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  • Capital Power Corporation (CPX) expects the company's 2021 results to exceed annual financial guidance
  • This comes as the company reports strong first quarter results on the year
  • The company says the quarterly results "confirm the robustness of the Alberta power market"
  • Capital Power also executed a 15-year renewable energy agreement with Labatt Brewing Company for its solar project in Alberta
  • Shares of Capital Power Corporation are up 0.62 per cent on the day, and trading at $39.15 at 1:39 pm ET

Capital Power Corporation (CPX) expects the company's 2021 results to exceed annual financial guidance.

This comes as the company reports strong first-quarter results on the year. The company says the quarterly results "confirm the robustness of the Alberta power market."

Capital Power generated C$206 million net cash flows from operating activities and adjusted funds from operations (AFFO) of $159 million in the first quarter of 2021. It forecasts that it is on track to generate AFFO and adjusted Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) that is modestly above the top end of the annual guidance ranges for 2021.

Capital Power also executed a 15-year renewable energy agreement with Labatt Brewing Company for the 75 megawatt Enchant Solar project in Alberta.

"Our first quarter results benefitted from excellent operating performance across the entire fleet with average facility availability of 96 per cent and a solid contribution from our trading desk that captured an average realized Alberta power price of $77 per megawatt hour (MWh) in the quarter. This strong performance delivered financial results that exceeded management’s expectations. The extreme cold temperatures in February set a new daily record for demand and contributed to the high average power price of $95 per MWh in the first quarter, representing the highest average power price in a quarter in nearly eight years,” continued Mr. Vaasjo.

“Based on the increase in Alberta forward power prices, our forecast is on track to generate AFFO and adjusted EBITDA that is modestly above the top end of the $500 million to $550 million and $975 million to $1,025 million annual guidance ranges for 2021, respectively," said Capital Power President and CEO Brian Vaasjo.

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.

Shares of Capital Power Corporation are up 0.62 per cent on the day, and trading at $39.15 at 1:39 pm ET.

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