UPDATE 1-Calpine 1st-quarter loss narrows

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NEW YORK, May 12 (Reuters) - Power producer Calpine Corp (CPN.N: Quote, Profile, Research) said on Monday its first-quarter loss narrowed on higher electricity prices.

The company, which emerged from bankruptcy in January, lost $214 million, or 44 cents a a share, in the quarter, compared with a loss of $459 million, or 96 cents a share, a year earlier.

Revenue rose 17 percent to $1.95 billion.

The company generated about 20.9 million megawatt-hours (MWh) in the quarter, up 3 percent from a year earlier. Its average realized electric price rose to $75.07 per MWh from $63.81.

Shares of Calpine closed at $20.10 on the New York Stock Exchange on Friday. (Reporting by Michael Erman; editing by John Wallace)