CPX Capital Power Corporation

The Toronto Stock Exchange (TSX) has approved Capital Power Corporation's ("Capital Power" or the "Company") (TSX: CPX) normal course issuer bid ("NCIB") to purchase and cancel up to 5,800,000 of its outstanding common shares during the one-year period from March 3, 2023 to March 2, 2024.

As of February 17, 2023, Capital Power had 116,890,226 common shares issued and outstanding and 116,571,744 common shares issued and outstanding after excluding common shares beneficially owned by directors and executive officers of Capital Power and persons who beneficially own or exercise control or direction over more than 10% of the issued and outstanding common shares of Capital Power (the "Public Float"). The 5,800,000 common shares under the NCIB represent approximately 5% of the Public Float and will be purchased only when and if the Company considers it advisable.

Pursuant to TSX rules, the maximum number of common shares that may be repurchased during the same trading day on the TSX is 91,460 common shares (being 25% of the average daily trading volume of Capital Power common shares for the six months preceding the date of TSX acceptance of the NCIB, which was equal to 365,842 common shares), subject to certain exceptions for block repurchases.

Purchases will be made on behalf of the Company by a registered broker through the facilities of the TSX at prevailing market prices pursuant to the rules of the TSX governing normal course issuer bids, through other designated exchanges and/or through alternative Canadian trading systems or by such other means as may be permitted by applicable securities regulators.

Capital Power has not repurchased any common shares in the past 12 months under its preceding normal course issuer bid, under which it was authorized to repurchase up to 8,000,000 of its outstanding common shares for the period from February 28, 2022 to February 27, 2023.

Capital Power believes that the market price of its common shares may, from time to time, not reflect the inherent value of the Company. Purchases of common shares pursuant to the bid may represent an appropriate and desirable use of the Company's funds and provide the Company with additional flexibility to manage capital and generate value for shareholders by increasing the proportionate equity interest of remaining shareholders at an attractive valuation and improving per share metrics on an accretive basis. Therefore, Capital Power believes that it is in the best interest of the Company to proceed with the NCIB.

Forward-looking InformationCertain information in this news release relating to Capital Power is forward-looking information and related to anticipated events and strategies. When used in this context, words such as "will", "anticipate", "believe", "plan", "intend", "target" and "expect" or similar words suggest future outcomes. Information with respect to the NCIB and Capital Power's intentions to acquire common shares pursuant to the NCIB constitutes material forward-looking information. All forward-looking information or statements reflect Capital Power's assumptions and analyses made by Capital Power in light of its experience and perception of historical trends, current conditions and expected future developments, and other factors it believes are appropriate. Whether actual results, performance or achievements will conform to the Company's expectations and predictions is subject to a number of known and unknown risks and uncertainties which could cause actual results and experience to differ materially from the Company's expectations. Readers are cautioned not to place undue reliance on this forward-looking information. Capital Power undertakes no obligation to update or revise any forward-looking information except as required by law.

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 151 MW of owned renewable generation capacity in 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