Calpine Reports First Quarter 2011 Results, Reaffirms 2011 Guidance

Calpine CPN today reported first quarter 2011 Adjusted EBITDA of $303 million, compared to $282 million in the prior year first quarter, and first quarter 2011 Adjusted Recurring Free Cash Flow of $(21) million, compared to $(13) million in the first quarter of 2010. Driven in large part by debt extinguishment costs and net losses on interest rate derivatives totaling $202 million, Net Loss2 for the quarter was $297 million, or $0.61 per diluted share, compared to a Net Loss2 of $47 million, or $0.10 per diluted share, in the 2010 period.