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EDMONTON, Alberta – Capital Power Corporation (TSX: CPX) (the Corporation and together with its subsidiaries, Capital Power) announced today that after having taken into account all Election Notices following the December 16, 2020 conversion deadline, in respect of the Cumulative Rate Reset Preference Shares, Series 1 (Series 1 Shares) tendered for conversion into Cumulative Floating Rate Preference Shares, Series 2 (Series 2 Shares), the holders of Series 1 Shares were not entitled to convert their shares. There were 687,245 Series 1 Shares tendered for conversion, which was less than the required one million shares required for conversion into Series 2 Shares.

There are five million Series 1 Shares listed on the Toronto Stock Exchange (TSX) under the symbol CPX.PR.A. Effective December 31, 2020, the Annual Fixed Dividend Rate for the next five-year period has been reset to 2.62100%.

For more information on the terms of, and risks associated with an investment in the Series 1 Shares, please see Capital Power’s (final) short form prospectus dated December 8, 2010 which is available on sedar.com or on Capital Power’s website at capitalpower.com.

About Capital Power

Capital Power (TSX: CPX) is a growth-oriented North American power producer headquartered in Edmonton, Alberta. The company develops, acquires, owns, and operates power generation facilities using a variety of energy sources. Capital Power owns approximately 6,500 megawatts (MW) of power generation capacity at 28 facilities across North America. Approximately 425 MW of owned generation capacity is in advanced development in Alberta and North Carolina.