Capital Power reports steep drop in first-quarter earnings

Hydro towers are seen in Montreal, Wednesday, Aug. 30, 2023. THE CANADIAN PRESS/Christinne Muschi

EDMONTON — Electricity generator Capital Power Corp. has reported a steep drop in profits for the first three months of the year.

The Edmonton-based company posted net income attributable to shareholders of $15 million, or four cents per share, compared with $151 million, or $1.03 per share in the same 2025 quarter.

Capital Power says the decrease was partly related to higher depreciation and amortization at two U.S. facilities it acquired last year as well as borrowing to fund growth initiatives.

Adjusted funds from operations — a measure Capital Power says reflects its ability to fund growth, repay debt and pay dividends — fell to $154 million, or 98 cents per share, versus $218 million, or $1.57 per share in the year-earlier quarter.

The company attributed that decrease to higher spending on its U.S. portfolio and an increased current income tax expense.

Revenues and other income for the quarter were $1.2 billion, up from $988 million in the first quarter of 2025.

This report by The Canadian Press was first published April 29, 2026.