Capital Power Corporation

Thank you for standing by. This is the conference operator. Welcome to Capital Power's third quarter 2021 results conference call. As a reminder, all participants are in listen-only mode, and the conference call is being recorded today, October 27, 2021. I will now turn the call over to Mr. Randy Ma, the Director of Investor Relations. Please go ahead.

Good morning, and thank you for joining us today to review Capital Power's third quarter 2021 results which we released earlier this morning. Our third quarter report and the presentation for this conference call are posted on our website at CapitalPower.com. Joining me on the call are Brian Vazio, President and CEO, and Sandra Haskins, Senior Vice President, Finance and CFO. We will start with opening comments and then open up the lines to take your questions. Before we start, I would like to remind everyone that certain statements about future events made on this call are forward-looking in nature and are based on certain assumptions and analysis made by the company. Actual results could differ materially from the company's expectations due to various risks and uncertainties associated with our business. Please refer to the cautionary statement on forelooking information on slide 2. In today's discussion, we will be referring to various non-GAAP financial measures as noted on slide 3. These measures are not defined financial measures according to GAAP and do not have standardized meanings prescribed by GAAP and therefore are unlikely to be comparable to similar measures used by other enterprises. These measures are provided to complement the gap measures which are provided in the analysis of the company's results from management's perspective. Reconciliations of these non-gap financial measures to their nearest gap measures can be found in our third quarter 2021 MD&A. With that, I'll turn the call over to Brian Baggio for his remarks starting on slide four.

Thanks, Randy, and good morning. I'll start off with the highlights of the third quarter and comment on our 2021 outlook. The third quarter results were generally in line with our expectations. The unplanned outage at the Genesee II facility will be longer than originally anticipated, with a return to service now expected at the end of November 2021. We continue to make progress on our seven renewable development projects that I'll comment on in greater detail later, but briefly, we're seeing cost pressures on our two Alberta solar projects. Also, the completion date for our three North Carolina projects have been extended due to delays in the interconnection process. With our strong financial position, performance, and our positive outlook, we are suspending our dividend reinvestment plan, or DRIP, effective with the fourth quarter 2021 dividend. In the second quarter, we provided higher 2021 financial guidance, largely driven by the positive Alberta Power outlook. That outlook has not changed as the market continues to be robust. Despite the extended Genesee 2 outage, we continue to be on track to achieve annual financial results consistent with our revised higher guidance. Turning to slide 5, as you may recall, Genesee 2 experienced a forced outage in mid-July that was caused by a generator failure and the physical damage is covered by insurance. The unit is undergoing repairs to replace the generator And as I mentioned, it's expected to return to operation at the end of next month. We continue to utilize our Cobra Bar speaking facility to backstop Genesee II when it's appropriate. The loss of revenue qualifies for business interruption insurance after 60 days, and Sandra will cover the accounting impacts of the Genesee II outage in her comments. I'll now turn the call over to Sandra.