Capital Power Corporation (TSX: CPX) ("Capital Power" or the "Company") announced today (June 28) it has joined the Powering Past Coal Alliance, a coalition of national and sub-national governments, businesses and organizations, co-chaired by the UK and Canadian governments, committed to advancing the transition away from traditional coal generation and accelerating the transition to clean energy. Capital Power's commitment to being net carbon neutral by 2050 is a key driver of its strategy as the Company advances its clean energy goals by investing in world-leading optimization, efficiency and emissions reduction solutions - helping Canada to meet its climate goals and providing reliable, affordable and sustainable electricity integral to Alberta's and Canada's energy future.
As part of Capital Power's strategy to meet its mid-century net carbon neutral goal, the Company has announced a $1 Billion initiative to transform its Genesee Generating Station to natural gas power generation, ending coal-fired generation in 2023, six years ahead of the legislated off-coal date. This initiative includes repowering Genesee Units 1 & 2 with best-in-class natural gas combined cycle technology, that will be hydrogen capable and carbon conversion-ready, and converting Genesee Unit 3 to natural gas, delivering increased capacity of 560 MW and 3.4 million tonnes of annual carbon emissions reductions. The Company is also investing in carbon capture, utilization and sequestration (CCUS) technologies onsite to pursue additional carbon emissions reductions, as well as investing in growing its wind and solar asset portfolio.
"It's our responsibility to do our part to help society meet the long-term challenges facing our planet. We have a long history of saying what we'll do, then doing what we say - and our actions to move off coal, invest in hydrogen- and CCUS readiness, and invest in a sustainable energy future for Canada demonstrate just that," said Kate Chisholm, Senior Vice President, Planning, Stakeholder Relations and Chief Sustainability Officer. "Our strategy clearly demonstrates alignment with the Powering Past Coal Alliance - we're committed to collaboration and working to accelerate the clean energy transition, with a focus on ensuring the ongoing availability of reliable, affordable power for our grids, accessibility for all, and a just transition for affected communities and employees."
"It is my pleasure to welcome Capital Power to the Powering Past Coal Alliance. Canadian businesses have an important role in delivering on Canada's climate action. In the transition from coal, Capital Power is putting its net-zero emissions commitment into action and demonstrating the economic benefits and reduced financial risks of phasing out coal. I look forward to our continued work together in the fight against climate change," said Hon. Jonathan Wilkinson, Minister of Environment and Climate Change, Government of Canada.
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 and are committed to be off coal in 2023. Capital Power owns over 6,400 megawatts (MW) of power generation capacity at 26 facilities across North America. Projects in advanced development include 425 MW of owned renewable generation capacity in North Carolina and Alberta and 560 MW of incremental natural gas combined cycle capacity, from the repowering of Genesee 1 and 2 in Alberta.