Extreme ultraviolet spectra of Capella, obtained at various orbital phases over the past two years by the EUVE satellite, show strong emission lines from a continuous distribution of temperatures (~ 10 5 -10 7 ' 3 K). In addition to the strong He II A303.8, the spectra are dominated by emission lines of highly ionized iron. Strong lines of Fe IX, XV, XVI, and XVIII-XXIV are used to construct emission measure distributions for the individual pointings, which show several striking features, including a minimum near 10 6 K and a local maximum at 10 6 ' 8 K. Furthermore, intensities of the highest temperature lines (T" > 10 7 K) show variations (factors of 2-3) at different orbital phases, while the lower temperature Fe lines show variations of about 30% or less. The low variability of most of the strong low temperature features motivates a detailed analysis of the summed spectrum. With ~ 280 ks of total exposure time, we have measured over 200 emission features with S/N > 3.0 in the summed spectrum. We report here initial results from the analysis of this spectrum. We can now identify lines of Fe VIII and X-XIV, as well as a number of electron density and abundance diagnostic lines.We also report here the first direct measurement of the continuum flux around ~ 100 A in a cool star atmosphere with EUVE. The continuum flux can be predicted from the emission measure model based on Fe line emission, and demonstrates that the Fe/H abundance ratio is close to the solar photospheric value.