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Capital Power

Capital Power Corporation is a growth-oriented, publicly traded North American (TSX: CPX) headquartered in , , , that develops, acquires, owns, and operates a diverse portfolio of thermal and generation facilities across and the , with approximately 12 GW of owned power generation capacity at 32 facilities as of 2025. The company employs around 741 people and focuses on delivering reliable, affordable while transitioning to lower-carbon solutions through flexible generation assets, , and projects. Its operations span natural gas-fired plants, wind farms, solar installations, and battery systems, supporting grid reliability and emerging demands such as data centers. The company's origins trace back to 1891, when the Edmonton Electric Lighting and Power Company was established as Canada's first municipally owned utility, initially serving 700 residents with a small power plant. Over the decades, it evolved through expansions, including the addition of coal-fired units at the Genesee Generating Station in the 1970s and 1980s, reaching 3,100 MW across 31 stations by 2009 under the banner. Capital Power was spun off as an independent entity in 2009 via an on the , inheriting EPCOR's power generation assets and marking a shift toward a diversified, growth-focused . Since its IPO, Capital Power has significantly expanded its portfolio, doubling renewable capacity and quadrupling assets between 2014 and 2018, while pursuing major acquisitions and developments. Key milestones include the 2022 acquisition of the 816.5 MW Midland Cogeneration Venture in , the 2023 purchases of gas-fired plants in , , and totaling over 2,400 MW, and the 2024 repowering of the Genesee Generating Station to add 512 MW of capacity while reducing emissions by 3.4 million tonnes annually. In , notable renewable projects encompass the 300 MW in , the 150 MW Cardinal Point Wind facility in , and developments like the 65 MW Strathmore Solar project. The company operates in multiple U.S. states, including , , Kansas, and , with a strong emphasis on contracted capacity exceeding 1,500 MW in alone. Committed to and by 2045, Capital Power has implemented a Green Financing Framework in 2022 and released annual integrated reports detailing performance, aiming for a lower-carbon future through battery storage commissions like the 120 MW York BESS and 50 MW Goreway BESS in , alongside AI-ready initiatives. With 85% of its capacity in and ongoing investments in renewables, the company positions itself as a leading flexible power provider, enhancing while addressing North America's evolving needs.

Company Overview

Profile and Strategy

Capital Power Corporation is a North American headquartered in , , , and publicly traded on the under the ticker symbol CPX. The company was established in 2009 as a from EPCOR Utilities Inc., focusing on power generation while tracing its roots to the 1891 founding of Edmonton's municipal electric utility. The company operates approximately 12 of generating capacity across 32 power generation facilities and 2 battery energy storage systems in and the , with a diverse that includes assets such as gas-fired , including converted legacy facilities, alongside renewables like and , and emerging battery energy storage systems. Its core services encompass power generation from these assets, energy marketing to manage , and origination of innovative power solutions for and customers. Capital Power's strategy emphasizes sustainable growth through targeted acquisitions and development, including a recent 2025 acquisition adding 2.2 GW of flexible capacity in the market. The company prioritizes building flexible, to enhance reliability amid rising demand from data centers and applications, while advancing a transition to lower-carbon power via increased renewables integration and efficient utilization. This balanced approach aims to deliver reliable, affordable energy while supporting decarbonization goals.

Financial Performance

Capital Power reported strong financial results for the third quarter of 2025, with total revenues and other income reaching $1,213 million, a 17.5% increase year-over-year. Adjusted EBITDA for the quarter stood at $477 million, up approximately 20% from the prior year, driven by higher generation volumes and favorable contracting outcomes in flexible generation assets. Adjusted funds from operations (AFFO) were $369 million, also reflecting a roughly 20% year-over-year improvement, while net cash flows from operating activities amounted to $404 million. These results were bolstered by advances in flexible generation capacity and the successful execution of a new long-term for the MCV facility, extending to 2040 and adding an estimated $140 million in annual adjusted EBITDA. The company maintains a robust , with a history of consistent growth at an annual rate of 6% through 2025. On October 28, 2025, Capital Power's declared a quarterly of C$0.6910 per common share, payable on January 30, 2026, to shareholders of record on December 31, 2025. This payout aligns with the company's reaffirmed 2025 guidance, targeting AFFO in the range of $800 million to $900 million and supporting ongoing shareholder returns. In November 2025, Capital Power announced a C$600 million of unsecured medium-term notes bearing interest at 4.231% and maturing on , 2033, with closing expected on or about , 2025. The net proceeds are intended to redeem C$300 million of existing medium-term notes due in 2026 and for general corporate purposes, optimizing the company's debt profile. The 2025 acquisition of Hummel and Rolling Hills facilities in the PJM market has further supported portfolio growth, enhancing revenue potential from U.S. operations. Capital Power's revenues are primarily derived from power generation across its flexible and renewable assets, supplemented by marketing activities and low-carbon investments. In Q3 2025, the U.S. flexible generation segment contributed the largest share, with revenues of $778 million and adjusted EBITDA of $307 million, reflecting strong performance in gas-fired plants. Canadian flexible generation added $538 million in revenues and $181 million in adjusted EBITDA, while renewables segments in both regions provided stable contributions from , , and projects, including recent commissions like York Energy and Goreway BESS adding an estimated $35 million in annual adjusted EBITDA. Marketing efforts, integrated within flexible generation, optimize dispatch and hedging, supporting overall economic health.

History

Origins and Formation

The origins of Capital Power Corporation trace back to the establishment of the Edmonton Electric Lighting and Power Company (EEL&PC) on October 23, 1891, by a group of pioneers who obtained a permit to build the city's first electric utility on the banks of the . The company launched its inaugural 75 kW -fired steam power plant on December 22, 1891, initially powering streetlights and serving approximately 700 residents, marking 's entry into the electric age. This modest facility, hand-stoked and reliant on local , laid the groundwork for regional amid rapid urban growth in the Canadian prairies. In 1902, the EEL&PC transitioned to municipal ownership under the City of Edmonton, becoming Canada's first publicly owned and enabling focused investment in infrastructure expansion. Key technological advancements followed, including the installation of one of the world's first 10,000 kW turbo-generators in 1928 at the Rossdale Power Plant, which enhanced efficiency in steam-driven generation. In 1931, the utility constructed Canada's largest steam boiler at the same site, boosting capacity to meet rising demand during the . By 1941, expansions at Rossdale positioned it as Canada's largest thermal power plant, solidifying Edmonton's role as a leader in municipal power production. The 1970s brought further innovation when the municipally owned operation rebranded as Edmonton Power in 1970, opening the Clover Bar Generating Station with North America's first spring-supported foundation to mitigate seismic risks in the region. This engineering milestone supported reliable operations amid growing industrial needs, culminating in a total capacity of 1,050 MW across facilities by 1979. In 1995, Edmonton Power evolved into EPCOR Utilities Inc., incorporated as a standalone corporation wholly owned by the City of to integrate power, water, and emerging gas services under professional governance. Capital Power emerged as an independent entity through a from EPCOR, culminating in an (IPO) on July 9, 2009, when it began trading on the under the ticker CPX. At formation, the company controlled 3,100 MW of generation capacity from 31 stations, primarily and coal-fired assets, acquired from EPCOR for approximately $468 million in cash plus shares, allowing EPCOR to focus on regulated utilities while Capital Power pursued growth in competitive power markets. This separation built on over a century of foundational expertise, enabling subsequent expansions in diverse energy portfolios.

Key Milestones and Expansions

Between 2014 and 2018, Capital Power significantly expanded its portfolio by doubling investments in renewable energy sources and quadrupling its natural gas assets through a series of strategic acquisitions and developments. From 2019 to 2021, the company pursued further growth in both thermal and renewable sectors, acquiring the 875 MW Goreway Power Station in Ontario for $387 million plus assumed debt, which provided a long-term contracted natural gas asset under a 20-year supply agreement. In 2020, Capital Power acquired the 101 MW Buckthorn Wind facility in Texas from private investors for approximately US$60-69 million, adding diversified renewable capacity with a 15-year weighted average contract life. During this period, construction began on the 40.5 MW Strathmore Solar project in Alberta in April 2021 and the 75 MW Clydesdale Solar project (formerly Enchant Solar), marking key entries into utility-scale solar development. In 2022, Capital Power, in partnership with Manulife Investment Management, acquired the 1,633 MW Midland Cogeneration Venture in Michigan for US$894 million, securing a 50% interest equivalent to 816.5 MW of natural gas combined-cycle capacity with long-term contracts. The year 2023 saw accelerated U.S. expansion with the announcement and subsequent closing of acquisitions for the 1,062 MW La Paloma natural gas facility in California and a 50% interest in the 1,092 MW Harquahala Generating Company in Arizona, totaling approximately US$1.1 billion. Additionally, Capital Power acquired the 265 MW Frederickson 1 natural gas plant in Washington state on December 28, 2023. In Ontario, the company executed contracts for solar, natural gas, and battery projects, achieving more than 1,500 MW of contracted capacity to support grid reliability. In 2024, Capital Power completed the Genesee Repowering project at its facility, converting coal units to combined-cycle operations and adding 512 MW of capacity while reducing annual CO2 emissions by 3.4 million tonnes. By , Capital Power advanced its flexible generation strategy with the US$2.2 billion acquisition of the 1,124 MW Hummel and 1,023 MW Rolling Hills plants in the market, completed in June. The company also commissioned its first systems in , including the 120 MW BESS and 50 MW Goreway BESS, enhancing grid stability. Concurrently, initiatives for data centers in progressed, including planning for the 1.0-1.5 GW Genesee Energy Campus and a for a 250 MW facility adjacent to Midland Venture.

Leadership and Governance

Executive Team

Avik Dey serves as President and of Capital Power, where he leads the company's growth and expansion initiatives across and the while championing efforts to accelerate the transition to lower-carbon solutions. With over two decades of experience in the energy sector, including roles in executive , operations, , and strategic advisory, Dey previously held positions such as Managing Director and Co-Head of Carlyle International Energy Partners, where he oversaw investments exceeding $12 billion in energy projects. Under his since 2023, Capital Power has advanced its strategy for reliable power generation and sustainability, including the development of flexible generation assets to support grid reliability amid increasing renewable integration. Sandra Haskins is the Senior Vice President of and , responsible for overseeing the company's financial , , and capital allocation to support long-term growth objectives. Haskins announced her retirement effective December 31, 2025, after a 23-year tenure with Capital Power, during which she played a pivotal role in navigating financial challenges and funding key expansions in power generation infrastructure. Her contributions have included strengthening the company's and ensuring fiscal discipline amid volatile energy markets, with Scott Manson appointed as interim SVP & following her departure. Pauline McLean holds the position of Senior Vice President of External Relations and Chief Legal Officer, leading Capital Power's legal, regulatory, compliance, and functions to mitigate risks and foster strategic partnerships. In this role, she provides critical support for , including navigating complex regulatory environments for new projects and ensuring adherence to environmental and standards that align with the company's goals. McLean's expertise has been instrumental in advancing Capital Power's external relations, such as and policy advocacy for equitable energy transitions. Steve Wollin is the Senior and Operations , overseeing the day-to-day operations of Capital Power's power generation facilities to ensure , , and reliability across its North . Joining the executive in , Wollin brings extensive and operational experience, focusing on optimizing asset and integrating low-carbon technologies to meet evolving grid demands. His emphasizes , including the responsible management of thermal and renewable assets to minimize downtime and support the company's emissions reduction targets. In 2025, Capital Power bolstered its executive team with key appointments to enhance and renewable development. Ferio Pugliese joined as Senior Vice President and Chief Corporate Officer in July 2025, bringing over two decades of experience in corporate services, human resources, and sustainability from roles at , where he advanced people strategies and environmental initiatives. Pugliese's contributions focus on integrating equity, diversity, and innovation into Capital Power's operational framework to drive long-term strategic execution. Similarly, Roger Huang was appointed of and U.S. Renewables in 2025, leading efforts to expand the company's renewable portfolio and secure development opportunities in the U.S. market. Huang's role supports Capital Power's growth in clean energy projects, leveraging his background in to advance contracting and project pipelines.

Board of Directors

Capital Power's Board of Directors comprises 9 members as of November 2025, with eight independent directors and one non-independent director, the President and , Avik Dey, in accordance with National Instrument 58-101 disclosure of practices. This structure ensures a majority of independent oversight, promoting objective decision-making in the company's strategic direction. The board's composition reflects a commitment to , with four women among the directors, representing 44% of the board and 50% of independent directors, supported by a formal policy that targets at least 40% women and 20% from other designated groups. The board's primary responsibilities include supervising management, approving corporate strategies and annual budgets, overseeing , and ensuring alignment with Capital Power's core values, such as , , and . These duties are guided by formal , outlined in the company's documents and reviewed annually by the board, which emphasize , delegation to specialized committees (including , , , and , and people, compensation, and ), and regular in-camera sessions for independent deliberation. The board meets at least four times per year to fulfill these roles, focusing on frameworks that address key challenges in the power sector, such as , cybersecurity, and the transition to lower-carbon systems. In its governance role, the board prioritizes and through metrics integrated into incentives and initiatives, including oversight of emissions reduction targets and the company's shift away from coal-fired generation, completed in 2024. It also collaborates with the team on growth strategies, such as repowering projects and battery energy storage systems, to navigate the evolving . This emphasis on and risk mitigation positions the board to guide Capital Power through regulatory and technological transitions in the power industry.

Power Generation Assets

Operational Facilities

Capital Power's operational facilities encompass a portfolio of thermal, renewable, and other power generation assets across and the , totaling approximately 12,000 MW of owned capacity as of November 2025. These facilities support reliable supply in , with a focus on efficient natural gas-fired generation complemented by renewable sources. The company's assets are strategically located to serve regional grids, including Alberta's independent system operator, Ontario's IESO, and various U.S. markets such as PJM and CAISO.

Thermal Facilities

Capital Power's thermal facilities primarily consist of natural gas-fired power stations, providing baseload and peaking capacity. Key examples include the Genesee Generating Station in , , with a total capacity of 1,857 MW following repowering of Units 1 and 2 in 2024, adding 512 MW of capacity. The Goreway Power Station in , , delivers 955 MW of capacity, serving the area with combined-cycle technology. In , , the Island Generating Station provides 275 MW of power near Campbell River. Additionally, the Midland Cogeneration Venture in , , operates at 816.5 MW, supplying steam and electricity to industrial partners through .

Renewable Facilities

The company's renewable operational assets emphasize and , contributing to its diversification strategy. The Buckthorn facility in , USA, generates 101 MW from turbines in the ERCOT market. In , Canada, the Strathmore project produces 41 MW of photovoltaic power, while the Clydesdale facility adds 75 MW of capacity in the same province. These sites favorable resources and interconnections for output.

Other Facilities

Capital Power also operates significant natural gas assets in the western U.S. The Generating Station in , , has a capacity of 1,062 MW and supports the CAISO grid with efficient combined-cycle operations. The Harquahala Generating Station in , , provides 1,092 MW of capacity, serving the and SRP utilities. In , , Frederickson 1 delivers 265 MW of power near Spokane. Recent additions from the 2025 PJM acquisition, now fully operational, include the Hummel Station (1,124 MW in ) and Rolling Hills Generating (1,023 MW in ), enhancing U.S. flexible generation.

Capacity Breakdown

As of late 2025, Capital Power's operational capacity totals approximately 12,000 MW, with natural gas comprising the majority at around 10,500 MW (about 88% of the portfolio), and renewables accounting for roughly 1,500 MW (wind and solar). By region, Canada hosts about 6,800 MW, primarily in Alberta, Ontario, and British Columbia, while the U.S. portfolio totals around 5,200 MW across states like Texas, California, Arizona, Michigan, Washington, Pennsylvania, and Ohio. This distribution reflects balanced exposure to North American markets, with natural gas enabling reliability and renewables supporting sustainability goals.

Projects Under Construction and Development

Capital Power is actively advancing several power generation and storage projects to enhance its flexible capacity and support grid reliability across . Key initiatives under construction include the East Windsor Generation Facility Expansion in , a 100 MW natural gas-fired addition to the existing centre, aimed at addressing projected local supply shortfalls as early as 2025. Construction commenced in early 2025, with major equipment already delivered on site, positioning the project for completion in the near term to bolster in the -Essex region. In , Capital Power has two solar projects underway in as part of its U.S. expansion. The 35 MW Bear Branch Solar facility began construction in the second quarter of 2025 and is targeted for commercial operations in the fourth quarter of 2026, contributing to the company's growing clean energy portfolio. Similarly, the approximately 145 MW Maple Leaf Solar project, also under construction since Q2 2025 and totaling ~180 MW combined with Bear Branch, is expected to achieve full operations in Q1 2027, emphasizing Capital Power's commitment to scalable renewable developments. Additionally, the 126 MW Halkirk 2 Wind project in remains under construction despite commissioning delays noted in late 2025, with an original target of operational status in 2025 now extended due to technical issues. Among developments in the pipeline, the Genesee Energy Campus in represents a major hyperscale data centre initiative tailored for and high-demand , with planned of 1.0 to 1.5 . This project leverages the adjacent Genesee Generating Station's for reliable, low-carbon , with active discussions underway for partnerships and regulatory approvals to enable rapid build-out. In the PJM region, following the 2025 acquisition of the Hummel Station and Rolling Hills facilities, Capital Power has committed approximately $3 billion over the next decade for further expansions, including potential new flexible generation assets to meet rising demand in this key U.S. market. These efforts align with the company's broader strategy to grow its approximately 12 portfolio through investments in adaptable . The strategic focus on these projects underscores Capital Power's emphasis on flexible generation and storage solutions to ensure grid stability amid increasing , renewable integration, and data-intensive loads like applications. By prioritizing dispatchable assets and co-located developments, the company aims to provide responsive power during peak periods while facilitating the transition to a more resilient energy system.

Sustainability and Environmental Impact

Emissions Reduction Initiatives

Capital Power has implemented key initiatives to reduce , primarily through the transition of its thermal generation assets to lower-carbon fuels and alignment with regulatory frameworks. A flagship effort is the 2024 repowering of the Genesee Generating Station in , which converted Units 1 and 2 from to combined-cycle operations, increasing capacity by 512 megawatts while achieving an annual reduction of 3.4 million tonnes of CO2 emissions compared to 2019 levels. This project, completed five years ahead of 's 2030 mandate, marked the full transition of the facility to 100% fueling by mid-2024, contributing to a 60% decrease in emissions intensity at the site. In its 2024 Integrated Annual Report, Capital Power outlined progress toward broader emissions intensity reduction goals, reporting a company-wide Scope 1 emissions intensity of 0.41 tonnes of CO2 equivalent per megawatt-hour, a decline from 0.47 tonnes in 2023, amid total Scope 1 emissions of 17.4 million tonnes of CO2 equivalent. The company retired its previous 2030 interim and 2045 net-zero targets in late 2024 to prioritize reliable energy supply, instead acknowledging Canada's Clean Electricity Regulations, which aim for a net-zero electricity system by 2050 with interim intensity targets of 120 tonnes of CO2 per gigawatt-hour by 2035 for existing combined-cycle natural gas facilities, while assessing potential impacts on operations. These efforts integrate with renewable expansions to achieve net emissions reductions across the portfolio. The transition from legacy coal assets extends beyond Genesee, encompassing compliance with Canadian and U.S. regulations such as Alberta's Technology Innovation and Emissions Reduction program, Ontario's Emissions Performance Standards requiring 0.310 tonnes of CO2 equivalent per megawatt-hour by 2030, and Michigan's mandate for 90% carbon capture equivalence at facilities like by 2040. In 2024, 69% of Capital Power's Scope 1 emissions fell under emissions-limiting regulations, with full compliance reported and no violations noted. Complementing these technical initiatives, Capital Power supports community-based environmental programs, including long-term conservation at the Genesee Generating Station. Since the early 1990s, the facility has hosted nesting pairs as part of Alberta's recovery efforts for the species, which was endangered in 1978 due to impacts but has since rebounded; live-stream monitoring began in to promote public awareness and habitat protection.

Renewable Energy Portfolio

Capital Power has committed to allocating 30% of its over a five-year period to and other lower-carbon solutions, emphasizing a strategic shift toward development. This investment approach supports the company's broader goal of balancing reliable power generation with , contributing to emissions reductions across its operations. The company's renewable portfolio includes approximately 1,500 MW of operating capacity across , , and emerging technologies, representing about 12% of its total 12 power generation assets as of September 2025. Key assets include the Buckthorn Wind facility in , a 101 MW project featuring 29 turbines that began commercial operations in 2018 and provides clean energy to the ERCOT grid. In , notable examples are the Strathmore project in , Canada's first utility-scale facility for Capital Power with 40.5 MW capacity using over 109,000 photovoltaic panels, and the Clydesdale facility near Enchant, , a 75 MW installation equipped with bifacial panels and single-axis tracking systems that entered operation in 2022. These assets exemplify Capital Power's focus on utility-scale renewables in North American markets with strong and resources. Looking ahead, Capital Power is expanding its U.S. renewables presence, highlighted by the 2025 appointment of Roger Huang as of and U.S. Renewables to drive growth in this sector. The company is also integrating battery energy storage systems (BESS) for solutions, with 170 MW of BESS capacity in its development pipeline to enhance grid reliability and support intermittent renewable sources. These initiatives, including four projects under totaling 320 MW, position renewables to play a growing role in the company's portfolio while aiding overall emissions reduction efforts.

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