Capital Power reports strong second quarter 2018 results and announces a 7% dividend increase for its common shares
Company remains on track to achieve results above the midpoint of the annual financial target range
EDMONTON, Alberta, July 30, 2018 (GLOBE NEWSWIRE) -- Capital Power Corporation (TSX: CPX) today released financial results for the quarter ended June 30, 2018.
Second Quarter Highlights
Quarterly dividend increased to $0.4475 ($1.79 annualized) per common share, our 5th consecutive annual increase
Net cash flows from operating activities of $109 million, up 40% over last year and adjusted funds from operations of $76 million, up 73% over last year
Purchased and cancelled 1.0 million common shares under the Normal Course Issuer Bid
Secured additional natural gas delivery capacity for the Genesee site to enable increased natural gas co-firing capacity and allow for future coal to gas conversion
“I am pleased to announce that the Board of Directors has approved a 7% per common share dividend increase effective with the third quarter 2018 dividend payment, which is consistent with our 7% annual dividend growth guidance to 2020,” said Brian Vaasjo, President and CEO of Capital Power. “Our dividend growth is supported by adjusted funds from operations (AFFO) per share growth and our payout ratio target of 45% to 55%.”
Net cash flows from operating activities were $109 million in the second quarter of 2018 compared with $78 million in the second quarter of 2017. Adjusted funds from operations were $76 million in the second quarter of 2018, compared to $44 million in the second quarter of 2017.
Net income attributable to shareholders in the second quarter of 2018 was $70 million and basic earnings per share was $0.57 per share, compared with net income attributable to shareholders of $109 million, and basic earnings per share of $1.03, in the comparable period of 2017. Normalized earnings attributable to common shareholders in the second quarter of 2018, after adjusting for non-recurring items and fair value adjustments, were $23 million or $0.22 per share compared with $26 million or $0.27 per share in the second quarter of 2017.
Net cash flows from operating activities were $252 million for the six months ended June 30, 2018 compared with $177 million for the six months ended June 30, 2017. Adjusted funds from operations were $161 million for the six months of 2018, compared to $132 million in the comparable six month period last year.
For the six months ended June 30, 2018, net income attributable to shareholders was $113 million and basic earnings per share was $0.89 per share compared with $159 million and $1.47 per share for the six months ended June 30, 2017. For the six months ended June 30, 2018, normalized earnings attributable to common shareholders were $54 million, or $0.52 per share, compared with $59 million, or $0.61 per share, in the first six months of 2017.
“Capital Power’s financial results for the second quarter of 2018 exceeded management’s expectations,” said Mr. Vaasjo. “With low natural gas prices combined with strong Alberta power prices, we continued to optimize the use of gas-fired generation in our gas and coal facilities. The second quarter results included re-negotiated commercial terms of the tax-equity agreement for Bloom Wind that was triggered from the change in U.S. tax laws. The re-negotiated terms resulted in a one-time, non-cash $44 million increase to Adjusted EBITDA. Excluding the Bloom Wind re-negotiation impacts and mark-to-market adjustments, Adjusted EBITDA was $157 million, an increase of 26% from the prior year.”
“The average Alberta spot price of $56 per megawatt hour (MWh) in the second quarter of 2018 confirms that the Alberta power market has recovered,” continued Mr. Vaasjo. The positive outlook for the Alberta power market is also reflected by forward prices in the mid-$50/MWh for 2019. With our unhedged baseload position and nearly 500 megawatts of peaking natural gas and wind facilities, Capital Power is well-positioned to benefit from higher power prices and price volatility. Our expectation for adjusted funds from operations in 2018 continues to be above the midpoint of the $360 million to $400 million guidance range.”
On June 29, 2018, the Alberta Electric System Operator (AESO) published the final draft of its Comprehensive Market Design (CMD Final) outlining the proposed design and details for Alberta’s capacity market.
“Overall, CMD Final builds on previous iterations and is consistent with our view of a properly designed capacity market,” said Mr. Vaasjo. “It provides an opportunity for existing and new assets to earn a return on and of capital. Under this market design, Capital Power is well-positioned to maintain its competitive position in the Alberta market.”
The Company continued to be active with its Normal Course Issuer Bid (NCIB) by purchasing and cancelling 1.0 million common shares for a total cost of $25 million in the second quarter. In the first half of 2018, the Company purchased and cancelled 1.7 million shares for a total cost of $42 million. Under its TSX approved NCIB, the Company can purchase and cancel up to 9.3 million common shares during the one-year period ending February 20, 2019.
Capital Power continues to make progress on its renewables growth strategy. In June 2018, the Company added the 77.5 megawatt Green Hills Wind project, located in the state of Missouri, to its United States growth pipeline. Capital Power has approximately 1,200 megawatts of potential wind development opportunities located throughout the United States. The Company actively participates in competitive bidding opportunities to acquire contracted wind assets as well as sourcing contracts for its existing development opportunities.
The Company is also well-positioned to participate in Alberta’s Renewable Electricity Program competition. Capital Power currently has three contracted wind projects under advanced development or construction that will add 450 megawatts of renewables generation to its fleet within the next two years. In addition, the Company’s Halkirk 2 wind project was approved by the Alberta Utilities Commission during the second quarter of 2018.
Operational and Financial Highlights 1 (unaudited)
Three months ended June 30
Six months ended June 30
(millions of dollars except per share and operational amounts)
2018
2017
2018
2017
Electricity generation (Gigawatt hours)
4,584
3,674
9,610
7,636
Generation facility availability
93
%
94
%
95
%
96
%
Revenues and other income
$
363
$
201
$
670
$
539
Adjusted EBITDA 2
$
223
$
96
$
395
$
239
Net income
$
68
$
107
$
109
$
154
Net income attributable to shareholders of the Company
$
70
$
109
$
113
$
159
Basic earnings per share
$
0.57
$
1.03
$
0.89
$
1.47
Diluted earnings per share
$
0.57
$
1.03
$
0.89
$
1.47
Normalized earnings attributable to common shareholders 2
$
23
$
26
$
54
$
59
Normalized earnings per share 2
$
0.22
$
0.27
$
0.52
$
0.61
Net cash flows from operating activities
$
109
$
78
$
252
$
177
Adjusted funds from operations 2, 3
$
76
$
44
$
161
$
132
Adjusted funds from operations per share 2
$
0.74
$
0.45
$
1.55
$
1.36
Purchase of property, plant and equipment and other assets
$
66
$
63
$
106
$
148
Dividends per common share, declared
$
0.4175
$
0.3900
$
0.8350
$
0.7800
1 The operational and financial highlights in this press release should be read in conjunction with Management’s Discussion and Analysis and the unaudited condensed interim consolidated financial statements for the six months ended June 30, 2018.
2 Earnings before net finance expense, income tax expense, depreciation and amortization, impairments, foreign exchange gains or losses, finance expense and depreciation expense from its joint venture interests, and gains or losses on disposals (adjusted EBITDA), normalized earnings attributable to common shareholders, normalized earnings per share, adjusted funds from operations and adjusted funds from operations per share 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.
3 Commencing with the Company’s March 31, 2018 quarter-end, the reported adjusted funds from operations measure was refined to better reflect the purpose of the measure (see Non-GAAP Financial Measures). The applicable comparable periods have been adjusted to conform to the current period’s presentation.
Significant Events
Genesee contracted physical natural gas capacity
During the second quarter, Capital Power secured additional physical natural gas delivery capacity for the Genesee site. This capacity enables increased natural gas co-firing in 2019 and allows for full conversion of the facility to natural gas as early as 2020.
Genesee royalty rate agreement
During the second quarter, Capital Power entered into an agreement with Genesee Royalty Limited Partnership establishing a fixed royalty rate structure in place of the previous structure which was based on coal regulations from the 1980’s. The new structure provides improved royalty cost certainty in the future.
Investment in C2CNT
In May 2018, Capital Power acquired a 5% equity interest in C2CNT, a company that developed and is now testing at scale an innovative technology that captures and transforms carbon dioxide (CO2) into a useful and high-value product called carbon nanotubes, for total consideration of $3.2 million (US$2.5 million). This technology will take CO2 from many sources including emissions from thermal power generation and other industrial processes and convert it into a carbon-based product that can be used in various industries. This investment in C2CNT supports Capital Power’s pursuit of innovative and leading-edge technology and approaches that have the potential to reduce greenhouse gases. Included with the acquisition is an option that may be elected prior to March 1, 2020 to increase the Company’s equity interest in C2CNT by an additional 20%.
Bloom Wind tax equity agreement amendment
As part of the enactment of the U.S. Tax Cuts and Jobs Act of 2017 in the fourth quarter of 2017, and the resulting reduction in the U.S. Federal corporate tax rate (effective January 1, 2018), a change in tax law provision was triggered in the tax equity agreement for Bloom Wind. As a result, in May of 2018, the Company re-negotiated certain commercial terms within the tax equity agreement for Bloom Wind. The re-negotiated terms of the Bloom Wind tax equity agreement resulted in an interest rate increase on the tax equity financing balance. As well, a one-time reduction to the tax equity financing balance by $44 million (US $33 million) was recorded relating to additional tax benefits used by the tax equity partner. The overall impact of the re-negotiated terms of the tax-equity agreement resulted in a one-time, non-cash increase in net income after tax of $15 million (US $11 million). Under the re-negotiated tax equity agreement and considering the reduction in the U.S. Federal corporate tax rate, the Company has maintained its original expected returns for the project.
Completion of contracts for Cardinal Point Wind
On April 30, 2018, Capital Power announced that the construction of Cardinal Point Wind will proceed once all applicable regulatory approvals are received. Cardinal Point Wind is a 150 MW facility to be constructed in the McDonough and Warren Counties, Illinois, and is anticipated to cost between $289 million and $301 million (US$236 million to US$246 million). Commercial operation of the facility is expected in March of 2020. Capital Power will operate Cardinal Point Wind under a 12-year fixed price contract with an investment grade U.S. financial institution covering 85% of the facility’s output. Under the contract, Capital Power will swap the market revenue of the facility’s generation for a fixed price payment over a 12-year term. In addition, the Cardinal Point Wind project has secured 15-year, fixed-price Renewable Energy Credit (REC) contracts with three Illinois utilities. The REC and output contracts will secure long-term predictable revenues, allowing Cardinal Point Wind to secure renewable energy tax equity financing and provide Capital Power the opportunity to complete its third wind development project in the growing U.S. renewables market.
Executive appointment
Consistent with the Company’s ongoing commitment to sustainability, during the second quarter of 2018, the Company named Senior Vice President, Kate Chisholm, its Chief Legal and Sustainability Officer, and sustainability was added to the Board of Directors’ mandate.
Subsequent Event
Dividend increase
On July 27, 2018, the Company’s Board of Directors approved an increase of 7% in the annual dividend for holders of its common shares, from $1.67 per common share to $1.79 per common share. This increased common dividend will commence with the third quarter 2018 quarterly dividend payment on October 31, 2018 to shareholders of record at the close of business on September 28, 2018.
Analyst conference call and webcast
Capital Power will be hosting a conference call and live webcast with analysts on July 30, 2018 at 8:00 am (MDT) to discuss the second quarter financial results. The conference call dial-in numbers are:
(604) 638-5340 (Vancouver) (403) 351-0324 (Calgary) (416) 915-3239 (Toronto) (514) 375-0364 (Montreal) (800) 319-4610 (toll-free from Canada and USA)
Interested parties may also access the live webcast on the Company’s website at www.capitalpower.com with an archive of the webcast available following the conclusion of the analyst conference call.
Non-GAAP Financial Measures
The Company 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 its joint venture interests, and gains or losses on disposals (adjusted EBITDA), (ii) adjusted funds from operations, (iii) adjusted funds from operations per share (iv) normalized earnings attributable to common shareholders, and (v) normalized earnings per share as financial performance measures.
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 the Company, 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 the Company’s results of operations from management’s perspective.
Adjusted EBITDA
Capital Power uses adjusted EBITDA to measure the operating performance of facilities and categories of facilities from period to period. Management believes that a measure of facility operating performance is more meaningful if results not related to facility operations such as impairments, foreign exchange gains or losses and gains or losses on disposals are excluded from the adjusted EBITDA measure.
A reconciliation of adjusted EBITDA to net income is as follows:
(unaudited, $ millions)
Three months ended
Jun 30 2018
Mar 31 2018
Dec 31 2017
Sep 30 2017
Jun 30 2017
Mar 31 2017
Dec 31 2016
Sep 30 2016
Revenues and other income
363
307
261
346
201
338
280
374
Energy purchases and fuel, other raw materials and operating charges, staff costs and employee benefits expense, and other administrative expense
(152
)
(153
)
(125
)
(198
)
(119
)
(208
)
(148
)
(232
)
Adjusted EBITDA from joint ventures 1
12
18
18
10
14
13
12
6
Adjusted EBITDA
223
172
154
158
96
143
144
148
Depreciation and amortization
(74
)
(75
)
(72
)
(74
)
(65
)
(60
)
(53
)
(53
)
Impairment
-
-
-
(83
)
-
-
-
(6
)
Losses on termination of power purchase arrangement
-
-
-
-
-
-
(20
)
-
Foreign exchange gain (loss)
3
3
(4
)
21
9
2
(4
)
3
Net finance expense
(29
)
(33
)
(32
)
(31
)
(25
)
(20
)
(24
)
(21
)
Finance expense and depreciation expense from joint ventures 1
(8
)
(7
)
(13
)
(6
)
(2
)
(3
)
(3
)
(3
)
Income tax (expense) recovery
(47
)
(19
)
(46
)
8
94
(15
)
(14
)
(4
)
Net income (loss)
68
41
(13
)
(7
)
107
47
26
64
Net income (loss) attributable to:
Non-controlling interest
(2
)
(2
)
(3
)
(2
)
(2
)
(3
)
(2
)
(2
)
Shareholders of the Company
70
43
(10
)
(5
)
109
50
28
66
Net income (loss)
68
41
(13
)
(7
)
107
47
26
64
1 Total income from joint ventures as per the Company’s consolidated statements of income (loss).
Adjusted funds from operations and adjusted funds from operations per share
The Company uses adjusted funds from operations as a measure of the Company’s ability to generate cash from its current operating activities to fund growth capital expenditures, debt repayments and common share dividends to the Company’s shareholders. Commencing with the Company’s March 31, 2018 quarter-end, the Company made several adjustments to its adjusted funds from operations measure to better reflect the purpose of the measure. These changes included the following:
The reduction for sustaining capital expenditures historically included costs associated with the Company’s Genesee performance standard project. These costs have been considered further and given that the intent of this project is to improve efficiency of the facility, management considers these costs to be growth in nature, and hence they should not be considered sustaining capital expenditures that would be deducted in the adjusted funds from operations measure.
In prior periods, there has been an addback included for Part VI.1 preferred dividend tax impacts which effectively contemplated the associated tax deduction related to preferred share dividends that reduced current tax payable. Upon further consideration, since that deduction offsets the cash tax payable related to Part VI.1 preferred dividend taxes, the cash effects of the preferred dividend tax impacts should offset. The remaining impact to adjusted funds from operations should therefore be the current income tax expense without any adjustment pertaining to preferred dividend tax impacts.
Historically, the impacts of tax equity financing structures on adjusted funds from operations have been insignificant. With the commencement of commercial operations of Bloom Wind in 2017, management has revisited the flow of these operations through the adjusted funds from operations metric. Similar to the treatment of joint venture interests, the treatment of assets under tax equity financing structures has been adjusted to reflect the Company’s share of the adjusted funds from operations of these assets within consolidated adjusted funds from operations. To give effect to this change, the deduction for net finance expense now excludes non-cash implicit interest expense pertaining to tax equity financing structures. However, a deduction is made to remove the tax equity project investors’ respective shares of the adjusted funds from operations of the assets under tax equity financing structures, as determined by their shares of the distributable cash of the respective operations.
Comparative figures have been restated to reflect the above refinements to the adjusted funds from operations metric.
Adjusted funds from operations represents net cash flows from operating activities adjusted to include net finance expense and current income tax expense and exclude changes in operating working capital and distributions received from the Company’s joint venture interests. Net finance expense and current income tax expense are included as the timing of cash receipts and payments of interest and income taxes and the resulting cash basis amounts are not comparable from period to period. Changes in operating working capital are excluded from adjusted funds from operations as the timing of cash receipts and payments also affects the period-to-period comparability. Distributions received from the Company’s joint venture interests are excluded as the distributions are calculated after the effect of joint venture debt payments, which are not considered operating activities. Adjusted funds from operations is reduced by the tax equity financing project investors’ shares of adjusted funds from operations associated with assets under tax equity financing structures to ensure that only the Company’s share is reflected in the overall metric. Adjusted funds from operations also excludes the impact of fair value changes in certain unsettled derivative financial instruments that are charged or credited to the Company’s bank margin account held with a specific exchange counterparty. Adjusted funds from operations is reduced by sustaining capital expenditures and preferred share dividends and adjusted to include the Company’s share of the adjusted funds from operations of its joint venture interests and cash from coal compensation that will be received annually.
Commencing with the quarter ended March 31, 2018, the Company began presenting adjusted funds from operations per share. This metric is determined by applying adjusted funds from operations to the weighted average number of common shares used in the calculation of basic, diluted and normalized earnings per share.
A reconciliation of net cash flows from operating activities to adjusted funds from operations is as follows:
(unaudited, $ millions)
Three months ended June 30
Six months ended June 30
2018
2017
2018
2017
Net cash flows from operating activities per condensed interim consolidated statements of cash flows
109
78
252
177
Add (deduct) items included in calculation of net cash flows from operating activities per condensed interim consolidated statements of cash flows:
Interest paid
25
23
50
37
Change in fair value of derivatives reflected as cash settlement
(11
)
(2
)
(20
)
-
Distributions received from joint ventures
(6
)
(6
)
(19
)
(14
)
Miscellaneous financing charges paid 1
1
-
3
2
Income taxes paid
-
-
1
-
Change in non-cash operating working capital
10
8
(6
)
10
19
23
9
35
Net finance expense 2
(24
)
(22
)
(49
)
(39
)
Current income tax expense
(5
)
(5
)
(9
)
(7
)
Sustaining capital expenditures 3
(20
)
(30
)
(41
)
(34
)
Preferred share dividends paid
(10
)
(8
)
(20
)
(16
)
Remove tax equity interests’ respective shares of adjusted funds from operations
(2
)
(2
)
(4
)
(4
)
Adjusted funds from operations from joint ventures
9
10
23
20
Adjusted funds from operations
76
44
161
132
Weighted average number of common shares outstanding (millions)
103.1
98.1
103.6
97.2
Adjusted funds from operations per share ($)
0.74
0.45
1.55
1.36
1 Included in other cash items on the condensed interim consolidated statement of cash flows to reconcile net income to net cash flows from operating activities.
2 Excludes unrealized changes on interest rate derivative contracts, amortization, accretion charges and non-cash implicit interest on tax equity investment structures.
3 Includes sustaining capital expenditures net of partner contributions of $3 million and $5 million for the three and six months ended June 30, 2018, respectively, compared with $2 million and $4 million for the three and six months ended June 30, 2017, respectively.
Normalized earnings attributable to common shareholders and normalized earnings per share
The Company uses normalized earnings attributable to common shareholders and normalized earnings per share to measure performance by period on a comparable basis. Normalized earnings per share is based on earnings (loss) used in the calculation of basic earnings (loss) per share according to GAAP and adjusted for items that are not reflective of performance in the period such as unrealized fair value changes, impairment charges, unusual tax adjustments, gains and losses on disposal of assets or unusual contracts, and foreign exchange gain or loss on the revaluation of U.S. dollar denominated debt. The adjustments, shown net of tax, consist of unrealized fair value changes on financial instruments that are not necessarily indicative of future actual realized gains or losses, non-recurring gains or losses, or gains or losses reflecting corporate structure decisions.
(unaudited, $ millions except per share amounts and number of common shares)
Three months ended
Jun 30 2018
Mar 31 2018
Dec 31 2017
Sep 30 2017
Jun 30 2017
Mar 31 2017
Dec 31 2016
Sep 30 2016
Basic earnings (loss) per share ($)
0.57
0.32
(0.20
)
(0.13
)
1.03
0.44
0.21
0.63
Net income (loss) attributable to shareholders of the Company per condensed interim consolidated statements of income (loss)
70
43
(10
)
(5
)
109
50
28
66
Preferred share dividends including Part VI.1 tax
(11
)
(10
)
(11
)
(9
)
(8
)
(8
)
(8
)
(5
)
Earnings (loss) attributable to common shareholders
59
33
(21
)
(14
)
101
42
20
61
Unrealized changes in fair value of derivatives 1
(19
)
25
14
(31
)
23
(7
)
(8
)
(22
)
Non-cash tax equity adjustment (see Significant Events)
(15
)
-
-
-
-
-
-
-
Income tax adjustment
(2
)
2
-
-
-
-
-
-
Realized foreign exchange (gain) loss on settlement of foreign currency derivative instruments
-
(29
)
-
12
-
-
-
-
Impairment losses
-
-
-
53
-
-
-
4
Unrealized foreign exchange (gain) loss on revaluation of U.S. dollar denominated debt
-
-
(1
)
44
(12
)
(1
)
3
1
Realized foreign exchange gain on revaluation of U.S. dollar denominated debt
-
-
(1
)
(35
)
-
-
-
-
Recognition of U.S. deferred tax assets related to non-capital losses
-
-
-
-
(86
)
-
-
-
Losses on termination of the Sundance power purchase arrangement
-
-
-
-
-
-
15
-
Change in unrecognized tax benefits
-
-
-
-
-
-
-
(27
)
Provision for Line Loss Rule Proceeding
-
-
7
-
-
-
-
-
U.S. tax reform rate decrease
-
-
31
-
-
-
-
-
Deferred income tax (reduction) expense related to temporary difference on investment in subsidiary
-
-
-
-
-
-
(1
)
13
Success fee received related to development project
-
-
(3
)
-
-
-
(3
)
-
Release of tax liability on foreign domiciled investment
-
-
(1
)
-
-
(1
)
-
-
Normalized earnings attributable to common shareholders
23
31
25
29
26
33
26
30
Weighted average number of common shares outstanding (millions)
103.1
104.2
104.3
104.1
98.1
96.3
96.1
96.1
Normalized earnings per share ($)
0.22
0.30
0.24
0.28
0.27
0.34
0.27
0.31
1 Includes impacts of the interest rate non-hedge held by one of the Company’s joint ventures and recorded within income from joint ventures on the Company’s statements of income.
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 Power’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 expected results in relation to the 2018 AFFO guidance range and expectations pertaining to the construction cost and commercial operations date for Cardinal Point Wind.
These statements are based on certain assumptions and analyses made by the Company in light of its experience and perception of historical trends, current conditions, expected future developments and other factors it believes are appropriate. The material factors and assumptions used to develop these forward-looking statements relate to: (i) electricity, other energy and carbon prices, (ii) anticipated facility performance, (iii) business prospects and opportunities including expected growth and capital 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 prices in markets in which the Company operates, (ii) changes in energy commodity market prices and use of derivatives, (iii) regulatory and political environments including changes to environmental, financial reporting, market structure and tax legislation, (iv) facility availability and performance including maintenance of equipment, (v) ability to fund current and future capital and working capital needs, (vi) developments including timing and costs of regulatory approvals and construction, (vii) changes in market prices and availability of fuel, and (viii) changes in general economic and competitive conditions. See Risks and Risk Management in the Company’s Management’s Discussion and Analysis for the year ended December 31, 2017, prepared as of February 15, 2018, 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 in the Company’s expectations or any change in events, conditions or circumstances on which any such statement is based, except as required by law.
For more information, please contact:
Media Relations:Investor Relations: Michael Sheehan Randy Mah (780) 392-5222 (780) 392-5305 or (866) 896-4636 (toll-free) msheehan@capitalpower.com investor@capitalpower.com
Source: GlobeNewswire
(July 30, 2018 - 7:00 AM EDT)
