Capital Power touts profit and climate action alongside financials report
By Medicine Hat News on February 26, 2020.
Capital Power promoted its profitability and plan to address climate impact of power production in the release of its full-year financial statements on Monday alongside a 2019 sustainability report. The Edmonton-based power generator also provided no new guidance on expanding its Whitla Wind facility near Bow island, which is slated to be complete next year. Capital recorded adjusted funds from operations of $555 million, a 40 per cent increase from 2018, and a similar increase in year-over-year unadjusted earnings of $1.03 billion. That’s partially due to the acquisition of an Ontario gas-fired plant and new renewable projects coming on line. The initial 200-megawatt capacity phase of the Whilta wind farm went into operation in early December and shortly thereafter announced a second 97-megawatt phase would be built and operating in 2022. The cost estimate remained at $165 million. The budget for the first phase that had initially been $325 million was increased due to changes in foreign exchange rates. Officials stated during the company’s investors day in December that the plant’s commissioning one month ahead of schedule would offset much of the difference. The company also announced late last year that it would accelerate upgrades to existing coal-fired facilities to make natural gas available as a fuel source. Among key forecasts, the company states Alberta power prices that rose 10 per cent in 2019 to $55 per megawatt from the year prior are expected in the $57 range through 2023. 10-9
