CPX Capital Power Corporation

Capital Power Corporation’s (TSX: CPX) Board of Directors is pleased to announce that it has unanimously selected Avik Dey to be its next President and CEO and become a member of the Board of Directors, effective May 8, 2023. The appointment follows the planned retirement of Brian Vaasjo who will support Mr. Dey to ensure a seamless transition.

The selection follows a rigorous North American search process conducted by a special committee of the Board, with the support of a leading executive recruiting firm. The Board met with a wide range of high-quality internal and external candidates.

“Avik is a highly capable leader with deep experience in the energy and power sectors and has built a number of successful companies and teams,” said Board Chair, Jill Gardiner. “I am confident that through his knowledge, passion, and creativity he will inspire the Capital Power team to accelerate the company’s current strategic drive towards net zero. The Board looks forward to working with Avik as we continue to engage with our stakeholders and grow shareholder value. Avik will champion the team, driving the vision with our people who will own the outcomes well into the future.”

Mr. Dey spent more than two decades in executive, operational, investing and strategic advisory roles. He has invested over $12 billion in growing long term value for energy and energy transition companies. Most recently Mr. Dey held key executive leadership roles with The Carlyle Group, NOVA Chemicals, and Canada Pension Plan Investment Board. Prior to these roles, he was President & CEO of Remvest Energy Partners in Houston, Texas and a Founder serving as Chief Financial Officer of Remora Energy.

“I have spent my entire career engaged in the ecosystem in which Capital Power has emerged as one of the most important power producers in North America,” said Dey. “Capital Power has a unique asset mix and a highly committed, world class team who know how to manage energy risk and deliver reliable, affordable, and environmentally responsible energy. I am thrilled with the opportunity to be part of this team to help accelerate the company’s existing strategic plan that has been so well executed to date.”

“Brian has been a mentor and north star for the organization since the IPO in 2009,” said Gardiner. “We are beyond grateful for his strong leadership to get us in the enviable position we are in today. He demonstrated unwavering perseverance and brought us stability through unprecedented times in the industry, with the Company emerging stronger as a result. I wish to also thank him for extending his tenure as CEO beyond his originally intended retirement date. All of us at Capital Power wish Brian health and happiness in the future.”

“It has been an honour to lead Capital Power for the past 14 years,” said Vaasjo. “I have had the pleasure to work with a committed and talented team that continues to evolve and has successfully delivered consistent growth in shareholder value, despite the rapid pace of change in our industry. I am grateful, too, for the ever-present support of the Board over all these years. Avik will be a tremendous catalyst for the team and the company will continue to thrive. He is an excellent leader who fits well with the culture developed since our IPO in 2009.”

Territorial Acknowledgement

In 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 Power

Capital Power 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 7,500 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