Mr. Randy Mah reports

CAPITAL POWER ANNOUNCES A 6% DIVIDEND INCREASE FOR ITS COMMON SHARES AND DECLARES DIVIDENDS FOR ITS PREFERENCE SHARES

The board of directors for Capital Power Corp. has declared a dividend of 61.5 cents per share on the outstanding common shares for the quarter ending Sept. 30, 2023. The dividend is payable on Oct. 31, 2023, to shareholders of record at the close of business on Sept. 29, 2023. The quarterly dividend of 61.5 cents per common share compared to the previous 58-cent dividend represents a 6-per-cent increase, and an annualized dividend of $2.46 per common share.

The board of directors also declared dividends on its cumulative rate reset preference shares.

The dividends for the common shares and preference shares are 100-per-cent eligible dividends as defined by the Income Tax Act. Under this legislation, individuals resident in Canada may be entitled to enhanced dividend tax credits that reduce the income tax otherwise payable on these dividends.

Territorial acknowledgement

In the spirit of reconciliation, Capital Power respectfully acknowledges that it operates 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 region and Metis Nation of Alberta Region 4. The company 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. The company builds, owns and operates high-quality, utility-scale generation facilities that include renewables and thermal. The company has also made significant investments in carbon capture and utilization to reduce carbon impacts. Capital Power owns approximately 7,500 MW of power generation capacity at 29 facilities across North America. Projects in advanced development include 224 MW of renewable generation in Alberta and North Carolina, 512 MW of incremental natural gas combined cycle capacity from the repowering of Genesee 1 and 2 in Alberta, and approximately 350 MW of natural gas and battery energy storage systems in Ontario.