Q3 2024 Capital Power Corp Earnings Call Transcript
Key Points
- Capital Power Corp (CPXWF) delivered a record 11 terawatt hours of power in Q3 2024, driven by new asset acquisitions.
- US assets contributed 53% of Q3 2024 EBITDA, showcasing the success of the company's diversification strategy.
- The company is advancing 10 growth projects, adding 1.1 gigawatts of incremental capacity, including the Genesee Repower project.
- Capital Power Corp (CPXWF) announced a three-year agreement with four First Nations for potential equity ownership in Halkirk 2 Wind, supporting reconciliation efforts.
- The company is actively engaged in negotiations to extend and amend contracts for US assets, indicating potential for future growth.
- Adjusted EBITDA for Q3 2024 was down $13 million year-over-year due to lower generation and power prices in Alberta.
- The Alberta segment's contribution to EBITDA decreased by 36% due to lower prices and generation from Genesee units.
- Higher finance expenses and sustaining capital costs impacted AFFO, despite lower income tax expenses.
- The company faces challenges in securing interconnects and transmission access for data center projects.
- Volatility in Alberta power prices is expected to continue due to oversupply and increased renewable energy integration.
Good day, and thank you for standing by. Welcome to the Capital Power Q3 '24 Analyst Conference Call. (Operator Instructions) Please be advised that today's conference is being recorded.
I would now like to hand the call over to Roy Arthur, Vice President of Investor Relations. Please go ahead.
Good morning, and thank you for joining us to review Capital Power's Third Quarter 2024 Results, which we released earlier today. Our third quarter report and the presentation for this conference call are available on our website. During today's call, our President and CEO, Avik Dey, will offer an update on our business by strategic focus area. Following that, Sandra Haskins will present a review of the quarter-end financials for the company. Avik will then wrap up with his closing remarks, after which, we will open the floor to questions from analysts in our interactive Q&A session.
Before we start, I would like to remind everyone that certain statements about the future events
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