10"/>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>739700</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>7.90</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>52667465</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                    <footnoteId id="F1"/>
                    <footnoteId id="F2"/>
                    <footnoteId id="F3"/>
                    <footnoteId id="F4"/>
                    <footnoteId id="F8"/>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>34838332</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>Footnotes</value>
                    <footnoteId id="F1"/>
                    <footnoteId id="F5"/>
                    <footnoteId id="F6"/>
                    <footnoteId id="F7"/>
                    <footnoteId id="F9"/>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
    </nonDerivativeTable>

    <footnotes>
        <footnote id="F1">IMPORTANT NOTE: THE SECURITIES SET FORTH IN THIS REPORT ARE DIRECTLY BENEFICIALLY OWNED BY HARBINGER CAPITAL PARTNERS MASTER
 FUND I, LTD. AND/OR HARBINGER CAPITAL PARTNERS SPECIAL SITUATIONS FUND, L.P. (COLLECTIVELY, THE &quot;FUNDS&quot;).  ALL OTHER
 ENTITIES AND PERSONS ARE INCLUDED WITHIN THIS REPORT DUE TO THEIR AFFILIATION WITH ONE OR BOTH OF THE FUNDS.</footnote>
        <footnote id="F2">These securities are owned by Harbinger Capital Partners Master Fund I, Ltd. (the &quot;Master Fund&quot;), which is a Reporting
 Person.</footnote>
        <footnote id="F3">These securities may be deemed to be indirectly beneficially owned by the following, each of whom is a Reporting Person:
 Harbinger Capital Partners LLC (&quot;Harbinger LLC&quot;), the investment manager of the Master Fund; Harbinger Holdings, LLC
 (&quot;Harbinger Holdings&quot;), the managing member of Harbinger LLC; and Philip Falcone, the managing member of Harbinger Holdings
 and the portfolio manager of the Master Fund.</footnote>
        <footnote id="F4">Each Reporting Person listed in Footnotes 2 and 3 disclaims beneficial ownership of the reported securities except to the
 extent of his or its pecuniary interest therein, and this report shall not be deemed an admission that such Reporting Person
 is the beneficial owner of the securities for purposes of Section 16 of the Securities Exchange Act of 1934, as amended, or
 for any other purpose.</footnote>
        <footnote id="F5">These securities are owned by Harbinger Capital Partners Special Situations Fund, L.P. (the &quot;Special Situations Fund&quot;).</footnote>
        <footnote id="F6">These securities may be deemed to be indirectly beneficially owned by the following entities or persons: Harbinger Capital
 Partners Special Situations GP, LLC (&quot;HCPSS&quot;), the general partner of the Special Situations Fund; Harbinger Holdings, the
 managing member of HCPSS; and Philip Falcone, the portfolio manager of the Special Situations Fund.</footnote>
        <footnote id="F7">Each entity or person listed in Footnotes 5 and 6 disclaims beneficial ownership of the reported securities except to the
 extent of his or its pecuniary interest therein, and this report shall not be deemed an admission that such entity or person
 is the beneficial owner of the securities for purposes of Section 16 of the Securities Exchange Act of 1934, as amended, or
 for any other purpose.</footnote>
        <footnote id="F8">Includes 6,189,645 Shares held by Kelson Investments, S.ar.l., an indirect wholly owned subsidiary of the Master Fund and the
 Special Situations Fund.</footnote>
        <footnote id="F9">Includes 3,092,603 Shares held by Kelson Investments, S.ar.l., an indirect wholly owned subsidiary of the Master Fund and the
 Special Situations Fund.</footnote>
        <footnote id="F10">The disposition stated herein was effected pursuant to the underwriter over-allotment option described in Item 4 of the
 Schedule 13D, Amendment No. 5, dated April 24, 2009, filed by the Reporting Persons.</footnote>
    </footnotes>

    <remarks>(+)  The Reporting Persons may be deemed to be members of a &quot;group&quot; for purposes of the Securities Exchange Act of 1934, as
 amended.  Each Reporting Person disclaims beneficial ownership of any securities deemed to be owned by the group that are
 not directly owned by the Reporting Person.  This report shall not be deemed an admission that such Reporting Person is a
 member of a group or the beneficial owner of any securities not directly owned by such Reporting Person.</remarks>

    <ownerSignature>
        <signatureName>Harbinger Capital Partners Master Fund I, Ltd.(+), By: Harbinger Capital Partners LLC, By: Harbinger Holdings, LLC, Managing Member, By: /s/ Philip Falcone</signatureName>
        <signatureDate>2009-05-07</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>Harbinger Capital Partners LLC(+), By: Harbinger Holdings, LLC, Managing Member, By: /s/ Philip Falcone</signatureName>
        <signatureDate>2009-05-07</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>Harbinger Holdings, LLC(+), By: /s/ Philip Falcone</signatureName>
        <signatureDate>2009-05-07</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>/s/ Philip Falcone(+)</signatureName>
        <signatureDate>2009-05-07</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----