Company Overview

Capital Power Corporation is a North American power generation company engaged in the development, ownership, and operation of electricity generation facilities across Canada and the United States. The company operates within the independent power producer (IPP) segment of the broader energy and utilities industry, with a diversified portfolio spanning natural gas, wind, solar, waste heat, and legacy coal generation. Capital Power’s primary revenue driver is the sale of electricity and capacity under long-term contracts, hedged merchant arrangements, and regulated frameworks, complemented by ancillary services in select markets.

Founded in 2009 through the spin-off of power generation assets from EPCOR Utilities, Capital Power has evolved from a predominantly Canadian coal-based operator into a diversified, lower-carbon power producer. Its strategic positioning emphasizes fuel and geographic diversification, disciplined capital allocation, and a transition toward cleaner generation technologies, while maintaining exposure to stable contracted cash flows.

Business Operations

Capital Power operates a single integrated power generation business, with assets grouped by technology and market rather than formal reporting segments. Its portfolio includes natural gas-fired generation, wind, solar, and waste heat recovery facilities, along with a declining number of coal-fired assets subject to conversion, retirement, or regulatory phase-out. Revenue is generated through a combination of long-term power purchase agreements, capacity market payments, hedged merchant energy sales, and environmental attributes.

Operations span both domestic and international markets, with the majority of installed capacity located in Canada and the United States. The company controls and operates its facilities directly and through subsidiaries, including Capital Power Income L.P., which holds several of its operating assets. Capital Power also engages in joint ownership structures for select facilities, particularly in renewable projects, while retaining operational control or significant influence.

Strategic Position & Investments

Capital Power’s strategy centers on sustainable growth in North American power markets, balancing contracted cash flow stability with selective merchant exposure. Growth initiatives focus on expanding its natural gas fleet in strategic U.S. markets and scaling renewable energy development in regions with favorable policy and market fundamentals. The company has publicly committed to emissions reduction targets while continuing to invest in dispatchable generation to support grid reliability.

Notable recent investments include the acquisitions of La Paloma Natural Gas Project and Frederickson Power LP in the United States, which significantly expanded Capital Power’s U.S. natural gas portfolio. The company continues to advance renewable development projects and evaluate emerging opportunities in lower-carbon technologies, while optimizing its existing asset base through life-extension investments and commercial optimization.

Geographic Footprint

Capital Power is headquartered in Edmonton, Alberta, and operates generation facilities across Western and Eastern Canada and multiple regions of the United States, including the Pacific Northwest, Southwest, and Midwest power markets. Its Canadian presence is concentrated in Alberta, British Columbia, and Ontario, while U.S. operations are diversified across competitive wholesale electricity markets.

The company’s geographic diversification reduces exposure to any single regulatory or market regime and provides access to varied demand, fuel supply, and pricing dynamics. While Capital Power does not have operating assets outside North America, its cross-border footprint gives it significant influence in both Canadian and U.S. power markets.

Leadership & Governance

Capital Power is led by an executive team with extensive experience in power generation, capital markets, and large-scale infrastructure operations. The leadership philosophy emphasizes financial discipline, operational excellence, and a measured approach to energy transition aligned with shareholder returns and system reliability.

Key executives include:

• Avik Dey – President & Chief Executive Officer
• Anand Mahajan – Senior Vice President & Chief Financial Officer
• Chris Barlow – Senior Vice President & Chief Operating Officer

The company operates under a governance framework consistent with Canadian public company standards, with oversight provided by an independent board of directors and disclosures governed by SEC filings and Canadian securities regulations.