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 March 31, 2023. The dividend is payable on April 28, 2023 to shareholders of record at the close of business on March 31, 2023.

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	March 20, 2023	March 31, 2023
Series 3	CPX.PR.C	$0.3408125	March 20, 2023	March 31, 2023
Series 5	CPX.PR.E	$0.327375	March 20, 2023	March 31, 2023
Series 11	CPX.PR.K	$0.359375	March 20, 2023	March 31, 2023

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.

Territorial AcknowledgementIn the spirit of reconciliation, Capital Power respectfully acknowledges that we operate within the ancestral homelands, traditional and treaty territories of the Indigenous Peoples of Turtle Island, or North America. Capital Power’s head office is located within the traditional and contemporary home of many Indigenous Peoples of the Treaty 6 region and Métis Nation of Alberta Region 4. We acknowledge the diverse Indigenous communities that are located in these areas and whose presence continues to enrich the community.

About Capital PowerCapital 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. Capital Power owns approximately 7,500 MW of power generation capacity at 29 facilities across North America. Projects in advanced development include approximately 310 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) 392-5335        kperron@capitalpower.com

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