UNITED STATES SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                    FORM 8-K

                CURRENT REPORT Pursuant to Section 13 or 15(d) of
                       the Securities Exchange Act of 1934

       Date of Report (Date of earliest event reported): September 9, 2005

                               CALPINE CORPORATION

                            (A Delaware Corporation)

                        Commission file number: 001-12079

                  I.R.S. Employer Identification No. 77-0212977

                           50 West San Fernando Street
                           San Jose, California 95113
                            Telephone: (408) 995-5115

Check  the  appropriate  box  below  if the  Form  8-K  filing  is  intended  to
simultaneously  satisfy the filing obligation of the registrant under any of the
following provisions:

[ ]  Written communications pursuant to Rule 425 under the Securities Act
     (17 CFR 230.425)

[ ]  Soliciting material pursuant to Rule 14a-12 under the Exchange Act
     (17 CFR 240.14a-12)

[ ]  Pre-commencement communications pursuant to Rule 14d-2(b) under the
     Exchange Act (17 CFR 240.14d-2(b))

[ ]  Pre-commencement communications pursuant to Rule 13e-4(c) under the
     Exchange Act (17 CFR 240.13e-4(c))




ITEM 8.01 -- OTHER EVENTS

     On September 9, 2005,  the  Registrant  issued the press  release  attached
hereto as Exhibit 99.1.


ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS

(a)  Financial Statements of Businesses Acquired.

     Not  Applicable

(b)  Pro Forma Financial Information.

     Not  Applicable

(c)  Exhibits.

     99.1 Press Release dated September 9, 2005.



                                   SIGNATURES

Pursuant  to the  requirements  of the  Securities  Exchange  Act of  1934,  the
registrant  has duly  caused  this  report  to be  signed  on its  behalf by the
undersigned hereunto duly authorized.


                                  CALPINE CORPORATION



                                  By:  /s/ Robert D. Kelly
                                       ------------------------------------
                                       Robert D. Kelly
                                       Executive Vice President and
                                       Chief Financial Officer

Date: September 15, 2005




                                  EXHIBIT INDEX




                     Exhibit                Description
                     -------   -------------------------------------
                     99.1      Press release dated September 9, 2005


================================================================================

EXHIBIT 99.1


NEWS RELEASE                                            CONTACTS: (408) 995-5115
                                   Media Relations:  Katherine Potter, Ext. 1168
                                     Investor Relations:  Karen Bunton, Ext 1121


                 Calpine Commences Preferred Shares Offering by
                          CCFC Preferred Holdings, LLC


     (SAN JOSE,  Calif.)  /PR  Newswire - First  Call/  Sept.  9, 2005 - Calpine
Corporation's  [NYSE: CPN] indirect  subsidiary,  CCFC Preferred  Holdings,  LLC
(CCFC Holdings), intends to commence a private placement of Redeemable Preferred
Shares due 2011. Proceeds from the offering of the Redeemable  Preferred Shares,
which are expected to be $400 million,  will  ultimately be used as permitted by
Calpine's existing bond indentures.

     The  Redeemable  Preferred  Shares  have  not  been  registered  under  the
Securities Act of 1933, as amended,  and may not be offered in the United States
or any state absent  registration or an applicable  exemption from  registration
requirements.  The  Redeemable  Preferred  Shares  will be  offered in a private
placement  in the United  States under  Section 4(2) and  Regulation D under the
Securities Act of 1933. This press release shall not constitute an offer to sell
or the  solicitation  of an offer to buy.  Securities laws applicable to private
placements  limit the extent of  information  that can be provided at this time.