Capital Power (CPX) Q4 2024 earnings summary

Executive summary

• Achieved record annual generation of 38 TWh in 2024, driven by portfolio growth, strategic asset optimization, and major turnarounds at seven facilities.

• Completed Genesee Repowering Project, transitioning to 100% natural gas, increasing capacity by 512 MW, and reducing annual CO2 emissions by 3.4 million tonnes.

• Sold 49% interests in two Canadian wind assets, generating CAD 333 million pre-tax proceeds and exceeding targeted returns.

• U.S. portfolio share of Adjusted EBITDA rose significantly, with U.S. assets contributing up to 57% in 2024 and enhancing cash flow stability.

• Advanced data center opportunities and qualified for $13 million in funding for small modular reactor feasibility.

Financial highlights

• Q4 2024 Adjusted EBITDA was $330 million, up year-over-year, driven by U.S. acquisitions; AFFO was $182 million, up $20 million year-over-year.

• Full-year 2024 Adjusted EBITDA was $1,333 million, with AFFO at $817 million; net cash flow from operations was $1,144 million.

• Revenues for 2024 were $3,776 million, down from $4,282 million in 2023; basic EPS was $5.16, compared to $6.07 in 2023.

• U.S. Adjusted EBITDA rose from $369 million in 2023 to $656 million in 2024, while Alberta declined 29% to $550 million.

• Electricity generation increased to 37,821 GWh in 2024 from 32,487 GWh in 2023.

Outlook and guidance

• 2025 Adjusted EBITDA guidance: $1,340–1,440 million; AFFO target: $770–950 million; sustaining CapEx: $180–225 million.

• Near-term cash flows are highly hedged or under long-term contracts, supporting guidance stability and fully funding capital spend and dividends.

• Strategic priorities for 2025 include contract optimization, facility uprates, flexible generation acquisitions, and renewables growth.