<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