- Fourth-quarter revenue dropped, but Capital Power Corporation (CPX) recorded growth across the full 2022 fiscal year
- The Edmonton-based power generator also upped its 2022 yearly dividends to $2.255 from $2.12 the year before
- Fourth quarter EBITDA amounted to $303 million with a net loss of $99 million
- Capital Power Corporation (CPX) is down 1.39 percent, trading at $41.88 at 12:13 p.m. ET
Fourth-quarter revenue dropped, but Capital Power Corporation (CPX) recorded growth across the full 2022 fiscal year.
The company generated a net cash flow of $935 million, equating to Adjusted Funds From Operations of $848 million for the year. Adjusted EBITDA worked out to $1.353 billion and a net income of $128 million.
Fourth quarter EBITDA amounted to $303 million with a net loss of $99 million.
Higher-than-forecast spot electricity prices in Alberta helped to prop up revenue, but warmer-than-average winter months lowered energy consumption.
“We delivered record financial performance in 2022 that benefitted from elevated Alberta spot power prices that averaged $162 per megawatt hour in the year, the acquisition of the Midland Cogeneration facility, and strong contributions across the fleet,” Chief Financial Officer Sandra Haskins said in a statement.
“2023 started with one of the warmest winters in history, driving settled power prices well below expectations. As a result, average forward power prices for the year have modestly declined, resulting in Capital Power trending towards the lower end of our adjusted EBITDA and AFFO guidance ranges of $1,455 million to $1,515 million and $805 million to $865 million, respectively. Going forward, we expect to see similar market volatility as we have seen in recent years and given our competitive fleet of Alberta assets, we are well-positioned to capitalize on these opportunities. We will provide further updates with our first quarter 2023 results.”
The Edmonton-based power generator also upped its 2022 yearly dividends to $2.255 from $2.12 the year before.
Capital project highlights include completing the 75-megawatt Clydesdale Solar Project in Taber, Alberta, on schedule. Commercial operations started in December.
Capital Power owns approximately 7,500 MW of power generation capacity at 29 facilities across North America.
Capital Power Corporation (CPX) is down 1.39 percent, trading at $41.88 at 12:13 p.m. ET.
