CPX Capital Power Corporation

Capital Power Corporation (TSX: CPX) today released financial results for the quarter and year ended December 31, 2023.

Financial highlights

• In the fourth quarter of 2023, generated:
  • adjusted funds from operations (AFFO) of $162 million and net cash flows used in operating activities of $18 million
  • adjusted EBITDA of $313 million and a net income of $95 million
• For 2023, generated:
  • AFFO of $819 million and net cash flows from operating activities of $822 million
  • adjusted EBITDA of $1,455 million and a net income of $737 million

Strategic highlights

• Delivered on our grid-critical natural gas strategy through the acquisition of three contracted, natural gas facilities that are well-positioned in high demand areas of the U.S. Western Electricity Coordinating Council (WECC) market and support further development opportunities in the region.
  • $1.5 billion (US $1.1 billion) acquisition of 100% interest in the La Paloma facility in California and 50% interest in the Harquahala facility in Arizona, which received strong institutional support.
  • $129 million (US$97.5 million) acquisition of 50.15% interest in the Frederickson 1 Generating Station in Washington.
• Achieved strong financing results to fund strategic growth and fleetwide optimization and maintenance activities, in support of delivering reliable, affordable and decarbonized power for our customers.
  • Completed a $850 million medium term note (MTN) offering.
  • Completed a $400 million subscription receipts offering.

“Over the past year, Capital Power has delivered on our strategy with momentum as we advance a net zero energy future,” said Avik Dey, President and CEO of Capital Power. “We continued to transform our Genesee Generating Station to move off coal by completing the work needed for Unit 3 to be 100% natural gas-fuelled and progressed the repowering of Units 1 and 2, with completion expected in 2024. Additionally, the Company marked a milestone in our growth in the U.S. WECC region with our largest transaction in our corporate history through the acquisition of the La Paloma and Harquahala natural gas facilities, as well as the addition of the Frederickson 1 facility. We are proud to now be the fifth largest natural gas IPP in North America.”

“Dispatchable natural gas plays a vital role in our strategy to provide stable energy supply as we build out renewables and advance transformative net zero solutions. We are dedicated to leading a balanced approach to the energy transition with a steadfast focus on delivering reliable, affordable and decarbonized power for our customers,” stated Mr. Dey.

“In 2023, we achieved record annual adjusted EBITDA of $1,455 million – representing a 7.5% increase year over year. Our team of experts and innovators delivered strong fleetwide performance throughout the year – driven in particular by a full year of contributions from Midland Cogeneration Venture. Additionally, the financing of our recent U.S. facility acquisitions represents the largest capital markets transaction in the Company’s history through a $400 million subscription receipts offering, and the completion of a $850 million medium term note offering,” said Sandra Haskins, SVP, Finance and CFO of Capital Power.

Operational and Financial Highlights1

(unaudited, $ millions, except per share amounts)	Three months ended December 31				Year ended December 31
	2023		2022		2023		2022
Electricity generation (Gigawatt hours)	8,692		8,049		32,487		28,573
Generation facility availability	93%		90%		95%		93%
Revenues and other income	984		929		4,282		2,929
Adjusted EBITDA 2	313		303		1,455		1,353
Net income (loss) 3	95		(99	)	737		128
Net income (loss) attributable to shareholders of the Company	97		(98	)	744		138
Basic earnings (loss) per share ($)	0.74		(0.91	)	6.07		0.85
Diluted earnings (loss) per share ($)	0.74		(0.91	)	6.04		0.84
Net cash flows (used in) from operating activities	(18	)	42		822		935
Adjusted funds from operations 2	162		140		819		848
Adjusted funds from operations per share ($) 2	1.38		1.20		6.99		7.28
Purchase of property, plant and equipment and other assets, net	244		179		723		682
Dividends per common share, declared ($)	0.6150		0.5800		2.3900		2.2550

1. The operational and financial highlights in this press release should be read in conjunction with the Management’s Discussion and Analysis and the audited consolidated financial statements for the year ended December 31, 2023.
2. Earnings before net finance expense, income tax expense, depreciation and amortization, impairments, foreign exchange gains or losses, finance expense and depreciation expense from joint venture interests, gains or losses on disposals and unrealized changes in fair value of commodity derivatives and emissions credits (adjusted EBITDA) and adjusted funds from operations (AFFO) are used as non-GAAP financial measures by the Company. The Company also uses AFFO per share which is a non-GAAP ratio. These measures and ratios do not have standardized meanings under GAAP and are, therefore, unlikely to be comparable to similar measures used by other enterprises. See Non-GAAP Financial Measures and Ratios.
3. Includes depreciation and amortization for the three months ended December 31, 2023 and 2022 of $142 million and $139 million, respectively, and for the year ended December 31, 2023 and 2022 of $574 million and $553 million, respectively. Budgeted depreciation and amortization for 2024 is $121 million per quarter.

Factors impacting results for the fourth quarter of 2023 – For the quarter ended December 31, 2023, Capital Power recorded AFFO of $162 million compared to $140 million for the quarter ended December 31, 2022. AFFO was higher than the corresponding period primarily due to lower overall sustaining capital expenditures resulting from less outage activities, and higher adjusted EBITDA. This was partially offset by higher current income tax due to higher overall consolidated net income before tax. Adjusted EBITDA of $313 million for the quarter ended December 31, 2023, was moderately higher than the corresponding period in 2022 of $303 million. The was mainly a result of realized gains on the Company’s Alberta commercial portfolio optimization activities combined with lower emission compliance expenses driven by use of offsets inventory and the conversion of G3 from coal to natural gas, and lower transmission costs at the Alberta Commercial facilities more than offset the lower power prices realized during the quarter compared to the prior period.

Significant Events

Acquisition of Frederickson 1 Generating Station

On December 28, 2023, the Company completed its acquisition of a 50.15% ownership interest in the Frederickson 1 Generating Station (Frederickson 1) from Atlantic Power & Utilities for $129 million (US$97.5 million), subject to working capital and other closing adjustments. The other 49.85% is owned by Puget Sound Energy (PSE). Capital Power financed the transaction using cash on hand and its credit facilities.

Frederickson 1 is a 265 MW natural gas-fired combined-cycle generating facility located in Pierce County, Washington. It has tolling agreements for 100% of its capacity out to October 2030 with credit-worthy counterparties. Frederickson 1 is expected to generate average contracted adjusted EBITDA of $21 million (US$15 million) per year during the 5-year period of 2024-2029.

Frederickson 1 is well-positioned as a flexible and dispatchable resource that provides reliable power in support of the continuing energy transition to renewables in the region. Capital Power will operate and maintain the facility with its knowledge and experience in plant operations and optimization and will receive an annual management fee under the operating arrangement with PSE. Located southeast of Tacoma in the Puget Sound Region load centre, Frederickson sits on approximately 7 acres of land that is adjacent to additional lands owned by Capital Power. Current layout and additional space allow for future development such as battery installation or a hybrid opportunity.

$850 million medium term notes offering

On December 15, 2023, the Company closed a public offering of unsecured medium-term notes in the aggregate principal amount of $850 million (the Offering). The Offering consists of $400 million medium-term notes with a coupon rate of 5.378% and $450 million of medium-term notes with a coupon rate of 5.973% and mature on January 25, 2027 and January 25, 2034, respectively.

The net proceeds from the Offering were used to partially finance Capital Power’s acquisitions of (i) a 50% interest in New Harquahala Generating Company, LLC (the Harquahala Acquisition), and (ii) a 100% interest in CXA La Paloma, LLC (the La Paloma Acquisition), and related expenses, or for general corporate purposes (see Subsequent events).

$400 million subscription receipt offering

On November 28, 2023, the Company announced that it has completed a public and private placement offerings of subscription receipts (collectively the Offerings). The public offering consisted of the issuance of 8,231,000 subscription receipts (the Public Subscription Receipts), on a bought deal basis, at an issue price of $36.45 per Public Subscription Receipt (the Offering Price), for total gross proceeds of approximately $300 million (the Public Offering) pursuant to an underwriting agreement with a syndicate of underwriters (the Underwriters) led by TD Securities Inc. and National Bank Financial Inc.

Concurrently, the Company issued 2,745,000 subscription receipts (together with the Public Subscription Receipts, the Subscription Receipts) at the Offering Price to Alberta Investment Management Corporation (AIMCo) on a private placement basis for gross proceeds of approximately $100 million (the Private Placement). TD Securities Inc. acted as the sole agent and bookrunner for the Private Placement.

Each Subscription Receipt entitles the holder thereof to receive, without payment of additional consideration or further action, upon the first to close of the acquisitions of La Paloma and Harquahala , one common share of Capital Power. In addition, while the Subscription Receipts remain outstanding, holders were entitled to receive cash payments (Dividend Equivalent Payments) per Subscription Receipt equal to dividends declared by Capital Power on each Common Share. The La Paloma Acquisition closed on February 9, 2024 (see Subsequent events) and each Subscription Receipt have been automatically exchanged in accordance with their terms for one common share of Capital Power. The net proceeds from the Offerings will be used to partially finance the acquisitions of (i) 100% of the equity interests in CXA La Paloma, LLC, and (ii) 50% of the equity interests in New Harquahala Generating Company, LLC, from CSG Investments, Inc., a subsidiary of Beal Financial Corporation (see Subsequent events).

SUBSEQUENT EVENTS

Acquisition of CXA La Paloma LLC and New Harquahala Generating Company, LLC

On November 20, 2023, the Company announced that it had entered into two separate definitive agreements with CSG Investments, Inc., a subsidiary of Beal Financial Corporation, to acquire:

1. 100% of the equity interests in CXA La Paloma, LLC (La Paloma), which owns the 1,062 MW La Paloma natural gas-fired generation facility in Kern County, California (the La Paloma Acquisition); and
2. under a newly formed 50/50 partnership between Capital Power Investments, LLC and an affiliate of a fund managed by BlackRock’s Diversified Infrastructure business (BlackRock), 100% of the equity interests in New Harquahala Generating Company, LLC (Harquahala), which owns the 1,092 MW Harquahala natural gas-fired generation facility in Maricopa County, Arizona (the Harquahala Acquisition and together with the La Paloma Acquisition, the Acquisitions).

Under the newly established 50/50 partnership, Capital Power and BlackRock will each be responsible for funding 50% of the cash consideration for the Harquahala Acquisition. Capital Power will be responsible for the operations and maintenance and asset management for which it will receive an annual management fee.

La Paloma and Harquahala are critical infrastructure assets, which support the reliability of California and Arizona’s electricity grids and add further growth opportunities in the attractive Western Electricity Coordinating Council (WECC) market while balancing the Company’s geographical footprint across North America. La Paloma is contracted under various resource adequacy contracts through 2029 with multiple investment grade utilities and load serving entities. Harquahala is 100% contracted under a tolling agreement through 2031 with an investment grade utility.

The Acquisitions are expected to generate average annual Adjusted EBITDA of approximately $265 million (US$197 million) for the 2024-2028 period and are estimated to be, on average, 8% accretive to AFFO per share over the same period, based on expected permanent financing.

The purchase price of the Acquisitions attributable to Capital Power was $1.5 billion (US$1.1 billion), subject to working capital and other customary closing adjustments. The Acquisitions were partially funded by a $400 million subscription receipt offering and $850 million medium term notes offering (see Significant events).

The La Paloma Acquisition and the Harquahala Acquisition closed on February 9, 2024 and February 16, 2024, respectively.

Updates to Genesee Repowering project schedule

On January 16, 2024, the Company updated our Genesee repowering timelines. Simple cycle commissioning for Unit 1 and Unit 2 is now expected to be completed in Q2 2024 and Q3 2024, respectively. During the commissioning phase, unit dispatch will be driven by project needs rather than economic dispatch therefore output during commissioning of simple cycle will range between 0 and 411 MWs. Combined cycle for Unit 1 and Unit 2 is now expected to be completed in Q4 2024 and output will range between 0 and 466 MWs during commissioning. Both units are expected to reach 566 MWs in the first half of 2025.

Partnered with Ontario Power Generation to advance new nuclear in Alberta

On January 15, 2024, the Company announced that it had entered into an agreement with Ontario Power Generation (OPG) to jointly assess the development and deployment of grid-scale small modular reactors (SMRs) to provide clean, reliable nuclear energy for Alberta.

Pursuant to the agreement, the two companies will examine the feasibility of developing SMRs in Alberta, including possible ownership and operating structures. SMRs are being pursued by jurisdictions in Canada and around the world to power the growing demand for clean electricity and energy security.

Capital Power and OPG will complete the feasibility assessment within two years, while continuing to work on the next stages of SMR development.

Analyst conference call and webcast

Capital Power will be hosting a conference call and live webcast with analysts on February 28, 2024 at 9:00 am (MT) to discuss the financial results for the quarter and year ended December 31, 2023. The webcast can be accessed at: https://edge.media-server.com/mmc/p/qb9dz78h/.

Conference call details will be sent directly to analysts.

An archive of the webcast will be available on the Company’s website at www.capitalpower.com following the conclusion of the analyst conference call.

Non-GAAP Financial Measures and Ratios

Capital Power uses (i) earnings before net finance expense, income tax expense, depreciation and amortization, impairments, foreign exchange gains or losses, finance expense and depreciation expense from our joint venture interests, gains or losses on disposals and unrealized changes in fair value of commodity derivatives and emission credits (adjusted EBITDA), and (ii) AFFO as financial performance measures.

Capital Power also uses AFFO per share as a performance measure. This measure is a non-GAAP ratio determined by applying AFFO to the weighted average number of common shares used in the calculation of basic and diluted earnings per share.

These terms are not defined financial measures according to GAAP and do not have standardized meanings prescribed by GAAP and, therefore, are unlikely to be comparable to similar measures used by other enterprises. These measures should not be considered alternatives to net income, net income attributable to shareholders of Capital Power, net cash flows from operating activities or other measures of financial performance calculated in accordance with GAAP. Rather, these measures are provided to complement GAAP measures in the analysis of our results of operations from management’s perspective.

Adjusted EBITDA

Capital Power uses adjusted EBITDA to measure the operating performance of facilities and categories of facilities from period to period. Management believes that a measure of facility operating performance is more meaningful if results not related to facility operations are excluded from the adjusted EBITDA measure such as impairments, foreign exchange gains or losses, gains or losses on disposals and other transactions, unrealized changes in fair value of commodity derivatives and emission credits and other items that are not reflective of the long-term performance of the Company’s underlying business.

Commencing with the Company’s December 31, 2023 quarter-end, the Company refined its adjusted EBITDA measure to better reflect the purpose of the measure to exclude other items affecting facility operations that are not reflective of the long-term performance of the Company’s underlying business. The quarter ended September 2023 comparative adjusted EBITDA figure has been restated for this change to adjust $4 million in other non-recurring items.

A reconciliation of adjusted EBITDA to net income (loss) is as follows:

(unaudited, $ millions)	Year ended December 31							Three months ended
	2023		2022					Dec 2023		Sep 2023		Jun 2023		Mar 2023		Dec 2022		Sep 2022		Jun 2022		Mar 2022
Revenues and other income	4,282		2,929					984		1,150		881		1,267		929		786		713		501
Energy purchases and fuel, other raw materials and operating charges, staff costs and employee benefits expense, and other administrative expense	(2,657	)	(2,059	)				(694	)	(626	)	(614	)	(723	)	(909	)	(543	)	(429	)	(178	)
Remove unrealized changes in fair value of commodity derivatives and emission credits included within revenues and energy purchases and fuel	(321	)	429					(14	)	(151	)	23		(179	)	247		136		28		18
Remove other non-recurring items 1	5		-					1		4		-		-		-		-		-		-
Adjusted EBITDA from joint ventures 2	146		54					36		37		37		36		36		4		7		7
Adjusted EBITDA	1,455		1,353					313		414		327		401		303		383		319		348
Depreciation and amortization	(574	)	(553	)				(142	)	(148	)	(143	)	(141	)	(139	)	(133	)	(139	)	(142	)
Unrealized changes in fair value of commodity derivatives and emission credits	321		(429	)				14		151		(23	)	179		(247	)	(136	)	(28	)	(18	)
Other non-recurring items 1	(5	)	-					(1	)	(4	)	-		-		-		-		-		-
Foreign exchange (losses) gains	(6	)	(15	)				(2	)	(9	)	4		1		3		(12	)	(7	)	1
Net finance expense	(166	)	(156	)				(49	)	(35	)	(34	)	(48	)	(44	)	(40	)	(35	)	(37	)
(Losses) gains on acquisition and disposal transactions	(3	)	(37	)				(5	)	5		(3	)	-		(33	)	(3	)	(1	)	-
Other items2,3	(81	)	(22	)				(22	)	(19	)	(19	)	(21	)	(17	)	(4	)	(1	)	-
Income tax (expense) recovery	(204	)	(13	)				(11	)	(83	)	(24	)	(86	)	75		(24	)	(31	)	(33	)
Net income (loss)	737		128					95		272		85		285		(99	)	31		77		119
Net income (loss) attributable to:
Non-controlling interests	(7	)	(10	)				(2	)	(2	)	(2	)	(1	)	(1	)	(3	)	(3	)	(3	)
Shareholders of the Company	744		138					97		274		87		286		(98	)	34		80		122
Net income (loss)	737		128					95		272		85		285		(99	)	31		77		119

1. For the year ended December 31, 2023, other non-recurring items reflects restructuring costs and costs related to the end-of-life of Genesee coal operations of $3 million and $2 million, respectively. For the three months ended December 31, 2023, other non-recurring items reflects costs related to the end-of-life of Genesee coal operations of $1 million.
2. Total income from joint ventures as per our consolidated statements of income (loss).
3. Includes finance expense, depreciation expense and unrealized changes in fair value of derivative instruments from joint ventures.

Adjusted funds from operations and adjusted funds from operations per share

AFFO and AFFO per share are measures of the Company’s ability to generate cash from its operating activities to fund growth capital expenditures, the repayment of debt and the payment of common share dividends.

AFFO represents net cash flows from operating activities adjusted to:

• remove timing impacts of cash receipts and payments that may impact period-to-period comparability which include deductions for net finance expense and current income tax expense, the removal of deductions for interest paid and income taxes paid and removing changes in operating working capital,
• include the Company’s share of the AFFO of its joint venture interests and exclude distributions received from the Company’s joint venture interests which are calculated after the effect of non-operating activity joint venture debt payments,
• include cash from off-coal compensation that will be received annually,
• remove the tax equity financing project investors’ shares of AFFO associated with assets under tax equity financing structures so only the Company’s share is reflected in the overall metric,
• deduct sustaining capital expenditures and preferred share dividends,
• exclude the impact of fair value changes in certain unsettled derivative financial instruments that are charged or credited to the Company’s bank margin account held with a specific exchange counterparty, and
• exclude other typically non-recurring items affecting cash from operations that are not reflective of the long-term performance of the Company’s underlying business.

Commencing with the Company’s December 31, 2022 quarter-end, the Company refined its AFFO measure to better reflect the purpose of the measure to exclude other typically non-recurring items affecting cash from operations that are not reflective of the long-term performance of the Company’s underlying business. No comparative AFFO figures have impacted or restated for this change.

A reconciliation of net cash flows from operating activities to adjusted funds from operations is as follows:

(unaudited, $ millions)	Year ended December 31					Three months ended December 31
		2023		2022		2023		2022
Net cash flows from operating activities per consolidated statements of cash flows		822		935		(18	)	42
Add (deduct) items included in calculation of net cash flows from operating activities per consolidated statements of cash flows:
Interest paid		111		89		8		13
Realized gains on settlement of hedged interest rate derivatives		(20	)	(27	)	(10	)	-
Change in fair value of derivatives reflected as cash settlement		(249	)	213		(38	)	153
Distributions received from joint ventures		(36	)	(16	)	(11	)	(10	)
Miscellaneous financing charges paid 1		13		7		7		2
Income taxes paid		214		37		178		13
Change in non-cash operating working capital		226		(179	)	100		(28	)
		259		124		234		143
Net finance expense 2		(134	)	(111	)	(37	)	(31	)
Current income tax expense		(155	)	(40	)	(20	)	(1	)
Sustaining capital expenditures 3		(92	)	(133	)	(20	)	(58	)
Preferred share dividends paid		(32	)	(37	)	(9	)	(8	)
Cash received for off-coal compensation		50		50		-		-
Remove tax equity interests’ respective shares of adjusted funds from operations		(7	)	(7	)	(2	)	2
Adjusted funds from operations from joint ventures		92		36		22		20
Other non-recurring items 4		16		31		12		31
Adjusted funds from operations		819		848		162		140
Weighted average number of common shares outstanding (millions)		117.1		116.5		117.4		116.9
Adjusted funds from operations per share ($)		6.99		7.28		1.38		1.20

1. Included in other cash items on the consolidated statements of cash flows to reconcile net income to net cash flows from operating activities.
2. Excludes unrealized changes on interest rate derivative contracts, amortization, accretion charges and non-cash implicit interest on tax equity investment structures.
3. Includes sustaining capital expenditures net of: (i) partner contributions of $6 million and $1 million for the year and three months ended December 31, 2023, respectively, compared with $5 million and $1 million for the year and three months ended December 31, 2022, respectively and (ii) insurance recoveries of $3 million for the year ended December 31, 2023.
4. For the year ended December 31, 2023, other non-recurring items reflects restructuring costs of $3 million, costs related to the end-of-life of Genesee coal operations of $8 million and dividend equivalent payments for the subscription receipt offering (see Significant events) of $7 million, net of current income tax expenses of $2 million. For the three months ended December 31, 2023, other non-recurring items reflects costs related to the end-of-life of Genesee coal operations of $7 million and dividend equivalent payments for the subscription receipt offering (see Significant events) of $7 million, net of current income tax expenses of $2 million.The year and three months ended December 31, 2022, include a write-down of $18 million to reflect lower net realizable value of inventory related to the end-of-life of Genesee coal operations and a provision for the termination fees related to the existing PPAs of the Bear Branch Solar, Hornet Solar and Hunter’s Cove Solar projects.

Forward-looking Information

Forward-looking information or statements included in this press release are provided to inform the Company’s shareholders and potential investors about management’s assessment of Capital Power’s future plans and operations. This information may not be appropriate for other purposes. The forward-looking information in this press release is generally identified by words such as will, anticipate, believe, plan, intend, target, and expect or similar words that suggest future outcomes.

Material forward-looking information in this press release includes disclosures regarding (i) status of the Company’s 2024 AFFO and adjusted EBITDA guidance, (ii) forecasted 2024 depreciation, (iii) the impacts of the IRA on our projects, (iv) the timing of, funding of, generation capacity of, costs of technologies selected for, environmental benefits or commercial and partnership arrangements regarding existing, planned and potential development projects and acquisitions (including the repowering of Genesee 1 and 2 and La Paloma and Harquahala acquisitions), (v) the financial impacts of Frederickson 1 Generating Station and the La Paloma and Harquahala acquisitions, (vi) future development opportunities of Frederickson 1 Generating Station, and (vii) expectations pertaining to the use of proceeds from the $850 million medium term note offering and the $400 million subscription receipt offering.

These statements are based on certain assumptions and analyses made by the Company considering its experience and perception of historical trends, current conditions, expected future developments and other factors it believes are appropriate including its review of purchased businesses and assets. The material factors and assumptions used to develop these forward-looking statements relate to: (i) electricity, other energy and carbon prices, (ii) performance, (iii) business prospects (including potential re-contracting of facilities) and opportunities including expected growth and capital projects, (iv) status of and impact of policy, legislation and regulations and (v) effective tax rates.

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. Such material risks and uncertainties are: (i) changes in electricity, natural gas and carbon prices in markets in which the Company operates and the use of derivatives, (ii) regulatory and political environments including changes to environmental, climate, financial reporting, market structure and tax legislation, (iii) disruptions, or price volatility within our supply chains, (iv) generation facility availability, wind capacity factor and performance including maintenance expenditures, (v) ability to fund current and future capital and working capital needs, (vi) acquisitions and developments including timing and costs of regulatory approvals and construction, (vii) changes in the availability of fuel, (viii) ability to realize the anticipated benefits of acquisitions, (ix) limitations inherent in the Company’s review of acquired assets, (x) changes in general economic and competitive conditions and (xi) changes in the performance and cost of technologies and the development of new technologies, new energy efficient products, services and programs. See Risks and Risk Management in the Company’s Integrated Annual Report for the year ended December 31, 2023, prepared as of February 27, 2024, for further discussion of these and other risks.

Readers are cautioned not to place undue reliance on any such forward-looking statements, which speak only as of the specified approval date. The Company does not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in the Company’s expectations or any change in events, conditions or circumstances on which any such statement is based, except as required by law.

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 power producer committed to net zero by 2045, with approximately 9,300 MW of power generation at 32 facilities across North America.

We prioritize delivering reliable, affordable and decarbonized power that communities can depend on, building decarbonized power systems needed for tomorrow, and creating real net zero solutions for customers. We are powering change by changing power.  

For more information, please contact:

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

Investor Relations:        Roy Arthur(403) 736-3315        investor@capitalpower.com