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 or Section 30(h) of the Investment Company Act of 1940	                      	

1. Name and Address of Reporting Person *

Novotny Andrew R.	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)
SVP of Commercial Operations	
(Last)          (First)          (Middle)

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

2/15/2017		
(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				

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					
Employee Stock Option (right to buy)   (1)	$11.69  	2/15/2017  	 	A  	  	27052   	  	2/15/2020   (2)	2/15/2027  	Common Stock  	27052  	$0  	27052  	D  	 	
Performance Stock Units   (1)	$0   (3)	2/15/2017  	 	A  	  	8745   	  	  (3)	  (3)	Common Stock  	8745  	$0  	8745  	D  	 	

Explanation of Responses:	
(  1) 	Granted pursuant to Calpine Corporation's (the "Company") Amended and Restated 2008 Equity Plan.	
(  2) 	The option vests 100% on February 15, 2020.	
(  3) 	The number of performance share units ("PSUs") reported represents the "target" number of PSUs that may be earned. Each PSU represents a contingent right to receive 0-150% of the target award. PSUs will vest and be paid in cash (in an amount equal to the product of the number of earned PSUs multiplied by the fair market value of one share of common stock of the Company as of the last trading day of the performance cycle) upon achievement of the specified thresholds of the Company's total shareholder return over the three-year performance period of January 1, 2017 through December 31, 2019, following the Compensation Committee's certification of performance as soon as practicable following completion of the performance period.	

Reporting Owners	
Reporting Owner Name / Address	Relationships	
	Director	10% Owner	Officer	Other	
Novotny Andrew R.
717 TEXAS AVENUE
SUITE 1000
HOUSTON, TX 77002			SVP of Commercial Operations		

Signatures		
/s/ W. Thaddeus Miller by Power of Attorney		2/17/2017	
** 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.