<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 new selling
holders in the appropriate alphabetical location:
<TABLE>
<CAPTION>
NUMBER
OF
SELLING HOLDER HIGH TIDES
-------------- ----------
<S> <C>
Morgan Stanley & Co. Inc.(1)................................ 15,000
Morgan Stanley & Co. Inc.(2)................................ 30,700
Morgan Stanley Intl. Ltd.(3)................................ 400,000
</TABLE>
In addition, the Prospectus is further supplemented by changing the entry
under the column "Number of High Tides" with respect to the Selling Holder
identified below to the corresponding entry below the column "New Number of HIGH
TIDES" set forth below.
<TABLE>
<CAPTION>
NEW
NUMBER
OF
SELLING HOLDER HIGH TIDES
-------------- ----------
<S> <C>
Boulder II Limited.......................................... 122,500
</TABLE>
------------------------
Prospectus Supplement dated January 16, 2001
------------------------
(1)As Record Owner for Global Bermuda Limited Partnership, the Beneficial Owner.
(2)As Record Owner for Lakeshore International Ltd., the Beneficial Owner.
(3)As Record Owner for GLG Market Neutral Fund, the Beneficial Owner.
