CALGARY, July 25, 2019 /PRNewswire/ - TransAlta
Corporation ("TransAlta" or the "Company") (TSX: TA; NYSE: TAC)
today commented on the Government of Alberta's announcement that the energy-only
market framework in Alberta will
be maintained.
The promise by the Government of Alberta to deliver a decision on market
structure within 90 days was fulfilled, thereby reducing
significant uncertainty for TransAlta in assessing investment
decisions in the Alberta power
generation market. The Company has undertaken a review of its
future investment decisions on coal-to-gas conversions and
repowering through hybrid investments, as well as the impacts on
our hydro and wind assets, under an energy-only market. This review
has confirmed that our strategy to convert the coal fleet to
natural gas remains unchanged. The Company will provide more
details of its strategy at its investor day to be held on
September 16, 2019.
The energy-only market has been in place in Alberta since 2000. The structure provides
stability and ensures a competitive framework to be able to assess
investment opportunities in Alberta. TransAlta is now in a position to
make key investment decisions as it transitions to gas and
continues to provide affordable and clean power for Alberta consumers for decades to come. The
$750 million in capital raised
earlier in 2019 can now be put to work in Alberta for the benefit of investors and
customers.
TransAlta is well positioned to continue on the path to become
Canada's leading gas and
renewables generator by 2025.
About TransAlta Corporation
TransAlta owns, operates and develops a diverse fleet of
electrical power generation assets in Canada, the United
States and Australia with a
focus on long-term shareholder value. We provide municipalities,
medium and large industries, businesses and utility customers
clean, affordable, energy efficient, and reliable power. Today, we
are one of Canada's largest
producers of wind power and Alberta's largest producer of hydro-electric
power. For over 100 years, TransAlta has been a responsible
operator and a proud community-member where its employees work and
live. TransAlta aligns its corporate goals with the UN Sustainable
Development Goals and we have been recognized by CDP (formerly
Climate Disclosure Project) as an industry leader on Climate Change
Management. We are also proud to have achieved the Silver level PAR
(Progressive Aboriginal Relations) designation by the Canadian
Council for Aboriginal Business.
For more information about TransAlta, visit our web site
at www.transalta.com.
Forward Looking Statement
This news release contains forward-looking statements and
forward-looking information within the meaning of applicable
securities laws (collectively referred to as "forwarding-looking
statements"). All forward-looking statements are based on our
beliefs as well as assumptions based on information available at
the time the assumption was made. These statements are not
guarantees of our future performance, events or results and are
subject to a number of significant risks, uncertainties and other
important factors that could cause our actual performance, events
or results to be materially different from those set out in the
forward-looking statements. More particularly, and without
limitation, this news release contains forward-looking statements
relating to: the Company's investor day; being able to conclude and
announce key investment decisions at the investor day, and
that such decisions will ensure affordable and clean power for
Alberta consumers; the market will
support TransAlta's ability to generate power competitively; the
closing of the $750 million capital
investment, including the $400
million preferred share subscription scheduled to close in
October 2020; and becoming
Canada's leading gas and
renewables generator by 2025 . The forward-looking statements
are subject to a number of risks and uncertainties that may cause
actual performance, events or results to differ materially from
those contemplated by the forward-looking statements, which
include: fluctuations in demand, market prices and the availability
of fuel supplies required to generate electricity; the closing of
the $750 million investment and the
satisfaction of all closing conditions associated with the
$400 million preferred share
subscription in October 2020; changes
in the current or anticipated legislative, regulatory and political
environments; environmental requirements and changes in, or
liabilities under, these requirements; and other risks and
uncertainties contained in the Company's Management Proxy Circular
dated March 26, 2019 and its Annual
Information Form and Management's Discussion and Analysis for the
year ended December 31, 2018, filed
under the Company's profile with the Canadian securities regulators
on www.sedar.com and the U.S. Securities and Exchange
Commission on www.sec.gov. Readers are urged to consider these
factors carefully in evaluating the forward-looking statements and
are cautioned not to place undue reliance on these forward-looking
statements, which reflect TransAlta's expectations only as of the
date of this news release. TransAlta disclaims any intention or
obligation to update or revise these forward-looking statements,
whether as a result of new information, future events or otherwise,
except as required by law.
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SOURCE TransAlta Corporation