TransAlta welcomes Alberta Utilities Commission hearing in January on settlement agreement with Market Surveillance Administrator over November 2010 scheduling practices; company says stated C$5.5M figure cited as cost to taxpayers overstated
November 23, 2011
– TransAlta Corporation (TSX:TA) (NYSE:TAC) said today it welcomes an announcement that the Alberta Utilities Commission will hold a public hearing in January on its settlement agreement with the Market Surveillance Administrator.
“We are pleased to have an opportunity to put this matter to rest and set the record straight about the cost to Alberta ratepayers of our scheduling practices over 31 hours in November, 2010,” said President and CEO Steve Snyder. “We see this as an expected and positive step in the process and are confident the fairness of the settlement will be upheld.”
TransAlta noted that the $5.5 million figure cited as the cost to Alberta ratepayers is overstated, as many Albertans purchase electricity through fixed rate contracts.
TransAlta has agreed to pay back the $245,073 in economic benefit it saw from the scheduling practice, as well as an additional administrative penalty of $125,000. It is also further strengthening its compliance program.
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.
This news release may contain forward looking statements, including statements regarding the business and anticipated financial performance of TransAlta Corporation. In particular, this news release includes forward-looking statements relating to the public offering of the Series C Shares and the expected closing thereof. These statements are based on TransAlta Corporation's belief and assumptions based on information available at the time the assumption was made. These statements are subject to a number of risks and uncertainties that may cause actual results to differ materially from those contemplated by the forward-looking statements. Some of the factors that could cause such differences include legislative or regulatory developments, competition, global capital markets activity, changes in prevailing interest rates, currency exchange rates, inflation levels and general economic conditions in geographic areas where TransAlta Corporation operates.
Note: All financial figures are in Canadian dollars unless noted otherwise.