CPX Capital Power Corporation

Capital Power Corporation (TSX: CPX) is proud to announce its Genesee Repowering project is now complete as Genesee Unit 2 achieved combined cycle commercial operations today, resulting in Genesee Units 1 and 2 becoming Canada’s most efficient natural gas combined cycle facility. Completion of this industry-leading project increases overall capacity at the Genesee Generating Station by 512 megawatts (MW) and reduces CO2 emissions by 3.4 million tonnes annually – representing a ~60% increase in capacity while reducing emissions by ~40%.

“Our Genesee Repowering project is immensely impactful for North American power generation, demonstrating there is a valuable life after coal for legacy facilities. As we’re witnessing a drastic rise in energy demands in tandem with coal facilities coming offline, there has never been a bigger need or a better time for innovation of this scale,” said Avik Dey, President and CEO of Capital Power. “Our investment in Genesee ensures we can continue to reliably power Alberta’s economy during the harshest winter nights and hottest summer days, while also unlocking major opportunities to power the many drivers of the energy expansion. This is a proud moment in our history that we’re incredibly excited to build on.”

“It is incredibly exciting to see the Genesee Repowering project be fully completed. This additional clean natural gas-powered generation is yet another big step towards ensuring Alberta’s electricity is affordable, reliable, and sustainable for generations to come. I commend Capital Power for their continued innovation in Alberta's power market,” said Honourable Nathan Neudorf, Minister of Affordability and Utilities, Government of Alberta.

The approximately $1.6 billion project began construction in summer 2021 requiring more than 5.8 million hours of labour with a peak of ~1,250 workers on site. Located entirely within the footprint of the existing Genesee Generating Station, the project involved installing two new Mitsubishi M501JAC gas-fired combustion turbines and Vogt triple-pressure heat recovery steam generators, while utilizing the units’ existing steam turbine generators. In June 2024, the project achieved simple cycle operations for both units which resulted in the facility becoming 100% natural gas fueled – moving Capital Power and Alberta off coal five years ahead of government mandate.

The Genesee Generating Station is now capable of delivering up to 1,857 MW of reliable, affordable and cleaner power for Alberta’s thriving economy. The significant baseload generation available on the 26,000+ acre site supports grid-wide reliability while presenting opportunities for future development, energizing the Alberta advantage for new technologies, industries and growth. With the project now complete, Capital Power will be referring to the Genesee Generating Station as a single facility in our portfolio (30 total facilities instead of 32 when counting all three units separately). More information: https://www.capitalpower.com/operations/genesee-generating-station

Media Resources

Media are welcome to use the following photos and videos for use when reporting on the Genesee Generating Station: https://capitalpower.mediavalet.com/galleries/9cd4d151-7f8f-48f9-8c1b-abc7392dbf49_956eea99-84ea-48b2-9973-b5febf8e5048-ExternalUser

Other uses require written permission from Capital Power – please contact kperron@capitalpower.com for more information or to arrange an interview.

Territorial AcknowledgementIn 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 PowerCapital Power (TSX: CPX) is a growth-oriented power producer with approximately 9,800 MW of power generation at 30 facilities across North America. We prioritize safely delivering reliable and affordable power communities can depend on, building clean power systems, and creating balanced solutions for our energy future. We are Powering Change by Changing Power™.

For more information, please contact:
Media Relations:Katherine Perron(780) 392-5335kperron@capitalpower.com		Investor Relations:Roy Arthur(403) 736-3315investor@capitalpower.com