Edmonton, AB – Capital Power Corp. has successfully converted its Genesee Generating Station to natural gas, a $1.6 billion investment aimed at modernizing Alberta’s energy infrastructure. This transition has increased power generation by 60% while reducing greenhouse gas emissions by 40%, positioning the company as a key player in Alberta’s expanding AI and artificial intelligence data centre industry.

With Alberta pushing for $100 billion in AI and artificial intelligence data centre investments, Capital Power is strategically positioned to provide the reliable energy these facilities require. Speaking on a recent earnings call, CEO Avik Dey emphasized that Alberta’s AI-driven growth presents a massive opportunity for power producers like Capital Power. While formal announcements are still in progress, the company is actively pursuing partnerships in this high-demand sector.

Alberta’s AI and Artificial Intelligence Data Centre Expansion

As artificial intelligence technology continues to evolve, Alberta is emerging as a prime destination for AI data centres. The provincial government has introduced a “concierge program” to support major tech firms looking to establish AI-driven infrastructure, helping them navigate regulatory processes more efficiently.

One of Alberta’s key advantages is its deregulated electricity market, allowing companies like Capital Power to negotiate direct energy agreements with private businesses. This flexibility is crucial for large-scale AI and artificial intelligence data centres, which require significant and consistent power supply to operate efficiently.

According to industry reports, AI-driven data centres could account for 14% of Canada’s total power demand by 2030. Currently, 15 gigawatts of capacity are under regulatory review nationwide, with 6.5 gigawatts dedicated to Alberta-based projects.

Capital Power’s Competitive Edge in AI and Data Centre Energy Supply

Dey noted that Alberta is uniquely positioned to attract AI and artificial intelligence companies, thanks to its vast land availability, stable climate, regulatory-friendly environment, and surplus energy supply. He also stated that Capital Power is well-prepared to support large-scale AI data centre developments, with a 1.5-gigawatt project being “achievable” through a phased approach.

Over the past six months, leading AI and cloud computing companies have shifted their focus to Alberta, recognizing the province’s energy capacity and strategic advantages for artificial intelligence data centres.

Financial Performance and Future Outlook

In the final quarter of 2024, Capital Power reported $240 million in net income, up significantly from $97 million in the same period in 2023. However, overall annual revenue declined to $3.78 billion, compared to $4.28 billion in the previous year.

Despite economic uncertainties, the company remains financially stable and is largely insulated from potential U.S. tariffs, as its fuel sourcing and power sales are focused on local markets.

Looking Ahead: Powering Alberta’s AI Future

With its fully modernized Genesee Generating Station, Capital Power is set to play a leading role in powering Alberta’s AI, artificial intelligence, and data centre boom. As demand for high-performance computing and AI-driven workloads grows, the company is well-positioned to support the next generation of artificial intelligence infrastructure in Alberta.

For ongoing updates on AI, artificial intelligence, and Alberta’s data centre developments, stay tuned.