Capital Power (CPX) Investor presentation summary

Platform and market position

• Enterprise value of $8.5B and market capitalization of $7.5B, with investment-grade credit ratings.

• Operates a diverse fleet across five key North American markets, with ~90% natural gas and ~60% U.S. exposure.

• Fifth largest independent gas power producer in North America.

• High-quality cash flows with long-term contracted adjusted EBITDA.

Growth strategy and pipeline

• Pursues growth through acquisitions and development, targeting a 25 GW pipeline of opportunities.

• Focuses on optimizing assets for value addition, with target ROE of 13-15% and fleet optimization pathways of 4-6%.

• $8B invested in M&A, with optimization pathways offering $300M+ adjusted EBITDA with minimal capital.

• Strategic partnership with Apollo Funds for up to $3B to pursue U.S. merchant natural gas assets.

Market trends and demand drivers

• U.S. data center power demand expected to grow at a 17% CAGR from 2025-2030, requiring 100 GW additional capacity.

• Natural gas remains the largest and fastest-to-market source of U.S. power generation, with 20% more capacity needed by 2030.

• Incremental firm capacity from natural gas is significantly lower cost and faster to deploy than nuclear or greenfield builds.