The draft IRP references two natural gas-fired independent power facilities, including Capital Power’s Island Generation facility at
The 275 MW Island Generation facility (located in the
While we have had discussions with the Island Generation counterparty to understand potential terms of a renewal, there is no basis, at this time, to assume that the electricity purchase agreement with this facility will be renewed. Accordingly, Island Generation is not assumed to be in operation in the applicable Load Resource Balances after fiscal 2023, and its renewal is not contemplated in the Base Resource Plan.
“We continue to believe the Island Generation facility is needed to ensure secure and reliable electricity supply for homes and businesses on
The renewal status of the contract does not impact on 2021 results and based on Capital Power’s current recontracting assumptions, the contract not being renewed is not material to Management’s future cash flow expectations.
Forward-looking Information
Forward-looking information or statements included in this press release are provided to inform the Company’s shareholders and potential investors about management’s assessment of Capital Power’s future plans and operations. This information may not be appropriate for other purposes. The forward-looking information in this press release is generally identified by words such as will, anticipate, believe, plan, intend, target, and expect or similar words that suggest future outcomes.
Material forward-looking information in this press release includes disclosure regarding future cash flow expectations.
These statements are based on certain assumptions and analyses made by the Company in light of its experience and perception of historical trends, current conditions and other factors it believes are appropriate. The material factors and assumptions used to develop this forward-looking statement relate largely to electricity, other energy and carbon prices, facility performance and future demand for output from the Island Generation facility. Whether actual results will conform to the Company’s expectations and predictions is subject to changes in electricity, natural gas and carbon prices, regulatory and political environments, facility availability and changes in general economic and competitive conditions. See Risks and Risk Management in the Business Report section of the Company’s Integrated Annual report for the year ended
Readers are cautioned not to place undue reliance on any such forward-looking statements, which speak only as of the specified approval date. The Company does not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in the Company’s expectations or any change in events, conditions or circumstances on which any such statement is based, except as required by law.
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