CPX Capital Power Corporation

Capital Power Corporation (TSX: CPX) (“Capital Power” or “the Company”) announced today that it has been selected as a successful proponent in the Ontario Independent Electric System Operator (IESO) Expedited Long-Term RFP. The two successful submissions include Capital Power’s York Battery Energy Storage System project (114 megawatt (“MW”) contracted capacity) and its natural gas-fired East Windsor Expansion (81 MW summer and 100 MW winter contracted capacities). These projects will provide new capacity in high priority areas, which will help to address the IESO’s forecasted shortfall.

Contracts for the two projects are expected to be executed with the IESO on or before June 13, 2023. The York Battery Energy Storage System project contract will have a term out to 2047 while the East Windsor Expansion will be contracted until 2040. The commercial operation dates for the successful submissions are targeted for 2025.

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 (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) 392-5335        kperron@capitalpower.com

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