Where We Started 1891 – 1901
On October 23, 1891, the Edmonton Electric Lighting and Power Company was granted Letters Patent by Queen Victoria’s representative to the North West Territories. Founded and operated by a group of Edmonton pioneers, the EEL&PC launched its first power plant on December 22, 1891. Powered by a hand-stoked, coal-fired steam boiler on the banks of the North Saskatchewan River, the generator supplied the fledgling community of 700 people with street and building lighting during the evening hours.
The Next Century 1902-1995
In May 1902, a second wave of pioneers took over, as EEL&PC became the first municipally owned electric utility in Canada. During the new century, the utility grew from operating 75 kW of power generation to 1,050 MW by 1979. Along the way it developed one of the world’s first 10,000 KW turbo-generators (1928), Canada’s largest steam boiler (1931) and Canada’s largest thermal plant (1941). In 1970, the still municipally owned operation became Edmonton Power and opened the first North American power plant to have a spring-supported foundation.
Edmonton Power became a regional leader in fossil fuel power generation over the next 25 years, expanding its natural gas-fired Clover Bar plant to 660 MW and developing the first two coal-fired units at Genesee, Alberta with a gross capacity of 820 MW. These two facilities are still in operation today.
Edmonton Power Corporation (EPCOR) 1995-2009
In the summer of 1995, EPCOR Utilities Inc. was incorporated as a standalone entity with the City of Edmonton as shareholder. Governed independently by a board of directors, EPCOR moved to capitalize on the deregulation of wholesale and retail power markets in Alberta, and began to invest in power generation facilities in B.C., Ontario and in the United States. In its first 10 years, EPCOR tripled its consolidated assets and revenues while delivering superior returns for its shareholder.
At the dawn of 2009, EPCOR owned and/or operated 3,100 MW of generation capacity in North America from 31 separate generating stations and had an additional 650 MW of power generation capacity under construction.
Capital Power 2009 – Present Day
Capital Power became a company through an Initial Public Offering (IPO), and the power generating assets and business of EPCOR were moved to Capital Power as a new, separate, independent, and publicly traded company. Capital Power commenced trading on the TSX, and its new era as a North American wholesale power generator, on July 9, 2009.
In our first five years, 2009-2013, our focus was establishing our footing and repositioning our power-generating portfolio. As a new company with a fleet of inherited assets, we worked hard to produce growing and stable investment returns through our innovative expertise and committed leadership. During this period, we added new generating facilities in B.C. and Alberta, and set the stage for our growth and expansion into the U.S.
The next five years, 2014-2018, were about reducing risk through operational excellence, growth and diversification. While our Alberta-based facilities and portfolio were, and remain, central to our strategy and success, we pursued and executed on opportunities for contracted renewable and natural gas generation assets in Ontario, British Columbia and across the U.S. to achieve our growth targets and minimize risk associated with low Alberta power prices. As a result, we doubled our investment in renewable energy sources and quadrupled the natural gas assets in our portfolio delivering on both our sustainability and value promise to our shareholders.
In 2019, we continue our growth and acquired Goreway Power Station, an 875 MW natural gas facility in Ontario, and are constructing Whitla Wind in Alberta and Cardinal Point Wind in Illinois. We continue our focus on operational excellence, growing our renewable and natural gas assets through construction and acquisitions in North America, and investing in technology to reduce emissions and improve efficiency to power a sustainable future.
We’re taking a leadership role in the research, development and implementation of innovative solutions for the future of power and the environment. We recognize that three key long-term trends will define the future of electricity markets and the transition to a low carbon future. These include (i) the continued electrification of the economy, (ii) increased generation of power from renewable sources and (iii) a continuing requirement for natural gas generation.
At Capital Power, we’re investing in climate change solutions that go beyond us and our industry to deliver a sustainable future. We’re developing renewables, investing in the advancement and deployment of carbon capture, utilization and storage and innovating on new and different ways to operate our facilities that reduces emissions and generates reliable, cost-effective electricity. After all, it’s our responsibility to produce the power we need today without damaging the ability of future generations to do the same.
Media and government stakeholders get firsthand look at construction progress of Whitla Wind
As construction of the Whitla Wind project progresses, Capital Power hosted local media and government officials for a tour of the project site on August 15, 2019.
Construction Ramps Up at our Cardinal Point Wind Project
Construction of our Cardinal Point Wind Project is moving along on schedule. Crews are expected to increase to more than 250 workers as turbine components are delivered.
Beyond the Bottom Line – Why Investors are Valuing Sustainability
Kate Chisholm examines the impact of environmental, social, and governance (ESG) performance on a company’s bottom line as investors increasingly seek sustainable investment opportunities.
Capital Power to gain 100% ownership and control of Genesee Generating Station through divestiture of interest in Keephills 3
EDMONTON, Alberta – Capital Power Corporation (“Capital Power” or “the Company”) (TSX: CPX) announced today it has entered into an agreement to divest its 50% share of the Keephills 3 generation un...
2018 Corporate Sustainability Report
Our recently released 2018 Corporate Sustainability Report highlights our sustainability targets, performance, and commitment to delivering Responsible Energy for Tomorrow.
Capital Power reports solid second quarter 2019 results and announces a 7.3% dividend increase for its common shares
Company is on track to achieve results at the top end of annual financial target range
EDMONTON, Alberta – Capital Power Corporation (TSX: CPX) today released financial results for the quarter ended June 30, 2019.
Capital Power declares dividends for its Common and Preference shares and announces a 7.3% dividend increase for its common shares
EDMONTON, Alberta – The Board of Directors for Capital Power Corporation (TSX: CPX) (Capital Power) declared a dividend of $0.48 per share on the outstanding common shares for the quarter ending Se...
Capital Power announces retirement plans for Brian Vaasjo, President and Chief Executive Officer
Mr. Vaasjo intends to retire in 2020, will remain in his leadership position until a successor assumes the role EDMONTON, Alberta – Capital Power Corporation (TSX: CPX) (Capital Power or the Compa...
Capital Power celebrates 10 years of delivering responsible energy
EDMONTON, Alberta – Capital Power Corporation (TSX: CPX) celebrates its 10th anniversary, marking a decade of disciplined growth, sustainability and providing value to its shareholders. Over the...
Capital Power announces its second quarter 2019 financial results release date
EDMONTON, Alberta – Capital Power Corporation (TSX: CPX) will release its second quarter 2019 results before the markets open on July 29, 2019. Management will host a conference call with analysts ...