EDMONTON, Alberta, Dec. 01, 2022 (GLOBE NEWSWIRE) — At its 14th annual Investor Day event, themed “Powered by Purpose”, being held in Brampton, Ontario today, Capital Power Corporation (TSX: CPX) (“Capital Power” or “the Company”) will provide updates on its strategy, sustainability targets, operations, construction projects, renewable growth pipeline, market outlook and 2023 operational and financial targets.
“Capital Power continues to deliver on its strategy of operating the best assets in the Alberta power market and investing in renewables and strategically located natural gas assets while pursuing pathways to be net zero by 2045,” said Brian Vaasjo, President and CEO of Capital Power. “This strategy has proven to be resilient with 2022 being another strong year for the company. We expect to finish the year at the upper ends of our revised financial guidance ranges, which are significantly higher than our original targets and 2023 will see continued strong financial performance.”
“Our growth outlook remains excellent given political support for renewable energy both in the United States and in Canada and the 4,000 megawatts (MW) incremental capacity required in Ontario. We are well positioned to participate in the accelerating build out of renewables and storage with our robust development pipeline of wind, solar and storage opportunities as well as potential expansion and contract extension for our three natural gas assets in Ontario. Overall, we see significant near-term growth opportunities in Western Canada, Ontario and the Midcontinent Independent System Operator (MISO) region,” stated Mr. Vaasjo.
“Our Genesee CCS project has reached a major milestone with a limited noticed to proceed (LNTP),” said Mr. Vaasjo. “Our decision to move to LNTP reflects the positive interim results from the front-end engineering design (FEED) study and continued progress on the programs the Alberta and Federal governments have taken to encourage and accelerate deployment of CCS technology. CCS is an essential part of the pathway to accelerating and achieving decarbonization of Alberta’s power sector while maintaining reliability and affordability. Our Genesee CCS project is the most advanced in the sector and would position our Genesee Generating Station to be a near-zero emitting source of reliability