-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
 MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 FGXJW3GuIfFtc4+yNBKQi0Dv0MSbK8v+KidOmFSbjhvlg2mLsCp9BDnO8WwZ/8Nv
 a0xQ5AUh/F3ic10sraytkA==

<SEC-DOCUMENT>0001209191-08-011598.txt : 20080219
<SEC-HEADER>0001209191-08-011598.hdr.sgml : 20080218
<ACCEPTANCE-DATETIME>20080219214531
ACCESSION NUMBER:		0001209191-08-011598
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:			LUMINUS MANAGEMENT LLC
		CENTRAL INDEX KEY:			0001279151

	FILING VALUES:
		FORM TYPE:		3
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-12079
		FILM NUMBER:		08628264

	BUSINESS ADDRESS:	
		STREET 1:		1700 BROADWAY
		STREET 2:		35TH FL
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10019
		BUSINESS PHONE:		2126153450

	MAIL ADDRESS:	
		STREET 1:		1700 BROADWAY
		STREET 2:		35TH FL
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10019
</SEC-HEADER>
<DOCUMENT>
<TYPE>3
<SEQUENCE>1
<FILENAME>bpx75007_bpx11lm3.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>0001279151</rptOwnerCik>
            <rptOwnerName>LUMINUS MANAGEMENT LLC</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>1700 BROADWAY 38TH 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>10884537</value>
                    <footnoteId id="F1"/>
                    <footnoteId id="F2"/>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>By: Luminus Asset Partners, LP &amp; Luminus Energy Partners Master Fund Ltd.</value>
                    <footnoteId id="F3"/>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
    </nonDerivativeTable>

    <derivativeTable></derivativeTable>

    <footnotes>
        <footnote id="F1">Includes 481,072 Shares which Luminus Energy Partners Master Fund, Ltd. (&quot;Luminus Energy Fund&quot;) has the right to receive in satisfaction of various claims held by it pursuant to the Issuer's Sixth Amended Joint Plan of Reorganization.  Luminus Energy Fund anticipates receipt of such Shares within 60 days of the date hereof.</footnote>
        <footnote id="F2">Includes 1,430,063 Shares which Luminus Asset Partners, LP (&quot;Luminus Asset Partners&quot;) and Luminus Energy Partners Master Fund, Ltd. (&quot;Luminus Energy Fund&quot;) may receive, in the aggregate, via additional distributions from the Plan's disputed claim reserve or related escrow arrangements.</footnote>
        <footnote id="F3">Luminus Management, LLC (&quot;Luminus Management&quot;) is the manager of Luminus Asset Partners and the manager of Luminus Energy Fund.  Luminus Asset Partners is the record owner of 2,047,657 Shares and may receive 301,698 Shares via additional distributions from the Plan's disputed claim reserve or related escrow arrangements. Luminus Energy Fund is the record owner of 7,406,817 Shares and may receive 1,128,365 Shares via additional distributions from the Plan's disputed claim reserve or related escrow arrangements.  Due to its relationship with Luminus Asset Partners and Luminus Energy Fund, Luminus Management may be deemed to have a direct or indirect pecuniary interest in the Shares owned by Luminus Asset Partners and Luminus Energy Fund.  Luminus Management, however, disclaims beneficial ownership of such Shares.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>BY: /s/ Paul Segal, President</signatureName>
        <signatureDate>2008-02-19</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----