Slide 1: Q1/21 Analyst Conference Call
Q1/21 Analyst Conference Call Brian Vaasjo, President & CEO Sandra Haskins, SVP Finance & CFO April 30, 2021 [Insert picture of Cardinal Point or Buckthorn for title page; other visual images in presentation to be added] 1
Slide 2: Forward-looking information
Forward-looking information Cautionary statement Certain information in this presentation and responses to questions contains forward-looking information. Actual results could differ materially from conclusions, forecasts or projections in the forward-looking information as a result of certain mater
Slide 3: Non-GAAP financial measures
Non-GAAP financial measures The Company uses (i) earnings before net finance expense, income tax expense, depreciation and amortization, impairments, foreign exchange gains or losses, finance expense and depreciation expense from its joint venture interests, gains or losses on disposals and unrealiz
Slide 4: Q1/21 highlights and outlook
Q1/21 highlights and outlook Strong Q1 results – exceeded management’s expectations Quarterly results confirm Alberta power market is robust • First quarter where all generation dispatched by commercial market participants following expiry of the Balancing Pool PPAs 15-year renewable energy ag
Slide 5: Innovative partnership with Labatt for Enchant Solar project
Innovative partnership with Labatt for Enchant Solar project 15-year renewable energy agreement for sale of electricity and renewable energy credits (RECs), executed in April 2021 Virtual PPA for 51% of the electricity from Enchant Solar covers all electricity for Labatt Canadian Enchant Solar p
Slide 6: Robustness of Alberta power market
Robustness of Alberta power market Extreme cold temperatures in February set new daily record for demand and contributed to high average power price of $95/MWh in Q1/21 Milder temperatures in January & March resulted in lower demand and lower generation 2021 forward prices have steadily increa
Slide 7: Q1/21 financial performance
Q1/21 financial performance Double-digit increases in key financial metrics • $8M net impact to adjusted EBITDA $M, except per share amounts Q1/21 Q1/20 Change and AFFO for Buckthorn Wind related to the U.S. storm Revenues and other income $554 $533 4% • $6M contribution from portfolio optimization
Slide 8: Q1/21 performance versus 2021 annual targets
Q1/21 performance versus 2021 annual targets Facility availability Sustaining capex ($M) Adjusted EBITDA ($M) AFFO ($M) $500 to $550(1) $80 to $90 $975 to $1,025 96% 93% $303 $159 $18 Q1/21 Target Q1/21 Target Q1/21 Target Q1/21 Target Annual adjusted EBITDA and AFFO expected to be modestly above to
Slide 9: Growth project execution progress
• 7 renewable projects on-budget and on-time with 2021 commercial operations targeted from Q4/21 to Q4/22 execution • Repowering of Genesee 1 and 2 proceeds on-budget progress and targeted for 2023 and 2024 • $500 million committed capital for growth Continued progress being made on all renewable pr
Slide 10: Advancing CO2 reduction initiatives
Advancing CO2 reduction initiatives Carbon Corp (C2CNT) won the NRG COSIA Carbon X-Factor award – technology to be applied at Genesee Carbon Conversion Centre (GC3) • 1 of 2 Canadian companies honoured for “creating excellent products” Development and marketing of GC3 underway; expected to be op
Slide 11: Succession planning and flexibility results in seamless transition
Succession planning and flexibility results in seamless transition Darcy Trufyn (SVP Operations, Engineering & Construction) will be retiring end of June 2021 after 12 years with Capital Power Steve Owens (VP Construction) promoted to SVP Construction & Engineering Changes in responsibilities
Slide 12: Forward-looking information
Forward-looking information Forward-looking information or statements included in this presentation are provided to inform the • business prospects (including potential re-contracting of facilities) and opportunities including Company’s shareholders and potential investors about management’s assessm
Slide 13: Questions?
Questions? Investor Relations Randy Mah 10423 101 Street NW Director, Investor Relations 11th Floor (780) 392-5305 Edmonton, Alberta rmah@capitalpower.com Canada T5H 0E9 13