Capital Power reports strong third quarter 2025 results, advancing flexible generation1 growth and contracting success

Press Release

On October 29, 2025, Sandra Haskins, SVP Finance & CFO announced her plans to retire from her role on December 31, 2025 after a 23-year tenure. Sandra has played a pivotal role in shaping the strategic direction and successful growth of Capital Power. Scott Manson, Chief Accounting Officer, & Treasurer will transition to Interim SVP Finance & CFO. A search for a new SVP Finance & CFO is underway, and a successor will be announced in due course. Sandra will support a smooth leadership transition by remaining in an advisory capacity until the end of Q1 2026.

“Our third quarter results reflect the continued execution of our strategy to strengthen our U.S. platform and expand our contracted cash flows,” said Avik Dey, President and Chief Executive Officer. “The MCV contract is a prime example of the critical role natural gas will continue to play in meeting the needs of grids. With scale, diversification, and unmatched operational and commercial excellence and a surging demand for reliable power, we are well positioned to deliver sustained value for shareholders.”

“Capital Power delivered multiple projects through to 2040 and beyond in the third quarter, demonstrating our strong execution on high-value growth opportunities and financial discipline. Our established track record of securing and delivering long-term partnership contracts enhances cash flow stability, which we only expect to continue. Additionally, our two Ontario battery storage assets further strengthens our balance sheet and the new $600 million credit facility enhances our liquidity,” said Sandra Haskins, Senior Vice President, Finance and Chief Financial Officer. “These actions reinforce our commitment to stable, contracted cash flows and long-term value creation for shareholders.”

“On behalf of the entire executive team and Board of Directors, I also want to express our gratitude to Sandra Haskins for her exceptional service and dedication over the past 23 years,” continued Avik Dey. “Sandra has been instrumental in driving our company forward, building a strong culture, and delivering outstanding results. While we will greatly miss her leadership, we wish Sandra only the best in this well-deserved next chapter ahead.”

Reaffirming 2025 Guidance

Capital Power is reaffirming revised guidance ranges across Adjusted EBITDA, AFFO and Sustaining Capital for 2025 despite updates to planned outages and delays on Alberta projects.

To ensure portfolio reliability, and best position the assets to capitalize on stronger market fundamentals beyond 2026, our updated Alberta maintenance schedule is planned as follows:

Genesee 3 (G3) unit is advancing its planned outage to Q4 2025. This strategic decision ensures that G3 is fully available in 2026 to provide system support and mitigate the impact of concurrent outages elsewhere in the fleet.
The recently commissioned Genesee 1 (G1) and Genesee 2 (G2) units are scheduled for incremental maintenance that require us to extend the previously scheduled outages in Q2 2026 to balance reliability and growing dispatch requirements heading into 2027, which is typical for newly installed turbines.
Shepard Energy Centre, Joffre Cogeneration, and Clover Bar Energy Centre have routine planned outages scheduled in 2026.
In 2026, we expect approximately a 40% increase in outage days for our Canada flexible generation portfolio.

As part of its ongoing Alberta fleet optimization, Capital Power remains focused on dispatching as much of its existing capacity at the Genesee site as possible. Further to that, incremental performance testing of Capital Power’s technical solution for generation above the Most Single Severe Contingency limit (MSSC) will continue including additional tuning, operational refinement, and extended runtime evaluations. Furthermore, Capital Power will also continue its proactive engagement with the AESO pursuant to the Phase 2 Large Load Allocation process to potentially unlock as much as the full nameplate capacity of the G1 and G2 units. Capital Power will update on the timing and quantum of incremental capacity above the MSSC that can be dispatched from the Genesee site once it is able to do so.

2025 Annual Guidance

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