CPX Capital Power Corporation

The Board of Directors for Capital Power Corporation (TSX: CPX) (Capital Power) declared a dividend of $0.58 per share on the outstanding common shares for the quarter ending December 30, 2022. The dividend is payable on January 31, 2023 to shareholders of record at the close of business on December 30, 2022.

The Board of Directors also declared the following dividends on its Cumulative Rate Reset Preference Shares:

Shares	TSX Stock Symbol	Dividend Per Share		Record Date	Payment Date
Series 1	CPX.PR.A	$	0.1638125	December 15, 2022	December 30, 2022
Series 3	CPX.PR.C	$	0.3408125	December 15, 2022	December 30, 2022
Series 5	CPX.PR.E	$	0.327375	December 15, 2022	December 30, 2022
Series 11	CPX.PR.K	$	0.359375	December 15, 2022	December 30, 2022

The dividends for the common shares and preference shares are 100 per cent eligible dividends as defined by the Income Tax Act. Under this legislation, individuals resident in Canada may be entitled to enhanced dividend tax credits that reduce the income tax otherwise payable on these dividends.

About Capital Power

Capital Power (TSX: CPX) is a growth-oriented North American wholesale power producer with a strategic focus on sustainable energy headquartered in Edmonton, Alberta. We build, own, and operate high-quality, utility-scale generation facilities that include renewables and thermal. We have also made significant investments in carbon capture and utilization to reduce carbon impacts and are committed to be off coal in 2023. Capital Power owns approximately 7,400 MW of power generation capacity at 28 facilities across North America. Projects in advanced development include approximately 385 MW of owned renewable generation capacity in North Carolina and Alberta and 512 MW of incremental natural gas combined cycle capacity, from the repowering of Genesee 1 and 2 in Alberta.

For more information, please contact:

Media Relations:Katherine Perron(780) 392-5335kperron@capitalpower.com

Investor Relations:Randy Mah(780) 392-5305 or (866) 896-4636 (toll-free)investor@capitalpower.com