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1 Contracted for stability; positioned for growth January 2025 Guidance Presentation Reliable Affordable Clean
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2 Learn more about Indigenous Relations at Capital Power. In the spirit of reconciliation, Capital Power respectfully acknowledges that we operate within the ancestral homelands, traditional and treaty territories of the Indigenous Peoples of Turtle Island, or North America. Capital Power’s head office is located within the traditional and contemporary home of many Indigenous Peoples of the Treaty 6 Territory and Métis Nation of Alberta Region 4. We acknowledge the diverse Indigenous communities that are located in these areas and whose presence continues to enrich the community. Territorial Acknowledgement
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3 Today’s Presenters Avik Dey President and Chief Executive Officer Sandra Haskins SVP, Finance and Chief Financial Officer Jason Comandante SVP, Head of Canada 2025 Guidance Presentation
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4 2025 Guidance Presentation Focus Points Shareholder value creation priorities | Avik Dey Natural gas fueling the energy expansion | Jason Comandante 2025 Guidance | Sandra Haskins Concluding Messages | Avik Dey 1 2 3 4
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5 2025 Guidance Presentation 2024 was a remarkable year for Capital Power Growth Added ~2 GW of flexible generation Diversification 50/50 capacity Canada/US Decarbonization ~3.4MT annual emission reductions(1) Asset Rotation $340M renewable sell-down 2024 Total Shareholder Return (TSR): ~80% 1. Emission reductions from Genesee Repowering project
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6 2025 Guidance Presentation 5th largest North American natural gas IPP 1. 5-year range for weighted average contract life. 2. Denotes full transaction value inclusive of partner working interest Large and diversified generation footprint ~10 GW Total owned capacity, ~85% natural gas 9-11 Years(1) Historical weighted average contract life Sound contractual underpinning BBB-/BBB (low) Investment grade rating (S&P / DBRS) Unmatched in-house operational expertise 14 Owned natural gas facilities Strong balance sheet and liquidity ~C$6B (2) Total asset value from 11 deals Proven ability to acquire and optimize
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7 2025 Guidance Presentation Shareholder value creation priorities Contract Optimization Optimize & Expand DevelopAcquire Flexible Generation and Renewables Targeted Annual TSR of 12-14%
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8 2025 Guidance Presentation Contract Optimization Significant re-rate potential for US Flexible Generation 1. Source: Historical PJM auction results 2. Source: Brattle’s preliminary gross CONE and E&AS methodology (November 2024); represents natural gas combined cycle with historical average EAS Offset escalated to 2028 pricing 29 270 466 2024 / 2025 2025 / 2026 Illustrative CONE (net) PJM Capacity Price Comparison ($/MW-day) Historical capacity payment auctions (2) Illustrative example: Increased PJM capacity price remains below estimated net CONE
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9 2025 Guidance Presentation Optimize & Expand Building fleetwide efficiencies through optimization and expansion York(1) and Goreway Uprates ~60MW Capacity Added ~$14M Annual EBITDA Benefit Decatur CT Uprate ~$8M Annual EBITDA Benefit ~90MW Capacity Added 1. Reflects CPX ownership in York 3 & 6 year Contract Extensions 10 year Contract Extension
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10 2025 Guidance Presentation ~3,000 Facilities Owners motivated to monetize Lower cost with certainty ~900 GW Capacity >2/3 (2) US natural gas capacity acquired by financial buyers Natural Gas Generation (1) ~20 – 50% (3) Lower cost than build ($/kW) 1. SNL (S&P) as of January 2025 inclusive of gas turbines, steam turbines and combined cycle units 2. Based on Jefferies analysis (last 5 years ended September 30th, 2024) 3. Based on Capital Power’s acquisition track record (last 10 years) vs illustrative greenfield cost range of US$1,400 - $1,600 / kW of capacity Acquire Compelling US M&A value proposition Large and fragmented market
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11 2025 Guidance Presentation Develop Material renewables growth with future sell-down potential Renewable assets: 13 operating, 4 under construction CPX Renewables Capacity (MW) 1,500 320 620 Operating renewables Under construction Potential development Remaining solar panels(1) 1. Solar panels remaining for deployment, pursuant to First Solar agreement. Figures adjusted to AC and represent gross WI capacity
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12 2025 Guidance Presentation 2025 Strategic Priorities 12 12 2025 Guidance Presentation Contract Optimization Re-contract / contract flexible generation (including data centers) Optimize and Expand Maximize facility asset life and value Acquire Expand flexible generation portfolio Develop Grow renewables portfolio
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13 2025 Guidance Presentation Natural gas is fueling the energy expansion Reliable Affordable Clean
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14 2025 Guidance Presentation 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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15 2025 Guidance Presentation Robust and multi-faceted data center power demand growth • App support • Video / streaming • Financial transactions • Cloud computing 2020 2030E ~17% CAGR 1. Goldman Sachs global investment research, EIA US Data Center Power Demand (TWh)(1) Majority of projected data center power demand growth is not from AI • AI
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16 2025 Guidance Presentation Existing gas thermal capacity offers certainty of cost and timing over greenfield development 1. Approximate figures represent total capital costs of selected nuclear projects using various public sources 0 2,000 4,000 6,000 8,000 10,000 12,000 14,000 16,000 2 4 6 8 10 12 14 16 18 20 $USD/kW Years to Commercial Operation Cost vs Time Vogtle 3 and 4 (United States) COD: 2023 / 2024 Flamanville 3 (France) COD: 2024 Olkiluoto 3 (Finland) COD: 2023 Unabated greenfield natural gas (1)
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17 2025 Guidance Presentation Reliable Power, Fast Deployment Available capacity Grid connection in the works Co-location ready sites in strong markets Located near DC clusters Strategic Locations with Available Land Infrastructure Assessed Water availability Fiber connectivity Future-ready Sustainability & Compliance Tax and favorable regulation Green power solutions Capital Power’s data center screening criteria for sites
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18 2025 Guidance Presentation Strategically positioned existing capacity available for data center contracting over the next five years Additional Capacity(1) 2025 - 2027 1.6 GW natural gas 2028+(2) 4.7 GW natural gas Capacity Available at Genesee ~1.5+ GW natural gas + CCS opportunity 1. Includes flexible generation sites with capacity available for contracting or re-contracting, in addition to our the ~1.5MW available at Genesee. 2. 4.7GW in potential capacity 2028+ includes the 1.6GW available from 2025-2027
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19 2025 Guidance Presentation 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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20 2025 Guidance Presentation Natural gas is critical to meeting growing electricity demand Natural Gas Abundant low-cost gas supply ~900 GW of existing gas-fired capacity(1) Ensures Affordability Provides Reliability Enables Clean • Efficient power production and decarbonization potential (CCS, hydrogen etc.) • Balances intermittent generation sources Able to provide base load and peaking capacity 1. SNL (S&P) as of January 2025 inclusive of gas turbines, steam turbines and combined cycle units
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21 2025 Guidance Presentation 2025 Guidance Reliable Affordable Clean
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22 2025 Guidance Presentation We have delivered superior total shareholder returns and have ample opportunity going forward 1. Total shareholder return is comprised of share price appreciation and dividends paid, expressed 1) via indexing, and 2) as annualized percentage. As of December 31, 2024 Total Shareholder Return(1) (10-year CAGR) Compounded dividend Price appreciation Total return ~9% ~7% ~16%
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23 2025 Guidance Presentation 2024 Revised Guidance 2025 Guidance 2024 Guidance 2025 Guidance 2025 Guidance Summary ($M) Sustaining Capex 195-225 180-200 2024 Guidance 2025 Guidance Adjusted EBITDA AFFO 850-950 770-870 1,340-1,4401,310-1,410
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24 2025 Guidance Presentation 1,265-1,315 Base Capacity and tolling contracts Energy margin contracts Long term hedges Enhanced Less than 1-year hedges and optimization of non-baseload facilities Stable and contracted EBITDA with potential for growth ($M) 1,340-1,440 Total
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25 2025 Guidance Presentation 2024 Revised Guidance New Assets Corporate AB / CA margin 2025 Guidance Year over year adjusted EBITDA reconciliation ($M) New assets: Full year La Paloma and Harquahala, Halkirk 2, Ontario BESS, Alberta and California energy margin 1,310-1,410 1,340-1,440
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26 2025 Guidance Presentation 2024 Guidance Adjusted EBITDA Current tax Financing Sustaining CAPEX Other 2025 Guidance Year over year AFFO reconciliation ($M) Higher Adjusted EBITDA and lower current taxes Increased interest expense and sustaining capital program 770-870 850-950
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27 2025 Guidance Presentation AFFO DRIP Cash and ST credit facilities Committed growth / enhanced capex Dividends Repayment of debt and other Sources Uses ~$1.1B ~$1.1B 2025: Fully Funded | Strong Liquidity | Ready to Grow
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28 2025 Guidance Presentation Concluding Messages Reliable Affordable Clean
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2929 2025 Guidance Presentation 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 29
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30 2025 Guidance Presentation Questions & Answers Reliable Affordable Clean
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31 Forward-looking information or statements included in this presentation 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 presentation 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 includes expectations regarding: • our 2025 performance targets including for facility availability, sustaining capital expenditures, hedged position, FFO to debt ratio, adjusted funds from operations (AFFO) and adjusted EBITDA; • our plans to transition off-coal and commercial application of carbon conversion, capture and storage technologies; • future revenues, expenses, earnings, adjusted EBITDA and AFFO; • the future pricing of electricity and market fundamentals in existing and target markets; • future dividend growth; • the Company’s future cash requirements including interest and principal repayments, capital expenditures, dividends and distributions; • the Company’s sources of funding, adequacy and availability of committed bank credit facilities and future borrowings; • the timing of, funding of, generation capacity of, operational performance and financial returns of, costs of technologies selected for, environmental and sustainability benefits including contributions to affordability, reliability, and decarbonization, commercial and partnership arrangements regarding existing, planned and potential development projects and acquisitions (including phase 2 of Halkirk Wind, the repowering of Genesee 1 and 2, the upgrade at Goreway and York Energy, Goreway Battery Energy Storage System (BESS), York Energy BESS, East Windsor expansion, and the Bear Branch, Hornet and Maple Leaf Solar project; • future growth and emerging opportunities in our target markets; • the impact of the regulatory developments on our projects and business; • potential opportunities and partnerships with Indigenous communities; • market and regulation designs and proposals and the impact thereof on the Company’s core markets; and • the impact of climate change. These statements are based on certain assumptions and analyses made by Capital Power considering its experience and perception of historical and future 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; • status and impact of policy, legislation and regulations; • effective tax rates; • the development and performance of technology; • foreign exchange rates; and • other matters discussed under the Performance Overview, Outlook and Risks and Risk Management sections in the Company’s 2023 Integrated Annual Report. Whether actual results, performance or achievements will conform to our expectations and predictions is subject to several 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 the Company’s 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; • 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. See Risks and Risk Management in our 2023 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. Forward-looking information 2025 Guidance Presentation Reliable Affordable Clean
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32 Investor Relations Roy Arthur VP, Investor Relations 1-403-736-3315 | investor@capitalpower.com capitalpower.com