<ARTICLE> 5 <LEGEND> THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM CALPINE CORPORATION'S CONDENSED CONSOLIDATED BALANCE SHEET AS OF MARCH 31, 1998 AND FROM THE CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS FOR THE THREE MONTHS ENDED MARCH 31, 1998 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-31-1998 <PERIOD-START> JAN-01-1998 <PERIOD-END> MAR-31-1998 <EXCHANGE-RATE> 1 <CASH> 96,960 <SECURITIES> 3,387 <RECEIVABLES> 73,471 <ALLOWANCES> 0 <INVENTORY> 9,114 <CURRENT-ASSETS> 216,504 <PP&E> 1,140,783 <DEPRECIATION> 0 <TOTAL-ASSETS> 1,678,097 <CURRENT-LIABILITIES> 99,763 <BONDS> 859,629 <PREFERRED-MANDATORY> 0 <PREFERRED> 0 <COMMON> 20 <OTHER-SE> 237,468 <TOTAL-LIABILITY-AND-EQUITY> 1,678,097 <SALES> 43,390 <TOTAL-REVENUES> 55,145 <CGS> 34,473 <TOTAL-COSTS> 39,369 <OTHER-EXPENSES> 0 <LOSS-PROVISION> 0 <INTEREST-EXPENSE> 18,523 <INCOME-PRETAX> (6,900) <INCOME-TAX> (3,843) <INCOME-CONTINUING> (3,057) <DISCONTINUED> 0 <EXTRAORDINARY> 0 <CHANGES> 0 <NET-INCOME> (3,057) <EPS-PRIMARY> (0.15) <EPS-DILUTED> (0.15)