<ARTICLE>                     5
<LEGEND>
     THE SCHEDULE CONTAINS SUMMARY FINANCIAL  INFORMATION EXTRACTED FROM CALPINE
     CORPORATION'S  CONDENSED CONSOLIDATED BALANCE SHEET AS OF JUNE 30, 1997 AND
     FROM THE CONDENSED  CONSOLIDATED STATEMENT OF OPERATIONS FOR THE SIX MONTHS
     ENDED JUNE 30, 1997 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>                   6-MOS
<FISCAL-YEAR-END>                              DEC-31-1997
<PERIOD-START>                                 JAN-01-1997
<PERIOD-END>                                   JUN-30-1997
<EXCHANGE-RATE>                                1
<CASH>                                            23,436
<SECURITIES>                                       6,056
<RECEIVABLES>                                     51,341
<ALLOWANCES>                                           0
<INVENTORY>                                        2,859
<CURRENT-ASSETS>                                 115,666
<PP&E>                                           814,826
<DEPRECIATION>                                   123,382
<TOTAL-ASSETS>                                 1,181,068
<CURRENT-LIABILITIES>                            192,846
<BONDS>                                          563,780
<PREFERRED-MANDATORY>                                  0
<PREFERRED>                                            0
<COMMON>                                              20
<OTHER-SE>                                       209,488
<TOTAL-LIABILITY-AND-EQUITY>                   1,181,068
<SALES>                                           96,326
<TOTAL-REVENUES>                                 106,975
<CGS>                                             64,276
<TOTAL-COSTS>                                     67,795
<OTHER-EXPENSES>                                       0
<LOSS-PROVISION>                                       0
<INTEREST-EXPENSE>                                26,145
<INCOME-PRETAX>                                    8,397
<INCOME-TAX>                                       3,037
<INCOME-CONTINUING>                                5,360
<DISCONTINUED>                                         0
<EXTRAORDINARY>                                        0
<CHANGES>                                              0
<NET-INCOME>                                       5,360
<EPS-PRIMARY>                                       0.26
<EPS-DILUTED>                                       0.26