TransAlta expects C$20M-C$25M Q4 production loss from impact of outage at Genesee 3 power plant; outage extended from mid-December to Jan. 1, 2012 based on repairs done to date
November 30, 2011
– TransAlta Corporation (TSX: TA; NYSE: TAC) today reported the expected impact of an extended outage at its jointly-owned Genesee 3 power plant located in Genesee, Alberta.
On Nov. 11, 2011, the Genesee 3 facility, a 466 megawatt (MW) joint venture with Capital Power Corporation (233 MW net to TransAlta), experienced an unplanned outage that resulted in damage to turbine/generator bearings. Capital Power Corporation had initially estimated a return to service date of mid-December, however based on work done to-date, the outage has been extended to January 1, 2012.
As a result, TransAlta’s fourth quarter production is expected to be reduced by approximately 275 gigawatt hours and net income is anticipated to decline in the range of $20 - $25 million. TransAlta will update investors if there is any material change to the current plan and estimates.
TransAlta continues to expect funds from operations in the $800 -$900 million range for the full year.
About TransAlta Corporation
TransAlta is a power generation and wholesale marketing company focused on creating long-term shareholder value. TransAlta maintains a low-to-moderate risk profile by operating a highly contracted portfolio of assets in Canada, the United States and Australia. TransAlta's focus is to efficiently operate our geothermal, wind, hydro, natural gas and coal facilities in order to provide our customers with a reliable, low-cost source of power. For 100 years, TransAlta has been a responsible operator and a proud contributor to the communities where we work and live. TransAlta is recognized for its leadership on sustainability by the Dow Jones Sustainability North America Index, the FTSE4Good Index and the Jantzi Social Index. TransAlta is Canada's largest investor-owned renewable energy provider.