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): July 13, 2005


                               CALPINE CORPORATION
             (Exact name of registrant as specified in its charter)

                                    Delaware
                 (State of Other Jurisdiction of Incorporation)

                        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
         (Address of principal executive offices and telephone number)

     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 July 13, 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 July 13, 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/ Charles B. Clark, Jr.
                                       ------------------------------------
                                       Charles B. Clark, Jr.
                                       Senior Vice President, Controller and
                                       Chief Accounting Officer


Date: July 18, 2005





EXHIBIT 99.1.


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


                 Calpine Announces Redemption of HIGH TIDES III

     (SAN JOSE,  Calif.),  /PR  Newswire - First  Call/ July 13,  2005 - Calpine
Corporation  [NYSE: CPN] has completed the redemption of its outstanding 5% HIGH
TIDES III preferred securities, totaling $517.5 million, of which $115.0 million
was  held by  Calpine  Corporation.  The  redemption  price  paid  per  each $50
principal  amount of HIGH TIDES III  security  was $50 plus  accrued  and unpaid
distributions  to the  redemption  date in the  amount of $0.50.  All  rights of
holders of the HIGH TIDES III have  ceased,  except the right of such holders to
receive the redemption price, which has been deposited with The Depository Trust
Company,  and such  HIGH  TIDES  III  preferred  securities  have  ceased  to be
outstanding.

     A  major  power  company,   Calpine  Corporation   supplies  customers  and
communities  with  electricity  from clean,  efficient,  natural  gas-fired  and
geothermal power plants. Calpine owns, leases and operates integrated systems of
plants in 21 U.S.  states,  three Canadian  provinces and in the United Kingdom.
Calpine was founded in 1984. It is included in the S&P 500 Index and is publicly
traded  on  the  New  York  Stock  Exchange  under  the  symbol  CPN.  For  more
information, visit www.calpine.com.