March 14, 2013

Capital Power announces closing of C$200 million offering of 4.50% Cumulative Rate Reset Preferred Shares

New casino games ─ Capital Power Corporation (“Capital Power”) (TSX: CPX) is pleased to announce today that it has closed its previously announced offering of 8,000,000 Cumulative Rate Reset Preference Shares, Series 5 (the “Series 5 Shares”) at a price of $25 per Series 5 Share for aggregate gross proceeds of $200 million on a bought deal basis with a syndicate of underwriters, led by RBC Capital Markets and Scotiabank.

The Series 5 Shares will begin trading today on the TSX under the symbol CPX.PR.E.

The Series 5 Shares have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States or to, or for the account or benefit of, U.S. persons absent registration or an applicable exemption from registration requirements. This news release does not constitute an offer to sell or the solicitation of an offer to buy any security, and shall not constitute an offer, solicitation or sale of the securities New casino gamesin any state in which such offer, solicitation or sale would be unlawful.

About Capital Power

Capital Power is a growth-oriented North American power producer headquartered in Edmonton, Alberta. The company develops, acquires, operates and optimizes power generation from a variety of energy sources. Capital Power owns more than 3,600 megawatts of power generation capacity at 16 facilities across North America. An additional 595 megawatts of owned generation capacity is under construction or in advanced development in Alberta and Ontario.