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spk00: Welcome to Capital Power's second quarter 2023 results conference call. As a reminder, all participants are in listen-only mode, and the conference call is being recorded today, August 2nd, 2023. I will now turn the call over to Mr. Randy Ma, the Director of Investor Relations. Please go ahead.
spk02: Good morning, and thank you for joining us today to review Capital Power's second quarter 2023 results, which we released earlier this morning. Our second quarter report and the presentation for this conference call are posted on our website at capitalpower.com. Joining me this morning are Avigde, President and CEO, and Sandra Haskins, Senior Vice President, Finance and CFO. We will start with opening comments and then open the lines to take your questions. Before we start, I would like to remind everyone that certain statements about future events made on the 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 forward-looking information on slide 2. In today's discussion, we will be referring to various non-GAAP financial measures and ratios as noted on slide 3. These measures do not define 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 GAAP measures which are provided in the analysis of the company's results for management's perspective. Reconciliations of these non-GAAP financial measures to their nearest GAAP measures can be found in our second quarter 2023 MD&A. Before I turn it over to Avik, I want to acknowledge that Capital Powers head office in Edmonton is located within the traditional and contemporary home of many Indigenous peoples of the Treaty 6 region and the Métis Nation of Alberta Region 4. We acknowledge the diverse Indigenous communities that are in these areas and whose presence continues to enrich the community and our lives as we learn more about the Indigenous history of the lands on which we live and work. Okay, over to Avik for his remarks starting on slide four.
spk01: Thanks, Randy, and good morning. I am now three months into my tenure as CEO for the organization, and I'm grateful for the warm welcome and enthusiastic engagement from my colleagues around North America. I've also had the opportunity to meet several of you from the analyst community and look forward to connecting with those of you I have not met in the future. In my introductory comments to my colleagues a few months ago, I spoke of capital power embarking on an evolution, not revolution. The company's historic success has been underpinned by a determined focus on delivering reliable, affordable, and sustainable power generation solutions. This strategy has been historically grounded in a belief that owning and optimizing critical natural gas generation, building new renewables capacity, and delivering low carbon solutions through batteries and applying decarbonization technology to our existing fleet would deliver attractive growth. This was, is, and will continue to be the bedrock of our future forward strategy. During the second quarter, we were negatively impacted by an untimely outage. In addition, we had a number of developments, all of which are firmly aligned with our long-term strategy and approach. In the slides ahead, Sandra and I will discuss these updates now. Firstly, the Genesee 1 and 2 repowering project is a material and impactful project for our company. Our June 29th news release outlined our update on a cost increase and schedule delay. Notwithstanding that update, the project continues to be highly attractive as the repowering project will significantly improve performance and reduce emissions. Secondly, our midlife natural gas strategy continues to deliver results. With the award of a long-term contract at East Windsor and contract extension at York Energy Center, Capital Power has now secured extensions and or expansions at all three of our gas power generation facilities in Ontario. This is in addition to two new battery storage awards at our existing plant sites. Combined with our existing capacity, the company will have more than 1,500 megawatts of capacity
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