Maxim Power
Maxim Power, based in Calgary, Alberta, is one of Canada's largest independent power producers, focusing on power projects within Alberta, including the state-of-the-art 300 MW H.R. Milner Plant (M2) in Grande Cache.
Company Overview
Maxim Power, based in Calgary, Alberta, is one of Canada's largest truly independent power producers. Focused entirely on power projects in Alberta, the company is a key player in the region's energy sector. Maxim Power trades on the TSX under the symbol MXG, and its commitment to clean and efficient power generation is exemplified by its recent initiatives and expansions.
Core Asset: H.R. Milner Plant (M2)
The cornerstone of Maxim Power's portfolio is the 300 MW H.R. Milner Plant (M2) located in Grande Cache, Alberta. This state-of-the-art combined cycle gas-fired power plant was commissioned in the fourth quarter of 2023. The plant includes a Combined Cycle Gas Turbine (CCGT) expansion that captures waste heat to produce low carbon dispatchable electricity for the Alberta power grid. The CCGT expansion significantly lowers carbon emissions, reducing intensity by more than 60% compared to the legacy coal-fired HR Milner facility.
Financial Performance 2023-2024
Maxim Power announced its 2024 first-quarter financial results with a revenue of $35 million and a net income of $10 million. For the year 2023, the company's revenue from the CCGT expansion of the H.R. Milner Plant (M2) was $41 million, with a net income of $28 million. These results illustrate the company's robust financial health and its capacity to generate substantial returns on its energy projects.
Summit Coal Projects
Summit Coal Limited Partnership and Summit Coal Inc., wholly owned subsidiaries of Maxim Power, manage the Mine 14 project and the Mine 16S property. These projects contain 121.1 million tonnes of measured and indicated resources and 18.9 million tonnes of mineable reserves. In 2013, Summit Coal received an amendment to increase the permitted run-of-mine production rate to 1,300,000 tonnes per year. Key milestones essential to commencing commercial operations of Mine 14 have been achieved, and updated regulatory applications were submitted to the Alberta Energy Regulator on June 2, 2023.
Development Projects
Maxim Power is actively developing 600 MW of natural gas and wind projects at various stages. The company is committed to enhancing shareholder value by pursuing new power generation opportunities in Alberta, optimizing existing assets, and focusing on clean natural gas assets supplemented by renewable wind energy. This strategic approach ensures Maxim Power remains at the forefront of Alberta's transition to a greener energy future.