Alberta contracted plants Ontario and British Columbia contracted plants Production and availability decreased slightly in 2012 compared with 2011 primarily due to a forced outage at Genesee 1 from September 20 to 27, 2012 resulting from a trial project intended to increase the marketability of the fly ash by-product. Production and availability in 2012 was further reduced compared to 2011 due to a 24-day planned outage at Genesee 2 from May 26 to June 18, 2012. In 2011, a 21-day planned outage at Genesee 1 from March 28 to April 18 occurred. Both planned outages were for scheduled maintenance. Revenues and adjusted EBITDA for 2012 compared with the previous year reflected lower availability incentive revenues, capacity payments revenues and fly ash sales partly offset by higher energy payment revenues. Lower availability incentive revenues were the result of lower availability due to the forced outage at Genesee 1 in September 2012 and lower rolling average power prices driven by lower Alberta spot power prices. This Genesee 1 outage reduced revenues and adjusted EBITDA by approximately $7 million. The decrease in capacity payment revenues was due to the decrease in the asset base of the plants and lower rates on government bonds which are both inputs to the capacity payment calculation. Higher energy payment revenues reflected an increase in the Statistics Canada indices which are an input to the energy payment calculation. Adjusted EBITDA increased due to the fourth quarter change in the estimate of coal inventory which decreased energy purchases and fuel costs by approximately $7 million. The addition of Quality Wind was offset by the sale of Brown Lake and Miller Creek resulting in 2012 revenues and adjusted EBITDA being relatively consistent with the prior year. Lower generation from Island Generation in 2012 compared with 2011 had little impact on revenues and adjusted EBITDA because, under the terms of the Island Generation agreement, revenues are based on deemed generation which is determined based on the plant’s availability. Deemed generation for 2012 was consistent with 2011. Production in 2012 decreased slightly compared with 2011 primarily due to the sale of the Miller Creek and Brown Lake facilities effective October 12, 2012 and lower generation from Island Generation, partly offset by the addition of Quality Wind which commenced commercial operations on November 6, 2012. Availability for 2012 was consistent with the prior year. (1) The financial results by plant category, except for adjusted EBITDA, were prepared in accordance with GAAP. See Non-GAAP Financial Measures. (1) The financial results by plant category, except for adjusted EBITDA, were prepared in accordance with GAAP. See Non-GAAP Financial Measures. Year ended December 31 Alberta contracted plants 2012 2011 Electricity generation (GWh) 6,180 6,441 Availability (%) 94 97 Revenues (unaudited, $ millions) 282 314 Adjusted EBITDA (unaudited, $ millions) (1) 169 190 Year ended December 31 Ontario and British Columbia contracted plants 2012 2011 Electricity generation (GWh) 346 349 Availability (%) 98 98 Revenues (unaudited, $ millions) 56 51 Adjusted EBITDA (unaudited, $ millions) (1) 42 38 Capital Power Corporation Management’s Discussion and Analysis 2012 32