<ARTICLE>                     5
<LEGEND>
     THE SCHEDULE CONTAINS SUMMARY FINANCIAL  INFORMATION EXTRACTED FROM CALPINE
     CORPORATION'S CONDENSED CONSOLIDATED BALANCE SHEET AS OF SEPTEMBER 30, 1997
     AND FROM THE CONDENSED  CONSOLIDATED  STATEMENT OF OPERATIONS  FOR THE NINE
     MONTHS  ENDED  SEPTEMBER  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>                   9-MOS
<FISCAL-YEAR-END>                              DEC-31-1997
<PERIOD-START>                                 JAN-01-1997
<PERIOD-END>                                   SEP-30-1997
<EXCHANGE-RATE>                                1
<CASH>                                          198,550
<SECURITIES>                                      6,046
<RECEIVABLES>                                    52,167
<ALLOWANCES>                                          0
<INVENTORY>                                       2,775
<CURRENT-ASSETS>                                293,663
<PP&E>                                          846,701
<DEPRECIATION>                                  136,102
<TOTAL-ASSETS>                                1,367,967
<CURRENT-LIABILITIES>                           170,926
<BONDS>                                         746,446
<PREFERRED-MANDATORY>                                 0
<PREFERRED>                                           0
<COMMON>                                             20
<OTHER-SE>                                      229,531
<TOTAL-LIABILITY-AND-EQUITY>                  1,367,967
<SALES>                                         175,767
<TOTAL-REVENUES>                                199,980
<CGS>                                           104,711
<TOTAL-COSTS>                                   110,934
<OTHER-EXPENSES>                                      0
<LOSS-PROVISION>                                      0
<INTEREST-EXPENSE>                               43,364
<INCOME-PRETAX>                                  38,458
<INCOME-TAX>                                     13,951
<INCOME-CONTINUING>                              24,507
<DISCONTINUED>                                        0
<EXTRAORDINARY>                                       0
<CHANGES>                                             0
<NET-INCOME>                                     24,507
<EPS-PRIMARY>                                      1.19
<EPS-DILUTED>                                      1.17