Capital Power : 2024 Q1 Presentation

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Forward-looking information

Cautionary statement

Certain information in this presentation and responses to questions contain forward-looking information. Actual results could differ materially from conclusions, forecasts or projections in the forward-looking information as a result of certain material factors or assumptions that were applied in drawing conclusions or making forecasts or projections as reflected in the forward-looking information.

Additional information about the material factors and risks that could cause actual results to differ materially from the conclusions, forecasts or projections in the forward-looking information and the material factors or assumptions that were applied in drawing a conclusion or making a forecast or projection as reflected in the forward-looking information are disclosed on slide 19 of this presentation and the Company's first quarter 2024 Management's Discussion and Analysis (MD&A) prepared as of April 30th, 2024 which is available under the Company's profile on SEDAR+ at sedarplus.ca and on the Company's website at capitalpower.com

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 and unrealized changes in fair value of commodity derivatives and emission credits and other items that are not reflective of the long-term performance of the Company's underlying business (adjusted EBITDA), and (ii) adjusted funds from operations (AFFO) as financial performance measures.

The Company also uses AFFO per share as a performance measure. This measure is a non-GAAP ratio determined by applying AFFO to the weighted average number of common shares used in the calculation of basic and diluted earnings per share.

These terms are not defined financial measures according to GAAP and do not have standardized meanings prescribed by GAAP and, therefore, are unlikely to be comparable to similar measures used by other enterprises. These measures should not be considered alternatives to net income, net income attributable to shareholders of the Company, net cash flows from operating activities or other measures of financial performance calculated in accordance with GAAP. Rather, these measures are provided to complement GAAP measures in the analysis of our results of operations from management's perspective.

Reconciliations of these non-GAAP financial measures are disclosed in the Company's Management's Discussion and Analysis (MD&A) prepared April 30th for the first quarter of 2024, which is available under the Company's profile on SEDAR+ at sedarplus.ca and on the Company's website at capitalpower.com.

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Territorial Acknowledgement

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.

Learn more about Indigenous

Relations at Capital Power.

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Genesee Repower - Project Update

Increased Capacity & Significantly Lower Carbon Intensity

Decreasing Carbon Intensity (tonnes of CO2/MWh)

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Genesee Repower

Putting Things in Perspective

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La Paloma & Harquahala Acquisitions

Long-term outlook remains strong and supports re-contracting

• Closing La Paloma and Harquahala on February 9 and 16th, 2024, respectively
• Newly acquired assets driving portfolio diversification (pro-forma capacity 50 / 50% in Canada and US)

Adjusted EBITDA1 by facility geography

Less than FQ contribution

from new assets

1. Adjusted EBITDA is a non-GAAP financial measure.

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Major Projects Update

CCS

• Capital Power is discontinuing pursuit of the $2.4B Genesee CCS project
• The technology was affirmed as viable

Ontario Projects

• Reduced expected total project cost to $600M (Q4 2023: $655M)
• No change in timing

Other Projects

• Halkirk 2 Wind - on schedule
• Maple Leaf Solar - on schedule

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Alberta Regulatory Update

Interim rules pursuant to MSA:

• Market power mitigation
• Supply Cushion
• Effective July 1, 2024 and in-force until November 2027

Restructured Energy Market proposed by AESO:

• Intended to be in place post-expiry of interim rules
• Detailed consultation underway

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