---

EDMONTON, Alberta – August 1, 2023 – Jill Gardiner, Chair of the Board for Capital Power Corporation (“Capital Power” or “the Company”) (TSX: CPX), is pleased to announce the appointment of Carolyn Graham to the Company’s Board of Directors (“the Board”) effective August 2, 2023.  The appointment follows the retirement of Katharine (Kate) Stevenson from the Board of Directors.

Carolyn Graham, is a corporate director and former financial/risk executive.  She retired as Senior Executive Vice President of CWB Financial Group in 2022 after 22 years of service, including as Chief Risk Officer from 2020 to 2021 and Chief Financial Officer from 2014 to 2020.  Carolyn holds the ICD.D designation from the Institute of Corporate Directors, and an ESG Certificate from Competent Boards and is a Fellow of the Chartered Professional Accountants of Alberta. She was recognized as one of Canada’s Most Powerful Women: Top 100 Award winner in 2017 and awarded with the Queen Elizabeth’s II Platinum Jubilee Medal (Alberta) in 2022 as an outstanding community leader advancing gender equity. Carolyn is a trustee and audit committee chair of Melcor REIT and an external member of the partnership board of Grant Thornton LLP (Canada).  She is chair of the MacEwan University Board of Governors and a director of the Edmonton Symphony and Concert Hall Foundation.

“On behalf of the Board, I would like to welcome Carolyn,” said Jill Gardiner. “Carolyn’s financial and risk background, as well as her ESG proficiency, will further strengthen the Board’s oversight of the Company’s strategic drive towards powering a sustainable future for people and planet. We look forward to working with Carolyn and to her strong advocacy for inclusion and diversity, and sustainability.”

“I would also like to thank Kate for her stewardship and service to our Board and Company over the past six years,” continued Jill Gardiner. “Kate has been a highly regarded and respected Director during her tenure, and her thoughtful insight, perspectives and experience have been invaluable to our Board and related committees. We wish her the very best in all her endeavours.”

With this appointment and retirement, Capital Power’s Board of Directors consists of 10 directors, with 44% of the independent directors being women, and 33% of the independent directors representing diverse groups beyond gender. Please refer to Capital Power’s 2023 Management Proxy Circular and Board Diversity Policy for further information.

Territorial Acknowledgement

In the spirit of reconciliation, Capital Power respectfully acknowledges that we operate 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 Territory and Métis Nation of Alberta Region 4. We acknowledge the diverse Indigenous communities that are located in these areas and whose presence continues to enrich the community.

About Capital Power

Capital Power is a growth-oriented North American wholesale power producer with a strategic focus on sustainable energy headquartered in Edmonton, Alberta. We build, own, and operate high-quality, utility-scale generation facilities that include renewables and thermal. We have also made significant investments in carbon capture and utilization to reduce carbon impacts. Capital Power owns approximately 7,500 megawatts (MW) of power generation capacity at 29 facilities across North America. Projects in advanced development include approximately 224 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 storage systems in Ontario.