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September 2025 | Investor Presentation Powering the North American energy expansion
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2 Capital Power Today: Leading North American IPP 1. As of August 31, 2025. 2. Investment Grade Credit Ratings – S&P (BBB-), DBRS (BBB low) and Fitch (BBB-) Greater Scale1 12GW of Capacity Enhanced Stability Cumulative Growth (2022 – 2025) 16 Enterprise Value 9 Market Capitalization Enhanced institutional ownership ~$ ~$ bnbn Investment grade rated 5th largest North American gas focused IPP Continued our track record of growth Flexible Generation 88% Renewabes 12% Canada 40%US 60% 207 Invested (Development + M&A) bn Total Shareholder Return / Year % BBB Fitch BBB DBRS - Positioned to grow and create shareholder value ~$ LOW S&P ~
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3 Creating Balanced Energy Solutions • Critical, dispatchable supply • Reliable and affordable • Affordable and clean • Carbon market opportunities • Actively trade in North American power, gas and environmental markets • Value creation and optimization • Risk management Flexible Generation Renewables Trading & Origination
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4 Natural gas is fueling the energy expansion Reliable Affordable Clean
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500 750 1,000 1,250 1,500 1,750 2,000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 US Natural Gas Power Generation (TWh)1 Strong fundamentals Gas is critical to grid reliability 1. Source: EIA. 2. CAGR 2001-2024. 3. Represents real GDP growth rebased to 2017. CAGR1,2 U.S. Power - All Technologies Natural gas power demand continues to grow through market cycles CAGR1,2 U.S. Power - Natural Gas ~0.5% ~5.0% U.S. GDP ~2.0%3
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6 Multiple sources of growth driving power demand 1. Goldman Sachs global investment research, EIA: Total demand CAGR of 2.9% is partially offset by other factors leading to 2.4% total compounded growth to 2030 US Power Demand CAGR (%)(1) 0.6% 0.8% 0.6% 0.9% 2.9% Residential C&I (ex DC) Transportation Data Centers Total ~70% of projected power demand growth is not from data centers ~70%
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7 Existing natural gas undervalued Strong power fundamentals favour existing natural gas generation Multi-faceted power demand growth Natural gas: fueling the future • Reliable • Affordable • Clean • Compelling acquisition opportunity • C&I • Residential • Transportation • Data centers CPX has multiple ways to win
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8 Capital Power Update Positioned to succeed amid energy expansion Reliable Affordable Clean
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9 Develop Grow renewables portfolio 2025 Strategic Priorities Contract Optimization Re-contract / contract flexible generation (including data centers) Optimize and Expand Maximize facility asset life and value Acquire Expand flexible generation portfolio
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10 U.S. Flexible Generation 30% Canada Flexible Generation 70% US Flexible Generation 60% Canada Flexible Generation 40% Enhanced U.S. Flexible Generation 2022 ~5.2 GW of flexible generation capacity 2025 ~10.4 GW of flexible generation capacity Natural gas is critical to meeting growing U.S. electricity demand ~1.5GW of U.S. Flexible Generation Capacity 6.2 GW of U.S. Flexible Generation Capacity Acquire
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11 Rising Pricing in PJM 1. Represents RTO pricing 2. As of July 22, 2025 $50 $34 $29 $270 $329 2022/2023 2023/2024 2024/2025 2025/2026 2026/2027 Historical PJM Auction Prices (per MW-day) $15 $30 $45 $60 2023 2024 Jan-Jun 2025 Aug-Dec 2025 2026 2027 PJM AEP-Dayton Power Price ($/MWh) Forwards Historical 21 Superior liquidity enhances ability to execute portfolio optimization Elevated capacity pricing and energy prices in contango Acquire
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12 $0 $15 $30 $45 $60 2023 2025 YTD w. repower Illustrative Genesee Clean Spark Spread ($/MWh) $0 $25 $50 $75 $100 $125 $150 2023 2025 Alberta Pool Price ($/MWh) Genessee is Positioned for Success ~70% Genesee Repower increased profitability amid trough in power prices 1. Details of spark spread calculation: Heat Rate: 2023 – 10.5, 2025 – 6.7, Carbon intensity: 2023 – 0.85, 2025 – 0.35 2. Illustrative spark spread includes effect of hedging ~10% Through increased efficiency, lower carbon taxes, and hedging we have increased our profitability at Genesee Optimize and Expand
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AESO 28% IESO 11% Other Can. 3%WECC 20% PJM 18% Other U.S. 10% MISO 9% 12 GW Net Operating Capacity ~ • Elevated capacity at the cap of $329/mw-day (up ~22% since previous auction) • Strong energy pricing and spark spreads Strong Market Fundamentals PJM MISO • Summer capacity pricing increased to $666.50/MW-day from $30/MW-day • Strong and growing power demand, reduced capacity surplus WECC • RA pricing rising - tightening supply, increased demand • Record-breaking peak demand in 2024 Ontario • Strong peak demand growth driving need for dispatchable generation • Ongoing IESO RFPs in Ontario provide long-term contracted opportunities We are well positioned for re-contracting across our portfolio Recontracting
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14 Resilient amid uncertainty Our business is largely insulated from tariffs Operationally insulated Strategically positioned assets Contracted / hedged Adjusted EBITDA A-rated counterparties 1..Represents proportion of 2025 adjusted EBITDA forecast from capacity and tolling contracts, energy margin contracts, and long-term hedges (>12 months). 2. Based on 2025 adjusted EBITDA forecast from PPA contracts. Fundamentals support growth Limited near-term supply chain impacts High-quality counterparties and strong contractual underpinning
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1515 Strong fundamentals favour existing gas generation capacity Large, diversified existing generation footprint Unparallel in-house operational and commercial expertise Proven ability to acquire and optimize thermal generation assets Contracted cash flow provides stability and low-cost capital CPX Investment Thesis 15
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16 Appendix
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17 1,400 500 Legacy capacity Repowering Future potential Genesee off-coal | Repowering complete Genesee Generating Station capacity MW Repowering positions CPX to succeed ~500 MW additional capacity Generation capacity ~1.9 GW Maximization of asset life Future data center potential Most efficient CCGT in Canada
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18 Original 2025 Guidance H1 2025 Revised 2025 GuidanceOriginal 2025 Guidance H1 2025 Revised 2025 GuidanceOriginal 2025 Guidance H2 2025 Revised 2025 Guidance Revised 2025 Guidance Summary ($M) Sustaining Capex 195-225 73 YTD Adjusted EBITDA AFFO 850-950 453 YTD 1,340-1,440 690 YTD 1,500 -1,650 950-1,100 215-245 Reflects addition of PJM assets
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19 3.5x 2.8x 2.6x 2.6x 3.2x 2020 2021 2022 2023 2024 0% 10% 20% 30% 40% 50% 60% 2020 2021 2022 2023 2024 Growing within our Guardrails 1. Growth in dividend includes 2025 increase. AFFO / share increase is based on mid-point of revised 2025 AFFO guidance range 30 – 50% targeted dividend payout ratio Dividend Payout Ratio Strong total shareholder return driven by growth within our guardrails CAGR of 6% and 7% for dividend and AFFO per share, respectively (2020 – 2025)(1). Net Debt to Year-End EBITDA 4x net debt / EBITDA Consistently increasing our dividend and cash flow per share
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20 High Quality Assets Hummel Generating Station 1,124 MW | Pennsylvania | 100% CPX ownership Large, new & efficient power generation in PJM MAAC Contribution to market and customer reliability • High historical capacity factor (~80%1), potential to increase over time • Low heat rate (6.8 mmbtu/MWh) Strategically Positioned • Demand growth driving attractive capacity pricing • 663 data centres are located within 200 miles2 • Advantaged access to fuel with alower cost • Leidy gas - cheapest gas point in PJM along with Dominion South • Plant scale driving O&M savings Expansion and optimization opportunities • Plans to increase capacity; 30 MW uprate in 2026/2027 Consistent with growth, expansion and optimization strategy Compelling long-term contract potential 1. Based on 2024 actual capacity factor. 2. Based on third party analysis on Data Centre Hawk data.
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21 High Quality Assets Rolling Hills Generating Station 1,023 MW | Ohio | 100% CPX ownership Combustion turbine peaking facility in PJM RTO Contribution to market and customer reliability • Flexible peaker, fast ramping capability • Elevated capacity factors given increasing PJM demand profiles Strategically Positioned • Demand growth (including data centres) driving attractive capacity pricing • 244 data centres are located within 200 miles1 • Advantaged access to fuel with lower cost • TETCO - hub which prices at a discount compared to Henry Hub and other PJM gas hubs • Plant scale driving O&M savings Expansion and optimization opportunities • Excess acreage, expansion opportunities with opportunity to repower • Co-location potential Consistent with growth, expansion and optimization strategy Data centre potential 1. Based on third party analysis on Data Centre Hawk data.
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22 CPX 2025 Guidance Summary: Revised reporting structure Net Capacity (GW) Proportion of total net capacity Generation (TWh) Capacity Factor Availability U.S. Flexible Generation 6.2 53% 23 50% 93% Canada Flexible Generation 4.2 35% 19 55% 94% U.S. Renewables 0.6 5% 2 40% 93% Canada Renewables2 0.8 7% 2 34% 97% Total 11.8 100% 46 Guidance Forwards (Sept ’24) 2025 2026 2027 AESO ($/MWh) $51 $52 $57 Guidance Forwards (May ’25) BAL - 2025 2026 2027 PJM - Western Hub ($/MWh USD) $49 $54 $53 AEP-Dayton Hub ($MWh USD) $46 $50 $48
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23 23 Forward-looking information Forward-looking information or statements included in this MD&A are provided to inform our shareholders and potential investors about management’s assessment of Capital Power’s future plans and operations. This information may not be appropriate for other purposes. The forward-looking information in this MD&A is generally identified by words such as will, anticipate, believe, plan, intend, target, and expect or similar words that suggest future outcomes. Material forward-looking information in this presentation consists of forward-looking statements including, but not limited to, statements regarding: • our 2025 performance targets, including sustaining capital expenditures, adjusted funds from operations (AFFO) and adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA), • future revenues, expenses, earnings, adjusted EBITDA and AFFO, • the future pricing of electricity and market fundamentals in existing and target markets, • our future cash requirements including interest and principal repayments, capital expenditures, dividends and distributions, • our sources of funding, adequacy and availability of committed bank credit facilities and future borrowings, various aspects around existing, planned and potential development projects and acquisitions. This includes expectations around timing, transaction close timing and receipt of required regulatory approvals, and the satisfaction of other customary closing conditions, funding, project and acquisition costs, generation capacity, costs of technologies selected, environmental and sustainability benefits, and commercial and partnership arrangements, • our 2025 estimated capital expenditures for previously announced growth projects, • the performance of future projects and the performance of such projects in comparison to the market, • plans and results related to the acquisition of Hummel Station, LLC (Hummel Station) and Rolling Hills Generating, L.L.C. (Rolling Hills), • the return to operation of the downed unit at the Rolling Hills facility, • anticipated pricing trends, growth opportunities, market conditions, and future power demand in the Pennsylvania- New Jersey-Maryland (PJM) market, • legislative developments regarding carbon pricing in Pennsylvania and Ohio, • future growth and emerging opportunities in our target markets, • market and regulation designs and regulatory and legislative proposals and changes, regulatory updates and the impact thereof on the Company’s core markets and business, and • the impact of climate change, including our assumptions relating to our identification of future risks and opportunities from climate change, our plans to mitigate transition and physical climate risks, and opportunities resulting from those risks. These statements are based on certain assumptions and analyses made by the Company in light of its experience and perception of historical trends, current conditions, expected future developments, and other factors it believes are appropriate including its review of purchased businesses and assets. The material factors and assumptions used to develop these forward-looking statements relate to: • electricity and other energy and carbon prices, • performance, • business prospects (including potential re-contracting of facilities) and opportunities including expected growth and capital projects, • the status and impact of policy, legislation and regulations, • effective tax rates, • the development and performance of technology, • the outcome of claims and disputes, • foreign exchange rates, and • other matters discussed under the Performance Overview, Outlook and Risks and Risk Management sections of this MD&A. • Whether actual results, performance or achievements will conform to our expectations and predictions is subject to a number of known and unknown risks and uncertainties which could cause actual results and experience to differ materially from our expectations. Such material risks and uncertainties are: • changes in electricity, natural gas and carbon prices in markets in which we operate and the use of derivatives, • regulatory and political environments including changes to environmental, climate, financial reporting, market structure and tax legislation, • disruptions, or price volatility within our supply chains, • generation facility availability, wind capacity factor and performance including maintenance expenditures, • ability to fund current and future capital and working capital needs, • acquisitions and developments including timing and costs of regulatory approvals and construction, • changes in the availability of fuel, • ability to realize the anticipated benefits of acquisitions, • limitations inherent in our review of acquired assets, • changes in general economic and competitive conditions, including inflation and recession, • changes in the performance and cost of technologies and the development of new technologies, new energy efficient products, services and programs, and • risks and uncertainties discussed under the Risks and Risk Management section of this MD&A. • See Risks and Risk Management in our 2024 Integrated Annual Report, for further discussion of these and other risks. • Readers are cautioned not to place undue reliance on any such forward-looking statements, which speak only as of the date made. Capital Power does not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in our expectations or any change in events, conditions or circumstances on which any such statement is based, except as required by law.
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24 Investor Relations Roy Arthur VP, Strategy, Planning, and Investor Relations 1-403-736-3315 | investor@capitalpower.com capitalpower.com