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
                                                                                  
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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 *

MILLER W. THADDEUS 		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 Legal Officer & Sec
(Last)          (First)          (Middle)

CALPINE CORPORATION, 717 TEXAS AVENUE, SUITE 1000 		3. Date of Earliest Transaction (MM/DD/YYYY)

12/22/2011
(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)
Code V Amount (A) or (D) Price
Common Stock, par value $0.001 per share   12/22/2011     G   V 90310   (1) D $ 0   0   I   (2) By grantor retained annuity trust  
Common Stock, par value $0.001 per share                  33866   (1) I   As trustee for Son  
Common Stock, par value $0.001 per share                  33866   (1) I   As trustee for Son  
Common Stock, par value $0.001 per share                  22578   (1) I   As trustee for Son  
Common Stock, par value $0.001 per share                  17168   I   (2) By grantor retained annuity trust   (3)
Common Stock, par value $0.001 per share                  30277   I   (2) By grantor retained annuity trust   (4)
Common Stock, par value $0.001 per share                  13328   I   (2) By grantor retained annuity trust   (5)
Common Stock, par value $0.001 per share                  149   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)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares

Explanation of Responses:
( 1)  On March 4, 2009, the Reporting Person contributed 90,310 shares of Calpine Corporation's (the "Company") common stock to a grantor retained annuity trust (the "GRAT"). The Reporting Person was the sole recipient of the annuity payments made by the GRAT and served as the trustee of the GRAT. Upon termination of the GRAT pursuant to its terms and in accordance with the trust agreement, on December 22, 2011, 33,866 shares, 33,866 shares and 22,578 shares of the Company's common stock were automatically transferred to three separate trusts, of which the Reporting Person's children are respective beneficiaries and the Reporting Person and his spouse serve as trustees. Therefore, the reporting person may be deemed to be an indirect beneficial owner of the shares acquired by the three trusts and these shares continue to be reported on this Form 4 as indirectly owned.
( 2)  Previous Form 4's inadvertently reported these shares held through a grantor retained annuity trust as directly owned.
( 3)  On October 15, 2010, the Reporting Person contributed 17,168 shares of Company common stock to a grantor retained annuity trust. The Reporting Person is the sole recipient of the annuity payments made by this trust and serves as the trustee of this trust.
( 4)  On March 7, 2011, the Reporting Person contributed 30,277 shares of Company common stock to a grantor retained annuity trust. The Reporting Person is the sole recipient of the annuity payments made by this trust and serves as the trustee of this trust.
( 5)  On October 17, 2011, the Reporting Person contributed 13,328 shares of Company common stock to a grantor retained annuity trust. The Reporting Person is the sole recipient of the annuity payments made by this trust and serves as the trustee of this trust.

Reporting Owners
Reporting Owner Name / Address
Relationships
Director 10% Owner Officer Other
MILLER W. THADDEUS
CALPINE CORPORATION
717 TEXAS AVENUE, SUITE 1000
HOUSTON, TX 77002

EVP, Chief Legal Officer & Sec

Signatures
/s/ W. Thaddeus Miller 12/23/2011
** 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.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number.
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