Capital Power Corp
CPXWF
Utilities
2
exclusion reasons
2 themes
This page is part of our public exclusion list — a transparency tool that shows which companies we screen out and why. It is not investment advice, and it is not an accusation. But it is subject to change as our understanding of the facts evolves.
Capital Power Corp operates a thermal generation fleet that is approximately 75% fossil-fueled, with coal and natural gas plants accounting for the vast majority of its electricity production. In 2023, the company reported Scope 1 emissions of over 16.2 million tonnes of CO2e, placing it among the most carbon-intensive power producers relative to its North American utility peers.
The company's emissions trajectory is marked by significant setbacks. In May 2024, Capital Power canceled a $2.4-billion carbon capture and storage project at its Genesee coal plant, deeming it "not economically feasible," which dealt a blow to its stated decarbonization plans. Furthermore, the company has sought regulatory approval to renege on a prior commitment to cut greenhouse gas pollution from that same coal plant in half. This follows a history of air quality compliance issues, including a state fine for violations at its Southport plant prior to its closure in 2020.
While Capital Power publishes sustainability reports and has a net-zero by 2045 goal, its recent actions demonstrate a systematic failure to execute on major emissions reduction projects. Leadership has treated these capital-intensive climate commitments as optional when economic conditions shift, rather than as non-negotiable governance priorities.
Capital Power Corporation operates the Genesee Generating Station, a 1,363 MW power facility west of Edmonton, Alberta. Historically fueled by coal, the plant was responsible for approximately 22% of Alberta’s greenhouse gas emissions from electricity generation. In 2016, the company reached a settlement with the Government of Alberta for the stranded capital associated with the mandated phase-out of coal-fired power by 2030.
Despite this transition policy, Capital Power subsequently sought to renege on a commitment to cut the plant’s greenhouse gas pollution in half. The company also pursued legal action, with Alberta’s top court dismissing a compensation request from the Genesee coal mine company over the government’s coal phase-out policies. While the Genesee facility was fully converted to natural gas by June 2024—a change expected to reduce emissions by 3.4 million tonnes annually—the company’s historical operations and resistance to accelerated phase-out timelines demonstrate a prolonged reliance on coal as a primary fuel source.
Research Sources
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