- Capital Power Corporation (CPX) has signed a 4.5-year electricity purchase agreement (EPA) with BC Hydro for its Island Generation facility
- The EPA is subject to regulatory approval by the British Columbia Utilities Commission
- Island Generation is a 275-megawatt natural gas-fired combined-cycle facility located in Campbell River
- Capital Power is a wholesale power producer with a focus on sustainable energy
- Shares of Capital Power Corporation were up 0.66 per cent, trading at $44.08 at 11:00 AM ET
Capital Power Corporation (CPX) has signed a 4.5-year electricity purchase agreement (EPA) with BC Hydro for its Island Generation facility.
The EPA is subject to regulatory approval by the British Columbia Utilities Commission (BCUC).
“Island Generation has been providing reliable backup power to Vancouver Island and Metro Vancouver for two decades,” stated Brian Vaasjo, President and CEO of Capital Power.
“This 4.5-year EPA will provide BC Hydro customers with important contingency backup supply, and we believe Island Generation will continue to be required for reliability purposes on Vancouver Island beyond the 4.5-year term,” he added.
Island Generation is a 275-megawatt natural gas-fired combined-cycle facility located in Campbell River on Vancouver Island, BC.
Capital Power acquired Island Generation in October 2010 when it was fully contracted under a 12-year tolling arrangement with BC Hydro that expired in April 2022.
The terms of the 4.5-year EPA are consistent with the company’s expectations when it recorded a $52 million impairment in 2021.
Capital Power is a North American wholesale power producer with a focus on sustainable energy headquartered in Edmonton, Alberta.
Shares of Capital Power Corporation are up 0.66 per cent, trading at $44.08 at 11:00 AM ET.
