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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
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 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 RsCueQqOpQlHi3GNEpeE65H4wvmeNoESz1foB89lHx7shRx2fLfDuhpk0A8rviPt
 MyIeS4ec/wTEA3bGXtQofw==

<SEC-DOCUMENT>0001209191-08-011581.txt : 20080219
<SEC-HEADER>0001209191-08-011581.hdr.sgml : 20080218
<ACCEPTANCE-DATETIME>20080219210943
ACCESSION NUMBER:		0001209191-08-011581
CONFORMED SUBMISSION TYPE:	3
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20080211
FILED AS OF DATE:		20080219
DATE AS OF CHANGE:		20080219

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:			LS Power Partners II, L.P.
		CENTRAL INDEX KEY:			0001405844
		STATE OF INCORPORATION:			DE

	FILING VALUES:
		FORM TYPE:		3
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-12079
		FILM NUMBER:		08628214

	BUSINESS ADDRESS:	
		STREET 1:		1700 BROADWAY, 35TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10019
		BUSINESS PHONE:		(212) 615-3420

	MAIL ADDRESS:	
		STREET 1:		1700 BROADWAY, 35TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10019
</SEC-HEADER>
<DOCUMENT>
<TYPE>3
<SEQUENCE>1
<FILENAME>bpx75007_bpx3pii3.xml
<DESCRIPTION>MAIN DOCUMENT DESCRIPTION
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0202</schemaVersion>

    <documentType>3</documentType>

    <periodOfReport>2008-02-11</periodOfReport>

    <noSecuritiesOwned>0</noSecuritiesOwned>

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

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001405844</rptOwnerCik>
            <rptOwnerName>LS Power Partners II, L.P.</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>1700 BROADWAY 35TH FLOOR</rptOwnerStreet1>
            <rptOwnerStreet2></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>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>10769605</value>
                    <footnoteId id="F1"/>
                    <footnoteId id="F2"/>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>By LSP Cal Holdings II, LLC</value>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
    </nonDerivativeTable>

    <derivativeTable></derivativeTable>

    <footnotes>
        <footnote id="F1">LSP Cal Holdings II, LLC (&quot;LSP Cal II&quot;) has the right to receive 9,140,403 Shares in satisfaction of various claims held by it pursuant to the Issuer's Sixth Amended Joint Plan of Reorganization which it anticipates receipt of within 60 days of the date hereof.  LSP Cal II may receive 1,629,203 shares via additional distributions from the Plan's disputed claim reserve or related escrow arrangements.  LS Power Equity Partners II, L.P. (&quot;LSPEP II&quot;) is the managing member of LSP Cal II.  LS Power Equity Partners PIE II, L.P. (&quot;PIE II&quot;) owns 100% of LSP Cal EB II, Ltd. (&quot;LSP EB II&quot;).  LSPEP II, PIE II and LSP EB II are together the members of LSP Cal II.  LS Power Partners II, L.P. (&quot;Partners II&quot;) is the general partner of each of LSPEP II and PIE II.  Due to its relationship with LSPEP II and PIE II, Partners II may be deemed to have a direct or indirect pecuniary interest in the Shares owned by LSP Cal II.  Partners II, however, discla
ims beneficial ownership of such Shares.</footnote>
        <footnote id="F2">Includes 1,629,203 Shares which LSP Cal II may receive via additional distributions from the Plan's disputed claim reserve or related escrow arrangements.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>BY: /s/ James Bartlett, President</signatureName>
        <signatureDate>2008-02-19</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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