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Highlights
- Capital Power is headquartered in Alberta and is involved in creating innovative and sustainable electricity solutions.
- Northland Power's gross profit soared 33 per cent year-over-year (YoY) to C$ 580 million.
- Let's look at the two green energy stocks and find out if they are worth your investment portfolio.
The carbon price is expected to climb another C$ 10 per tonne of greenhouse gas emissions in most provinces on April 1. Some reports suggest that the government is under pressure to delay or cancel the increase as oil prices rise due to the ongoing war between Russia and Ukraine.
However, it seems that the government won't back off on its climate action plan, and the increase would bring the national price on pollution to C$ 50 per tonne, which includes an additional 2.2 cents to the cost of one litre of gasoline.
If you are an investor looking for companies working to achieve sustainability, then the Toronto Stock Exchange has a variety of green energy stocks to offer.
Let's look at the two green energy stocks and find out if they are worth your investment portfolio.
Capital Power Corporation (TSX:CPX)
According to the company's website, Capital Power is headquartered in Alberta and is involved in creating innovative and sustainable electricity solutions to protect the planet.
The utility company claims to deliver responsible power in the United States and Canada. Capital Power owns approximately 6,600 MW of power generation capacity across several facilities.
On March 23, the company said that its first Canadian solar facility is now operational and has a capacity of 41 MW spread across 320 acres of industrial land.
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Capital Power's revenues were C$ 1,757 million in 2021, down from C$ 1,791 million in 2020. Meanwhile, its other income jumped to C$ 233 million in the same comparable period.
The utility company's net income was C$ 87 million in 2021, and its cash and cash equivalents were worth C$ 387 million. Also, the value of the total assets increased to C$ 9,073 million from C$ 8,911 million in 2020.
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Northland Power Inc. (TSX:NPI)
The Toronto-based renewable energy company is engaged in sustainable power production. Northland Power specializes in offshore wind production and has other business operations like onshore renewable and efficient natural gas.
In the fourth quarter of 2021, Northland Power's sales increased by 30 per cent and two per cent for fiscal 2021 to C$ 640 million and C$ 2,093 million.
Northland Power's gross profit soared 33 per cent year-over-year (YoY) to C$ 580 million. Meanwhile, for the entire year, it climbed one per cent to C$ 1,880 million.
In Q4 2021, the utility company's net income jumped 383 per cent YoY to C$ 130 million.
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Please note, the above content constitutes a very preliminary observation or view based on digital trends and is of limited scope without any in-depth fundamental valuation or technical analysis. Any interest in stocks or sectors should be thoroughly evaluated taking into consideration the associated risks.
