EDMONTON, Alberta, Aug. 02, 2023 (GLOBE NEWSWIRE) -- Capital Power Corporation (TSX: CPX) today released financial results for the quarter ended June 30, 2023.
Financial highlights
- Generated adjusted funds from operations (AFFO) of $151 million and net cash flows from operating activities of $11 million
- Generated adjusted EBITDA of $327 million and net income of $85 million
- 2023 financial guidance for adjusted EBITDA and AFFO are expected to be above midpoint of annual guidance ranges
- Increased annual common share dividend by 6% to $2.46 per year representing the 10th consecutive annual increase
- Reinstated the Company’s dividend reinvestment plan effective for the third quarter 2023 dividend
Strategic highlights
- Executed three long-term contracts and two contract extensions with the Ontario Independent Electric System Operator (IESO) for one natural gas plant expansion, two battery energy storage system (BESS) projects, and two natural gas upgrades at our Ontario natural gas facilities
- Executed a 25-year fixed price renewable power purchase agreement with Duke Energy Progress for 100% of the output from the Maple Leaf Solar project in North Carolina
- Secured our first order for approximately one gigawatt of responsibly produced solar modules from First Solar that will be used in solar development projects from our renewable development pipeline
- Provided updated costs and schedule for the Genesee Repowering project and cancelled the Genesee BESS project, which is no longer required. As a result of the updated schedule, we expect to continue blending natural gas with coal to align with the commissioning of the repowered units in 2024, ensuring reliability and capacity of the grid.
“As the need for energy only grows, we delivered on our balanced approach and executed on our proven midlife natural gas strategy and buildout of renewables, exceeding our annual $600 million growth target for 2023,” said Avik Dey, President and CEO of Capital Power. “This includes successful natural gas expansion and battery energy storage project bids in the Ontario IESOs Expedited Long-Term request for proposals as well as securing two new uprates with contract extensions at our Goreway and York Energy facilities.”
“Our growth in renewables continues with the execution of a 25-year contract for our Maple Leaf Solar project in North Carolina,” stated Mr. Dey. “We have partnered with First Solar for one gigawatt (GWDC) of responsibly produced ultra-low carbon solar technology, to support our solar development pipeline in the United States totaling nearly 2.4 GWDC and ensure the use of U.S. made products will qualify our projects for domestic content under the Inflation Reduction Act (IRA).”
“Consistent with our dividend growth guidance of 6% per year to 2025, I am pleased to announce the Board of Directors has approved a 6% per common share dividend increase effective for the third quarter 2023 dividend payment. This marks a decade of consecutive annual dividend increases with a compound annual growth rate of nearly 7%,” added Mr. Dey.
“While second quarter financial results were generally below management’s expectations as ill-timed outages at Genesee during periods of high Alberta power prices in June dampened results in the second quarter, we expect to see strong fleetwide performance through the balance of the year,” said Sandra Haskins, Senior Vice President, Finance and CFO of Capital Power.
“The modest impacts of the delay in commissioning for Genesee repowering will be more than offset across the Alberta commercial portfolio,” stated Ms. Haskins. “Based on our current financial forecast, we expect to be above the midpoints of our annual guidance ranges for adjusted EBITDA and AFFO.”
Operational and Financial Highlights1
| (unaudited, $ millions, except per share amounts) | Three months ended June 30 | Six months ended June 30 | ||||||
| 2023 | 2022 | 2023 | 2022 | |||||
| Electricity generation (Gigawatt hours) | 7,857 | 6,638 | 15,274 | 13,531 | ||||
| Generation facility availability | 95 | % | 92 | % | 94 | % | 93 | % |
| Revenues and other income | 881 | 713 | 2,148 | 1,214 | ||||
| Adjusted EBITDA 2 | 327 | 319 | 728 | 667 | ||||
| Net income 3 | 85 | 77 | 370 | 196 | ||||
| Net income attributable to shareholders of the Company | 87 | 80 | 373 | 202 | ||||
| Basic earnings per share ($) | 0.68 | 0.59 | 3.06 | 1.56 | ||||
| Diluted earnings per share ($) | 0.67 | 0.59 | 3.05 | 1.55 | ||||
| Net cash flows from operating activities | 11 | 108 | 360 | 523 | ||||
| Adjusted funds from operations 2 | 151 | 180 | 361 | 380 | ||||
| Adjusted funds from operations per share ($) 2 | 1.29 | 1.55 | 3.09 | 3.27 | ||||
| Purchase of property, plant and equipment and other assets, net | 131 | 147 | 217 | 279 | ||||
| Dividends per common share, declared ($) | 0.5800 | 0.5475 | 1.1600 | 1.0950 | ||||
- The operational and financial highlights in this press release should be read in conjunction with the Management’s Discussion and Analysis and the unaudited condensed interim financial statements for the six months ended June 30, 2023.
- 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.
- Includes depreciation and amortization for the three months ended June 30, 2023 and 2022 of $143 million and $139 million, respectively, and for the six months ended June 30, 2023 and 2022 of $284 million and $281 million, respectively. Forecasted depreciation and amortization for the remainder of 2023 is $148 million and $145 million for the third and fourth quarters, respectively, which mostly reflects higher Genesee Mine depreciation.
Significant Events
Updates to Genesee Repowering project schedule and costs and Battery Energy Storage System project no longer required
On June 29, 2023, the Company announced modifications to the commissioning timelines for the repowered units as a result of construction delays on the Repowering Project. Simple cycle commissioning of Unit 1 is expected to commence in December 2023, approximately 60 days later than initially anticipated. Simple cycle commissioning for Unit 2 is expected to be further delayed and will begin in March 2024. Combined cycle commissioning is expected to begin in April 2024 (Unit 1) and June 2024 (Unit 2). The total capital costs for the Repowering Project have increased to $1.35 billion as a result of cost escalations and increased labour costs.
Subsequently, the Alberta Electric System Operator (AESO) completed its review process and provided conditional approval to Capital Power's alternate solution to utilize unique operational characteristics of the repowered units to meet the Most Severe Single Contingency (MSSC) limit of 466 MW. The 210 MW Genesee BESS which was added to the repowering project to meet the MSSC limit will not be needed. As a result, the Company is cancelling that portion of the project.
Maple Leaf Solar project awarded 25-year contract
On June 29, 2023, the Company announced it executed a 25-year, fixed price renewable power purchase agreement (PPA) for 100% of the output from its Maple Leaf Solar project (Maple Leaf) with Duke Energy Progress (DEP) as part of the 2022 Duke Energy Solar Procurement Program. Maple Leaf is a 73 MWac (92 MWdc) solar development project in Selma, North Carolina. The construction of Maple Leaf is planned to begin in 2025 at a total cost of approximately US$165 million with an expected commercial operations date in the fourth quarter of 2026, pending completion of the Duke interconnection upgrades. Local zoning approvals were obtained in May 2023 and detailed design and permitting are underway.
Contracts executed for Natural Gas and Batteries from Ontario IESO’s bids
Capital Power’s active participation in the Ontario Independent Electric System Operator’s (IESO) expedited call for new power generation and capacity in high priority areas to help address the IESO’s forecasted shortfall, resulted in five successful bids.
On June 29, 2023, the Company announced that it has:
- Executed two long-term contracts for the East Windsor Expansion (81 MW summer and 100 MW winter contracted capacities) and the York BESS project as part of the IESO’s Expedited Long-Term RFP process. Both projects are expected to begin commercial operations in 2025. Capital Power holds 100% interest in the York Energy BESS project.
- Been selected as a successful proponent for the Goreway BESS project as part of Category 2 of the Ontario IESO’s Expedited Long-Term request for proposals. The contract was subsequently executed in July 2023 and the project is expected to enter service in 2025.
Growth Projects
| Project | Contracted Capacity | Term | Status |
| East Windsor Expansion | 81 to 100 MW | to 2040 (approximately 15 years) | Contract Executed |
| York Energy BESS | 114 MW | to 2047 (approximately 22 years) | Contract Executed |
| Goreway BESS | 48 MW | to 2047 (approximately 22 years) | Contract Executed |
Capital Power also executed a 3-year contract extension for the York Energy Centre associated with its successful bid in the Same Technology Upgrade Solicitation. The upgrade will increase York Energy’s contracted capacity from 394 MW to 431 MW. The contract extension applies to the new contracted capacity of 431 MW (from the commercial operation date of the upgrades expected in 2025) and extends the current contract from 2032 to 2035.
In addition, on April 25, 2023, Capital Power and the Ontario IESO executed a 6-year contract extension for Goreway associated with its successful efficiency upgrade bid of approximately 40 MW in IESO’s competitive capacity procurement process. The efficiency upgrade will increase Goreway’s current combined contracted capacity from 840 MW to 880 MW. The IESO contract extension applies to the new combined contracted capacity of 880 MW and extends the current Clean Energy Supply Contract from 2029 to 2035. The upgrade is expected to be completed in 2025.
Commercial Initiatives
| Contracted Capacity | ||||||
| Project | Existing | New | Total | Contract Expiry | Status | |
| Goreway upgrade | 840 MW | 40 MW | 880 MW | 2035 | Contract Executed | |
| York Energy upgrade1 | 393 MW | 38 MW | 431 MW | 2035 | Contract Executed | |
- 50% interest in joint venture
Avik Dey appointed as President and Chief Executive Officer, Brian Vaasjo to Retire
On April 19, 2023, the Company’s Board of Directors (the Board) announced that it unanimously selected Avik Dey to be the next President and Chief Executive Officer 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 in an advisory role for six months to ensure a seamless transition.
Retirement announced for Kate Chisholm, Senior Vice President and Chief Strategy and Sustainability Officer
On April 13, 2023, the Company announced internally that Kate Chisholm, our Senior Vice President and Chief Strategy and Sustainability Officer has advised of her intention to retire effective July 4, 2023. Kate has been an integral part of the Executive Team with outstanding service and valuable contributions since the inception of Capital Power. Kate's replacement will occur in due course.
Approval of normal course issuer bid
During the first quarter of 2023, the Toronto Stock Exchange approved Capital Power’s normal course issuer bid to purchase and cancel up to 5.8 million of its outstanding common shares during the one-year period from March 3, 2023 to March 2, 2024.
Executed 23-year clean electricity supply agreement for Halkirk 2 Wind
On February 3, 2023, we announced a 23-year clean electricity supply agreement with Public Services and Procurement Canada. The Agreement will provide approximately 250,000 MWh of clean electricity per year initially through Canada-sourced renewable energy credits until Capital Power’s Alberta-based Halkirk 2 Wind project is completed, which is expected to be operational by January 1, 2025. The 151 MW Halkirk 2 Wind project will provide renewable energy for the remainder of the term – representing approximately 49% of the facility’s output. As part of the transaction, Capital Power committed to securing an equity partnership with local Indigenous communities related to the proposed project. On July 27, 2023, the Alberta Utilities Commission approved the Halkirk 2 Wind project and included conditions that Capital Power will review and incorporate as part of our final project design.
Subsequent Events
Board of Directors changes
On August 1, 2023, the Company announced the appointment of Carolyn Graham to Capital Power’s Board of Directors effective August 2, 2023. The appointment follows the retirement of Katharine Stevenson from the Board. With this appointment and retirement, the Board consists of 10 directors, with 44% of the independent directors being women; and 33% of the independent directors representing diverse groups beyond gender.
Reinstatement of Dividend Reinvestment Plan
On August 1, 2023, the Company reinstated its Dividend Reinvestment Plan (the Plan), which was previously suspended during the fourth quarter of 2021. Eligible shareholders may elect to participate in the Plan commencing with the Company’s third quarter 2023 cash dividend. The reinstated Plan will provide eligible shareholders with an alternative to receiving their quarterly cash dividends. Under the Plan, eligible shareholders may elect to efficiently and cost-effectively accumulate additional shares in the Company by reinvesting their quarterly cash dividends on the applicable dividend payment date in new shares issued from treasury. The new shares will be issued at a discount of 1% to the average closing price on the Toronto Stock Exchange for the ten trading days immediately preceding the applicable Dividend Payment Date. Participation in the Plan is optional. Those shareholders who do not enroll in the Plan will still be entitled to receive their quarterly cash dividends. Shareholders that were enrolled in the Plan upon suspension, and remain enrolled with the Plan administrator, will automatically resume participation in the Plan.
Dividend increase
On August 1, 2023, the Company’s Board of Directors approved an increase of 6% in the annual dividend for holders of its common shares, from $2.32 per common share to $2.46 per common share. This increased common share dividend will commence with the third quarter 2023 quarterly dividend payment on October 31, 2023 to shareholders of record at the close of business on September 30, 2023.
Secured 1 GW supply of responsibly produced, ultra-low carbon First Solar modules
On July 5, 2023, the Company announced it has secured its first order for approximately 1 gigawatt (GWDC) of responsibly produced, ultra-low carbon thin film solar modules. The Series 6 Plus modules, which will be delivered between 2026 and 2028, will support Capital Power’s growing development portfolio and qualify our projects for domestic content under IRA.
Analyst conference call and webcast
Capital Power will be hosting a conference call and live webcast with analysts on August 2, 2023 at 9:00 am (MT) to discuss the second quarter financial results. The conference call dial-in number is:
(800) 319-4610 (toll-free from Canada and USA)
Interested parties may also access the live webcast on the Company’s website at www.capitalpower.com with an archive of the webcast available 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 such as impairments, foreign exchange gains or losses, gains or losses on disposals and other transactions, and unrealized changes in fair value of commodity derivatives and emission credits are excluded from the adjusted EBITDA measure. A reconciliation of adjusted EBITDA to net income (loss) is as follows:
| (unaudited, $ millions) | Three months ended | |||||||||||||||
| Jun 2023 | Mar 2023 | Dec 2022 | Sep 2022 | Jun 2022 | Mar 2022 | Dec 2021 | Sep 2021 | |||||||||
| Revenues and other income | 881 | 1,267 | 929 | 786 | 713 | 501 | 672 | 377 | ||||||||
| Energy purchases and fuel, other raw materials and operating charges, staff costs and employee benefits expense, and other administrative expense | (614 | ) | (723 | ) | (909 | ) | (543 | ) | (429 | ) | (178 | ) | (506 | ) | (162 | ) |
| Remove unrealized changes in fair value of commodity derivatives and emission credits included within revenues and energy purchases and fuel | 23 | (179 | ) | 247 | 136 | 28 | 18 | 123 | 66 | |||||||
| Adjusted EBITDA from joint ventures 1 | 37 | 36 | 36 | 4 | 7 | 7 | 5 | 5 | ||||||||
| Adjusted EBITDA | 327 | 401 | 303 | 383 | 319 | 348 | 294 | 286 | ||||||||
| Depreciation and amortization | (143 | ) | (141 | ) | (139 | ) | (133 | ) | (139 | ) | (142 | ) | (137 | ) | (133 | ) |
| Unrealized changes in fair value of commodity derivatives and emission credits | (23 | ) | 179 | (247 | ) | (136 | ) | (28 | ) | (18 | ) | (123 | ) | (66 | ) | |
| Foreign exchange gains (losses) | 4 | 1 | 3 | (12 | ) | (7 | ) | 1 | (1 | ) | (7 | ) | ||||
| Net finance expense | (34 | ) | (48 | ) | (44 | ) | (40 | ) | (35 | ) | (37 | ) | (44 | ) | (43 | ) |
| (Losses) gains on acquisition and disposal transactions | (3 | ) | - | (33 | ) | (3 | ) | (1 | ) | - | 6 | 31 | ||||
| Impairment (losses) reversals | - | - | - | - | - | - | (52 | ) | (8 | ) | ||||||
| Other items 1,2 | (19 | ) | (21 | ) | (17 | ) | (4 | ) | (1 | ) | - | (4 | ) | (4 | ) | |
| Income tax (expense) recovery | (24 | ) | (86 | ) | 75 | (24 | ) | (31 | ) | (33 | ) | (8 | ) | (18 | ) | |
| Net income (loss) | 85 | 285 | (99 | ) | 31 | 77 | 119 | (69 | ) | 38 | ||||||
| Net income (loss) attributable to: | ||||||||||||||||
| Non-controlling interests | (2 | ) | (1 | ) | (1 | ) | (3 | ) | (3 | ) | (3 | ) | (4 | ) | (2 | ) |
| Shareholders of the Company | 87 | 286 | (98 | ) | 34 | 80 | 122 | (65 | ) | 40 | ||||||
| Net income (loss) | 85 | 285 | (99 | ) | 31 | 77 | 119 | (69 | ) | 38 | ||||||
- Total income from joint ventures as per our consolidated statements of income (loss).
- 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 and include in its adjustment 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) | Three months ended June 30 | Six months ended June 30 | ||||||
| 2023 | 2022 | 2023 | 2022 | |||||
| Net cash flows from operating activities per condensed interim consolidated statements of cash flows | 11 | 108 | 360 | 523 | ||||
| Add (deduct) items included in calculation of net cash flows from operating activities per condensed interim consolidated statements of cash flows: | ||||||||
| Interest paid | 13 | 16 | 63 | 54 | ||||
| Change in fair value of derivatives reflected as cash settlement | 30 | 52 | (81 | ) | 45 | |||
| Realized gain on settlement of interest rate derivatives | (10 | ) | - | (10 | ) | - | ||
| Distributions received from joint ventures | (9 | ) | (2 | ) | (18 | ) | (2 | ) |
| Miscellaneous financing charges paid 1 | 2 | 2 | 4 | 4 | ||||
| Income taxes paid | 11 | 5 | 25 | 17 | ||||
| Change in non-cash operating working capital | 192 | 75 | 195 | (105 | ) | |||
| 229 | 148 | 178 | 13 | |||||
| Net finance expense 2 | (31 | ) | (29 | ) | (66 | ) | (60 | ) |
| Current income tax expense | (30 | ) | (9 | ) | (81 | ) | (24 | ) |
| Sustaining capital expenditures 3 | (41 | ) | (30 | ) | (56 | ) | (55 | ) |
| Preferred share dividends paid | (8 | ) | (10 | ) | (15 | ) | (20 | ) |
| Remove tax equity interests’ respective shares of adjusted funds from operations | (2 | ) | (4 | ) | (4 | ) | (8 | ) |
| Adjusted funds from operations from joint ventures | 23 | 6 | 45 | 11 | ||||
| Adjusted funds from operations | 151 | 180 | 361 | 380 | ||||
| Weighted average number of common shares outstanding (millions) | 116.9 | 116.4 | 116.9 | 116.3 | ||||
| Adjusted funds from operations per share ($) | 1.29 | 1.55 | 3.09 | 3.27 | ||||
- Included in other cash items on the condensed interim consolidated statements of cash flows to reconcile net income to net cash flows from operating activities.
- Excludes unrealized changes on interest rate derivative contracts, amortization, accretion charges and non-cash implicit interest on tax equity investment structures.
- Includes sustaining capital expenditures net of partner contributions of $1 million and $4 million for the three and six months ended June 30, 2023, respectively, compared with $1 million and $2 million for the three and six months ended June 30, 2022, respectively.
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 2023 AFFO and adjusted EBITDA guidance, (ii) forecasted 2023 depreciation, (iii) our plans to transition off-coal, (iv) the impacts of the IRA on our projects, and (v) 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 phase 2 of Halkirk Wind, the repowering of Genesee 1 and 2 (including being hydrogen ready, carbon conversion ready, and battery storage), the Genesee carbon capture and storage (CCS) project, the uprate at Goreway and York Energy, Goreway BESS, York Energy BESS, East Windsor expansion, and the Maple Leaf Solar project.
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) generation facility availability, wind capacity factor and performance including maintenance expenditures, (iv) ability to fund current and future capital and working capital needs, (v) acquisitions and developments including timing and costs of regulatory approvals and construction, (vi) changes in the availability of fuel, (vii) ability to realize the anticipated benefits of acquisitions, (viii) limitations inherent in the Company’s review of acquired assets, (ix) changes in general economic and competitive conditions and (x) 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, 2022, prepared as of February 28, 2023, 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 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 megawatts (MW) of power generation capacity at 29 facilities across North America. Projects in advanced development include approximately 224 MW of renewable generation capacity in Alberta and North Carolina, 512 MW of incremental natural gas combined cycle capacity from the repowering of Genesee 1 and 2 in Alberta, and approximately 350 MW of natural gas and battery energy storage systems in Ontario.
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 |
