<PAGE> 1
Filed Pursuant to Rule 424(b)(5)
Registration No. 333-47068
PROSPECTUS SUPPLEMENT TO THE PROSPECTUS DATED NOVEMBER 14, 2000
OF
CALPINE CORPORATION
RELATING TO
RESALES BY SELLING SHAREHOLDERS
OF
5% CONVERTIBLE PREFERRED SECURITIES
REMARKETABLE TERM INCOME DEFERRABLE EQUITY SECURITIES
(HIGH TIDES(SM))
The Prospectus dated November 14, 2000, as supplemented to date (the
"Prospectus") relating to resales by selling shareholders of 5% Convertible
Preferred Securities, Remarketable Term Income Deferrable Equity Securities
(HIGH TIDES(SM)), is hereby supplemented by amending the "Selling Holders"
section on pages 24-28 thereof, by inserting the following as a new selling
holder in the appropriate alphabetical location:
<TABLE>
<CAPTION>
NUMBER
OF
SELLING HOLDER HIGH TIDES
-------------- ----------
<S> <C>
Bear Stearns Securities Corp(1)............................. 70,500
</TABLE>
------------------------
Prospectus Supplement dated January 3, 2001
------------------------
(1)As record owner for Highbridge Capital Corporation, the beneficial owner.
