Capital Power Corporation · TSX:CPX
Capital Power — Q1 2022 Earnings Presentation
11 slides from Capital Power's earnings presentation, May 2, 2022
Slide 1: Q1/22 Analyst Conference Call
Q1/22 Analyst Conference Call Brian Vaasjo, President & CEO Sandra Haskins, SVP Finance & CFO May 2, 2022 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 and ratios
Non-GAAP financial measures and ratios 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 a
Slide 4: Delivering on strategic objectives
Delivering on strategic objectives Completed Strathmore Executed 10-year Renewable BC Hydro contract renewal for Solar project Energy Agreement with Island Generation is nearing 25-year PPA with TELUS MEGlobal for balance of completion Whitla Wind facility Aggressively intervening in BCUC
Slide 5: Significant progress on Genesee CCS Project
Significant progress on Genesee CCS Project Increasing policy certainty to proceed Alberta CCUS hub CCS financial support Carbon policy de-risking Government of Alberta • $1.8 - $2.0B project cost • Required for Genesee CCS to selected Enbridge’s “Open 2022 Federal Budget proposed advance Access
Slide 6: Positive growth outlook
Positive growth outlook • Ontario thermal assets well-positioned • IESO Annual Acquisition Report identifies incremental capacity needs of 2,500 MW by 2027 and an additional 1,500 MW by 2030 • Creates significant opportunities for either expansion of existing assets or addition of batteries • Assets
Slide 7: Strong Q1/22 company-wide financial performance
Strong Q1/22 company-wide financial performance Revenues and other income* ($M) Adjusted EBITDA ($M) • Higher generation from Genesee 23% units & Clover Bar, and favourable 15% Alberta commercial performance increase increase 746 • COD of additional phases of Whitla 608 348 Wind 303 • 2.5x higher ge
Slide 8: Alberta portfolio optimization of commodity price risk
Alberta portfolio optimization of commodity price risk (All data as of Mar 31/22) 2023 2024 2025 Alberta power market • Average spot price of Power $90/MWh in Q1/22 reflecting high % Sold forward(1) 58% 37% 24% availability of generation in the province, mild Contracted power prices(2) ($/MWh) Low-$
Slide 9: 2022 targets
2022 targets Financial results expected to meet or exceed upper ends of guidance range Facility availability Sustaining capex ($M) 95% 93% $105 to $115 • Sustaining capex • expected to be above target range due to increased work planned for remainder of the year and timing of work $25 • Inflationary
Slide 10: Forward-looking information
Forward-looking information Forward-looking information or statements included in this presentation are provided to inform the Company’s Whether actual results, performance or achievements will conform to the Company’s expectations and shareholders and potential investors about management’s assessme
Slide 11: 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 11