<ARTICLE> 5 <LEGEND> THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM CALPINE CORPORATION'S CONDENSED CONSOLIDATED BALANCE SHEET AS OF JUNE 30,1998, AND FROM THE CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS FOR THE SIX MONTHS ENDED JUNE 30,1998, AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS. </LEGEND> <CIK> 0000916457 <NAME> CALPINE CORPORATION <MULTIPLIER> 1,000 <CURRENCY> U.S.DOLLAR <PERIOD-TYPE> 6-MOS <FISCAL-YEAR-END> DEC-31-1998 <PERIOD-START> JAN-01-1998 <PERIOD-END> JUN-30-1998 <EXCHANGE-RATE> 1 <CASH> 100,359 <SECURITIES> 1,828 <RECEIVABLES> 100,516 <ALLOWANCES> 0 <INVENTORY> 9,216 <CURRENT-ASSETS> 241,800 <PP&E> 1,462,683 <DEPRECIATION> 327,264 <TOTAL-ASSETS> 1,700,251 <CURRENT-LIABILITIES> 96,473 <BONDS> 855,618 <PREFERRED-MANDATORY> 0 <PREFERRED> 0 <COMMON> 20 <OTHER-SE> 249,100 <TOTAL-LIABILITY-AND-EQUITY> 1,700,251 <SALES> 178,798 <TOTAL-REVENUES> 196,742 <CGS> 129,337 <TOTAL-COSTS> 136,125 <OTHER-EXPENSES> 14,162 <LOSS-PROVISION> 0 <INTEREST-EXPENSE> 40,790 <INCOME-PRETAX> 12,264 <INCOME-TAX> 3,393 <INCOME-CONTINUING> 8,871 <DISCONTINUED> 0 <EXTRAORDINARY> 302 <CHANGES> 0 <NET-INCOME> 8,569 <EPS-PRIMARY> 0.43 <EPS-DILUTED> 0.41