Capital Power Corporation

Capital Power is an independent power generation company based in Edmonton, Alberta, Canada. Capital Power develops, acquires, owns and operates power generation facilities using a variety of energy sources. Capital Power[3] owns approximately 5,100 megawatts of power generation capacity at 25 facilities across North America.[4]

Capital Power
TypePublic
TSX: CPX
IndustryPower Generation
Headquarters
Edmonton, Alberta
,
Canada
Area served
North America
Key people
CEO: Brian Vaasjo[1]
ServicesElectricity
Revenue CAD$ 1,251 million
CAD$ 231 million
CAD$ 86 million
Total assets CAD$ 5,393 million
Number of employees
813 (as of December 31, 2018)[2]
Websitewww.capitalpower.com

History

The company history dates back to Edmonton Electric Lighting and Power Company formed in 1891. Previously named Edmonton Power, then EPCOR Generation (a division of EPCOR Utilities), Capital Power was created through issuance of a 25% IPO by EPCOR Utilities in 2009 and has assets in Alberta, British Columbia, Ontario and the United States.

The decision to split EPCOR Utilities into two separate companies (one publicly owned by the sole shareholder, City of Edmonton) was made at a special meeting of Edmonton City Council held on April 17, 2009.

The creation of Capital Power and the transfer of assets from the City of Edmonton-owned utility EPCOR resulted in debate by local citizens group "Our Power".[5]

As of its initial public offering in 2009, Capital Power L.P. held a 49% voting interest and 100% economic interest in CPI Investments Inc., a holding company owning approximately 29.6% of the limited partnership units of Capital Power Income L.P.(CPILP), and 100% of the shares of the general partner of CPILP.[6] CPILP held ownership interests in 21 power generation assets in Canada and the United States.[7]

On November 7, 2011, Atlantic Power Corporation acquired Capital Power Income L.P (CPILP).[8] As part of the arrangement, Capital Power acquired CPILP's Roxboro and Southport plants in North Carolina.[9]

The Clover Bar Landfill Gas facility[10] was commissioned in 2005.[11] The facility utilizes landfill gas from the City of Edmonton’s Waste Management Centre. Output from the facility is sold to the City of Edmonton.

Capital Power developed and operates the Clover Bar Energy Centre, which features three highly-efficient natural gas turbines.[12]

On October 19, 2010, Capital Power acquired the Island Generation Facility,[13] a 275 megawatt (MW), gas-fired combined cycle power plant at Campbell River, British Columbia, from Kelson Canada Inc. closed on.

On September 1, 2011, Capital Power and TransAlta completed the 495 MW (gross) Keephills 3[14] generating facility, and announced the commencement of commercial operation at the facility. Capital Power led construction of the facility, and TransAlta, which will operate the plant. The facility is the most technologically advanced coal-fired plant in Canada.

On October 12, 2012, Innergex Renewable Energy Inc. acquired Capital Power's Brown Lake, B.C., and Miller Creek, B.C. hydro facilities.[15]

Capital Power’s 142 MW Quality Wind project,[16] located in British Columbia, began commercial operation on November 6, 2012. Construction of the project was complete on time and under budget.[17]

On November 19, 2013, Emera Inc. acquired Capital Power's facilities in Connecticut: Bridgeport, Rhode Island: Tiverton, and Maine: Rumford, including certain emissions credits.[18] These facilities were subsequently sold by Emera to the Carlyle Group.

On December 6, 2012, Capital Power and ENMAX Corporation announced the signing of a joint venture agreement to build, own and operate the 800 MW Shepard Energy Centre in Calgary.[19]

On March 3, 2017, Capital Power and ENMAX Corporation announced that the Shepard Energy Centre was chosen as the test site for the natural gas track of the $20 million NRG COSIA Carbon XPRIZE, a global competition to develop breakthrough technologies that convert carbon dioxide (CO2) into valuable products. Shepard Energy Centre will host the new Alberta Carbon Conversion Technology Centre, as well as provide the flue gas for testing during the NRG COSIA Carbon XPRIZE and for future innovators.

On February 21, 2017, Capital Power entered into an agreement to acquire the thermal power business of Veresen Inc., consisting of two gas-fired generation facilities[20] and two waste heat assets.

Capital Power’s Bloom Wind project, located in Kansas began commercial operation on June 1, 2017.[21]

Facilities

Alberta
  • Clover Bar Energy Centre - Edmonton, AB
  • Clover Bar Landfill Gas Plant - Edmonton, AB
  • Genesee Generating Station - Warburg, AB
  • Halkirk Wind - Halkirk, AB[22]
  • Joffre Cogeneration - Red Deer, AB
  • Shepard Energy Centre - Calgary, AB [23]

British Columbia
  • 150 Mile House Waste Heat - 150 Mile House, BC
  • Island Generating - Campbell River, BC
  • Quality Wind - Tumbler Ridge, BC[24]
  • Savona Waste heat - Savona, BC

Ontario
  • East Windsor Cogeneration Centre - Windsor, ON
  • Kingsbridge Wind - Goderich, ON
  • Port Dover and Nanticoke Wind Project[25] - Counties of Haldimand & Norfolk, ON
  • York Energy Centre - Newmarket, ON

United States
  • Decatur Energy Center – Decatur, Alabama
  • Arlington Valley – Phoenix, AZ
  • Bloom Wind – Counties of Ford & Clark, Kansas
  • Macho Springs Wind - New Mexico[26]
  • Roxboro Power Plant - Roxboro, North Carolina[27]
  • Southport Power Plant - Southport, North Carolina[28]
  • Beaufort Solar – Chocowinty, North Carolina
  • New Frontier Wind – McHenry County, North Dakota

Economic interests in facilities

Capital Power has economic interests in the following facilities, which are operated by other entities:

  • Joffre - Red Deer, AB
  • Keephills 3 - Wabamun, AB

Projects in development or construction

Genesee 4 & 5

Capital Power is planning to develop the new natural gas-powered Genesee 4 & 5 generating station (formerly Capital Power Energy Centre) in Warburg, Alberta.[29] On December 5, 2013, Capital Power entered into a joint-venture agreement with ENMAX Corporation to develop, construct, own and operate the project, which was renamed to Genesee 4 & 5.[30]

Renewable assets in Canada

In December 2017, the Whitla Wind project (Medicine Hat, AB) was awarded a 20-year contract by the Alberta Electric System Operator (AESO) in the first round of its Renewable Electricity Program (REP). The wind plant is expected to start commercial operation in the fourth quarter of 2019.[31]

As of February 2019, Capital Power has the following renewables projects in consultation or planning:

  • Halkirk 2 Wind – Halkirk, AB

Renewable assets in the United States

In November 2014, Capital Power acquired 10 wind development sites and four solar sites in the United States through the acquisition of Element Power US, LLC.[20]

As of February 2019, Capital Power has the following renewables projects in consultation or planning:[32]

  • Sun Valley Solar – Maricopa County, Arizona
  • Hopeful Solar – Mitchell County, Georgia
  • Newton Solar – Baker County, Georgia
  • Cardinal Point – Counties of McDonough and Warren, Illinois
  • Willow Creek Wind – Counties of Cerro Gordo and Hancock, Iowa
  • Salt Springs Wind – Counties of Ford and Hodgeman, Kansas
  • Green Hills Wind – Sullivan County, Missouri
  • Garisson Butte Wind – Mercer County, North Dakota
  • Black Fork Wind – Counties of Crawford and Richland, Ohio
  • Nolin Hills Wind – Umatilla County, Oregon
  • Poplars Ranch Solar – Lake County, Oregon
  • Tisch Mills Wind – Counties of Manitowac and Kewaunee, Wisconsin

See also

References
  1. "Executive Team". Archived from the original on 2012-08-27. Retrieved 2013-07-12.
  2. "Capital Power 2018 Annual Information Form" (Annual Information Form). System for Electronic Document Analysis and Retrieval. SEDAR. February 19, 2019. p. 45. Retrieved February 19, 2019.
  3. "Who We Are". Capital Power. Retrieved 2019-08-30.
  4. "Capital Power continues to deliver successful contracted renewable projects". Global News Wire. Retrieved January 9, 2019.
  5. "Our Power Citizens Group". Our Power Citizens Group website. Archived from the original on July 6, 2011. Retrieved March 10, 2011.
  6. "Corporate Structure" (PDF). Annual Information Form - filed on SEDAR. System for Electronic Document Analysis and Retrieveal (SEDAR). Retrieved March 11, 2011.
  7. "Corporate Structure" (PDF). Annual Information Form. System for Electronic Document Analysis and Retrieveal (SEDAR).
  8. "Atlantic Power Corporation and Capital Power Income L.P. Announce Close of Acquisition of Capital Power Income L.P." (PDF). News Release. System for Electronic Document Analysis and Retrieval (SEDAR).
  9. "Capital Power confirms strategic direction" (PDF). News Release. System for Electronic Document Analysis and Retrieveal (SEDAR).
  10. "Clover Bar Energy Centre Bringing Cleaner Power to Alberta Ahead of Schedule". Newswire. Jan 20, 2010. Retrieved 2020-05-10.
  11. "Clover Bar Energy Centre". Capital Power. Retrieved 2019-09-06.
  12. "Clover Bar Energy Centre". Capital Power. Retrieved 2019-09-06.
  13. "Capital Power buys B.C. electricity plant". CBC News. August 3, 2010.
  14. Corporation, TransAlta (2011-09-01). "Keephills 3 power plant begins commercial operation". GlobeNewswire News Room. Retrieved 2019-09-09.
  15. "Annual Information Form for the year ended December 31, 2012" (Annual Information Form). System for Electronic Document Analysis and Retrieval (SEDAR). SEDAR. March 14, 2013. p. 12. Retrieved June 16, 2014.
  16. "Capital Power's Quality Wind Project Awarded Energy Purchase Agreement by BC Hydro". Capital Power. Retrieved 2019-09-10.
  17. "Capital Power reports third quarter results and announces Quality Wind set to commence commercial operations". Capital Power. Retrieved 2019-09-10.
  18. "Capital Power completes sale of its New England assets" (PDF). News Release. System for Electronic Document Analysis and Retrieval (SEDAR). Retrieved June 16, 2014.
  19. "Shepard Energy Centre, powered by natural gas, fully operational, Enmax says". CBC News. March 11, 2015.
  20. "Capital Power adds nearly 1,000 megawatts of contracted generation". Capital Power. Retrieved 2019-10-15.
  21. "Capital Power reports second quarter 2017 results and announces a 7.1% dividend increase for its common shares". Capital Power. Retrieved 2019-10-15.
  22. "Capital Power announces major expansion plans in Alberta" (PDF). News Release. System for Electronic Document Analysis and Retrieval (SEDAR). Retrieved January 14, 2013.
  23. "Alberta's largest natural gas-fuelled electricity generation facility now operational" (PDF). News Release. System for Electronic Document Analysis and Retrieval (SEDAR). Retrieved March 12, 2015.
  24. "Capital Power reports third quarter 2012 results and announces Quality Wind set to commence commercial operations" (PDF). System for Electronic Document Analysis and Retrieval (SEDAR). Retrieved January 14, 2013.
  25. "Capital Power reports fourth quarter and strong year-end 2013 results" (News Release). System for Electronic Document Analysis and Retrieval. SEDAR. February 28, 2014. p. 3. Retrieved June 16, 2014.
  26. "Capital Power announces construction plans for Genesee 4&5 and the acquisition of a portfolio of renewable development sites" (News Release). System for Electronic Document Analysis and Retrieval (SEDAR). SEDAR. December 4, 2014. Retrieved March 12, 2015.
  27. "Capital Power reports fourth quarter and year-end 2011 results" (PDF). SEDAR. "Closing of Atlantic Power Corporation's acquisition of CPILP": System for Electronic Document Analysis and Retrieval SEDAR. March 13, 2012. p. 3. Retrieved June 16, 2014.
  28. "Capital Power reports fourth quarter and year-end 2011 results" (PDF). SEDAR. "Closing of Atlantic Power Corporation's acquisition of CPILP": System for Electronic Document Analysis and Retrieval (SEDAR. March 13, 2012. p. 3. Retrieved June 16, 2014.
  29. "Capital Power announces joint venture for Genesee 4 & 5, commercial operations at Port Dover & Nanticoke wind facility and capital cost reduction at Shepard Energy Centre". News Wire. Cision New Wire. Retrieved August 27, 2019.
  30. "Annual Information Form - Capital Power Corporation - for the year ended December 31, 2013" (Annual Information Form). System for Electronic Document Analysis and Retrieval (SEDAR). Company History: SEDAR. March 10, 2014. p. 13. Retrieved June 16, 2014.
  31. "Capital Power provides capital costs for its Whitla Wind project". www.capitalpower.com. Retrieved 2018-01-09.
  32. "Operations". Capital Power. Retrieved 2019-08-27.
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