-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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MIC-Info: RSA-MD5,RSA,
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<SEC-DOCUMENT>0001181431-08-058022.txt : 20081022
<SEC-HEADER>0001181431-08-058022.hdr.sgml : 20081022
<ACCEPTANCE-DATETIME>20081022174145
ACCESSION NUMBER:		0001181431-08-058022
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20081020
FILED AS OF DATE:		20081022
DATE AS OF CHANGE:		20081022

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:			Luminus Energy Partners Master Fund, Ltd.
		CENTRAL INDEX KEY:			0001405850
		STATE OF INCORPORATION:			D0

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-12079
		FILM NUMBER:		081135879

	BUSINESS ADDRESS:	
		STREET 1:		1700 BROADWAY, 35TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10019
		BUSINESS PHONE:		(212) 615-3450

	MAIL ADDRESS:	
		STREET 1:		1700 BROADWAY, 35TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10019
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>rrd221411.xml
<DESCRIPTION>FORM 4
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0303</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2008-10-20</periodOfReport>

    <notSubjectToSection16>0</notSubjectToSection16>

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

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001405850</rptOwnerCik>
            <rptOwnerName>Luminus Energy Partners Master Fund, Ltd.</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>1700 BROADWAY</rptOwnerStreet1>
            <rptOwnerStreet2>38TH FLOOR</rptOwnerStreet2>
            <rptOwnerCity>NEW YORK</rptOwnerCity>
            <rptOwnerState>NY</rptOwnerState>
            <rptOwnerZipCode>10019</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <transactionDate>
                <value>2008-10-20</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>J</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
                <footnoteId id="F1"/>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>20340</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>17.36</value>
                    <footnoteId id="F2"/>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>7820924</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                    <footnoteId id="F3"/>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
    </nonDerivativeTable>

    <footnotes>
        <footnote id="F1">The shares reported herein were received in satisfaction of a claim held by the Reporting Person as part of a settlement agreement with the Issuer pursuant to the Issuer?s Sixth Amended Joint Plan of Reorganization, as further detailed in the Schedule 13D filed by the Reporting Person on February 11, 2008.</footnote>
        <footnote id="F2">No cash consideration was paid for the shares reported herein.  The dollar value assigned 	to each share was calculated by dividing the total number of shares received pursuant to 	the settlement agreement described above into the dollar settlement amount.</footnote>
        <footnote id="F3">Luminus Management, LLC is the manager of Luminus Energy Partners Master Fund, Ltd. (&quot;Luminus Energy Fund&quot;). Due to its relationship with Luminus Energy Fund, Luminus Management, LLC may be deemed to have shared voting and investment power with respect to the shares owned by Luminus Energy Fund. As such, Luminus Management, LLC may be deemed to have shared beneficial ownership of the shares of which Luminus Energy Fund is the owner. Luminus Management, LLC however, disclaims beneficial ownership of such shares except to the extent of its pecuniary interest therein. For further details relating to the Reporting Person's ownership structure, please refer to the Schedule 13D filed with the Securities and Exchange Commission on February 11, 2008.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>/s/ Paul Segal as attorney-in-fact</signatureName>
        <signatureDate>2008-10-22</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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