Capital Power Taps Veteran CFO for Ambitious Growth Strategy

EDMONTON, Alberta – February 19, 2026 – Capital Power Corporation (TSX: CPX) has named seasoned energy industry finance leader Kevin MacIntosh as its next Executive Vice President and Chief Financial Officer, a strategic move that signals a deepened commitment to its ambitious North American growth plans. The appointment, effective March 16, 2026, brings a leader with over three decades of experience in complex global energy organizations to the helm of the company’s finances.

Mr. MacIntosh joins Capital Power at a pivotal moment. The independent power producer is aggressively expanding its footprint, particularly in the United States, and navigating a rapidly evolving energy market characterized by soaring demand from new technologies and a complex transition to lower-carbon sources. His extensive background, which includes senior roles at Suncor Energy and Irving Oil, is seen as a direct match for the challenges and opportunities ahead.

“As a seasoned and technology-minded financial leader, Kevin’s depth of experience with publicly traded and private energy companies across North America – including Suncor Energy and Irving Oil – aligns with our growth strategy,” said Avik Dey, President and CEO of Capital Power. “He will play a critical role in sustaining Capital Power’s performance, bringing expertise across crucial functions including capital allocation, acquisition integration, cross-border reporting and controls, and optimization of enterprise business process.”

A Strategic Play for U.S. Expansion

Mr. MacIntosh’s appointment is intrinsically linked to Capital Power’s aggressive growth strategy, which is heavily focused on acquisitions and expansion south of the border. The company has set a target of growing its U.S. fleet by 50% between 2026 and 2030, aiming for shareholder returns of 13-15% during that period. This strategy hinges on the successful acquisition and integration of existing natural gas assets, which the company views as a more economical path than building new facilities from the ground up.

This approach was clearly demonstrated in mid-2025, when Capital Power acquired two significant natural gas-fired generation facilities—the 1,124 MW Hummel Station in Pennsylvania and the 1,023 MW Rolling Hills facility in Ohio—from LS Power for approximately $3.0 billion. These acquisitions are projected to be 17-19% accretive to adjusted funds from operations (AFFO) per share over the next five years.

Mr. MacIntosh's track record is particularly relevant in this context. During his tenure at Suncor Energy, he served as the finance integration lead when the company assumed operatorship of Syncrude Company Limited, a massive and complex undertaking. His proven expertise in M&A integration and managing cross-border transactions will be invaluable as Capital Power continues to execute large-scale acquisitions in the U.S. market.

Modernizing Finance in a Shifting Energy Landscape

Beyond M&A, Mr. MacIntosh is expected to drive internal transformation. Described by CEO Avik Dey as a “technology-minded financial leader,” his work at Suncor included leading the implementation of a next-generation intelligent ERP system and spearheading geographic consolidation efforts. This experience in modernizing financial operations and leveraging technology for strategic advantage aligns with broader industry trends, where digital transformation is moving from pilot projects to core operations to boost efficiency and reliability.

This focus on optimization will be crucial as Capital Power balances its diverse portfolio of natural gas, renewables, and battery storage. The company is not only acquiring assets but also advancing new development projects, including approximately 350 MW of flexible generation in Ontario and 300 MW of new renewables in Alberta and North Carolina. Furthermore, it is exploring opportunities in the high-growth data center market, which demands sophisticated energy service agreements and robust infrastructure.

Mr. MacIntosh's expertise in enterprise business process optimization is expected to help the company streamline its operations and enhance financial controls across its expanding and increasingly complex asset base.

Experienced Leadership for Volatile Times

The North American power sector is facing a confluence of powerful forces. The rise of artificial intelligence, data center proliferation, and broad electrification are creating an unprecedented surge in electricity demand, straining grid reliability. Simultaneously, the push for decarbonization continues, while regulatory hurdles and supply chain disruptions create persistent challenges. In this environment, experienced leadership is paramount.

With over 30 years in the energy sector, Mr. MacIntosh brings a steady hand. His career has seen him navigate diverse regulatory landscapes and manage complex energy trading operations at Irving Oil. This deep industry knowledge will be critical as Capital Power navigates market volatility and policy uncertainty.

The company is entering this new phase from a position of financial strength. For the first nine months of 2025, it reported a 15% increase in adjusted EBITDA to $1.166 billion. For 2026, Capital Power has guided for adjusted EBITDA between $1.565 billion and $1.765 billion, reflecting the contributions of its recent acquisitions and ongoing operational performance.

A Seamless Leadership Transition

The appointment of Mr. MacIntosh marks the culmination of a carefully managed leadership transition in Capital Power's finance department. The search for a new CFO began after Sandra Haskins, a 23-year veteran of the company, announced her retirement in late 2025.

Scott Manson, the company’s Chief Accounting Officer & Treasurer, stepped into the role of Interim CFO. Mr. Dey extended his gratitude for his leadership during this period, stating, “On behalf of the Board, the executive team and all of Capital Power, I thank Scott Manson for his strong leadership and expertise, including his service as Interim CFO.”

To ensure continuity and a smooth handover, Mr. Manson will remain in his role to support Mr. MacIntosh’s onboarding process until the end of April 2026. This deliberate transition underscores the company's focus on stability as it embarks on its next chapter of growth.

Expressing his enthusiasm for the new role, Mr. MacIntosh noted the company's unique position. “As a leader in North America’s energy sector, Capital Power’s ambitious growth strategy paired with its depth of operational expertise across key energy markets marks an exciting time in its history,” he said. “I’m excited to work with Avik, the management team and the bright team of financial leaders at the company to drive Capital Power’s strategy forward.”