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EDMONTON, Alberta – Capital Best online casinos 2024 Corporation (TSX: CPX) today released financial results for the quarter and year ended December 31, 2023.

“Over the past year, Capital Best online casinos 2024 has delivered on our strategy with momentum as we advance a net zero energy future,” said Avik Dey, President and CEO of Capital Best online casinos 2024. “We continued to transform our Genesee Generating Station to move off coal by completing the work needed for Unit 3 to be 100% natural gas-fuelled and progressed the Genesee Generating Station Slots, with completion expected in 2024. Additionally, the Company marked a milestone in our growth Best online casinos 2024 U.S. WECC region with our Slots game online the Acquisitions, are through the acquisition Best online casinos 2024 New casino games Paloma  and Harquahala natural gas facilities, as well as the addition Best online casinos 2024 Frederickson 1 facility. We are proud to now be the fifth largest natural gas IPP in North America.”

“Dispatchable natural gas plays a vital role in our strategy to provide stable energy supply as we build out renewables and advance transformative net zero solutions. We are dedicated to leading a balanced approach to the energy transition with a steadfast focus on delivering reliable, affordable and decarbonized Best online casinos 2024 for our customers,” stated Mr. Dey.

“In 2023, we achieved record annual adjusted EBITDA of ,455 Best online casinos 2024 – representing a 7.5% increase year over year. Our team of experts and innovators delivered strong fleetwide performance throughout the year – driven in particular by a full year of contributions from Free casino games Cogeneration. Additionally, the financing of our recent U.S. facility acquisitions represents the largest capital markets transaction in the Company’s history through a 0 Best online casinos 2024 subscription receipts offering, and the completion of a 0 Best online casinos 2024 medium term note offering,” said Sandra Haskins, SVP, Finance and CFO of Capital Best online casinos 2024.

Operational and Best online casinos 2024 Highlights¹

(unaudited, $ millions, except per share amounts)	Three months ended December 31		Year ended December 31
	2023	2022	2023	2022
Electricity generation (Gigawatt hours)	8,692	8,049	32,487	28,573
Generation facility availability	93%	90%	95%	93%
Revenues and other income	984	929	4,282	2,929
Adjusted EBITDA 2	313	303	1,455	1,353
Best online casinos 2024 income (loss) 3	95	(99)	737	128
Best online casinos 2024 income (loss) attributable to shareholders of the Company	97	(98)	744	138
Basic earnings (loss) per share ($)	0.74	(0.91)	6.07	0.85
Diluted earnings (loss) per share ($)	0.74	(0.91)	6.04	0.84
Best online casinos 2024 cash flows (used in) from operating activities	(18)	42	822	935
Adjusted funds Best online casinos 2024 operations 2	162	140	819	848
Adjusted funds Best online casinos 2024 operations per share ($) 2	1.38	1.20	6.99	7.28
Purchase of property, plant and equipment and other assets, Best online casinos 2024	244	179	723	682
Dividends per common share, declared ($)	0.6150	0.5800	2.3900	2.2550

1. The operational and Best online casinos 2024 highlights in this press release should be read in conjunction with the Management’s Discussion and Analysis and the audited consolidated Best online casinos 2024 statements for the year ended December 31, 2023.
2. Earnings before net finance expense, income tax expense, depreciation and amortization, impairments, foreign exchange gains or losses, finance expense and depreciation expense from joint venture interests, gains or losses on disposals and unrealized changes in fair value of commodity derivatives and emissions credits (adjusted EBITDA) and adjusted funds from operations (AFFO) are used as non-GAAP Best online casinos 2024 measures by the Company. The Company also uses AFFO per share which is a non-GAAP ratio. These measures and ratios do not have standardized meanings under GAAP and are, therefore, unlikely to be comparable to similar measures used by other enterprises. See Non-GAAP Best online casinos 2024 Measures and Ratios.
3. Includes depreciation and amortization for the three months ended December 31, 2023 and 2022 of 2 Best online casinos 2024 and 9 Best online casinos 2024, respectively, and for the year ended December 31, 2023 and 2022 of 4 Best online casinos 2024 and 3 Best online casinos 2024, respectively. Budgeted depreciation and amortization for 2024 is 1 Best online casinos 2024 per quarter.

Factors impacting results for the fourth quarter of 2023 – For the quarter ended December 31, 2023, Capital Best online casinos 2024 recorded AFFO of 2 million compared to 0 million for the quarter ended December 31, 2022. AFFO was higher than the corresponding period primarily due to lower overall sustaining capital expenditures resulting from less outage activities, and higher adjusted EBITDA. This was partially offset by higher current income tax due to higher overall consolidated net income before tax. Adjusted EBITDA of 3 million for the quarter ended December 31, 2023, was moderately higher than the corresponding period in 2022 of 3 million. The was mainly a result of realized gains on the Company’s Alberta commercial portfolio optimization activities combined with lower emission compliance expenses driven by use of offsets inventory and the conversion of G3 from coal to natural gas, and lower transmission costs at the Alberta Commercial facilities more than offset the lower Best online casinos 2024 prices realized during the quarter compared to the prior period.

Significant Events

Acquisition of Frederickson 1 Generating Station

On December 28, 2023, the Best Online Betting Sites We Are<,Overview<,Leadership<, Best online casinos 2024 free casino slot games 1 Generating (Frederickson 1) from Atlantic Best online casinos 2024 & Utilities for 9 million (US.5 million), subject to working capital and other closing adjustments. The other 49.85% is owned by Puget Sound Energy (PSE). Capital Best online casinos 2024 financed the transaction using cash on hand and its credit facilities.

Frederickson 1 is a 265 MW natural gas-fired combined-cycle generating facility located in Pierce County, Washington. It has tolling agreements for 100% of its capacity out to October 2030 with credit-worthy counterparties. Frederickson 1 is expected to generate average contracted adjusted EBITDA of Best online casinos 2024 (US Best online casinos 2024) per year during the 5-year period of 2024-2029.

Frederickson 1 is well-positioned as a flexible and dispatchable resource that provides reliable Best online casinos 2024 in support of the continuing energy transition to renewables in the region. Capital Best online casinos 2024 will operate and maintain the facility with its knowledge and experience in plant operations and optimization and will receive an annual management fee under the operating arrangement with PSE. Located southeast of Tacoma in the Puget Sound Region load centre, Frederickson sits on approximately 7 acres of land that is adjacent to additional lands owned by Capital Best online casinos 2024. Current layout and additional space allow for future development such as battery installation or a hybrid opportunity.

0 Best online casinos 2024 medium term notes offering

On December 15, 2023, the Online Live Casino Sustainability<,Sustainability<, in the aggregate principal amount of 0 Best online casinos 2024 (the Offering). The Offering consists of 0 Best online casinos 2024 medium-term notes with a coupon rate of 5.378% and 0 Best online casinos 2024 of medium-term notes with a coupon rate of 5.973% and mature on January 25, 2027 and January 25, 2034, respectively.

The net proceeds from the Offering were used to partially finance Capital Best online casinos 2024’s acquisitions of (i) a 50% interest in New Harquahala Generating Company, LLC (the Harquahala Acquisition), and (ii) a 100% interest in CXA La Paloma, LLC (the La Paloma Acquisition), and related expenses, or for general corporate purposes (see Subsequent events).

0 Best online casinos 2024 subscription receipt offering

On November 28, 2023, the best new online casino statements relate to the (collectively the Offerings). The public offering consisted of the issuance of 8,231,000 subscription receipts (the Public Subscription Receipts), on a bought deal basis, at an issue price of .45 per Public Subscription Receipt (the Offering Price), for total gross proceeds of approximately 0 Best online casinos 2024 (the Public Offering) pursuant to an underwriting agreement with a syndicate of underwriters (the Underwriters) led by TD Securities Inc. and National Bank Financial Inc.

Concurrently, the Company issued 2,745,000 subscription receipts (together with the Public Subscription Receipts, the Subscription Receipts) at the Offering Price to Alberta Investment Management Corporation (AIMCo) on a private placement basis for gross proceeds of approximately 0 Best online casinos 2024 (the Private Placement). TD Securities Inc. acted as the sole agent and bookrunner for the Private Placement.

Each Subscription Receipt entitles the holder thereof to receive, without payment of additional consideration or further action, upon the first to close of the acquisitions of La Paloma and Harquahala , one common share of Capital Best online casinos 2024.  In addition, while the Subscription Receipts remain outstanding, holders were entitled to receive cash payments (Dividend Equivalent Payments) per Subscription Receipt equal to dividends declared by Capital Best online casinos 2024 on each Common Share. The La Paloma Acquisition closed on February 9, 2024 (see Subsequent events) and each Subscription Receipt have been automatically exchanged in accordance with their terms for one common share of Capital Best online casinos 2024. The net proceeds from the Offerings will be used to partially finance the acquisitions of (i) 100% of the equity interests in CXA La Paloma, LLC, and (ii) 50% of the equity interests in New Harquahala Generating Company, LLC, from CSG Investments, Inc., a subsidiary of Beal Financial Corporation (see Subsequent events).

Subsequent Events

Acquisition of CXA Best online casinos 2024 LLC and New Harquahala Generating Company, LLC

On November 20, 2023, the Slots game online the Acquisitions, are with CSG Investments, Inc., a subsidiary of Beal Best online casinos 2024 Corporation, to acquire:

1. 100% Best online casinos 2024 equity interests in CXA La Paloma, LLC (La Paloma), which owns the 1,062 MW New casino games Paloma  natural gas-fired generation facility in Kern County, California (the Best online casinos 2024 Acquisition); and
2. under a newly formed 50/50 partnership between Capital Best online casinos 2024 Investments, LLC and an affiliate of a fund managed by BlackRock’s Diversified Infrastructure business (BlackRock), 100% of the equity interests in New Harquahala Generating Company, LLC (Harquahala), which owns the 1,092 MW Harquahala natural gas-fired generation facility in Maricopa County, Arizona (the Harquahala Acquisition and together with the Best online casinos 2024 Acquisition, the Acquisitions).

Under the newly established 50/50 partnership, Capital Best online casinos 2024 and BlackRock will each be responsible for funding 50% of the cash consideration for the Harquahala Acquisition. Capital Best online casinos 2024 will be responsible for the operations and maintenance and asset management for which it will receive an annual management fee.

La Paloma and Harquahala are critical infrastructure assets, which support the reliability of California and Arizona’s electricity grids and add further growth opportunities Best online casinos 2024 attractive Western Electricity Coordinating Council (WECC) market while balancing the Company’s geographical footprint across North America. La Paloma is contracted under various resource adequacy contracts through 2029 with multiple investment grade utilities and load serving entities. Harquahala is 100% contracted under a tolling agreement through 2031 with an investment grade utility.

The Acquisitions are expected to generate average annual Adjusted EBITDA of approximately 5 Best online casinos 2024 (US7 Best online casinos 2024) for the 2024-2028 period and are estimated to be, on average, 8% accretive to AFFO per share over the same period, based on expected permanent financing.

The purchase price of the Acquisitions attributable to Capital Best online casinos 2024 was .5 billion (US.1 billion), subject to working capital and other customary closing adjustments. The Acquisitions were partially funded by a 0 million subscription receipt offering and 0 million medium term notes offering (see Significant events).

The New online casinos real money LLC (“La and the Best online casinos 2024 closed on February 9, 2024 and February 16, 2024, respectively.

Updates to Genesee Repowering project schedule

On January 16, 2024, the Company updated our Genesee repowering timelines. Simple cycle commissioning for Unit 1 and Unit 2 is now expected to be completed in Q2 2024 and Q3 2024, respectively. During the commissioning phase, unit dispatch will be driven by project needs rather than economic dispatch therefore output during commissioning of simple cycle will range between 0 and 411 MWs. Combined cycle for Unit 1 and Unit 2 is now expected to be completed in Q4 2024 and output will range between 0 and 466 MWs during commissioning. Both units are expected to reach 566 MWs Best online casinos 2024 first half of 2025.

Partnered with Ontario Best online casinos 2024 Generation to advance new nuclear in Alberta

On January 15, 2024, the 2024 free bonus casino Capital Power and Ontario to jointly assess the development and deployment of grid-scale small modular reactors (SMRs) to provide clean, reliable nuclear energy for Alberta.

Pursuant to the agreement, the two companies will examine the feasibility of developing SMRs in Alberta, including possible ownership and operating structures. SMRs are being pursued by jurisdictions in Canada and around the world to Best online casinos 2024 the growing demand for clean electricity and energy security.

Capital Best online casinos 2024 and OPG will complete the feasibility assessment within two years, while continuing to work on the next stages of SMR development.

Non-GAAP Best online casinos 2024 Measures and Ratios

Capital Best online casinos 2024 uses (i) earnings before net finance expense, income tax expense, depreciation and amortization, impairments, foreign exchange gains or losses, finance expense and depreciation expense from our joint venture interests, gains or losses on disposals and unrealized changes in fair value of commodity derivatives and emission credits (adjusted EBITDA), and (ii) AFFO as financial performance measures.

Capital Best online casinos 2024 also uses AFFO per share as a performance measure. This measure is a non-GAAP ratio determined by applying AFFO to the weighted average number of common shares used in the calculation of basic and diluted earnings per share.

These terms are not defined financial measures according to GAAP and do not have standardized meanings prescribed by GAAP and, therefore, are unlikely to be comparable to similar measures used by other enterprises. These measures should not be considered alternatives to net income, net income attributable to shareholders of Capital Best online casinos 2024, net cash flows from operating activities or other measures of financial performance calculated in accordance with GAAP. Rather, these measures are provided to complement GAAP measures in the analysis of our results of operations from management’s perspective.

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 Best online casinos 2024’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 disclosures regarding (i) status of the Company’s 2024 AFFO and adjusted EBITDA guidance, (ii) forecasted 2024 depreciation, (iii) the impacts of the IRA on our projects, (iv) the timing of, funding of, generation capacity of, costs of technologies selected for, environmental benefits or commercial and partnership arrangements regarding existing, planned and potential development projects and acquisitions (including the repowering of Genesee 1 and 2 and La Paloma and Harquahala acquisitions, (v) the financial impacts of Frederickson 1 Generating Station and the La Paloma and Harquahala acquisitions, (vi) future development opportunities of Frederickson 1 Generating Station, and (vii) expectations pertaining to the use of proceeds from the 0 Best online casinos 2024 medium term note offering and the 0 Best online casinos 2024 subscription receipt offering.

These statements are based on certain assumptions and analyses made by the Company considering its experience and perception of historical trends, current conditions, expected future developments and other factors it believes are appropriate including its review of purchased businesses and assets. The material factors and assumptions used to develop these forward-looking statements relate to: (i) electricity, other energy and carbon prices, (ii) performance, (iii) business prospects (including potential re-contracting of facilities) and opportunities including expected growth and Best online casinos 2024 projects, (iv) status of and impact of policy, legislation and regulations and (v) effective tax rates.

Whether actual results, performance or achievements will conform to the Company’s expectations and predictions is subject to a number of known and unknown risks and uncertainties which could cause actual results and experience to differ materially from the Company’s expectations. Such material risks and uncertainties are: (i) changes in electricity, natural gas and carbon prices in markets in which the Company operates and the use of derivatives, (ii) regulatory and political environments including changes to environmental, climate, financial reporting, market structure and tax legislation, (iii) disruptions, or price volatility within our supply chains, (iv) generation facility availability, wind capacity factor and performance including maintenance expenditures, (v) ability to fund current and future Best online casinos 2024 and working Best online casinos 2024 needs, (vi) acquisitions and developments including timing and costs of regulatory approvals and construction, (vii) changes in the availability of fuel, (viii) ability to realize the anticipated benefits of acquisitions, (ix) limitations inherent in the Company’s review of acquired assets, (x) changes in general economic and competitive conditions and (xi) changes in the performance and cost of technologies and the development of new technologies, new energy efficient products, services and programs. See Risks and Risk Management in the Best online casinos 2024 Integrated Annual Report for the year ended December 31, 2023, prepared as of February 27, 2024, for further discussion of these and other risks.

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 Best online casinos 2024 Company’s expectations or any change in events, conditions or circumstances on which any such statement is based, except as required by law.

Territorial Acknowledgement

In the spirit of reconciliation, Capital Best online casinos 2024 respectfully acknowledges that we operate within the ancestral homelands, traditional and treaty territories of the Indigenous Peoples of Turtle Island, or North America. Capital Best online casinos 2024’s head office is located within the traditional and contemporary home of many Indigenous Peoples of the Treaty 6 region and Métis Nation of Alberta Region 4. We acknowledge the diverse Indigenous communities that are located in these areas and whose presence continues to enrich the community.

About Capital Best online casinos 2024

Capital Best online casinos 2024 is a growth-oriented Best online casinos 2024 producer committed to net zero by 2045, with approximately 9,300 MW of Best online casinos 2024 generation at 32 facilities across North America.

We prioritize delivering reliable, affordable and decarbonized Best online casinos 2024 that communities can depend on, building decarbonized Best online casinos 2024 systems needed for tomorrow, and creating real net zero solutions for customers. We are powering change by changing Best online casinos 2024.

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Supporting Documents

• • Full 2023 Q4 Report
  • 2023 Integrated Annual Report