<ARTICLE>                     5
<LEGEND>
     THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION
     EXTRACTED FROM CALPINE CORPORATION'S CONDENSED CONSOLIDATED BALANCE
     SHEET AS OF MARCH 31, 1996 AND FROM THE CONDENSED CONSOLIDATED
     STATEMENT OF OPERATIONS FOR THE THREE MONTHS ENDED MARCH 31, 1996 AND
     IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<CIK>                         0000916457
<NAME>                        Calpine Corporation
<MULTIPLIER>                                   1,000
<CURRENCY>                                     U.S. Dollars
       
                             
<PERIOD-TYPE>                   3-MOS
<FISCAL-YEAR-END>                              DEC-31-1996
<PERIOD-START>                                 JAN-01-1996
<PERIOD-END>                                   MAR-31-1996
<EXCHANGE-RATE>                                1
<CASH>                                              68,647
<SECURITIES>                                             0
<RECEIVABLES>                                       25,836
<ALLOWANCES>                                             0
<INVENTORY>                                          1,367
<CURRENT-ASSETS>                                    99,183
<PP&E>                                             515,601
<DEPRECIATION>                                      67,341
<TOTAL-ASSETS>                                     605,349
<CURRENT-LIABILITIES>                              100,194
<BONDS>                                            329,422
<PREFERRED-MANDATORY>                                    0
<PREFERRED>                                         50,000
<COMMON>                                                20
<OTHER-SE>                                          24,913
<TOTAL-LIABILITY-AND-EQUITY>                       605,349
<SALES>                                             25,903
<TOTAL-REVENUES>                                    31,673
<CGS>                                               19,595
<TOTAL-COSTS>                                       21,329
<OTHER-EXPENSES>                                         0
<LOSS-PROVISION>                                         0
<INTEREST-EXPENSE>                                   8,219
<INCOME-PRETAX>                                       (498)
<INCOME-TAX>                                          (204)
<INCOME-CONTINUING>                                   (294)
<DISCONTINUED>                                           0
<EXTRAORDINARY>                                          0
<CHANGES>                                                0
<NET-INCOME>                                          (294)
<EPS-PRIMARY>                                        (0.15)
<EPS-DILUTED>                                        (0.15)