Amid unprecedented power demand fueled by AI, the time is now to power change

NEW YORK, Sept. 23, 2024 (GLOBE NEWSWIRE) -- Capital Power, a leading North American power producer, is pleased to attend New York Climate Week at such a critical moment in the continued evolution of power production and consumption, fueled by economic development, population growth and technology advancements like artificial intelligence (AI).

There is an urgent need to address the skyrocketing global demand for plentiful, reliable, and affordable energy, particularly as economies grow, and populations increase, and advancements in AI compound this need – far more than experts had anticipated. From voice assistants to AI-powered recommendations on streaming platforms or the rise in "smart homes," a massive energy consumption network lies beneath the surface of these everyday conveniences.

"The need for balanced energy solutions will become even more critical as unprecedented power demand growth reshapes our world," shares Avik Dey, President and CEO. "Enabling this future requires profound changes to address the energy expansion and a more thoughtful lens to be applied to our decisions and choices as users and consumers. At Capital Power, we're committed to Powering Change by Changing Power^TM, and we see the energy future as a 'both/and' scenario, not an 'either/or.' It's about harnessing renewables, exploring nuclear energy, and using reliable, dispatchable power sources like natural gas to create a balanced, resilient energy mix to support global growth and the AI revolution."

In June 2024, Capital Power celebrated a milestone in clean energy innovation. The company successfully transitioned its Genesee Generating Station in Alberta, Canada, from coal to 100% natural gas, which will reduce greenhouse gas emissions by 3.4 million tonnes annually. This climate milestone is part of Capital Power's broader strategy to expand its capacity while shifting away from coal-fired generation towards a diversified energy mix that includes natural gas, renewables, and other critical technologies (e.g. nuclear, storage, and the next game changer!).

Capital Power views its investment in repowering the Genesee Generating Station as more than just an increase in capacity. It's about building a resilient and adaptable grid to support the integration of growing renewable energy sources and leveraging existing infrastructure to provide reliable, affordable power for the AI era while sustaining local jobs and economies.

“Repowering Genesee is a real-world example of how we can transform existing infrastructure to support the long-term transition," stated Mr. Dey. "It's about creating a grid to accommodate renewables, new baseload generation technologies, and the increasing demands of data centres, ensuring a balanced and sustainable energy future. How we do this more efficiently, effectively, and significantly faster needs to be core to this year's Climate Week focus."

"Capital Power's balanced approach to energy solutions is rooted in its commitment to reliability, affordability, and environmental responsibility," reflects Mr. Dey. “We're not just keeping pace with this historic energy expansion; we're helping shape it. By collaborating with governments, businesses, and communities, we're developing balanced energy solutions that meet the unique needs of each region in this new era of AI-driven growth."

Territorial Acknowledgement

In the spirit of reconciliation, Capital Power respectfully acknowledges that we operate within the ancestral homelands, traditional and treaty territories of the Indigenous Peoples of Turtle Island, or North America. Capital Power’s head office is located within the traditional and contemporary home of many Indigenous Peoples of the Treaty 6 Territory 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 Capital Power

Capital Power (TSX: CPX) is a growth-oriented power producer with approximately 9,300 MW of power generation at 32 facilities across North America. We prioritize safely delivering reliable and affordable power communities can depend on today, building clean power systems needed for tomorrow, and creating balanced solutions for our energy future, including meeting the demands of AI and emerging technologies. We are Powering Change by Changing Power?.

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Media Relations:

Katherine Perron
(780) 392-5335
[email protected]