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This article was published 02/08/2022 (306 days ago), so information in it may no longer be current.

EDMONTON – Capital Power Corp. reported a strong jump in profit in the second quarter and has increased its financial guidance for 2022.

The power generation company says it earned net income of $77 million for the three months ended June 30, compared to $17 million a year earlier.

Capital Power reported 59 cents per diluted share in the second quarter compared with five cents per diluted share in the same period last year.

The Edmonton-based company increased its 2022 annual financial guidance for adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) to $1,240 million to $1,280 million from $1,110 million to $1,160 million, as well as adjusted funds from operations (AFFO) to $700 million to $740 million from original guidance of $580 million to $630 million.

Capital Power also announced a six per cent annual common share dividend hike to $2.32 per year, representing the ninth consecutive annual increase.

Capital Power CEO Brian Vaasjo says “strong Alberta power prices averaging $106 per megawatt hour along with outstanding performance across the fleet led to exceptional performance in the first half of the year.”

This report by The Canadian Press was first published Aug. 2, 2022.

Companies in this story: (TSX:CPX)