Ms. Katherine Perron reports

CAPITAL POWER DECLARES DIVIDENDS FOR ITS COMMON AND 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 Dec. 31, 2023. The dividend is payable on Jan. 31, 2024, to shareholders of record at the close of business on Dec. 29, 2023.

The board of directors also declared the following dividends on its cumulative rate reset preference shares:

SHARES    TSX STOCK SYMBOL     DIVIDEND PER SHARE       RECORD DATE     PAYMENT DATE   

Series 1:         CPX.PR.A         16.38125 cents     Dec. 14, 2023    Dec. 29, 2023
Series 3:         CPX.PR.C         34.08125 cents     Dec. 14, 2023    Dec. 29, 2023
Series 5:         CPX.PR.E         41.44375 cents     Dec. 14, 2023    Dec. 29, 2023
Series 11:        CPX.PR.K          35.9375 cents     Dec. 14, 2023    Dec. 29, 2023

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 acknowledgment

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. Capital Power 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 power producer committed to net zero by 2045. Its balanced approach to the energy transition prioritizes reliable, affordable and decarbonized power that communities across North America can depend on.

Capital Power owns approximately 7,500 megawatts (MW) of power generation capacity at 29 facilities across North America. Projects in advanced development include approximately 213 MW of renewable generation capacity 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.