Capital Power announces a 6.8% dividend increase for its common shares and declares dividends for its Preference shares
EDMONTON, Alberta – The Board of Directors for Capital Power Corporation (TSX: CPX) (Capital Power) declared a dividend of $0.5475 per share on the outstanding common shares for the quarter ending September 30, 2021. The dividend is payable on October 29, 2021 to shareholders of record at the close of business on September 30, 2021. The quarterly dividend of $0.5475 per common share compared to the previous $0.5125 dividend represents a 6.8% increase, and an annualized dividend of $2.19 per common share.
Capital Power also announced changes to its Dividend Reinvestment Plan (DRIP). Under the DRIP, the Dividend Reinvestment Discount has been reduced from 3% to 1% effective with the third quarter 2021 dividend.
The Board of Directors also declared the following dividends on its Cumulative Rate Reset Preference Shares:
| Series 11 | CPX.PR.K | $0.359375 | September 17, 2021 | September 30, 2021 |
| Shares | TSX Stock Symbol | Dividend Per Share | Record Date | Payment Date |
| Series 1 | CPX.PR.A | $0.1638125 | September 17, 2021 | September 30, 2021 |
| Series 3 | CPX.PR.C | $0.3408125 | September 17, 2021 | September 30, 2021 |
| Series 5 | CPX.PR.E | $0.327375 | September 17, 2021 | September 30, 2021 |
| Series 7 | CPX.PR.G | $0.375 | September 17, 2021 | September 30, 2021 |
| Series 9 | CPX.PR.I | $0.359375 | September 17, 2021 | September 30, 2021 |
The dividends for the common shares and preference shares are 100 per cent eligible dividends as defined by the Income Tax Act. Under this legislation, individuals resident in Canada may be entitled to enhanced dividend tax credits that reduce the income tax otherwise payable on these dividends.
About Capital Power
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.