Maxim Power Corp. Announces 2013 First Quarter Financial and Operating Results

Maxim Power Corp. (TSX:MXG) ("MAXIM" or the "Corporation") announced today the
release of financial and operating results for the first quarter ended March 31,
2013. The unaudited condensed consolidated financial statements, accompanying
notes and Management Discussion and Analysis will be available on SEDAR and on
MAXIM's website on May 13, 2013. All figures reported herein are Canadian
dollars unless otherwise stated.




                                                          Three Months Ended
($ in thousands except per share amounts)                           March 31
Net revenue (1)                                      $    55,504 $    45,873
Adjusted EBITDA (1)                                       14,067       9,960
Adjusted net income (1)                                    4,990       3,839
 Per share - basic and diluted                       $      0.09 $      0.07
Net income attributable to shareholders                    4,586       2,901
 Per share - basic and diluted                       $      0.08 $      0.05
Funds from operations (2)                                 14,114      10,178
 Per share - basic and diluted                       $      0.26 $      0.19
Electricity Deliveries (MWh)                             312,031     326,644
Net Generation Capacity (MW) (3)                             804         809
Average Alberta Power Prices ($ per MWh)             $     65.30 $     60.12
Average Milner Realized Electricity Price ($ per                            
 MWh)                                                $     95.43 $     57.44
(1) Select financial information was derived from the unaudited condensed   
    consolidated financial statements and is prepared in accordance with    
    Part 1 of the Canadian Institute of Chartered Accountants Handbook      
    ("GAAP"), except net revenue, adjusted EBITDA, and adjusted net income. 
    Net revenue is provided to highlight revenue net of any gains or losses 
    realized on commodity swaps. Adjusted EBITDA is provided to assist      
    management and investors in determining the Corporation's approximate   
    operating cash flows before interest, income taxes, and depreciation and
    amortization and certain other income and expenses. Adjusted net income 
    is used to compare MAXIM's results among reporting periods without      
    consideration of unrealized gains and losses and to evaluate MAXIM's    
    performance. Net revenue, adjusted EBITDA, and adjusted net income do   
    not have any standardized meaning prescribed by GAAP and may not be     
    comparable to similar measures presented by other companies.            
(2) Funds from operations is an Additional GAAP measure provided to assist  
    management and investors in determining the Corporation's cash flows    
    generated before the cash impact of working capital fluctuations.       
(3) Generation capacity is manufacturer's nameplate capacity net of minority
    ownership interests of third parties.                                   



OPERATING RESULTS

Net revenue, adjusted EBITDA, adjusted net income, net income attributable to
shareholders and funds from operations increased in the first quarter of 2013
when compared to the first quarter of 2012. The increase in these financial
measures is primarily due to an increase in Alberta power prices which impacted
Milner results as well as increased dispatches in the Northeast U.S. at
Pittsfield and CDECCA.


MAXIM anticipates reporting favorable results during the second quarter of 2013
compared to the same quarter in 2012. Milner has benefited from higher average
Alberta power prices of $137.66/MWh in April 2013 and $266.06/MWh in May to May
12, 2013, compared to $41.69 and $21.68 for the respective periods in 2012.
During this period, certain Alberta power plants experienced outages which
combined with provincial tie line outages as well as lower wind generation lead
to tighter reserve margins and correspondingly higher power prices.


UNITED STATES AND FRANCE ASSETS

During the fourth quarter of 2012, MAXIM appointed financial advisors to review
the Corporation's investments in the United States and France in order to
identify options to maximize shareholder value. The evaluation of these
initiatives is ongoing.


ALBERTA UTILITIES COMMISSION ("AUC") LOSS FACTOR DECISION

In April 2013, the AUC decided to undertake a review of Decision 2012-104,
regarding the ISO Transmission Loss Factor Rule and Loss Factor Methodology.
This decision was made based on other review applicants demonstrating
substantial doubt as to the correctness of the initial Decision 2012-104. MAXIM
will have to file evidence in the second and third quarter of 2013, followed by
an oral hearing date to be scheduled for the fourth quarter of 2013. The
Corporation anticipates that these ongoing proceedings will have a positive
impact on MAXIM by establishing compensation payable to MAXIM.


GROWTH INITIATIVES 

Summit Coal Limited Partnership ("SUMMIT") Mine 14 Project

SUMMIT's Mine 14 project, which is located north of Grande Cache, Alberta has
current estimates of 18.9 million tonnes of low-mid volatile metallurgical coal
reserves with a mine life of 17 years based on the updated NI 43-101 Technical
Report filed on SEDAR on March 21, 2013. SUMMIT's Mine 16S project is located 30
kilometers northwest of the Mine 14 leases and represents 1,792 hectares or 29%
of SUMMIT's total area of leases. An NI 43-101 Technical Report has not been
prepared for the Mine 16S property.


In the second quarter of 2013, SUMMIT anticipates receiving approvals to
construct and operate a coal beneficiation plant as well as an ERCB mine license
amendment to increase annual coal production. SUMMIT has previously secured ten
years of terminal capacity with Ridley Terminals Inc. and firm 2014 delivery
dates for critical mining equipment.


The Corporation considers the advancement of the M14 and M16S development
projects strategic for MAXIM in part because of the value of metallurgical coal
and in part due to Milner's ability to utilize tailings and lower quality fuels,
which are by-products of the beneficiation of coal, to produce electricity.


Deerland Peaking Station ("D1")

MAXIM is actively pursuing commercial arrangements that will allow for the
construction of the 190 MW D1 Station to commence during 2013. The D1 site is
located near Bruderheim in Alberta's Industrial Heartland adjacent to the
existing Deerland high voltage substation. D1 has received all regulatory
approvals and MAXIM has entered into an agreement to secure firm natural gas
transportation services. D1 is the only permitted peaking development project in
the province of Alberta as at the date of this press release.


D1 is an attractive project as Alberta is experiencing tighter supply demand
fundamentals and increasingly volatile electricity prices. Demand for
electricity is increasing, base load supply is expected to contract through
retirement of coal-fired units and wind power is intermittent. MAXIM expects
that peaking requirements across Alberta will continue to grow as a result of
these market drivers.


Milner Expansion ("M2")

The AUC has granted MAXIM approval to develop a 500 MW generating facility
adjacent to the existing 150 MW generating facility ("M1"). A lengthy public
consultation and regulatory process culminated in the project's final approval
by the AUC on August 10, 2011. On September 12, 2012, the Government of Canada
enacted new greenhouse gas legislation that limits the amount of carbon dioxide
emitted by coal-fired generation facilities. MAXIM is examining ways to meet the
new standards including a natural-gas fired facility. All aspects are presently
being studied to determine the most attractive option for shareholders.


Buffalo Atlee ("B1")

MAXIM's B1 Power Project, situated near Brooks, Alberta, has the potential for
development of over 200 MW of wind generation capacity. Wind data has been
collected on the site for approximately five years. MAXIM holds an exploratory
Crown land permit with a term of five years, expiring on January 1, 2016. The
addition of wind generation to MAXIM's existing portfolio of assets will
diversify MAXIM's generation fuel types and provide the potential to offset the
impact of any new greenhouse gas legislation.


CONFERENCE CALL FOR Q1 2013 RESULTS

MAXIM will host a conference call for analysts and investors on Tuesday, May 14,
2013 at 10:00 am MT. The call will be hosted by John Bobenic, MAXIM's President
and Chief Executive Officer, and by Mike Mayder, Vice President, Finance and
Chief Financial Officer. To participate in this conference call, please dial
[phone] or [phone] in the Toronto area. It is recommended that
participants call at least ten minutes prior to start time.


A recording of the conference call will be available from May 15, 2013 to May
21, 2013. To access the replay, dial [phone] or [phone] followed
by the passcode 3711756. In addition, the recording will be available commencing
May 15, 2013 in the Investor Relations section of MAXIM's website at
www.maximpowercorp.com.


About MAXIM

Based in Calgary, Alberta, MAXIM is an independent power producer, which
acquires or develops, owns and operates innovative and environmentally
responsible power and power related projects. MAXIM currently owns and operates
41 power plants in western Canada, the United States and France, having 804 MW
of electric generating capacity. MAXIM trades on the TSX under the symbol "MXG".
For more information about MAXIM, visit our website at www.maximpowercorp.com.


Statements in this release which describe MAXIM's intentions, expectations or
predictions, or which relate to matters that are not historical facts are
forward-looking statements. These forward-looking statements involve known and
unknown risks and uncertainties which may cause the actual results, performances
or achievements of MAXIM to be materially different from any future results,
performances or achievements expressed in or implied by such forward-looking
statements. MAXIM may update or revise any forward- looking statements, whether
as a result of new information, future events or changing market and business
conditions and will update such forward-looking statements as required pursuant
to applicable securities laws.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Maxim Power Corp.
John R. Bobenic
President and CEO
[phone]


Maxim Power Corp.
Michael R. Mayder
Vice President, Finance and CFO
[phone]
www.maximpowercorp.com