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Capital Power Corporation 12Th Floor, EPCOR Tower 1200 – 10423 101 Street Edmonton, AB T5H 0E9

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Capital Power Corporation 12Th Floor, EPCOR Tower 1200 – 10423 101 Street Edmonton, AB T5H 0E9 Capital Power Corporation 12th Floor, EPCOR Tower 1200 – 10423 101 Street Edmonton, AB T5H 0E9 For release: February 21, 2017 Capital Power reports fourth quarter and year-end 2016 results EDMONTON, Alberta – Capital Power Corporation (Capital Power, or the Company) (TSX: CPX) today released financial results for the fourth quarter and year ended December 31, 2016. Net income attributable to shareholders in the fourth quarter of 2016 was $28 million and basic earnings per share attributable to common shareholders was $0.21 per share, compared with $35 million, or $0.29 per share, in the comparable period of 2015. Normalized earnings attributable to common shareholders in the fourth quarter of 2016, after adjusting for one-time items and fair value adjustments, were $26 million or $0.27 per share compared with $41 million or $0.42 per share in the fourth quarter of 2015. Net cash flows from operating activities were $69 million in the fourth quarter of 2016 compared with $114 million in the fourth quarter of 2015. Funds from operations (FFO) were $75 million in the fourth quarter of 2016, compared to $125 million in the fourth quarter of 2015. For the year ended December 31, 2016, net income attributable to shareholders was $111 million and basic earnings per share attributable to common shareholders was $0.91 per share compared with $90 million and $0.70 for the year ended December 31, 2015. For the year ended December 31, 2016, normalized earnings attributable to common shareholders were $117 million, or $1.22 per share, compared with $111 million, or $1.15 per share in 2015. Net cash flows from operating activities were $375 million for the year ended December 31, 2016 compared with $419 million for the year ended December 31, 2015. FFO totaled $384 million in 2016 compared with $400 million in 2015. “In 2016, Capital Power met its annual operating and financial targets, while continuing to deliver on its corporate priorities,” said Brian Vaasjo, President and CEO of Capital Power. “We achieved these objectives despite challenging market and economic conditions that contributed to record-low spot power prices and unprecedented changes to the Alberta power market.” “Our facilities produced an average availability of 94% and we generated FFO of $384 million, which was consistent with our $380 to $430 million target range,” continued Mr. Vaasjo. “Our FFO results reflected the one-time $20 million Sundance PPA settlement payment in the fourth quarter of 2016 to the Alberta Balancing Pool.” “We arrived at a satisfactory agreement with the Government of Alberta on fair compensation for the early retirement of our coal assets and settled the Sundance PPA dispute issue. The resolution of these two issues has removed the largest uncertainties the Company has ever faced. We can now move forward with confidence, knowing that developing generation opportunities in Alberta will continue to be predicated on market and economic signals.” “For 2017, we continue to focus on increasing our contracted cash flows to support a sustainable and growing dividend to our shareholders,” added Mr. Vaasjo. “The completion of our Bloom Wind project in the third quarter and the commencement of annual coal compensation payments of $52 million per year, will add to our contracted cash flows and with a strong balance sheet and financial flexibility to fund growth, Capital Power is well-positioned to add both renewable and thermal assets in Canada and the United States.” 1 Operational and Financial Highlights 1 Three months ended Year ended (unaudited) December 31 December 31 (millions of dollars except per share and operational amounts) 2016 2015 2016 2015 Electricity generation (excluding Sundance C power purchase arrangement (Sundance PPA)) (Gigawatt hours) 3,793 3,929 15,328 14,567 Generation facility availability (excluding Sundance PPA) (%) 94% 99% 94% 95% Revenues $ 280 $ 337 $ 1,214 $ 1,241 Adjusted EBITDA 2 $ 144 $ 134 $ 520 $ 482 Net income $ 26 $ 34 $ 102 $ 86 Net income attributable to shareholders of the Company $ 28 $ 35 $ 111 $ 90 Basic and diluted earnings per share $ 0.21 $ 0.29 $ 0.91 $ 0.70 Normalized earnings attributable to common shareholders 2 $ 26 $ 41 $ 117 $ 111 Normalized earnings per share 2 $ 0.27 $ 0.42 $ 1.22 $ 1.15 Net cash flows from operating activities $ 69 $ 114 $ 375 $ 419 Funds from operations 2 $ 75 $ 125 $ 384 $ 400 Purchase of property, plant and equipment and other assets $ 174 $ 17 $ 313 $ 140 Dividends per common share, declared $ 0.3900 $ 0.3650 $ 1.5100 $ 1.4100 1 The operational and financial highlights in this press release should be read in conjunction with the Company’s Management’s Discussion and Analysis and the audited Consolidated Financial Statements for the year ended December 31, 2016. 2 Earnings before finance expense, income tax expense, depreciation and amortization, impairments, foreign exchange gains or losses, finance expense from joint venture, and gains or losses on disposals (adjusted EBITDA), normalized earnings attributable to common shareholders, normalized earnings per share and funds from operations are non-GAAP financial measures and do not have standardized meanings under GAAP and are, therefore, unlikely to be comparable to similar measures used by other enterprises. See Non-GAAP Financial Measures. 2 Significant events Project equity financing and completion of contract for output for Bloom Wind Bloom Wind is a 178 megawatt (MW) facility in southwestern Kansas consisting of 54 3.3 MW turbines and is anticipated to cost $358 million (US$272 million). Construction of Bloom Wind commenced during the third quarter of 2016. Commercial operation of the facility is expected in the third quarter of 2017. Capital Power will operate Bloom Wind under a 10-year fixed price contract with Allianz Risk Transfer (rated AA- stable by Standard & Poor’s), a subsidiary of Allianz SE, the worldwide insurance and asset management group, covering 100% of the project’s output. Under the contract, which was executed on April 21, 2016, Capital Power will swap the market revenue of the project’s generation for a fixed annual payment for a 10-year term. The agreement will secure long-term predictable revenues and mitigate generation volume uncertainty related to wind resources, allowing Bloom Wind to secure renewable energy tax equity financing and provide Capital Power the opportunity to complete its first wind development project in the growing U.S. renewables market. On December 13, 2016, the Company reached an agreement with Goldman Sachs Alternative Energy Group (Project Investor) to fund an expected 65 to 70 percent of Bloom Wind costs through equity contributions in exchange for Class A shares of a subsidiary of the Company. These equity contributions are expected to begin upon the completion of the project and satisfaction of all conditions precedent, which is currently anticipated to occur in the third quarter of 2017. The Project Investor is entitled to the majority of income and tax benefits from the project until the Project Investor achieves an agreed upon target rate of return. Subsequent to this date, the structure “flips” and the Company is entitled to the majority of income, cash flows and tax benefits, while the Project Investor’s equity investment will be accounted for as a non-controlling interest. Prior to the Project Investor achieving their target rate of return, their interest will be accounted for as tax equity financing within loans and borrowings. Termination of the Sundance PPA On March 24, 2016, Capital Power notified the Balancing Pool of the Company’s decision to terminate its role as Buyer of the Sundance PPA. The Company recorded a pre-tax non-cash loss of $53 million ($46 million post-tax) with respect to the de-recognition of the Sundance PPA intangible asset. Effective March 24, 2016, the Company also de-designated certain energy cash flow hedges related to forecasted transactions no longer expected to occur as a result of the Sundance PPA termination, which resulted in the reclassification of unrealized gains of $5 million ($4 million post-tax) from other comprehensive income (loss) to net income. No hedge ineffectiveness resulted from the de-designation of the cash flow hedges. During the third quarter of 2016, the Government of Alberta commenced legal action that sought to retroactively amend and restate certain power purchase arrangements, including the Sundance PPA, and prevent the Balancing Pool from accepting Capital Power’s termination of its role as Buyer of the Sundance PPA. On November 24, 2016, the Government of Alberta agreed to discontinue its legal action against Capital Power and to arrange for the Balancing Pool to accept Capital Power’s termination of its role as a Buyer of the Sundance PPA in accordance with the terms of the Sundance PPA. In consideration of these actions, Capital Power and its syndicate partners agreed to pay the Balancing Pool $39 million, of which Capital Power’s portion is $20 million ($15 million post-tax). Off-coal agreement On November 24, 2016, the Company announced it had reached an agreement with the Government of Alberta related to the transition away from coal-fired generation in Alberta by 2030. As compensation for the capital that the Company invested in coal generating assets that will be stranded effective December 31, 2030, Capital Power will receive cash payments from the Province of Alberta of $52 million annually for 14 years, commencing July 31, 2017 through to July 31, 2030, for a total of $734 million. Capital Power has agreed to continue to participate in the Alberta electricity market, support the local communities surrounding the coal facilities through 2030, and fulfill its pension and other commitments to employees. This settlement also recognizes the potential for extending the economic lives of certain assets through conversion to natural gas.
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