2. Calpine Corporation ( CPN) is a U.S.-based wholesale power company operating natural gas-fired and geothermal power plants in North America. Adjusted EBITDA for the second quarter of 2011 increased to $406 million from $381 million in the second quarter of 2010, driven in large part by a $69 million improvement in Commodity Margin to $602 million from $533 million in the corresponding quarter of 2010. Net loss was $70 million for the quarter over a net loss of $115 million in the year-ago period. The company refinanced $360 million of corporate debt. The company closed project financing to fund construction of Russell City Energy Center as well as at Los Esteros, where project financing is in advanced stages. For full-year 2011, the company projects adjusted EBITDA to range from $1,700 million to $1,750 million. On average, analysts expect the stock to gain 50% over the next one year with buy ratings of 73%.