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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 WbPDU5kU30LweXT1IiIuC4Uubzib45k3NBztXy+yTSkEz0k+zIgcGEbsHAcGLcDf
 INPouLvHx99EZ1I9pFR2rA==

<SEC-DOCUMENT>0000916457-05-000001.txt : 20050104
<SEC-HEADER>0000916457-05-000001.hdr.sgml : 20050104
<ACCEPTANCE-DATETIME>20050104145150
ACCESSION NUMBER:		0000916457-05-000001
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20050103
FILED AS OF DATE:		20050104
DATE AS OF CHANGE:		20050104

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			STATHAKIS GEORGE JAMES
		CENTRAL INDEX KEY:			0001213283

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-12079
		FILM NUMBER:		05506354

	MAIL ADDRESS:	
		STREET 1:		50 WEST SAN FERNANDO ST
		CITY:			SAN JOSE
		STATE:			CA
		ZIP:			95113

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
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>o10305_ex.xml
<DESCRIPTION>PRIMARY DOCUMENT
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0202</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2005-01-03</periodOfReport>

    <notSubjectToSection16>0</notSubjectToSection16>

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

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001213283</rptOwnerCik>
            <rptOwnerName>STATHAKIS GEORGE JAMES</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>50 WEST SAN FERNANDO ST</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>SAN JOSE</rptOwnerCity>
            <rptOwnerState>CA</rptOwnerState>
            <rptOwnerZipCode>95113</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>1</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <derivativeTable>
        <derivativeTransaction>
            <securityTitle>
                <value>Non-Qualified Stock Option (right to buy)</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>3.80</value>
            </conversionOrExercisePrice>
            <transactionDate>
                <value>2005-01-03</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>A</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>10000</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>3.80</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <exerciseDate>
                <footnoteId id="F1"/>
            </exerciseDate>
            <expirationDate>
                <value>2015-01-03</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>10000</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>10000</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeTransaction>
    </derivativeTable>

    <footnotes>
        <footnote id="F1">Grant to reporting person of exempt Rule 16b-3 option under the Discretionary Option Program of the Issuer's 1996 Stock
Incentive Plan. The option will vest and become exercisable in a series of twelve (12) successive equal monthly installments
beginning on January 31, 2005, provided consultant remains in continued service.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>By: Lisa Bodensteiner For: George Stathakis</signatureName>
        <signatureDate>2005-01-03</signatureDate>
    </ownerSignature>
</ownershipDocument>

</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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