UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): December 15, 2003
CALPINE CORPORATION
(A Delaware Corporation)
Commission File Number: 001-12079
I.R.S. Employer Identification No. 77-0212977
50 West San Fernando Street
San Jose, California 95113
Telephone: (408) 995-5115

ITEM 5.  OTHER EVENTS

NEWS RELEASE                                            CONTACTS: (408) 995-5115
                                    Media Relations: Katherine Potter, Ext. 1168
                                     Investor Relations: Rick Barraza, Ext. 1125	

Calpine Extends Initial Purchaser's Option to Purchase Additional 4 3/4% Senior Unsecured Convertible Notes Due 2023
(SAN JOSE, CALIF.) /PRNEWSWIRE - First Call/ Dec. 15, 2003 - Calpine Corporation [NYSE:CPN], in connection with its offering of $650 million of 4 3/4% Senior Unsecured Convertible Notes Due 2023, has agreed to a one-time extension of the initial purchaser's option to purchase up to $250 million of additional notes. Such option, to the extent not previously exercised, will expire on January 23, 2004.
The 4 3/4% Senior Unsecured Convertible Notes Due 2023 were offered in a private placement under Rule 144A, have not been and will not be registered under the Securities Act of 1933, and may not be offered in the United States absent registration or an applicable exemption from registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy. Securities laws applicable to private placements under Rule 144A limit the extent of information that can be provided at this time.
 
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
CALPINE CORPORATION

                          By: /s/ Charles B. Clark, Jr.
                              -------------------------
                              Charles B. Clark, Jr.
                      Senior Vice President and Controller
                            Chief Accounting Officer

Date:  December 15, 2003