Capital Power (OTCPK:CPRH.F) 2025 Investor Day December 10, 2025 09:00 AM ET Company ParticipantsAndrew Pearson - VP of U.S. ThermalRoy Arthur - VP of Investor RelationsScott Manson - Interim CFOJason Comandante - SVP of Supply and TradingSteve Wollin - Senior Vice President and COOAvik Dey - President and CEONone - Video NarratorRoger Huang - VP of Corporate Development and U.S RenewablesConference Call ParticipantsMark Jarvi - AnalystMaurice Choy - AnalystPatrick Kenny - AnalystTanner James - AnalystNick ...

美国NextEra能源公司计划到2035年新建15吉瓦发电能力以支持数据中心枢纽建设，该公司首席执行官约翰·凯彻姆在投资者会议上宣布了这一规划。作为 通过NextEra能源资源公司运营的全美最大可再生能源开发商，NextEra同时拥有佛罗里达电力照明公司，并运营着核能与天然气发电机组。 这家能源巨头还宣布与谷歌母公司Alphabet达成合作，将在美国开发三处吉瓦级数据中心园区，并计划后续扩展至更多地区。不过NextEra股价周一收盘下 跌约3%。 根据美国能源信息署的数据，1吉瓦发电量约可满足80余万户家庭的平均用电需求。凯彻姆表示，15吉瓦的数据中心供电目标属于"相当保守"的预估。"坦 率地说，根据当前发展态势，如果最终建设规模未能超越这个目标，我们反而会感到失望，"凯彻姆在投资者会议上表示。他认为到2035年存在新建30吉 瓦发电能力的潜在增长空间。 这位首席执行官指出，数据中心枢纽将采用多元化能源结构。NextEra已于10月与谷歌达成协议，将通过电力采购协议重启爱荷华州的杜安阿诺德核电 站。凯彻姆强调，这些数据中心项目将助力公司实现2032年前新建4-8吉瓦天然气发电能力的目标，到2035年规模还将显 ...

在人工智能热潮的推动下，美国数据中心正以前所未有的规模扩张，其对电力的渴求正在重塑能源格 局，开发商的策略也从"接入电网"转向"自建能源"。 根据咨询公司伍德麦肯兹（Wood Mackenzie）最新数据显示，截至10月中旬，美国数据中心的规划总容 量已飙升至245吉瓦（GW），仅第三季度就增加了45吉瓦。 而德克萨斯州成为此轮投资的焦点，其规划容量占全美超四分之一，并以获取二叠纪盆地的天然气资源 为主。截至第三季度，德州数据中心规划容量已达67吉瓦。 这一趋势的核心是开发商策略的根本性转变。报告指出，由于对公用事业公司满足其庞大电力需求和紧 迫时间表的能力日益失去信心，数据中心开发商正积极转向建设自有发电设施，尤其是天然气发电。 这种转变对市场最直接的影响体现在地理集中上。德克萨斯州凭借其丰富的天然气资源，特别是二叠纪 盆地的优势，已成为这场竞赛的中心。 新的开发策略也正在扭曲资本市场。报告指出，成本超过170亿美元的巨型项目（占项目总数的2%）吸 引了高达42%的资本部署。 其中，位于新墨西哥州的Project Jupiter（1600亿美元）和密苏里州的Project Kestrel（1000亿美元）等 ...

Group 1 - The company plans to enhance short-term cash flow through hedging a portion of its natural gas production to stabilize cash flow for 2026 [1] - The estimated AECO 5A price for 2025 is approximately CAD 1.62 per gigajoule, with expectations for a higher price in 2026 [1] - The company aims to hedge over 50% of its 2026 production at a price above CAD 3.00 per gigajoule, with about 40% of the 2026 capacity already hedged at an average price of CAD 3.06 per gigajoule [1] Group 2 - The company is advancing a 9.6 MW natural gas power generation project, which is undergoing necessary regulatory approval processes [1] - The board has also approved the development of a 4.7 MW natural gas power generation project, which will consist of five 0.94 MW generator units [1] - The project will enhance the overall value of natural gas production by allowing the company to generate and sell electricity independently [1] Group 3 - The estimated cost for the engineering, procurement, and construction (EPC) phase of the project is approximately CAD 3 million, subject to adjustments based on market conditions [2] - The company plans to raise funds for the project development through equity financing, including the issuance of new shares, pending board and regulatory approvals [2] - As of the announcement date, the company has not entered into any agreements regarding the fundraising plans [2]

Group 1 - The company plans to enhance short-term cash flow through hedging a portion of its natural gas production to stabilize cash flow in 2026, with over 50% of 2026 production already hedged at an average price of CAD 3.06 per gigajoule [1][2] - The estimated AECO 5A price for 2025 is approximately CAD 1.62 per gigajoule, while the expectation for 2026 is higher [1] - The company is developing a 4.7 MW natural gas power generation project, which will consist of five 0.94 MW generator units, enhancing the overall value of natural gas production [1] Group 2 - The estimated cost for the engineering, procurement, and construction (EPC) phase of the project is approximately CAD 3 million, subject to adjustments based on market conditions [2] - The company intends to raise funds for the project development through equity financing, including the issuance of new shares, pending further approvals [2] - As of the announcement date, no agreements or arrangements have been made regarding the fundraising plan [2]

香港交易及結算所有限公司與香港聯合交易所有限公司對本公告之內容概不負責，對其 準確性或完整性亦不作任何陳述，並明確聲明概不承擔因本公告全部或任何部分內容而 產生或因倚賴該等內容所引致之任何損失之任何責任。 JX Energy Ltd. （吉星新能源有限責任公司）* （ 根據阿爾伯塔法例註冊成立的有限責任公司） 本公司於2025年7月25日（香港時間）披露其9.6兆瓦天然氣發電項目，該項目正按計劃進 行必要的監管審批程序。除該項目外，董事會已批准開發4.7兆瓦天然氣發電項目（「本項 目」）。本項目將建造五台0.94兆瓦發電機組－其中四台位於本公司現有井場，一台位於 吉星能源（加拿大）場址。本項目竣工後，本公司將可獨立發電並對外銷售，從而提升天 然氣產量的整體價值。 （股份代號：3395） 自願性公告 短期現金流提升策略及批准新建4.7兆瓦天然氣發電項目 - 1 - 本項目無需額外監管批准。根據中國境內獨立供應商報價及管理層過往經驗，董事會現 估計工程、採購及施工（「EPC」）階段成本約為300萬加元（相當於約16,540,200港元）。 EPC成本將分階段支付，並可能根據其他獨立供應商後續報價及現行市場情況作進 ...

Core Viewpoint - The successful listing of the first central enterprise natural gas power public REIT, Huaxia Huadian Clean Energy REIT, marks a significant milestone in China's public REITs market, contributing to the country's energy transition and serving as a benchmark for state-owned enterprises to revitalize quality clean energy assets and innovate financing models [1][5]. Group 1: Company Overview - Huaxia Huadian Clean Energy REIT is launched by China Huadian Group, with Huadian International as the main original rights holder, and is managed by CITIC Securities and Huaxia Fund [5][6]. - The underlying asset of the fund is the Hangzhou Huadian Jiangdong natural gas cogeneration project, which is a key power and heat source for the Zhejiang power grid, showcasing excellent asset quality and sustainable operational capabilities [5][6]. Group 2: Market Response - The fund aims to raise 1.8945 billion yuan, with pre-allocation subscriptions exceeding 170 billion yuan, setting new records for clean energy REITs in terms of effective subscription multiples from both public and offline investors [5][6]. Group 3: Industry Implications - The launch of this REIT expands the number of clean energy REIT products in China to eight, with total fundraising exceeding 20 billion yuan, creating a diverse green asset matrix covering solar, wind, hydro, and natural gas power [7][8]. - The REIT is seen as a crucial financial infrastructure for supporting the country's green energy transition and achieving carbon neutrality goals, with expectations for greater contributions in the future [7][8].

Core Insights - Germany's natural gas generation is at its lowest level since 2021, indicating a significant shift in the energy landscape [1] Group 1: Energy Generation Trends - The decline in natural gas generation in Germany reflects broader changes in energy production and consumption patterns [1] - This low generation level may impact energy supply stability and pricing in the region [1] Group 2: Implications for the Energy Sector - The reduction in natural gas usage could lead to increased reliance on alternative energy sources, potentially reshaping the market dynamics [1] - Stakeholders in the energy sector may need to adapt strategies to address the implications of this trend on energy security and sustainability [1]

Group 1 - The core viewpoint of the report indicates that the infrastructure project is the Hangzhou Huadian Jiangdong Natural Gas Combined Heat and Power Project, which has no active competition in the region, and its profitability is limited by fuel costs [2][3] - The REIT is expected to be listed on June 27, 2025, with an inquiry range of 2.532-3.796 CNY per share, corresponding to an initial P/FFO of 7.89-11.83 times, which is lower than the average of comparable REITs at 19.91 times [2][3] - The projected net cash distribution rates for 2025 and 2026 are 6.78% and 6.43%, respectively, with the 2025 forecast being lower than the average of comparable REITs at 11.33% [2][3] Group 2 - The underlying project is a natural gas combined heat and power project controlled by Huadian International Power Co., Ltd., featuring two sets of combined heat and power units with dual functions of power generation and heating [2][3] - The project is located in Hangzhou and aligns with local peak regulation plans, with significant growth in both power generation and heating sales [9][28] - The project has a stable natural gas procurement arrangement, but prices are significantly affected by high import dependence and geopolitical factors [29][33] Group 3 - The operational performance analysis shows that the project experienced a rebound in power generation in 2024, with a market transaction volume higher than the average of comparable REITs [3][42] - Revenue from power generation is the main source of income, with a significant increase in 2024 due to high temperatures and peak regulation demand [13][49] - The project’s profitability is relatively weak, with higher per-unit costs compared to comparable projects, primarily due to short-term procurement agreements for natural gas [54][57] Group 4 - The valuation comparison indicates that the discount rate is at a lower level compared to comparable REITs, and the asset appreciation rate is below the average [4][62] - The initial P/NAV is higher than the average of comparable REITs, with the estimated fundraising amount ranging from 1.266 to 1.898 billion CNY [2][4] - The project is backed by one of China's largest energy companies, Huadian International, which has a significant operational scale and a steady increase in profits [34][39]