Capital Power (CPX) Investor presentation summary

Strategic positioning and growth

• Enterprise value of $16 billion and market capitalization of $9 billion, with investment grade credit ratings from S&P, DBRS, and Fitch.

• 12 GW of capacity, with 88% flexible generation and 12% renewables; 60% of assets in the US and 40% in Canada.

• Fifth largest North American gas-focused independent power producer, with $7 billion invested in development and M&A from 2022–2025.

• Achieved 20% total shareholder return per year from 2022–2025.

Market fundamentals and demand drivers

• Natural gas power demand in the US has grown at a 5% CAGR from 2001–2024, outpacing overall power demand and GDP growth.

• Power demand growth is driven by residential, commercial, industrial, transportation, and data centers, with ~70% of growth not from data centers.

• Existing natural gas generation is undervalued and presents compelling acquisition opportunities.

Strategic priorities and asset optimization

• Focused on acquiring and expanding flexible generation, optimizing facility asset life, and growing the renewables portfolio.

• US flexible generation capacity increased from 1.5 GW in 2022 to 6.2 GW in 2025, now representing 60% of the portfolio.

• Genesee repowering increased profitability through efficiency, lower carbon taxes, and hedging.

• High-quality assets like Hummel and Rolling Hills stations are strategically located near data centers and low-cost fuel sources, with expansion potential.