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 21, 2004


                               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 (see General Instruction A.2. below):

     [ ]  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

NEWS RELEASE                                             CONTACTS:  408-995-5115
                                    Media Relations: Katherine Potter, Ext. 1168
                                     Investor Relations: Rick Barraza, Ext. 1125


               Calpine Provides Update On HIGH TIDES I Securities

     (SAN JOSE,  Calif.),  / PR Newswire - FirstCall / Sept. 21, 2004 -- Calpine
Corporation  [NYSE:  CPN]  today  announced  that on  Friday,  September  17, it
submitted the required  notification leading up to the potential  remarketing of
the company's 5.75% Convertible Preferred Securities (HIGH TIDES I).

     Calpine also notified holders of its right to redeem HIGH TIDES I, in whole
or in part,  at any time on or before  October 25,  2004.  To date,  Calpine has
expressed  its intent to redeem  HIGH TIDES I prior to the reset of the terms of
HIGH TIDES I following a remarketing.  If not earlier redeemed,  the remarketing
of HIGH TIDES I would begin on October 27, 2004.

     Calpine  Corporation  is  a  North  American  power  company  dedicated  to
providing electric power to customers from clean,  efficient,  natural gas-fired
and geothermal  power plants.  Calpine is publicly  traded on the New York Stock
Exchange under the symbol CPN. For more information, visit www.calpine.com.

     This  news  release  discusses  certain  matters  that  may  be  considered
"forward-looking" statements within the meaning of Section 27A of the Securities
Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934,
as  amended,  including  statements  regarding  the  intent,  belief or  current
expectations  of  Calpine   Corporation  ("the  Company")  and  its  management.
Prospective investors are cautioned that any such forward-looking statements are
not  guarantees  of  future  performance  and  involve  a number  of  risks  and
uncertainties  that could  materially  affect  actual  results  such as, but not
limited to, (i) the  Company's  ability to access the capital  markets or obtain
bank financing on attractive  terms;  (ii) the direct or indirect effects on the
Company's business of a lowering of its credit rating (or actions it may take in
response to changing credit rating criteria),  including,  increased  collateral
requirements,  refusal by the Company's  current or potential  counterparties to
enter into transactions with it and its inability to obtain credit or capital in
desired  amounts or on favorable  terms;  and (iii) other risks  identified from
time-to-time in the Company's reports and registration statements filed with the
SEC,  including the risk factors  identified in its Annual Report on Form 10-K/A
for the year ended December 31, 2003 and in its Quarterly  Report on Form 10-Q/A
for the quarter  ended June 30, 2004,  which can also be found on the  Company's
website at www.calpine.com. All information set forth in this news release is as
of today's date, and the Company undertakes no duty to update this information.









                                   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/ Charles B. Clark, Jr.
                               -------------------------------------------------
                                          Charles B. Clark, Jr.
                                Senior Vice President and Corporate Controller,
                                        Chief Accounting Officer

Date: September 21, 2004