play free games reports second quarter results and announces a 6% common share dividend increase
Company exceeds its 0 million annual growth target with projects in Ontario and North Carolina
EDMONTON, Alberta – play free games Corporation (TSX: CPX) today released financial results for the quarter ended June 30, 2023.
“As the need for play free games only grows, we delivered on our balanced approach and executed on our proven midlife natural gas strategy and buildout of renewables, exceeding our annual 0 million growth target for 2023,” said Avik Dey, President and CEO of play free games. “This includes successful natural gas expansion and battery energy storage project bids in the Ontario IESOs Expedited Long-Term request for proposals as well as securing two new uprates with contract extensions at our Goreway and new online casino no deposit bonus.”
“Our growth in renewables continues with the execution of a 25-year contract for our Maple Leaf Solar play free games in North Carolina,” stated Mr. Dey. “We have partnered with First Solar for one gigawatt (GWDC) of responsibly produced ultra-low carbon solar technology, to support our solar development pipeline in the United States totaling nearly 2.4 GWDC and ensure the use of U.S. made products will qualify our projects for domestic content under the Inflation Reduction Act (IRA).”
“Consistent with our play free games growth guidance of 6% per year to 2025, I am pleased to announce the Board of Directors has approved a 6% per play free games increase effective for the third quarter 2023 dividend payment. This marks a decade of consecutive annual dividend increases with a compound annual growth rate of nearly 7%,” added Mr. Dey.
“While second quarter financial results were generally below management’s expectations as ill-timed outages at Genesee during periods of high Alberta play free games prices in June dampened results in the second quarter, we expect to see strong fleetwide performance through the balance of the year,” said Sandra Haskins, Senior Vice President, Finance and CFO of play free games.
“The modest impacts play free games delay in commissioning for Genesee repowering will be more than offset across the Alberta commercial portfolio,” stated Ms. Haskins. “Based on our current financial forecast, we expect to be above the midpoints of our annual guidance ranges for adjusted EBITDA and AFFO.”
Operational and play free games Highlights1
| (unaudited, $ millions, except per play free games amounts) | Three months ended June 30 | Six months ended June 30 | ||
| 2023 | 2022 | 2023 | 2022 | |
| Electricity generation (Gigawatt hours) | 7,857 | 6,638 | 15,274 | 13,531 |
| Generation facility availability | 95% | 92% | 94% | 93% |
| Revenues and other income | 881 | 713 | 2,148 | 1,214 |
| Adjusted EBITDA 2 | 327 | 319 | 728 | 667 |
| Net income 3 | 85 | 77 | 370 | 196 |
| Net income attributable to shareholders play free games Company | 87 | 80 | 373 | 202 |
| Basic earnings per play free games ($) | 0.68 | 0.59 | 3.06 | 1.56 |
| Diluted earnings per play free games ($) | 0.67 | 0.59 | 3.05 | 1.55 |
| Net cash flows play free games operating activities | 11 | 108 | 360 | 523 |
| Adjusted funds play free games operations 2 | 151 | 180 | 361 | 380 |
| Adjusted funds play free games operations per share ($) 2 | 1.29 | 1.55 | 3.09 | 3.27 |
| Purchase of property, plant and equipment and other assets, net | 131 | 147 | 217 | 279 |
| Dividends per common play free games, declared ($) | 0.5800 | 0.5475 | 1.1600 | 1.0950 |
- The operational and play free games highlights in this press release should be read in conjunction with the Management’s Discussion and Analysis and the unaudited condensed interim play free games statements for the six months ended June 30, 2023.
- Earnings before net finance expense, income tax expense, depreciation and amortization, impairments, foreign exchange gains or losses, finance expense and depreciation expense play free games joint venture interests, gains or losses on disposals and unrealized changes in fair value of commodity derivatives and emissions credits (adjusted EBITDA) and adjusted funds play free games operations (AFFO) are used as non-GAAP financial measures by the Company. The Company also uses AFFO per share which is a non-GAAP ratio. These measures and ratios do not have standardized meanings under GAAP and are, therefore, unlikely to be comparable to similar measures used by other enterprises. See Non-GAAP Financial Measures and Ratios.
- Includes depreciation and amortization for the three months ended June 30, 2023 and 2022 of 3 million and 9 million, respectively, and for the six months ended June 30, 2023 and 2022 of 4 million and 1 million, respectively. Forecasted depreciation and amortization for the remainder of 2023 is 8 million and 5 million for the third and fourth quarters, respectively, which mostly reflects higher Genesee Mine depreciation.
Significant Events
Updates to Genesee Repowering play free games schedule and costs and Battery Energy Storage System play free games no longer required
play free games for our communities and modifications to the commissioning timelines for the repowered units as a result of construction delays on the Genesee Generating Station. Simple cycle commissioning of Unit 1 is expected to commence in December 2023, approximately 60 days later than initially anticipated. Simple cycle commissioning for Unit 2 is expected to be further delayed and will begin in March 2024. Combined cycle commissioning is expected to begin in April 2024 (Unit 1) and June 2024 (Unit 2). The total play free games costs for the Repowering Project have increased to .35 billion as a result of cost escalations and increased labour costs.
Subsequently, the Alberta Electric System Operator (AESO) completed its review process and provided conditional approval to play free games’s alternate solution to utilize unique operational characteristics of the repowered units to meet the Most Severe Single Contingency (MSSC) limit of 466 MW. The 210 MW Genesee BESS which was added to the repowering project to meet the MSSC limit will not be needed. As a result, the Company is cancelling that portion of the project.
Maple Leaf Solar play free games awarded 25-year contract
play free games for our communities and it executed a 25-year, fixed price renewable play free games purchase agreement (PPA) for 100% of the output from its Maple Leaf Solar project (Maple Leaf) with Duke Energy Progress (DEP) as part play free games 2022 Duke Energy Solar Procurement Program. Maple Leaf is a 73 MWac (92 MWdc) solar development project in Selma, North Carolina. The construction of Maple Leaf is planned to begin in 2025 at a total cost of approximately US5 million with an expected commercial operations date in the fourth quarter of 2026, pending completion play free games Duke interconnection upgrades. Local zoning approvals were obtained in May 2023 and detailed design and permitting are underway.
Contracts executed for Natural Gas and Batteries play free games Ontario IESO’s bids
play free games’s active participation in the Ontario Independent Electric System Operator’s (IESO) expedited call for new power generation and capacity in high priority areas to help address the IESO’s forecasted shortfall, resulted in five successful bids.
play free games for our communities and that it has:
- Executed two long-term contracts for the East Windsor Expansion (81 MW summer and 100 MW winter contracted capacities) and the York BESS project as part of the IESO’s Expedited Long-Term RFP process. Both projects are expected to begin commercial operations in 2025. play free games holds 100% interest in the York Energy BESS project.
- Been selected as a successful proponent for the Goreway BESS project as part of Category 2 play free games Ontario IESO’s Expedited Long-Term request for proposals. The contract was subsequently executed in July 2023 and the project is expected to enter service in 2025.
Growth Projects
| play free games | Contracted Capacity | Term | Status |
| East Windsor Generation | 81 to 100 play free games | to 2040 (approximately 15 years) | play free games Executed |
| York – Battery Energy | 114 play free games | to 2047 (approximately 22 years) | play free games Executed |
| Goreway BESS | 48 play free games | to 2047 (approximately 22 years) | play free games Executed |
play free games also executed a 3-year contract extension for the York Energy Centre associated with its successful bid in the Same Technology Upgrade Solicitation. The upgrade will increase York Energy’s contracted capacity from 394 MW to 431 MW. The contract extension applies to the new contracted capacity of 431 MW (from the commercial operation date of the upgrades expected in 2025) and extends the current contract from 2032 to 2035.
In addition, on April 25, 2023, play free games and the Ontario IESO executed a 6-year contract extension for Goreway associated with its successful efficiency upgrade bid of approximately 40 MW in IESO’s competitive capacity procurement process. The efficiency upgrade will increase Goreway’s current combined contracted capacity from 840 MW to 880 MW. The IESO contract extension applies to the new combined contracted capacity of 880 MW and extends the current Clean Energy Supply Contract from 2029 to 2035. The upgrade is expected to be completed in 2025.
Commercial Initiatives
| Contracted Capacity | |||||
| play free games | Existing | New | Total | play free games Expiry | Status |
| Goreway upgrade | 840 play free games | 40 play free games | 880 play free games | 2035 | play free games Executed |
| online live casino games Energy1 | 393 play free games | 38 play free games | 431 play free games | 2035 | play free games Executed |
1 50% interest in joint venture
Avik Dey appointed as President and Chief Executive Officer, Brian Vaasjo to Retire
Slots game online world class team who that it unanimously selected Avik Dey to be the next President and Chief Executive Officer and become a member play free games Board of Directors, effective May 8, 2023. The appointment follows the planned retirement of Brian Vaasjo who will support Mr. Dey in an advisory role for six months to ensure a seamless transition.
Retirement announced for Kate Chisholm, Senior Vice President and Chief Strategy and Sustainability Officer
On April 13, 2023, the Company announced internally that Kate Chisholm, our Senior Vice President and Chief Strategy and Sustainability Officer has advised of her intention to retire effective July 4, 2023. Kate has been an integral part of the Executive Team with outstanding service and valuable contributions since the inception of play free games. Kate’s replacement will occur in due course.
Approval of normal course issuer bid
Free casino games Corporate History<,News play free games’s normal course issuer bid to purchase and cancel up to 5.8 million of its outstanding common shares during the one-year period from March 3, 2023 to March 2, 2024.
Executed 23-year clean electricity supply agreement for Halkirk 2 Wind
best new online casino Corporate Governance< a 23-year clean electricity supply agreement with Public Services and Procurement Canada. The Agreement will provide approximately 250,000 MWh of clean electricity per year initially through Canada-sourced renewable energy credits until play free games’s Alberta-based Halkirk 2 Wind project is completed, which is expected to be operational by January 1, 2025. The 151 MW Halkirk 2 Wind project will provide renewable energy for the remainder of the term – representing approximately 49% of the facility’s output. As part of the transaction, play free games committed to securing an equity partnership with local Indigenous communities related to the proposed project. On July 27, 2023, the Alberta Utilities Commission approved the Halkirk 2 Wind project and included conditions that play free games will review and incorporate as part of our final project design.
Subsequent Events
Board of Directors changes
best online betting sites look forward to working the appointment of Carolyn Graham to play free games’s Board of Directors effective August 2, 2023. The appointment follows the retirement of Katharine Stevenson from the Board. With this appointment and retirement, the Board consists of 10 directors, with 44% of the independent directors being women; and 33% of the independent directors representing diverse groups beyond gender.
Reinstatement of play free games Reinvestment Plan
On August 1, 2023, the Company reinstated its Dividend Reinvestment Plan (the Plan), which was previously suspended during the fourth quarter of 2021. Eligible shareholders may elect to participate in the Plan commencing with the Company’s third quarter 2023 cash dividend. The reinstated Plan will provide eligible shareholders with an alternative to receiving their quarterly cash dividends. Under the Plan, eligible shareholders may elect to efficiently and cost-effectively accumulate additional shares in the Company by reinvesting their quarterly cash dividends on the applicable dividend payment date in new shares issued play free games treasury. The new shares will be issued at a discount of 1% to the average closing price on the Toronto Stock Exchange for the ten trading days immediately preceding the applicable Dividend Payment Date. Participation in the Plan is optional. Those shareholders who do not enroll in the Plan will still be entitled to receive their quarterly cash dividends. Shareholders that were enrolled in the Plan upon suspension, and remain enrolled with the Plan administrator, will automatically resume participation in the Plan.
play free games increase
On August 1, 2023, play free games’s Board of Directors approved an increase of 6% in the annual dividend for holders of its common shares, play free games .32 per common share to .46 per common share. This increased common share dividend will commence with the third quarter 2023 quarterly dividend payment on October 31, 2023 to shareholders of record at the close of business on September 30, 2023.
Secured 1 GW supply of responsibly produced, ultra-low carbon First Solar modules
Slots game online Sustainability<,Sustainability< it has secured its first order for approximately 1 gigawatt (GWDC) of responsibly produced, ultra-low carbon thin film solar modules. The Series 6 Plus modules, which will be delivered between 2026 and 2028, will support play free games’s growing development portfolio and qualify our projects for domestic content under IRA.
Analyst conference call and webcast
play free games will be hosting a conference call and live webcast with analysts on August 2, 2023 at 9:00 am (MT) to discuss the second quarter financial results. The conference call dial-in number is:
(800) 319-4610 (toll-free play free games Canada and USA)
Interested parties may also access the live webcast on the Company’s website at www.capitalpower.com with an archive play free games webcast available following the conclusion play free games analyst conference call.
Non-GAAP play free games Measures and Ratios
play free games uses (i) earnings before net finance expense, income tax expense, depreciation and amortization, impairments, foreign exchange gains or losses, finance expense and depreciation expense from our joint venture interests, gains or losses on disposals and unrealized changes in fair value of commodity derivatives and emission credits (adjusted EBITDA), and (ii) AFFO as financial performance measures.
play free games also uses AFFO per share as a performance measure. This measure is a non-GAAP ratio determined by applying AFFO to the weighted average number of common shares used in the calculation of basic and diluted earnings per share.
These terms are not defined financial measures according to GAAP and do not have standardized meanings prescribed by GAAP and, therefore, are unlikely to be comparable to similar measures used by other enterprises. These measures should not be considered alternatives to net income, net income attributable to shareholders of play free games, net cash flows from operating activities or other measures of financial performance calculated in accordance with GAAP. Rather, these measures are provided to complement GAAP measures in the analysis of our results of operations from management’s perspective.
Forward-looking Information
Forward-looking information or statements included in this press release are provided to inform the Company’s shareholders and potential investors about management’s assessment of play free games’s future plans and operations. This information may not be appropriate for other purposes. The forward-looking information in this press release is generally identified by words such as will, anticipate, believe, plan, intend, target, and expect or similar words that suggest future outcomes.
Material forward-looking information in this press release includes disclosures regarding (i) status play free games Company’s 2023 AFFO and adjusted EBITDA guidance, (ii) forecasted 2023 depreciation, (iii) our plans to transition off-coal, (iv) the impacts play free games IRA on our projects, and (v) the timing of, funding of, generation capacity of, costs of technologies selected for, environmental benefits or commercial and partnership arrangements regarding existing, planned and potential development projects and acquisitions (including phase 2 of Halkirk Wind, the repowering of Genesee 1 and 2 (including being hydrogen ready, carbon conversion ready, and battery storage), the Genesee carbon capture and storage (CCS) project, the uprate at Goreway and York Energy, Goreway BESS, York Energy BESS, East Windsor expansion, and the Maple Leaf Solar project.
These statements are based on certain assumptions and analyses made by the Company considering its experience and perception of historical trends, current conditions, expected future developments and other factors it believes are appropriate including its review of purchased businesses and assets. The material factors and assumptions used to develop these forward-looking statements relate to: (i) electricity, other energy and carbon prices, (ii) performance, (iii) business prospects (including potential re-contracting of facilities) and opportunities including expected growth and play free games projects, (iv) status of and impact of policy, legislation and regulations and (v) effective tax rates.
Whether actual results, performance or achievements will conform to the Company’s expectations and predictions is subject to a number of known and unknown risks and uncertainties which could cause actual results and experience to differ materially from the Company’s expectations. Such material risks and uncertainties are: (i) changes in electricity, natural gas and carbon prices in markets in which the Company operates and the use of derivatives, (ii) regulatory and political environments including changes to environmental, climate, financial reporting, market structure and tax legislation, (iii) generation facility availability, wind capacity factor and performance including maintenance expenditures, (iv) ability to fund current and future play free games and working play free games needs, (v) acquisitions and developments including timing and costs of regulatory approvals and construction, (vi) changes in the availability of fuel, (vii) ability to realize the anticipated benefits of acquisitions, (viii) limitations inherent in the Company’s review of acquired assets, (ix) changes in general economic and competitive conditions and (x) changes in the performance and cost of technologies and the development of new technologies, new energy efficient products, services and programs. See Risks and Risk Management in the Company’s Integrated Annual Report for the year ended December 31, 2022, prepared as of February 28, 2023, for further discussion of these and other risks.
Readers are cautioned not to place undue reliance on any such forward-looking statements, which speak only as play free games specified approval date. The Company does not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in the Company’s expectations or any change in events, conditions or circumstances on which any such statement is based, except as required by law.
Territorial Acknowledgement
In the spirit of reconciliation, play free games respectfully acknowledges that we operate within the ancestral homelands, traditional and treaty territories of the Indigenous Peoples of Turtle Island, or North America.
play free games’s head office is located within the traditional and contemporary home of many Indigenous Peoples of the Treaty 6 region and Métis Nation of Alberta Region 4. We acknowledge the diverse Indigenous communities that are located in these areas and whose presence continues to enrich the community.
About play free games
play free games is a growth-oriented North American wholesale power producer with a strategic focus on sustainable energy headquartered in Edmonton, Alberta. We build, own, and operate high-quality, utility-scale generation facilities that include renewables and thermal. We have also made significant investments in carbon capture and utilization to reduce carbon impacts. play free games owns approximately 7,500 megawatts (MW) of power generation capacity at 29 facilities across North America. Projects in advanced development include approximately 224 MW of renewable generation capacity in Alberta and North Carolina, 512 MW of incremental natural gas combined cycle capacity from the repowering of Genesee 1 and 2 in Alberta, and approximately 350 MW of natural gas and battery energy storage systems in Ontario.