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Capital Power Corporation 10423 101 Street NW Suite 1200 Edmonton , AB T5H 0E9 For immediate release ● Capital Power Capital Power reports strong first quarter results and expects 2021 results to exceed annual financial guidance Quarterly results confirm the robustness of the Alberta power market ● RESPONSIBLE ENERGY FOR TOMORROW EDMONTON , Alberta - April 30 , 2021 - Capital Power Corporation ( TSX : CPX ) today released financial results for the quarter ended March 31 , 2021 . Highlights ● April 30 , 2021 Generated net cash flows from operating activities of $ 206 million and adjusted funds from operations ( AFFO ) of $ 159 million in the first quarter of 2021 Generated net income of $ 101 million and adjusted EBITDA of $ 303 million in the first quarter of 2021 Forecast is on track to generate AFFO and adjusted EBITDA that is modestly above the top end of the annual guidance ranges for 2021 Executed a 15 - year renewable energy agreement with Labatt Brewing Company Ltd. of Canada ( Labatt ) for the 75 megawatt Enchant Solar project in Alberta Ceased operations of the Southport and Roxboro facilities in North Carolina following the expiry of their power purchase agreements Changes to the Capital Power Executive team " Our first quarter results benefitted from excellent operating performance across the entire fleet with average facility availability of 96 % and a solid contribution from our trading desk that captured an average realized Alberta power price of $ 77 per megawatt hour ( MWh ) in the quarter , " said Brian Vaasjo , President and CEO of Capital Power . " This strong performance delivered financial results that exceeded management's expectations . " " The extreme cold temperatures in February set a new daily record for demand and contributed to the high average power price of $ 95 per MWh in the first quarter , representing the highest average power price in a quarter in nearly eight years , " continued Mr. Vaasjo . " Based on the increase in Alberta forward power prices , our forecast is on track to generate AFFO and adjusted EBITDA that is modestly above the top end of the $ 500 million to $ 550 million and $ 975 million to $ 1,025 million annual guidance ranges for 2021 , respectively . " " We continue to expand our renewable contracted cash flows with the recent execution of a long - term renewable energy agreement with Labatt for our Enchant Solar project . This innovative agreement includes the sale of electricity and renewable energy credits that will cover all of the electricity needed to brew Budweiser in Canada and meet Labatt's 100 % renewable electricity goals . " " Following the conclusion of our April 29 Annual General Meeting , Don Lowry retired as Chair of the Board of Directors and I would like to thank him for his outstanding leadership as Board Chair since Capital Power's inception in 2009 and wish him well on his retirement . " " I would like to congratulate Darcy Trufyn , Senior Vice President , Operations , Engineering and Construction on his retirement . Darcy has been an integral part of the executive team for the past twelve years and I would like to thank him for his valuable contributions and outstanding service and wish him well in his retirement . ” 1