Capital Power: Strong Growth Potential and Strategic Positioning Drive Buy RatingWe expect a firm agreement in 6–12 months and then would expect ~18 months to build the datacentre. Based on those assumptions, we could start to see contributions from this proposed datacentre project in 2028. Putting some math around the opportunity, at 250MW of load, if we assume a US$60–70/ MWh power price, we estimate this opportunity could be worth C$2.00–2.50 of NAV/ share, contributing an incremental ~C$40m of EBITDA (net to CPX) compared with our model today. Once an agreement is signed, we will attribute value. Further, Midland’s customers have ambitious growth plans, and we could hear about more opportunities at the site over the near term.