Ms. Jill Gardiner reports

CAPITAL POWER ANNOUNCES BOARD APPOINTMENT AND RETIREMENT

Capital Power Corp. has appointed Carolyn Graham to the company's board of directors, effective Aug. 2, 2023. The appointment follows the retirement of Katharine (Kate) Stevenson from the board of directors.

Ms. Graham is a corporate director and former financial/risk executive. She retired as senior executive vice-president of CWB Financial Group in 2022 after 22 years of service, including as chief risk officer in 2020 and 2021 and as chief financial officer from 2014 to 2020. She holds the ICD.D designation from the Institute of Corporate Directors and an environmental, social and governance certificate from Competent Boards and is a fellow of the Chartered Professional Accountants of Alberta. She was recognized as one of Canada's most powerful women: top-100 award winner in 2017 and awarded with the Queen Elizabeth's II Platinum Jubilee medal (Alberta) in 2022 as an outstanding community leader advancing gender equity. She is a trustee and audit committee chair of Melcor Real Estate Investment Trust and an external member of the partnership board of Grant Thornton LLP (Canada). She is chair of the MacEwan University board of governors and a director of the Edmonton Symphony and Concert Hall Foundation.

"On behalf of the board, I would like to welcome Carolyn," said Jill Gardiner, chair of the board. "Carolyn's financial and risk background, as well as her ESG proficiency, will further strengthen the board's oversight of the company's strategic drive towards powering a sustainable future for people and planet. We look forward to working with Carolyn and to her strong advocacy for inclusion and diversity and sustainability.

"I would also like to thank Kate for her stewardship and service to our board and company over the past six years," continued Ms. Gardiner. "Kate has been a highly regarded and respected director during her tenure, and her thoughtful insight, perspectives and experience have been invaluable to our board and related committees. We wish her the very best in all her endeavours."

With this appointment and retirement, Capital Power's board of directors consists of 10 directors, with 44 per cent of the independent directors being women and 33 per cent of the independent directors representing diverse groups beyond gender. Please refer to Capital Power's 2023 management proxy circular and board diversity policy for further information.

Territorial acknowledgment

In the spirit of reconciliation, Capital Power respectfully acknowledges that it operates within the ancestral homelands, and 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 Metis Nation of Alberta, Region 4. It acknowledges the diverse indigenous communities that are located in these areas and whose presence continues to enrich the community.

About Capital Power Corp.

Capital Power is a growth-oriented North American wholesale power producer with a strategic focus on sustainable energy headquartered in Edmonton, Alta. It builds, owns and operates high-quality, utility-scale generation facilities that include renewables and thermal. It has also made significant investments in carbon capture and utilization to reduce carbon impacts. Capital Power owns approximately 7,500 megawatts of power generation capacity at 29 facilities across North America. Projects in advanced development include approximately 224 megawatts of renewable generation capacity in Alberta and North Carolina, 512 megawatts of incremental natural gas combined cycle capacity from the repowering of Genesee 1 and 2 in Alberta, and approximately 350 megawatts of natural gas and battery storage systems in Ontario.