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Proc-Type: 2001,MIC-CLEAR
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<SEC-DOCUMENT>0001181431-10-028670.txt : 20100521
<SEC-HEADER>0001181431-10-028670.hdr.sgml : 20100521
<ACCEPTANCE-DATETIME>20100521164728
ACCESSION NUMBER:		0001181431-10-028670
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20100519
FILED AS OF DATE:		20100521
DATE AS OF CHANGE:		20100521

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			RYAN J. STUART
		CENTRAL INDEX KEY:			0001425020

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-12079
		FILM NUMBER:		10851580

	MAIL ADDRESS:	
		STREET 1:		717 TEXAS AVENUE
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77002

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:		717 TEXAS AVENUE
		STREET 2:		SUITE 1000
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77002
		BUSINESS PHONE:		7138308775

	MAIL ADDRESS:	
		STREET 1:		717 TEXAS AVENUE
		STREET 2:		SUITE 1000
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77002
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>rrd276172.xml
<DESCRIPTION>JSR CALPINE RSU 5.19.10
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0303</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2010-05-19</periodOfReport>

    <notSubjectToSection16>0</notSubjectToSection16>

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

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001425020</rptOwnerCik>
            <rptOwnerName>RYAN J. STUART</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>591 REDWOOD HIGHWAY, SUITE 3215</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>MILL VALLEY</rptOwnerCity>
            <rptOwnerState>CA</rptOwnerState>
            <rptOwnerZipCode>94941</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>1</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <transactionDate>
                <value>2010-05-19</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>A</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>6367</value>
                    <footnoteId id="F1"/>
                </transactionShares>
                <transactionPricePerShare>
                    <value>0</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>93979692</value>
                    <footnoteId id="F2"/>
                    <footnoteId id="F3"/>
                    <footnoteId id="F4"/>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>See Footnotes</value>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
    </nonDerivativeTable>

    <footnotes>
        <footnote id="F1">Represents award of restricted stock units pursuant to Calpine Corporation's 2008 Director Incentive Plan.  The award vests on the earlier to occur of (i) the first anniversary of the grant date or (ii) the day immediately preceding the date of the 2011 annual meeting of stockholders.  The shares become payable on the earliest to occur of (i) the reporting person's elected distribution date, (ii) the consummation of a change in control, or (iii) upon termination of service on the board of directors.  Each restricted stock unit represents a contingent right to receive one share of Calpine Corporation common stock.  The restricted stock units are payable solely in common stock.  This award of restricted stock units was made to Stuart J. Ryan (&quot;SJR&quot;) as a Director of the Issuer.  These units are in addition to 8,956 restricted stock units previously awarded to SJR.  Additionally, SJR directly owns 5,029 shares of the Issuer's common stock.</footnote>
        <footnote id="F2">Additionally, 85,541,939 shares of the issuer's common stock are owned directly by SPO Partners and may be deemed to be indirectly beneficially owned by (i) SPO Advisory Partners, L.P. (&quot;SPO Advisory&quot;), the sole general partner of SPO Partners, (ii) SPO Advisory Corp. (&quot;SPO Corp.&quot;), the sole general partner of SPO Advisory, and (iii) John H. Scully (&quot;JHS&quot;), William E. Oberndorf (&quot;WEO&quot;), William J. Patterson (&quot;WJP&quot;) and Edward H. McDermott (&quot;EHM&quot;), the four controlling persons of SPO Corp.  Additionally, 3,266,901 shares are owned directly by San Francisco Partners, L.P. (&quot;SF Partners&quot;), and may be deemed to be indirectly beneficially owned by (i) SF Advisory Partners, L.P. (&quot;SF Advisory&quot;), the sole general partner of SF Partners, (ii) SPO Corp., the sole general partner of SF Advisory, and (iii) JHS, WEO, WJP and EHM, the four controlling persons of SPO Corp.</footnote>
        <footnote id="F3">Additionally, 5,150,500 shares are owned directly by SPO Partners II Co-Investment Partnership, L.P. (&quot;SPO Co-Invest&quot;), and may be deemed to be indirectly beneficially owned by (i) SPO Advisory, the sole general partner of SPO Co-Invest, (ii) SPO Corp., the sole general partner of SPO Advisory, and (iii) JHS, WEO, WJP and EHM, the four controlling persons of SPO Corp.  Additionally, JHS owns 6,100 shares of the Issuer's common stock in his IRA, which is self-directed.  Additionally, WEO owns 34,900 shares of the Issuer's common stock in his IRA, which is self-directed.  Additionally, WJP owns 1,600 shares of the Issuer's common stock in his IRA, which is self-directed.  Additionally, WJP directly owns 5,029 shares of the Issuer's common stock.  Additionally, EHM owns 6,800 shares of the Issuer's common stock in his IRA, which is self-directed.</footnote>
        <footnote id="F4">Additionally, these shares may be deemed to be indirectly beneficially owned by SJR and his investment vehicle, Rydout LLC (&quot;Rydout&quot;), solely in his advisory capacity to SPO Corp., with respect to investments by SPO Partners, SF Partners, and SPO Co-Invest in securities of Calpine Corporation.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>Kim Silva</signatureName>
        <signatureDate>2010-05-21</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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