Calpine Corp - Statement of Changes in Beneficial Ownership (4)

FORM 4 [ ] Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).	UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES	OMB APPROVAL OMB Number: 3235-0287 Expires: February 28, 2011 Estimated average burden hours per response... 0.5
	Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(f) of the Investment Company Act of 1940

1. Name and Address of Reporting Person ^* Hill Thad	2. Issuer Name and Ticker or Trading Symbol CALPINE CORP [ CPN ]	5. Relationship of Reporting Person(s) to Issuer (Check all applicable) _____ Director _____ 10% Owner __ X __ Officer (give title below) _____ Other (specify below) EVP & CHIEF COMMERCIAL OFFICER
(Last) (First) (Middle) CALPINE CORPORATION, 717 TEXAS AVENUE, SUITE 1000	3. Date of Earliest Transaction (MM/DD/YYYY) 9/12/2008
(Street) HOUSTON, TX 77002 (City) (State) (Zip)	4. If Amendment, Date Original Filed (MM/DD/YYYY)	6. Individual or Joint/Group Filing (Check Applicable Line) _ X _ Form filed by One Reporting Person ___ Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security (Instr. 3)	2. Trans. Date	2A. Deemed Execution Date, if any	3. Trans. Code (Instr. 8)		4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
1.Title of Security (Instr. 3)	2. Trans. Date	2A. Deemed Execution Date, if any	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock	9/12/2008		P		600	A	$16.030	600	D
Common Stock	9/12/2008		P		5000	A	$16.040	5600	D
Common Stock	9/12/2008		P		6400	A	$16.050	12000	D
Common Stock	9/12/2008		P		200	A	$16.060	12200	D
Common Stock	9/12/2008		P		1800	A	$16.070	14000	D
Common Stock	9/12/2008		P		1000	A	$16.080	15000	D
Common Stock	9/12/2008		P		600	A	$16.087	15600	D
Common Stock	9/12/2008		P		3000	A	$16.090	18600	D
Common Stock	9/12/2008		P		900	A	$16.097	19500	D
Common Stock	9/12/2008		P		2800	A	$16.100	22300	D
Common Stock	9/12/2008		P		3000	A	$16.110	25300	D
Common Stock	9/12/2008		P		1500	A	$16.120	26800	D
Common Stock	9/12/2008		P		400	A	$16.127	27200	D
Common Stock	9/12/2008		P		1400	A	$16.130	28600	D
Common Stock	9/12/2008		P		1200	A	$16.140	29800	D
Common Stock	9/12/2008		P		100	A	$16.147	29900	D
Common Stock	9/12/2008		P		6400	A	$16.150	36300	D
Common Stock	9/12/2008		P		500	A	$16.160	36800	D
Common Stock	9/12/2008		P		2000	A	$16.170	38800	D
Common Stock	9/12/2008		P		700	A	$16.180	39500	D
Common Stock	9/12/2008		P		500	A	$16.190	40000	D
Common Stock	9/12/2008		P		100	A	$16.200	40100	D
Common Stock	9/12/2008		P		2500	A	$16.210	42600	D
Common Stock	9/12/2008		P		1500	A	$16.220	44100	D
Common Stock	9/12/2008		P		2600	A	$16.230	46700	D
Common Stock	9/12/2008		P		1000	A	$16.240	47700	D
Common Stock	9/12/2008		P		200	A	$16.247	47900	D
Common Stock	9/12/2008		P		12100	A	$16.250	60000	D

*Table II - Derivative Securities Beneficially Owned ( e.g.* , puts, calls, warrants, options, convertible securities)**
1. Title of Derivate Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Trans. Date	3A. Deemed Execution Date, if any	4. Trans. Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Derivate Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Trans. Date	3A. Deemed Execution Date, if any	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)			11. Nature of Indirect Beneficial Ownership (Instr. 4)

Explanation of Responses:

Reporting Owners
Reporting Owner Name / Address	Relationships
Reporting Owner Name / Address	Director	10% Owner	Officer	Other
Hill Thad CALPINE CORPORATION 717 TEXAS AVENUE, SUITE 1000 HOUSTON, TX 77002			EVP & CHIEF COMMERCIAL OFFICER

Signatures
/s/ W. Thaddeus Miller by Power of Attorney		9/15/2008
^** Signature of Reporting Person		Date

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
*	If the form is filed by more than one reporting person, see Instruction 4(b)(v).
**	Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note:	File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
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