<ARTICLE> 5
<LEGEND>
The schedule contains summary financial information extracted from Calpine
Corporation's Consolidated Balance Sheet as of December 31, 1996 and from the
Consolidated Statement of Operations for the twelve months ended December 31,
1996 and is qualified in its entirety by reference to such financial statements.
</LEGEND>
<MULTIPLIER> 1,000
<CURRENCY> U.S. DOLLARS
       
                             
<PERIOD-TYPE>                   12-MOS
<FISCAL-YEAR-END>                          DEC-31-1996
<PERIOD-START>                             JAN-01-1996
<PERIOD-END>                               DEC-31-1996
<EXCHANGE-RATE>                                      1
<CASH>                                         100,010
<SECURITIES>                                     5,470
<RECEIVABLES>                                   42,788
<ALLOWANCES>                                         0
<INVENTORY>                                      3,262
<CURRENT-ASSETS>                               171,187
<PP&E>                                         750,727
<DEPRECIATION>                                 100,674
<TOTAL-ASSETS>                               1,030,215
<CURRENT-LIABILITIES>                           74,969
<BONDS>                                        563,640
<PREFERRED-MANDATORY>                                0
<PREFERRED>                                          0
<COMMON>                                            20
<OTHER-SE>                                     203,107
<TOTAL-LIABILITY-AND-EQUITY>                 1,030,215
<SALES>                                        199,464
<TOTAL-REVENUES>                               214,554
<CGS>                                          121,800
<TOTAL-COSTS>                                  129,200
<OTHER-EXPENSES>                                     0
<LOSS-PROVISION>                                     0
<INTEREST-EXPENSE>                              45,294
<INCOME-PRETAX>                                 27,756
<INCOME-TAX>                                     9,064
<INCOME-CONTINUING>                             18,692
<DISCONTINUED>                                       0
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                                    18,692
<EPS-PRIMARY>                                     1.27
<EPS-DILUTED>                                     1.24