Capital Power
Canadian independent power generation company developing, owning and operating electricity-generation facilities.
Last updated August 31, 2026
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Overview
Capital Power is an Edmonton-based Canadian independent power producer that develops, acquires, owns and operates electricity-generation facilities. Its portfolio spans natural-gas-fired generation, wind, solar, hydroelectric generation, landfill gas and waste-heat recovery. The company operates in Canada and the United States, serving wholesale electricity markets and, in some cases, counterparties through power-purchase arrangements or other commercial contracts. The business traces its institutional history to the Edmonton Electric Lighting and Power Company, formed in 1891. It later operated under the Edmonton Power name and became part of EPCOR Utilities. Capital Power was established as a separate publicly traded power-generation business in 2009, when EPCOR Utilities completed an initial public offering for a 25 percent interest in the new company. This separation gave the generation business an independent corporate and capital structure while retaining a long connection with Edmonton’s electricity system. Capital Power expanded through a combination of development, acquisitions, joint ventures and portfolio recycling. Early examples included the Clover Bar Landfill Gas facility, commissioned in 2005, and the acquisition of the Island Generation combined-cycle gas plant in British Columbia in 2010. The company subsequently added large thermal and renewable assets, including the Keephills 3 facility in Alberta, the Quality Wind project in British Columbia, and the Shepard Energy Centre near Calgary, developed with ENMAX. Its strategy has included maintaining dispatchable thermal generation while increasing exposure to wind, solar and lower-emission technologies. The company has also participated in carbon-conversion research: its Shepard facility hosted the Alberta Carbon Conversion Technology Centre and supplied flue gas for the NRG COSIA Carbon XPRIZE testing program. In the United States, Capital Power has built or acquired generation in markets including Arizona, California, Kansas, Texas, Illinois, Alabama, Michigan, New Mexico and North Carolina. Recent portfolio growth has focused on gas-fired assets in western U.S. power markets. Capital Power acquired a 50.15 percent interest in Washington’s Frederickson 1 Generating Station in December 2023. It also completed the acquisitions of the Harquahala facility in Arizona and the La Paloma facility in California in February 2024. Alongside operating assets, the company has pursued repowering, battery-storage, wind, solar and plant-upgrade projects. Capital Power’s current identity is therefore that of a geographically diversified power producer balancing dispatchable generation, renewable development, operational optimization and carbon-management initiatives.
History
Capital Power’s roots reach back to the Edmonton Electric Lighting and Power Company, established in 1891. The generation business later became associated with Edmonton Power and EPCOR Utilities. In 2009, EPCOR created Capital Power as a separately traded power-generation company and issued 25 percent of the business through an initial public offering. Before and after the separation, the business assembled a broad generation portfolio. The Clover Bar Landfill Gas facility in Edmonton began operating in 2005, using gas collected from the city’s Waste Management Centre. In 2010, Capital Power acquired the 275-megawatt Island Generation combined-cycle gas plant in Campbell River, British Columbia. In 2011, it and TransAlta completed the 495-megawatt Keephills 3 facility in Alberta. The company expanded its North American footprint in 2011 when Capital Power Income LP’s Roxboro and Southport plants in North Carolina became part of Capital Power’s portfolio following Atlantic Power’s acquisition of Capital Power Income. In 2012, Innergex acquired Capital Power’s Brown Lake and Miller Creek hydro facilities, illustrating the company’s use of portfolio sales as well as acquisitions. That year also saw the commercial start of the 142-megawatt Quality Wind project in British Columbia and the announcement of a joint venture with ENMAX to develop the 800-megawatt Shepard Energy Centre in Calgary. In 2013, Emera acquired Capital Power facilities in Connecticut, Rhode Island and Maine. Capital Power subsequently concentrated on a combination of Canadian and U.S. thermal and renewable assets. In 2017, it agreed to acquire Veresen’s thermal power business, including two gas-fired facilities and two waste-heat assets. The same year, Bloom Wind in Kansas entered commercial operation. Capital Power also became involved in carbon-utilization research through the Shepard facility, which supplied flue gas for the Carbon XPRIZE and hosted the Alberta Carbon Conversion Technology Centre. The company’s operating portfolio now includes gas, wind, solar, landfill-gas and waste-heat facilities across Canada and the United States. Its more recent expansion included the acquisition of a 50.15 percent stake in Frederickson 1 in Washington, completed in December 2023, followed by the February 2024 completion of acquisitions of Harquahala in Arizona and La Paloma in California. Capital Power continues to develop and upgrade generation assets, including repowering work at Genesee, potential battery storage at Goreway, additional wind development at Halkirk, and solar projects in the United States and Alberta.
- 2024
Harquahala and La Paloma acquisitions close
[1]Capital Power completes its acquisitions of two large gas-fired generation facilities in Arizona and California.
- 2023
Frederickson 1 acquisition is announced
[1]Capital Power announces the planned acquisition of a 50.15 percent interest in Frederickson 1 in Washington state.
- 2017
Bloom Wind begins commercial operation
[1]The Bloom Wind project in Kansas enters commercial operation.
- 2012
Quality Wind enters commercial operation
[1]The 142-megawatt Quality Wind project in British Columbia begins commercial operation.
- 2012
Shepard Energy Centre joint venture is announced
[1]Capital Power and ENMAX announce a partnership to build, own and operate the 800-megawatt Shepard Energy Centre near Calgary.
- 2011
Keephills 3 begins commercial operation
[1]Capital Power and TransAlta complete the 495-megawatt Keephills 3 generating facility in Alberta.
- 2010
Island Generation is acquired
[1]Capital Power acquires the 275-megawatt Island Generation gas-fired combined-cycle plant in British Columbia.
- 2009
Capital Power is established through an IPO
[1]EPCOR Utilities creates Capital Power as a separate generation company and issues a 25 percent interest through an initial public offering.
- 2005
Clover Bar Landfill Gas facility is commissioned
[1]The Edmonton facility begins using landfill gas from the City of Edmonton’s Waste Management Centre to generate electricity.
- 1891
Edmonton Electric Lighting and Power Company is formed
[1]The corporate lineage associated with Capital Power begins with the formation of Edmonton Electric Lighting and Power Company.
Products and positioning
A diversified North American independent power producer combining dispatchable thermal generation with wind, solar, landfill-gas and waste-heat assets, while pursuing repowering, storage and carbon-conversion opportunities.
Thermal power generation
Natural-gas-fired generation
Capital Power owns and operates gas-fired facilities including combined-cycle and other thermal generation assets. These plants provide dispatchable electricity and support reliability in the markets where they operate. The portfolio includes Island Generation, Shepard Energy Centre, Arlington Valley, Decatur Energy Center, Goreway, York Energy Centre, Frederickson 1, Harquahala and La Paloma.
Renewable electricity · 2012
Wind power
The company’s wind portfolio includes Quality Wind, Bloom Wind, Halkirk Wind, Whitla Wind, Buckthorn Wind, Cardinal Point Wind, Kingsbridge Wind, Macho Springs Wind, New Frontier Wind, and Port Dover and Nanticoke Wind. These projects provide renewable generation across Canadian and U.S. power markets.
Renewable electricity
Solar power
Capital Power operates or develops solar assets including Beaufort Solar, Clydesdale Solar and Strathmore Solar, and has additional solar development activity in North Carolina. The projects broaden the portfolio beyond thermal generation and complement the company’s wind assets.
Low-carbon and recovered-energy generation · 2005
Landfill gas and waste-heat generation
Clover Bar Landfill Gas uses methane captured from Edmonton’s landfill operations. Capital Power also operates waste-heat assets such as 150 Mile House Waste Heat and Savona Waste Heat in British Columbia, recovering energy that would otherwise be released from industrial processes.
Renewable electricity
Hydroelectric generation
Hydroelectric generation formed part of Capital Power’s historical portfolio, including the Brown Lake and Miller Creek facilities in British Columbia. Those two assets were sold to Innergex in 2012, so they are not current flagship operating assets of the company.
Marketing campaigns
- 2017NRG COSIA Carbon XPRIZE and Alberta Carbon Conversion Technology Centre
Canada · International technology research
Capital Power and ENMAX made Shepard Energy Centre available as the natural-gas testing site for the NRG COSIA Carbon XPRIZE. The related Alberta Carbon Conversion Technology Centre used flue gas from the facility to support the development and testing of technologies intended to convert carbon dioxide into useful products.
Outcome. The Shepard facility became a test platform for carbon-conversion innovators and a visible component of Capital Power’s carbon-management and technology-development activities.
Brand decisions
2023
Acquire interests in U.S. gas-generation assetsM&ABackground
Capital Power targeted dispatchable generation in western U.S. electricity markets.
Action taken
The company announced the purchase of a 50.15 percent interest in Frederickson 1 and separately agreed to acquire Harquahala and La Paloma.
Aftermath
Frederickson 1 was acquired in December 2023, while the Harquahala and La Paloma transactions closed in February 2024.
Announced consideration for Harquahala and La Paloma. Approximately $1.1 billion (November 2023 announcement)
2017
Acquire Veresen’s thermal power businessM&ABackground
Capital Power pursued additional gas-fired and recovered-energy generation assets to expand its North American thermal portfolio.
Action taken
The company entered an agreement to acquire Veresen’s thermal power business, comprising two gas-fired facilities and two waste-heat assets.
Aftermath
The transaction broadened Capital Power’s operating portfolio with additional dispatchable and waste-heat generation.
2012
Develop the Shepard Energy Centre with ENMAXStrategyBackground
Capital Power and ENMAX sought to add a large, efficient natural-gas generation facility to Alberta’s electricity system.
Action taken
The companies announced a joint venture to build, own and operate the 800-megawatt Shepard Energy Centre in Calgary.
Aftermath
Shepard became a major operating asset and later served as a platform for carbon-conversion technology testing.
2009
Separate the generation business from EPCOR through a public offeringStrategyBackground
EPCOR Utilities had a long-established generation business associated with Edmonton Power. The creation of Capital Power provided that business with a separate corporate identity and publicly traded capital structure.
Action taken
EPCOR issued a 25 percent interest in the new Capital Power business through an initial public offering.
Aftermath
Capital Power became an independent publicly listed power-generation company while retaining its historical Edmonton roots.
Recent events
- 2024
Capital Power completes Harquahala and La Paloma acquisitions[1]
M&A
Capital Power completed the acquisitions of the Harquahala facility in Arizona and the La Paloma facility in California.
- 2023
Capital Power completes acquisition of Frederickson 1 Generating Station interest[1]
M&A
Capital Power completed the purchase of a 50.15 percent interest in the natural-gas-fired Frederickson 1 Generating Station in Washington state.
- 2023
Capital Power announces acquisition of Harquahala and La Paloma facilities[1]
M&A
The company announced an agreement to acquire two large natural-gas-fired facilities in Arizona and California for approximately $1.1 billion.
- 2017
Shepard Energy Centre selected for carbon-conversion technology testing[1]
Campaign · Other
The Shepard Energy Centre was selected as the natural-gas testing site for the NRG COSIA Carbon XPRIZE and the Alberta Carbon Conversion Technology Centre.
Sources3 sources
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