<ARTICLE>                     5
<LEGEND>
THIS SCHEDULE  CONTAINS  SUMMARY  FINANCIAL  INFORMATION  EXTRACTED FROM CALPINE
CORPORATION'S  CONSOLIDATED  BALANCE  SHEET  AS OF MARCH  31,  1999 AND FROM THE
CONSOLIDATED  STATEMENT OF OPERATIONS  FOR THE THREE MONTHS ENDED MARCH 31, 1999
AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH STATEMENTS.

</LEGEND>
<CIK>                    0000916457     
<NAME>                   Calpine Corporation     
<MULTIPLIER>                                   1,000
<CURRENCY>                                     U.S. Dollars
       
                             
<PERIOD-TYPE>                   3-mos
<FISCAL-YEAR-END>                              Dec-31-1999
<PERIOD-START>                                 Jan-01-1999
<PERIOD-END>                                   Mar-31-1999
<EXCHANGE-RATE>                                1
<CASH>                                         698,957
<SECURITIES>                                   0
<RECEIVABLES>                                  70,772
<ALLOWANCES>                                   0
<INVENTORY>                                    15,268
<CURRENT-ASSETS>                               799,699
<PP&E>                                         1,494,968
<DEPRECIATION>                                 215,660
<TOTAL-ASSETS>                                 2,562,554
<CURRENT-LIABILITIES>                          121,737
<BONDS>                                        1,551,348
<PREFERRED-MANDATORY>                          0
<PREFERRED>                                    0
<COMMON>                                       26
<OTHER-SE>                                     470,279
<TOTAL-LIABILITY-AND-EQUITY>                   2,562,554
<SALES>                                        128,026
<TOTAL-REVENUES>                               145,913
<CGS>                                          104,062
<TOTAL-COSTS>                                  109,507
<OTHER-EXPENSES>                               0
<LOSS-PROVISION>                               0
<INTEREST-EXPENSE>                             21,027
<INCOME-PRETAX>                                6,333
<INCOME-TAX>                                   2,483
<INCOME-CONTINUING>                            3,850
<DISCONTINUED>                                 0
<EXTRAORDINARY>                                0
<CHANGES>                                      0
<NET-INCOME>                                   3,850
<EPS-PRIMARY>                                  0.19
<EPS-DILUTED>                                  0.18