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): July 16, 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, x1168
Investor Relations: Rick Barraza, x1125
CALPINE CONFIRMS SETTLEMENT WITH ENRON
(SAN JOSE, CALIF.) July 16, 2003 - Calpine Corporation [NYSE:CPN], a leading North American power company, today confirmed that it has reached a preliminary agreement with Enron Corporation to settle the termination of certain natural gas and electricity contracts between Calpine and Enron affiliates. The settlement agreement must be submitted to the creditors committee for review and is subject to bankruptcy court approval.
Calpine Corporation is a leading North American power company dedicated to providing electric power to wholesale and industrial customers from clean, efficient, natural gas-fired and geothermal power facilities. The company was founded in 1984 and is publicly traded on the New York Stock Exchange under the symbol CPN. For more information about Calpine, visit www.calpine.com.

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:  July 16, 2003