The natural gas expansion era has arrived
Across North America, electricity demand is accelerating at a pace not seen in generations, driven by the rapid growth of AI and digital infrastructure, industrial onshoring, and economy-wide electrification. Together, these forces are reshaping how power systems are planned and operated, ushering in a new era defined by an urgent need for reliable, fast to market, dispatchable power. This is the natural gas expansion era.
No other technology today can provide the combination of affordability, reliability, scale, and speed to market that natural gas delivers. It’s more efficient, more economic, and available now.
Markets are recognizing this reality with longer contract durations and a growing focus (and need) from utilities, hyperscalers, and regulators on firm, dependable supply. Natural gas isn’t the only answer, but it is the foundation that makes a reliable, resilient energy system possible today.
Electricity capacity ready to be unlocked
That foundation already exists, with the ability to increase capacity output at our fingertips. There’s a large amount of existing natural gas infrastructure already on the grid that’s ready to be unlocked through uprates and expansion projects – far faster and at significantly lower cost than building new supply. At Capital Power, this opportunity sits at the core of our strategy and is executed through acquisition, optimization, and re-contracting.
Purpose built for this moment
Today, Capital Power operates one of the largest utility-scale natural gas fleets across North America. While the industry went through cycles of uncertainty, we remained committed to natural gas as a cornerstone of North American grid reliability. We’ve stayed focused on owning and operating utility-scale natural gas-fired generation and continuously improving those assets. In an environment where speed, reliability, and execution matter more than ever, this longstanding focus has become our competitive advantage.
Over the past 15 years, we have built one of the strongest, most strategically located natural gas portfolios in North America, quadrupling our capacity and increasing our gas weighting from under 25% to 90% today. We never pivoted, understanding this infrastructure would be essential, and that consistency is paying off by helping businesses and communities secure the reliable, dispatchable electricity they need as demand accelerates.
Our proven model: acquire, optimize, commercialize
Capital Power has built an integrated, utility-scale operating model – bringing together assets, people, processes, commercial capability, and capital – designed for a market where reliability, speed, and execution matter most. That platform enables what further sets us apart: the ability to operate, commercialize, and optimize megawatts across the value chain, at scale and across markets.
Acquire
We grow through the disciplined acquisition of natural gas assets, supported by an investment-grade balance sheet and deliberate capital allocation. Our recently announced MOU with Apollo Funds to form a $3 billion investment partnership strengthens our ability to pursue high-value opportunities while maintaining balance sheet discipline and protecting shareholder returns.
This approach is designed to add assets and position them for long-term value creation.
Optimize
Operational excellence is how Capital Power turns ownership into value. Our fleet is managed with a disciplined focus on safety, reliability, and efficiency, supported by deep technical expertise and a systematic approach to asset lifecycle management.
By investing at defined points in an asset’s life through upgrades, uprates, repowering, and life-extension initiatives, we improve performance, availability, longevity, and value.
Commercialize
Capital Power’s commercial platform is built to monetize reliable megawatts through contracting, and disciplined participation in merchant markets. Strong relationships with utilities and large-scale customers allow us to structure solutions that balance certainty, flexibility, and long-term value.
This capability is reflected in the new contract for our Midland Cogeneration Venture facility and extended tolling agreement at our Arlington Valley facility.