<ARTICLE> 5
<LEGEND>
The Schedule contains summary financial information extracted from
Calpine Corporation's Consolidated Balance Sheet as of December 31, 1997
and from the Consolidated Statement of Operations for the twelve months
ended December 31, 1997 and is qualified in its entirety by reference
to such financial statements.
</LEGEND>
<MULTIPLIER> 1,000
       
                             
<PERIOD-TYPE>                   12-MOS
<FISCAL-YEAR-END>                          DEC-31-1997
<PERIOD-START>                             JAN-01-1997
<PERIOD-END>                               DEC-31-1997
<CASH>                                          48,513
<SECURITIES>                                         0
<RECEIVABLES>                                   42,805
<ALLOWANCES>                                         0
<INVENTORY>                                      6,015
<CURRENT-ASSETS>                               166,578
<PP&E>                                         868,111
<DEPRECIATION>                                 148,390
<TOTAL-ASSETS>                               1,380,956
<CURRENT-LIABILITIES>                          178,586
<BONDS>                                        742,934
<PREFERRED-MANDATORY>                                0
<PREFERRED>                                          0
<COMMON>                                            20
<OTHER-SE>                                     239,936
<TOTAL-LIABILITY-AND-EQUITY>                 1,380,956
<SALES>                                        237,277
<TOTAL-REVENUES>                               276,321
<CGS>                                          144,701
<TOTAL-COSTS>                                  153,308
<OTHER-EXPENSES>                                     0
<LOSS-PROVISION>                                     0
<INTEREST-EXPENSE>                              61,466
<INCOME-PRETAX>                                 53,159
<INCOME-TAX>                                    18,460
<INCOME-CONTINUING>                             34,699
<DISCONTINUED>                                       0
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                                    34,699
<EPS-PRIMARY>                                     1.74
<EPS-DILUTED>                                     1.65