CALGARY, Aug. 26, 2019 /PRNewswire/ - TransAlta
Corporation ("TransAlta" or the "Company") (TSX: TA; NYSE:
TAC) announced today that it was successful in its arbitration
with the Balancing Pool for the remaining payment related to the
termination of the Sundance B and C Power Purchase Arrangements
("PPA"). As a result of the arbitration decision, the Company
will receive the full amount it had been seeking to recover, being
equal to $58.8 million (including GST
payable) from the Balancing Pool, plus interest. This payment
relates to TransAlta's historical investments in certain mining and
corporate assets that the Company believed should have been
included in the net book value calculation of the PPA's that had
been disputed by the Balancing Pool.
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
transalta.com
Forward Looking Information
This news release contains certain information that is
forward-looking and is subject to important risks and uncertainties
(such statements are usually accompanied by words such as "may",
"will", "should", "estimate", "intend" or other similar words).
Specifically, this news release contains forward-looking
information with respect to, among other things, the ability of the
Company to recover the $58.8 million
from the Balancing Pool. All forward-looking information
reflect the Company's beliefs and assumptions based on information
available at the time the statements were made and as such are not
guarantees of future performance. Readers are cautioned not to
place undue reliance on this forward-looking information, which is
given as of the date it is expressed in this press release.
TransAlta undertakes no obligation to update or revise any
forward-looking information except as required by law. For
additional information on the assumptions made, and the risks and
uncertainties which could cause actual results to differ from those
in the forward-looking information, refer to the Company's Annual
Report and Management's Discussion and Analysis filed under the
Company's profile on SEDAR at www.sedar.com and with the U.S.
Securities and Exchange Commission at www.sec.gov.
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content:http://www.prnewswire.com/news-releases/arbitration-concludes-favourably-for-transalta-regarding-the-sundance-b-and-c-power-purchase-arrangements-termination-payment-300906653.html
SOURCE TransAlta Corporation