TransAlta Corporation (“TransAlta” or the
“Company”) (TSX: TA) (NYSE: TAC) today reported its financial
results for the three and nine months ended Sept. 30, 2024,
demonstrating another quarter of strong financial performance.
"Our third quarter results illustrate the value
of our proactive hedging strategy together with the active
management of our Alberta merchant portfolio. Our asset
optimization strategies have achieved exceptional results and we
are tracking toward the upper end of our 2024 guidance given our
portfolio position and performance during the first nine months of
the year," said John Kousinioris, President and Chief Executive
Officer of TransAlta.
"As we look forward, given the ample supply
conditions for Alberta throughout 2025, we have taken the decision
to temporarily mothball Sundance 6, holding it in reserve as we
continue to explore future economic opportunities relating to new
demand for electricity entering the province and the enhancement of
grid reliability. We will maintain flexibility to returning
Sundance 6 to service as market fundamentals improve or
opportunities to contract are secured."
"Finally, we remain actively engaged in
commercial discussions with Energy Capital Partners in respect of
the acquisition of Heartland Generation and are making progress
with the Competition Bureau in our effort to obtain regulatory
approval. We are optimistic that we have a pathway to completing
the transaction and adding Heartland's complementary assets to our
portfolio. We are also pursuing multiple opportunities to support
the energy transition in our core jurisdictions, while at the same
time actively pursuing redevelopment and recontracting
opportunities at our increasingly valuable legacy thermal fleet,"
added Mr. Kousinioris.
Third Quarter 2024 Financial Highlights
TransAlta's third quarter results exceeded
expectations delivering strong free cash flow and exceptional
operating performance. The Company delivered Free Cash Flow ("FCF")
per share(1) of $0.47, due to its proactive hedging and asset
management strategies given the anticipated decline in Alberta spot
power prices in 2024, milder than anticipated weather, low natural
gas prices and incremental generation from new supply in the
market. Highlights for the quarter include:
- Adjusted
EBITDA(1) of $325 million, compared to $453 million for the same
period in 2023
- Operational
adjusted availability of 94.5 per cent, compared to 91.9 per cent
for the same period in 2023
- FCF(1) of $140
million or $0.47 per share, compared to $228 million or $0.87 per
share for the same period in 2023
- The return of
$114 million of capital to shareholders during the nine months
ended Sept. 30, 2024, through the buyback of 11.8 million common
shares constituting 76 per cent of the Company's 2024 enhanced
share repurchase program of up to $150 million
- Tracking towards
the upper end of guidance for 2024 of
- Adjusted EBITDA
of $1,150 million to $1,300 million
- FCF of $450
million to $600 million
Other Business Highlights and Updates
- Advancing the
acquisition of Heartland Generation.
- Temporarily
mothballing Sundance Unit 6 effective April 1, 2025 for a period of
up to two years.
Key Business Developments
Advancing Acquisition of Heartland
Generation
The Company continues to remain actively engaged
with the federal Competition Bureau in an effort to obtain
Competition Act approval for the Heartland Generation acquisition.
We also remain engaged with Energy Capital Partners regarding
commercial terms to advance the completion of the transaction. The
Company remains optimistic that it has a pathway to completing the
transaction in a timely manner and to adding Heartland Generation
complementary assets to our portfolio.
Mothballing of Sundance Unit 6
On Nov. 4, 2024, the Company provided notice to
the Alberta Electric System Operator that Sundance Unit 6 will be
temporarily mothballed effective April 1, 2025, for a period of up
to two years depending on market conditions. TransAlta maintains
the flexibility to return the mothballed unit to service when
market fundamentals or opportunities to contract are secured. The
unit remains available and fully operational for the upcoming
winter season.
Appointment of New Chief Financial Officer
("CFO")
Joel Hunter was appointed Executive Vice
President, Finance and Chief Financial Officer of the Company
effective July 1, 2024.
Share Repurchase Program
TransAlta is committed to enhancing shareholder
returns through appropriate capital allocation such as share
buybacks and its quarterly dividend. In the first quarter of 2024,
the Company announced an enhanced common share repurchase program
for 2024 allocating up to $150 million, and targeting up to 42 per
cent of 2024 FCF guidance to be returned to shareholders in the
form of share repurchases and dividends.
On May 27, 2024, the Company announced that it
had received approval from the Toronto Stock Exchange to purchase
up to a maximum of 14 million common shares during the 12-month
period that commenced May 31, 2024, and terminates May 31, 2025.
Any common shares purchased under the NCIB will be cancelled.
During the nine months ended Sept. 30, 2024, the
Company purchased and cancelled a total of 11,814,700 common
shares, at an average price of $9.65 per common share, for a total
cost of $114 million, including taxes.
Third Quarter 2024 Highlights
|
$ millions, unless otherwise
stated |
Three months ended |
Nine months ended |
|
Sept. 30, 2024 |
Sept. 30, 2023 |
Sept. 30, 2024 |
Sept. 30, 2023 |
|
Operational information |
|
|
|
|
|
Adjusted availability (%) |
94.5 |
|
91.9 |
92.5 |
89.4 |
|
Production (GWh) |
5,712 |
|
5,678 |
16,612 |
16,246 |
| Select financial
information |
|
|
|
|
|
Revenues |
638 |
|
1,017 |
2,167 |
2,731 |
|
Adjusted EBITDA(1) |
325 |
|
453 |
968 |
1,343 |
|
Earnings before income taxes |
9 |
|
453 |
370 |
915 |
|
Net earnings (loss) attributable to common shareholders |
(36 |
) |
372 |
242 |
728 |
| Cash
flows |
|
|
|
|
|
Cash flow from operating activities |
229 |
|
681 |
581 |
1,154 |
|
Funds from operations(1) |
200 |
|
357 |
673 |
1,122 |
|
Free cash flow(1) |
140 |
|
228 |
521 |
769 |
| Per
share |
|
|
|
|
|
Net earnings (loss) per share attributable to common shareholders,
basic and diluted |
(0.12 |
) |
1.41 |
0.80 |
2.75 |
|
Funds from operations per share(1),(2) |
0.68 |
|
1.36 |
2.22 |
4.23 |
|
FCF per share(1),(2) |
0.47 |
|
0.87 |
1.72 |
2.90 |
|
Weighted average number of common shares outstanding |
296 |
|
263 |
303 |
265 |
Segmented Financial Performance
|
$ millions |
Three months ended |
Nine months ended |
|
Sept. 30, 2024 |
Sept. 30, 2023 |
Sept. 30, 2024 |
Sept. 30, 2023 |
|
Hydro |
89 |
|
150 |
|
259 |
|
403 |
|
| Wind and Solar |
44 |
|
37 |
|
221 |
|
175 |
|
| Gas |
139 |
|
254 |
|
419 |
|
660 |
|
| Energy Transition |
34 |
|
29 |
|
63 |
|
96 |
|
| Energy Marketing |
54 |
|
13 |
|
104 |
|
95 |
|
|
Corporate |
(35 |
) |
(30 |
) |
(98 |
) |
(86 |
) |
|
Total adjusted EBITDA |
325 |
|
453 |
|
968 |
|
1,343 |
|
|
Earnings before income taxes |
9 |
|
453 |
|
370 |
|
915 |
|
Third Quarter 2024 Financial Results
Summary
Production for the three months
ended Sept. 30, 2024, was 5,712 GWh compared to 5,678 GWh, an
increase of one per cent, compared to the same period in 2023,
primarily due to:
- Higher
production from the Wind and Solar segment, driven primarily by new
asset additions, including White Rock, Horizon Hill and Northern
Goldfields, together with the return to service of the Kent Hills;
partially offset by
- Lower production
from the Gas segment, primarily due to higher dispatch optimization
and lower market prices in Alberta;
- Lower production
from the Energy Transition segment, which was impacted by increased
economic dispatch at the Centralia facility due to lower market
prices; and
- Lower production
from the Hydro segment due to lower water resources and increased
planned outages.
Adjusted availability for the
three months ended Sept. 30, 2024, was 94.5 per cent, an increase
of 2.6 percentage points, compared to the same period in 2023,
primarily due to:
- The addition of
the newly commissioned Oklahoma wind and Western Australia solar
assets; and
- The return to
service of the Kent Hills wind facilities; partially offset
by
- Higher planned
major maintenance outages and unplanned outages in the Hydro
segment.
Adjusted EBITDA for the three months ended
Sept. 30, 2024, was $325 million, a decrease of $128 million, or 28
per cent, compared to the same period in 2023. The major factors
impacting adjusted EBITDA are summarized below:
- Hydro adjusted
EBITDA for the three months ended Sept. 30, 2024, decreased by $61
million, or 41 per cent, compared to the same period in 2023,
although broadly in line with expectations, primarily due to:
- Lower power
prices in the Alberta market; and
- Lower energy
production due to lower water resources in the North Saskatchewan
River region and increased planned outages across our fleet
compared to the same periods in 2023; partially offset by
- Higher ancillary
services volumes due to increased demand by the AESO;
- Realized
premiums over spot prices stemming from asset optimization
activities; and
- Higher
environmental and tax attributes revenues due to the increased
sales of emission credits to third parties and intercompany sales
to the Gas segment.
- Wind and Solar
adjusted EBITDA for the three months ended Sept. 30, 2024,
increased by $7 million, or 19 per cent, compared to the same
period in 2023, primarily due to:
- The addition of
the Oklahoma wind assets, including tax attribute revenue from the
transfer of production tax credits (PTC) to taxable US
counterparties; and
- Higher
production from the return to service of the Kent Hills wind
facilities; partially offset by
- Lower realized
power prices at our merchant assets in the Alberta market.
- Gas adjusted
EBITDA for the three months ended Sept. 30, 2024, decreased by $115
million, or 45 per cent, compared to the same period in 2023,
although results were broadly in line with expectations. The
decrease was primarily due to:
- Lower production
from the Alberta gas fleet where excess supply conditions in the
market drove higher dispatch optimization and lower realized
prices, which were partially mitigated by our higher volume of
hedges which had favourable premiums to spot merchant prices;
and
- Lower capacity
payments at Southern Cross Energy in Australia due to the scheduled
conclusion on Dec. 31, 2023, of the demand capacity charge under
the customer contract, partially offset by the commencement in
March 2024 of capacity payments for the Mount Keith 132kV
expansion.
- Energy
Transition adjusted EBITDA for the three months ended Sept. 30,
2024, increased by $5 million, or 17 per cent, compared to the same
period in 2023, primarily due to:
- Lower purchased
power costs driven by lower Mid-C prices on repurchases of power
and lower production; partially offset by
- Increased
economic dispatch due to lower market prices driving lower
production.
- Energy Marketing
adjusted EBITDA for the three months ended Sept. 30, 2024,
increased by $41 million, or 315 per cent, compared to the same
period in 2023, primarily due to favourable market volatility
across North American power and natural gas markets and higher
realized settled trades in the third quarter of 2024 in comparison
to the prior period.
- Corporate
adjusted EBITDA for the three months ended Sept. 30, 2024,
decreased by $5 million or 17 per cent, compared to the same period
in 2023, primarily due to increased spending for the planning and
design of the enterprise resource planning ("ERP") upgrade program,
and to support strategic and growth initiatives.
Net loss attributable to common
shareholders for the three months ended Sept. 30, 2024,
totalled $36 million, compared to net earnings attributable to
common shareholders of $372 million for the same period in 2023,
primarily due to:
- Lower adjusted
EBITDA due to the items discussed above;
- Lower unrealized
mark-to-market gains in the Gas segment was due to the prior period
having significant volume of favourable hedging positions relating
to the Alberta portfolio which largely have settled;
- Higher
unrealized mark-to-market losses in the Wind and Solar segment was
mainly due to the long-term wind energy sales related to the
Oklahoma projects in the Central US. The unrealized losses were due
to the strengthening forecasted wind capture prices reflected in
the period;
- Lower unrealized
mark-to-market gains in the Energy Marketing segment is mainly
driven by market volatility across North American power and natural
gas markets; and
- Higher asset
impairment charges resulting from changes in decommissioning and
restoration provisions related to discount rates and revision in
estimated costs to decommission retired assets; partially offset
by
- Lower
depreciation and amortization primarily due to revisions to useful
lives on certain facilities in prior periods.
Excluding unrealized mark-to-market losses and
gains, net earnings attributable to common shareholders for the
three months ended Sept. 30, 2024, was $23 million, or $0.08 per
share4 compared to $202 million, or $0.68 per share4, for the same
period in 2023.
FCF for the three months ended
Sept. 30, 2024, totalled $140 million, a decrease of $88 million,
or 39 per cent, compared to the same period in 2023, primarily due
to:
- Lower adjusted
EBITDA items as noted above;
- Higher current
income tax expense due to the full utilization of Canadian
non-capital loss carryforwards in 2023, partially offset by lower
earnings before income taxes for the period; and
- Higher net
interest expense3 due to lower capitalized interest driven by
completion of the construction program previously underway and
lower interest income resulting from lower cash balances; partially
offset by
- Lower
distributions paid to subsidiaries' non-controlling interests
relating to lower TransAlta Cogeneration, LP net earnings resulting
from lower merchant pricing in the Alberta market and the cessation
of distributions to TransAlta Renewables Inc. non-controlling
interest. On Oct. 5, 2023, the Company acquired all of the
outstanding common shares of TransAlta Renewables not already
owned, directly or indirectly.
Cash from operating activities
for the three months ended Sept. 30, 2024, of $229 million
decreased by $452 million, or 66 per cent, compared to the same
period in 2023, primarily due to:
- Lower revenues
net of unrealized losses from risk management activities; and
- Higher trade and
other receivables resulting in an unfavourable change in non-cash
operating working capital balances; partially offset by
- Lower fuel and
purchased power.
Alberta Electricity Portfolio
The average spot power price per MWh for the
three months ended Sept. 30, 2024, decreased to $55 per MWh from
$152 per MWh in the same period in 2023, primarily due to:
- Higher
generation from the addition of new wind, solar and gas supply in
the Alberta merchant market compared to the prior period;
- Lower natural
gas prices; and
- Lower volatility
due to milder weather compared to the same period in 2023.
The realized merchant power price per MWh of
production for the three months ended Sept. 30, 2024, decreased to
$90 MWh from $140 MWh, compared to the same period in 2023,
although was significantly higher than average spot power prices
during the quarter, primarily due to:
-
Lower average spot power prices as explained above; and
- Lower hedge
prices compared to the same period in 2023.
Carbon compliance cost per MWh of production for
the three months ended Sept. 30, 2024, increased to $19 per MWh
from $13 per MWh, compared to the same period in 2023, primarily
due to an increase in carbon pricing from $65 per tonne to $80 per
tonne.
Hedged volumes for the three months ended Sept.
30, 2024, were 2,365 GWh at an average price of $85 per MWh.
Volumes increased over the same period in 2023 by 246 GWh, with
realized gains and losses on financial hedges included in
Revenues.
Liquidity and Financial Position
We expect to maintain adequate available
liquidity under our committed credit facilities. As at Sept. 30,
2024, we had access to $1.8 billion in liquidity, including $401
million in cash.
2024 Financial Guidance
The following table outlines our expectations on
key financial targets and related assumptions for 2024:
|
Measure |
2024 Target |
|
Adjusted EBITDA |
$1,150 million - $1,300 million |
|
FCF |
$450 million - $600 million |
|
FCF per share |
$1.47 - $1.96 |
|
Dividend per share (annualized) |
$0.24 |
The Company's outlook for 2024 may be impacted
by a number of factors as detailed further below.
|
Market |
Updated 2024 Assumptions |
2024 Assumptions |
|
Alberta spot ($/MWh) |
$60 to $75 |
$75 to $95 |
|
Mid-C spot (US$/MWh) |
US$60 to US$70 |
US$75 to US$85 |
|
AECO gas price ($/GJ) |
$1.25 to $1.75 |
$2.50 to $3.00 |
Alberta spot price sensitivity: a +/- $1 per MWh
change in spot price is expected to have a +/-$1 million impact on
adjusted EBITDA for balance of year 2024.
Other assumptions relevant to the 2024
outlook
|
|
Updated 2024 Expectations |
2024 Expectations |
|
Energy Marketing gross margin |
$150 million to $170 million |
$110 million to $130 million |
|
Sustaining capital |
no change |
$130 million to $150 million |
|
Corporate cash taxes |
$140 million to $160 million |
$95 million to $130 million |
|
Cash interest |
no change |
$240 million to $260 million |
|
Hedging assumptions |
|
Q4 2024 |
Full year 2025 |
Full year 2026 |
|
Hedged production (GWh) |
|
2,415 |
5,541 |
3,640 |
| Hedge price ($/MWh) |
|
$82 |
$75 |
$78 |
| Hedged gas volumes (GJ) |
|
15 million |
28 million |
18 million |
| Hedge
gas prices ($/GJ) |
|
$2.55 |
$3.51 |
$3.67 |
Conference call
TransAlta will hold a conference call and
webcast at 9:00 a.m. MST (11:00 a.m. EST) today, November 5, 2024,
to discuss our third quarter 2024 results. The call will begin with
an address by John Kousinioris, President and Chief Executive
Officer, and Joel Hunter, Executive Vice President, Finance and
Chief Financial Officer, followed by a question and answer period
for investment analysts and investors. A question and answer period
for the media will immediately follow.
|
Third Quarter 2024 Conference Call |
|
|
|
Webcast link:
https://edge.media-server.com/mmc/p/22yb3pn9 |
| |
A link to the live webcast will be available on
the Investor Centre section of TransAlta’s website at
https://transalta.com/investors/presentations-and-events/. To
access the conference call via telephone, please register ahead of
time using the call link here:
https://register.vevent.com/register/BI863e6b314dbc4284ae19fafc47eca7ac.
Once registered, participants will have the option of 1) dialing
into the call from their phone (via a personalized PIN); or 2)
clicking the “Call Me” option to receive an automated call directly
to their phone.
Related materials will be available on the
Investor Centre section of TransAlta’s website at
https://transalta.com/investors/presentations-and-events/. If you
are unable to participate in the call, the replay will be
accessible at https://edge.media-server.com/mmc/p/22yb3pn9. A
transcript of the broadcast will be posted on TransAlta’s website
once it becomes available.
Notes
(1) These items are not defined and have no
standardized meaning under IFRS. Presenting these items from period
to period provides management and investors with the ability to
evaluate earnings (loss) trends more readily in comparison with
prior periods’ results. Please refer to the Non-IFRS Measures
section of this earnings release for further discussion of these
items, including, where applicable, reconciliations to measures
calculated in accordance with IFRS.(2) Funds from operations
("FFO") per share and free cash flow ("FCF") per share are
calculated using the weighted-average number of common
shares outstanding during the period. Refer to the Additional
IFRS Measures and Non-IFRS Measures section of the MD&A for the
purpose of these non-IFRS ratios.(3) Net interest expense includes
interest expense for the period less interest income.(4) Calculated
using the weighted average number of common shares outstanding for
the three months ended Sept. 30, 2024.
Non-IFRS financial measures and other specified
financial measures
We use a number of financial measures to
evaluate our performance and the performance of our business
segments, including measures and ratios that are presented on a
non-IFRS basis, as described below. Unless otherwise indicated, all
amounts are in Canadian dollars and have been derived from our
unaudited interim condensed consolidated financial statements
prepared in accordance with IFRS. We believe that these non-IFRS
amounts, measures and ratios, read together with our IFRS amounts,
provide readers with a better understanding of how management
assesses results.
Non-IFRS amounts, measures and ratios do not
have standardized meanings under IFRS. They are unlikely to be
comparable to similar measures presented by other companies and
should not be viewed in isolation from, as an alternative to, or
more meaningful than, our IFRS results.
Adjusted EBITDA
Each business segment assumes responsibility for
its operating results measured by adjusted EBITDA. Adjusted EBITDA
is an important metric for management that represents our core
operational results. In the second quarter of 2024, our reported
EBITDA composition was adjusted to include the impact of
acquisition transaction and integration costs as the Company does
not have frequent business acquisitions and the acquisition
transaction and integration costs are not reflective of Company’s
ongoing business performance. Accordingly, the Company has applied
this composition to all previously reported periods. Interest,
taxes, depreciation and amortization are not included, as
differences in accounting treatments may distort our core business
results. In addition, certain reclassifications and adjustments are
made to better assess results, excluding those items that may not
be reflective of ongoing business performance. This presentation
may facilitate the readers' analysis of trends.
Funds From Operations ("FFO")
FFO is an important metric as it provides a
proxy for cash generated from operating activities before changes
in working capital and provides the ability to evaluate cash flow
trends in comparison with results from prior periods. FFO is a
non-IFRS measure.
Free Cash Flow ("FCF")
FCF is an important metric as it represents the
amount of cash that is available to invest in growth initiatives,
make scheduled principal repayments on debt, repay maturing debt,
pay common share dividends or repurchase common shares. Changes in
working capital are excluded so FFO and FCF are not distorted by
changes that we consider temporary in nature, reflecting, among
other things, the impact of seasonal factors and timing of receipts
and payments. FCF is a non-IFRS measure.
Non-IFRS Ratios
FFO per share, FCF per share and adjusted net
debt to adjusted EBITDA are non-IFRS ratios that are presented in
the MD&A. Refer to the Reconciliation of Cash Flow from
Operations to FFO and FCF and Key Non-IFRS Financial Ratios
sections of the MD&A for additional information.
FFO per share and FCF per share
FFO per share and FCF per share are calculated
using the weighted average number of common shares outstanding
during the period. FFO per share and FCF per share are non-IFRS
ratios.
Reconciliation of these non-IFRS financial
measures to the most comparable IFRS measure are provided
below.
Reconciliation of Non-IFRS Measures on a Consolidated
Basis
The following table reflects adjusted EBITDA by
segment and provides reconciliation to earnings before income taxes
for the three months ended Sept. 30, 2024:
|
Three months ended Sept. 30, 2024 millions |
Hydro |
Wind & Solar(1) |
Gas |
Energy Transition |
EnergyMarketing |
Corporate |
Total |
Equity- accounted
investments(1) |
Reclass adjustments |
IFRS financials |
|
Revenues |
105 |
2 |
|
314 |
|
165 |
|
55 |
|
— |
|
641 |
|
(3 |
) |
— |
|
638 |
|
| Reclassifications
and adjustments: |
|
|
|
|
|
|
|
|
|
|
Unrealized mark-to-market (gain) loss |
1 |
74 |
|
(5 |
) |
(8 |
) |
(3 |
) |
— |
|
59 |
|
— |
|
(59 |
) |
— |
|
|
Realized gain (loss) on closed exchange positions |
— |
— |
|
(3 |
) |
— |
|
12 |
|
— |
|
9 |
|
— |
|
(9 |
) |
— |
|
|
Decrease in finance lease receivable |
— |
— |
|
5 |
|
— |
|
— |
|
— |
|
5 |
|
— |
|
(5 |
) |
— |
|
|
Finance lease income |
— |
1 |
|
2 |
|
— |
|
— |
|
— |
|
3 |
|
— |
|
(3 |
) |
— |
|
|
Unrealized foreign exchange loss on commodity |
— |
— |
|
1 |
|
— |
|
— |
|
— |
|
1 |
|
— |
|
(1 |
) |
— |
|
|
Adjusted revenues |
106 |
77 |
|
314 |
|
157 |
|
64 |
|
— |
|
718 |
|
(3 |
) |
(77 |
) |
638 |
|
| Fuel and purchased power |
4 |
5 |
|
100 |
|
104 |
|
— |
|
— |
|
213 |
|
— |
|
— |
|
213 |
|
| Reclassifications
and adjustments: |
|
|
|
|
|
|
|
|
|
|
Australian interest income |
— |
— |
|
(1 |
) |
— |
|
— |
|
— |
|
(1 |
) |
— |
|
1 |
|
— |
|
|
Adjusted fuel and purchased power |
4 |
5 |
|
99 |
|
104 |
|
— |
|
— |
|
212 |
|
— |
|
1 |
|
213 |
|
| Carbon
compliance |
— |
— |
|
40 |
|
1 |
|
— |
|
— |
|
41 |
|
— |
|
— |
|
41 |
|
|
Gross margin |
102 |
72 |
|
175 |
|
52 |
|
64 |
|
— |
|
465 |
|
(3 |
) |
(78 |
) |
384 |
|
|
OM&A |
13 |
26 |
|
43 |
|
17 |
|
10 |
|
35 |
|
144 |
|
(1 |
) |
— |
|
143 |
|
| Reclassifications and
adjustments: |
|
|
|
|
|
|
|
|
|
|
|
Acquisition and integration costs |
— |
— |
|
— |
|
— |
|
— |
|
(1 |
) |
(1 |
) |
— |
|
1 |
|
— |
|
|
Adjusted OM&A |
13 |
26 |
|
43 |
|
17 |
|
10 |
|
34 |
|
143 |
|
(1 |
) |
1 |
|
143 |
|
| Taxes, other than
income taxes |
— |
5 |
|
3 |
|
1 |
|
— |
|
1 |
|
10 |
|
— |
|
— |
|
10 |
|
| Net other operating
income |
— |
(3 |
) |
(10 |
) |
— |
|
— |
|
— |
|
(13 |
) |
— |
|
— |
|
(13 |
) |
|
Adjusted EBITDA(2) |
89 |
44 |
|
139 |
|
34 |
|
54 |
|
(35 |
) |
325 |
|
|
|
|
|
Equity loss |
|
|
|
|
|
|
|
|
|
(1 |
) |
| Finance lease income |
|
|
|
|
|
|
|
|
|
3 |
|
| Depreciation and
amortization |
|
|
|
|
|
|
|
|
|
(133 |
) |
| Asset impairment charges |
|
|
|
|
|
|
|
|
|
(20 |
) |
| Interest income |
|
|
|
|
|
|
|
|
|
4 |
|
| Interest expense |
|
|
|
|
|
|
|
|
|
(83 |
) |
| Foreign exchange loss |
|
|
|
|
|
|
|
|
|
(6 |
) |
| Gain on
sale of assets and other |
|
|
|
|
|
|
|
|
|
1 |
|
|
Earnings before income taxes |
|
|
|
|
|
|
|
|
|
9 |
|
(1) The Skookumchuck wind facility has been
included on a proportionate basis in the Wind and Solar segment.(2)
Adjusted EBITDA is not defined and has no standardized meaning
under IFRS. Refer to the non-IFRS financial measures and other
specified financial measures section in this earnings release.
The following table reflects adjusted EBITDA by
segment and provides reconciliation to earnings before income taxes
for the three months ended Sept. 30, 2023:
|
Three months ended Sept. 30, 2023 millions |
Hydro |
Wind & Solar(1) |
Gas |
Energy Transition |
EnergyMarketing |
Corporate |
Total |
Equity- accounted
investments(1) |
Reclass adjustments |
IFRS financials |
|
Revenues |
163 |
62 |
|
522 |
|
188 |
86 |
|
— |
|
1,021 |
|
(4 |
) |
— |
|
1,017 |
|
| Reclassifications
and adjustments: |
|
|
|
|
|
|
|
|
|
|
Unrealized mark-to-market (gain) loss |
— |
4 |
|
(112 |
) |
5 |
(67 |
) |
— |
|
(170 |
) |
— |
|
170 |
|
— |
|
|
Realized gain on closed exchange positions |
— |
— |
|
4 |
|
— |
8 |
|
— |
|
12 |
|
— |
|
(12 |
) |
— |
|
|
Decrease in finance lease receivable |
— |
— |
|
14 |
|
— |
— |
|
— |
|
14 |
|
— |
|
(14 |
) |
— |
|
|
Finance lease income |
— |
— |
|
2 |
|
— |
— |
|
— |
|
2 |
|
— |
|
(2 |
) |
— |
|
|
Unrealized foreign exchange gain on commodity |
— |
— |
|
— |
|
— |
(1 |
) |
— |
|
(1 |
) |
— |
|
1 |
|
— |
|
|
Adjusted revenues |
163 |
66 |
|
430 |
|
193 |
26 |
|
— |
|
878 |
|
(4 |
) |
143 |
|
1,017 |
|
|
Fuel and purchased power |
4 |
6 |
|
111 |
|
148 |
— |
|
— |
|
269 |
|
— |
|
— |
|
269 |
|
| Reclassifications
and adjustments: |
|
|
|
|
|
|
|
|
|
|
Australian interest income |
— |
— |
|
(1 |
) |
— |
— |
|
— |
|
(1 |
) |
— |
|
1 |
|
— |
|
|
Adjusted fuel and purchased power |
4 |
6 |
|
110 |
|
148 |
— |
|
— |
|
268 |
|
— |
|
1 |
|
269 |
|
| Carbon
compliance |
— |
— |
|
28 |
|
— |
— |
|
— |
|
28 |
|
— |
|
— |
|
28 |
|
|
Gross margin |
159 |
60 |
|
292 |
|
45 |
26 |
|
— |
|
582 |
|
(4 |
) |
142 |
|
720 |
|
|
OM&A |
9 |
20 |
|
45 |
|
15 |
13 |
|
30 |
|
132 |
|
(1 |
) |
— |
|
131 |
|
| Taxes, other than
income taxes |
— |
4 |
|
3 |
|
1 |
— |
|
— |
|
8 |
|
— |
|
— |
|
8 |
|
| Net other operating
income |
— |
(1 |
) |
(10 |
) |
— |
— |
|
— |
|
(11 |
) |
— |
|
— |
|
(11 |
) |
|
Adjusted EBITDA(2) |
150 |
37 |
|
254 |
|
29 |
13 |
|
(30 |
) |
453 |
|
|
|
|
|
Finance lease income |
|
|
|
|
|
|
|
|
|
2 |
|
| Depreciation and
amortization |
|
|
|
|
|
|
|
|
|
(140 |
) |
| Asset impairment
reversals |
|
|
|
|
|
|
|
|
|
58 |
|
| Interest income |
|
|
|
|
|
|
|
|
|
16 |
|
| Interest expense |
|
|
|
|
|
|
|
|
|
(69 |
) |
| Foreign exchange loss |
|
|
|
|
|
|
|
|
|
(5 |
) |
| Loss on
sale of assets and other |
|
|
|
|
|
|
|
|
|
(1 |
) |
|
Earnings before income taxes |
|
|
|
|
|
|
|
|
|
453 |
|
(1) The Skookumchuck wind facility has been
included on a proportionate basis in the Wind and Solar segment.(2)
Adjusted EBITDA is not defined and has no standardized meaning
under IFRS. Refer to the non-IFRS financial measures and other
specified financial measures section in this earnings release.
The following table reflects adjusted EBITDA by
segment and provides reconciliation to earnings before income taxes
for the nine months ended Sept. 30, 2024:
|
Nine months ended Sept. 30,
2024millions |
Hydro |
Wind & Solar(1) |
Gas |
Energy Transition |
EnergyMarketing |
Corporate |
Total |
Equity- accounted
investments(1) |
Reclass adjustments |
IFRS financials |
|
Revenues |
316 |
|
253 |
|
1,031 |
|
461 |
|
154 |
|
(34 |
) |
2,181 |
|
(14 |
) |
— |
|
2,167 |
|
| Reclassifications
and adjustments: |
|
|
|
|
|
|
|
|
|
|
Unrealized mark-to-market (gain) loss |
(3 |
) |
61 |
|
(86 |
) |
(28 |
) |
(5 |
) |
— |
|
(61 |
) |
— |
|
61 |
|
— |
|
|
Realized gain (loss) on closed exchange positions |
— |
|
— |
|
8 |
|
— |
|
(16 |
) |
— |
|
(8 |
) |
— |
|
8 |
|
— |
|
|
Decrease in finance lease receivable |
— |
|
1 |
|
14 |
|
— |
|
— |
|
— |
|
15 |
|
— |
|
(15 |
) |
— |
|
|
Finance lease income |
— |
|
4 |
|
5 |
|
— |
|
— |
|
— |
|
9 |
|
— |
|
(9 |
) |
— |
|
|
Unrealized foreign exchange gain on commodity |
— |
|
— |
|
(1 |
) |
— |
|
— |
|
— |
|
(1 |
) |
— |
|
1 |
|
— |
|
|
Adjusted revenues |
313 |
|
319 |
|
971 |
|
433 |
|
133 |
|
(34 |
) |
2,135 |
|
(14 |
) |
46 |
|
2,167 |
|
|
Fuel and purchased power |
13 |
|
22 |
|
339 |
|
316 |
|
— |
|
— |
|
690 |
|
— |
|
— |
|
690 |
|
| Reclassifications
and adjustments: |
|
|
|
|
|
|
|
|
|
|
Australian interest income |
— |
|
— |
|
(3 |
) |
— |
|
— |
|
— |
|
(3 |
) |
— |
|
3 |
|
— |
|
|
Adjusted fuel and purchased power |
13 |
|
22 |
|
336 |
|
316 |
|
— |
|
— |
|
687 |
|
— |
|
3 |
|
690 |
|
| Carbon
compliance |
— |
|
— |
|
106 |
|
1 |
|
— |
|
(34 |
) |
73 |
|
— |
|
— |
|
73 |
|
|
Gross margin |
300 |
|
297 |
|
529 |
|
116 |
|
133 |
|
— |
|
1,375 |
|
(14 |
) |
43 |
|
1,404 |
|
|
OM&A |
39 |
|
70 |
|
131 |
|
50 |
|
29 |
|
105 |
|
424 |
|
(3 |
) |
— |
|
421 |
|
| Reclassifications and
adjustments: |
|
|
|
|
|
|
|
|
|
|
| Acquisition and integration
costs |
— |
|
— |
|
— |
|
— |
|
— |
|
(8 |
) |
(8 |
) |
— |
|
8 |
|
— |
|
|
Adjusted OM&A |
39 |
|
70 |
|
131 |
|
50 |
|
29 |
|
97 |
|
416 |
|
(3 |
) |
8 |
|
421 |
|
| Taxes, other than income
taxes |
2 |
|
13 |
|
9 |
|
3 |
|
— |
|
1 |
|
28 |
|
(1 |
) |
— |
|
27 |
|
| Net
other operating income |
— |
|
(7 |
) |
(30 |
) |
— |
|
— |
|
— |
|
(37 |
) |
— |
|
— |
|
(37 |
) |
|
Adjusted EBITDA(2) |
259 |
|
221 |
|
419 |
|
63 |
|
104 |
|
(98 |
) |
968 |
|
|
|
|
|
Equity income |
|
|
|
|
|
|
|
|
|
3 |
|
| Finance lease income |
|
|
|
|
|
|
|
|
|
9 |
|
| Depreciation and
amortization |
|
|
|
|
|
|
|
|
|
(388 |
) |
| Asset impairment charges |
|
|
|
|
|
|
|
|
|
(26 |
) |
| Interest income |
|
|
|
|
|
|
|
|
|
19 |
|
| Interest expense |
|
|
|
|
|
|
|
|
|
(232 |
) |
| Foreign exchange loss |
|
|
|
|
|
|
|
|
|
(12 |
) |
| Gain on
sale of assets and other |
|
|
|
|
|
|
|
|
|
4 |
|
|
Earnings before income taxes |
|
|
|
|
|
|
|
|
|
370 |
|
(1) The Skookumchuck wind facility has been
included on a proportionate basis in the Wind and Solar segment.(2)
Adjusted EBITDA is not defined and has no standardized meaning
under IFRS. Refer to the non-IFRS financial measures and other
specified financial measures section in this earnings release.
The following table reflects adjusted EBITDA by
segment and provides reconciliation to earnings before income taxes
for the nine months ended Sept. 30, 2023:
|
Nine months ended Sept. 30, 2023
millions |
Hydro |
Wind & Solar(1) |
Gas |
Energy Transition |
EnergyMarketing |
Corporate |
Total |
Equity- accounted
investments(1) |
Reclass adjustments |
IFRS financials |
|
Revenues |
456 |
|
263 |
|
1,268 |
|
576 |
|
181 |
|
1 |
|
2,745 |
|
(14 |
) |
— |
|
2,731 |
|
| Reclassifications
and adjustments: |
|
|
|
|
|
|
|
|
|
|
Unrealized mark-to-market (gain) loss |
(2 |
) |
(4 |
) |
(120 |
) |
(12 |
) |
42 |
|
— |
|
(96 |
) |
— |
|
96 |
|
— |
|
|
Realized loss on closed exchange positions |
— |
|
— |
|
(13 |
) |
— |
|
(95 |
) |
— |
|
(108 |
) |
— |
|
108 |
|
— |
|
|
Decrease in finance lease receivable |
— |
|
— |
|
40 |
|
— |
|
— |
|
— |
|
40 |
|
— |
|
(40 |
) |
— |
|
|
Finance lease income |
— |
|
— |
|
10 |
|
— |
|
— |
|
— |
|
10 |
|
— |
|
(10 |
) |
— |
|
|
Adjusted revenues |
454 |
|
259 |
|
1,185 |
|
564 |
|
128 |
|
1 |
|
2,591 |
|
(14 |
) |
154 |
|
2,731 |
|
|
Fuel and purchased power |
14 |
|
22 |
|
326 |
|
419 |
|
— |
|
1 |
|
782 |
|
— |
|
— |
|
782 |
|
| Reclassifications
and adjustments: |
|
|
|
|
|
|
|
|
|
|
Australian interest income |
— |
|
— |
|
(3 |
) |
— |
|
— |
|
— |
|
(3 |
) |
— |
|
3 |
|
— |
|
|
Adjusted fuel and purchased power |
14 |
|
22 |
|
323 |
|
419 |
|
— |
|
1 |
|
779 |
|
— |
|
3 |
|
782 |
|
| Carbon
compliance |
— |
|
— |
|
85 |
|
— |
|
— |
|
— |
|
85 |
|
— |
|
— |
|
85 |
|
|
Gross margin |
440 |
|
237 |
|
777 |
|
145 |
|
128 |
|
— |
|
1,727 |
|
(14 |
) |
151 |
|
1,864 |
|
|
OM&A |
35 |
|
55 |
|
136 |
|
46 |
|
33 |
|
86 |
|
391 |
|
(2 |
) |
|
389 |
|
| Taxes, other than
income taxes |
2 |
|
11 |
|
11 |
|
3 |
|
— |
|
— |
|
27 |
|
(1 |
) |
|
26 |
|
| Net other operating
income |
— |
|
(4 |
) |
(30 |
) |
— |
|
— |
|
— |
|
(34 |
) |
— |
|
|
(34 |
) |
|
Adjusted EBITDA(2) |
403 |
|
175 |
|
660 |
|
96 |
|
95 |
|
(86 |
) |
1,343 |
|
|
|
|
|
Equity income |
|
|
|
|
|
|
|
|
|
1 |
|
| Finance lease income |
|
|
|
|
|
|
|
|
|
10 |
|
| Depreciation and
amortization |
|
|
|
|
|
|
|
|
|
(489 |
) |
| Asset impairment
reversals |
|
|
|
|
|
|
|
|
|
74 |
|
| Interest income |
|
|
|
|
|
|
|
|
|
47 |
|
| Interest expense |
|
|
|
|
|
|
|
|
|
(215 |
) |
| Gain on
sale of assets and other |
|
|
|
|
|
|
|
|
|
4 |
|
|
Earnings before income taxes |
|
|
|
|
|
|
|
|
|
915 |
|
(1) The Skookumchuck wind facility has been
included on a proportionate basis in the Wind and Solar segment.(2)
Adjusted EBITDA is not defined and has no standardized meaning
under IFRS. Refer to the non-IFRS financial measures and other
specified financial measures section in this earnings release.
Reconciliation of cash flow from operations to FFO and
FCF
The table below reconciles cash flow from
operating activities to FFO and FCF:
| |
Three months ended Sept. 30 |
Nine months ended Sept. 30 |
|
$ millions, unless otherwise stated |
2024 |
|
2023 |
|
2024 |
|
2023 |
|
|
Cash flow from operating activities(1) |
229 |
|
681 |
|
581 |
|
1,154 |
|
| Change
in non-cash operating working capital balances |
(48 |
) |
(355 |
) |
59 |
|
11 |
|
|
Cash flow from operations before changes in working
capital |
181 |
|
326 |
|
640 |
|
1,165 |
|
|
Adjustments |
|
|
|
|
|
Share of adjusted FFO from joint venture(1) |
— |
|
2 |
|
4 |
|
10 |
|
|
Decrease in finance lease receivable |
5 |
|
14 |
|
15 |
|
40 |
|
|
Clean energy transition provisions and adjustments(2) |
— |
|
— |
|
— |
|
7 |
|
|
Realized gain (loss) on closed exchanged positions |
9 |
|
12 |
|
(8 |
) |
(108 |
) |
|
Acquisition and integration costs |
1 |
|
— |
|
8 |
|
— |
|
|
Other(3) |
4 |
|
3 |
|
14 |
|
8 |
|
|
FFO(4) |
200 |
|
357 |
|
673 |
|
1,122 |
|
|
Deduct: |
|
|
|
|
|
Sustaining capital(1) |
(35 |
) |
(36 |
) |
(75 |
) |
(100 |
) |
|
Productivity capital |
— |
|
(1 |
) |
— |
|
(2 |
) |
|
Dividends paid on preferred shares |
(13 |
) |
(14 |
) |
(39 |
) |
(39 |
) |
|
Distributions paid to subsidiaries’ non-controlling interests |
(10 |
) |
(75 |
) |
(34 |
) |
(204 |
) |
|
Principal payments on lease liabilities |
(1 |
) |
(3 |
) |
(3 |
) |
(8 |
) |
|
Other |
(1 |
) |
— |
|
(1 |
) |
— |
|
|
FCF(4) |
140 |
|
228 |
|
521 |
|
769 |
|
|
Weighted average number of common shares outstanding in the
period |
296 |
|
263 |
|
303 |
|
265 |
|
|
FFO per share(4) |
0.68 |
|
1.36 |
|
2.22 |
|
4.23 |
|
|
FCF per share(4) |
0.47 |
|
0.87 |
|
1.72 |
|
2.90 |
|
(1) Includes our share of amounts for
Skookumchuck, an equity-accounted joint venture.(2)
2023 includes amounts related to onerous contracts recognized in
2021.(3) Other consists of production tax credits, which
is a reduction to tax equity debt, less distributions from the
equity-accounted joint venture. (4) These items are
not defined and have no standardized meaning under IFRS. Refer to
the non-IFRS Measures section in this earnings release.The table
below provides a reconciliation of adjusted EBITDA to FFO and
FCF:
| |
Three months ended Sept. 30 |
Nine months ended Sept. 30 |
|
$ millions, unless otherwise stated |
2024 |
|
2023 |
|
2024 |
|
2023 |
|
|
Adjusted EBITDA(1)(4) |
325 |
|
453 |
|
968 |
|
1,343 |
|
| Provisions |
2 |
|
(4 |
) |
8 |
|
— |
|
| Net interest expense(2) |
(62 |
) |
(40 |
) |
(167 |
) |
(123 |
) |
| Current income tax
expense |
(63 |
) |
(37 |
) |
(123 |
) |
(55 |
) |
| Realized foreign exchange gain
(loss) |
1 |
|
(7 |
) |
(7 |
) |
(13 |
) |
| Decommissioning and
restoration costs settled |
(10 |
) |
(6 |
) |
(29 |
) |
(22 |
) |
|
Other non-cash items |
7 |
|
(2 |
) |
23 |
|
(8 |
) |
|
FFO(3)(4) |
200 |
|
357 |
|
673 |
|
1,122 |
|
|
Deduct: |
|
|
|
|
|
Sustaining capital(4) |
(35 |
) |
(36 |
) |
(75 |
) |
(100 |
) |
|
Productivity capital |
— |
|
(1 |
) |
— |
|
(2 |
) |
|
Dividends paid on preferred shares |
(13 |
) |
(14 |
) |
(39 |
) |
(39 |
) |
|
Distributions paid to subsidiaries’ non-controlling interests |
(10 |
) |
(75 |
) |
(34 |
) |
(204 |
) |
|
Principal payments on lease liabilities |
(1 |
) |
(3 |
) |
(3 |
) |
(8 |
) |
|
Other |
(1 |
) |
— |
|
(1 |
) |
— |
|
|
FCF(3)(4) |
140 |
|
228 |
|
521 |
|
769 |
|
(1) Adjusted EBITDA is defined in the Additional
IFRS Measures and non-IFRS Measures of this earnings release and
reconciled to earnings (loss) before income taxes above.(2) Net
interest expense includes interest expense for the period less
interest income.(3) These items are not defined and have no
standardized meaning under IFRS. FFO and FCF are defined in the
Non-IFRS financial measures and other specified financial measures
section of in this earnings release and reconciled to cash flow
from operating activities above.(4) Includes our share of amounts
for Skookumchuck wind facility, an equity-accounted joint venture.
Refer to the Capital Expenditures section of our Third Quarter 2024
MD&A for details of sustaining capital expenditures.
TransAlta is in the process of filing its
unaudited interim Consolidated Financial Statements and
accompanying notes, as well as the associated Management’s
Discussion & Analysis (“MD&A”). These documents will be
available today on the Investors section of TransAlta’s website at
www.transalta.com or through SEDAR at www.sedarplus.ca.
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.
TransAlta provides municipalities, medium and large industries,
businesses and utility customers with affordable, energy efficient
and reliable power. Today, TransAlta is one of Canada’s largest
producers of wind power and Alberta’s largest producer of
hydroelectric power. For over 113 years, TransAlta has been a
responsible operator and a proud member of the communities where we
operate and where our employees work and live. TransAlta aligns its
corporate goals with the UN Sustainable Development Goals and the
Future-Fit Business Benchmark, which also define sustainable goals
for businesses. Our reporting on climate change management has been
guided by the International Financial Reporting Standards (IFRS) S2
Climate-related Disclosures Standard and the Task Force on
Climate-related Financial Disclosures (TCFD) recommendations.
TransAlta has achieved a 66 per cent reduction in GHG emissions or
21.3 million tonnes CO2e since 2015 and received an upgraded MSCI
ESG rating of AA.
For more information about TransAlta, visit our
web site at transalta.com.
Cautionary Statement Regarding Forward-Looking
Information
This news release contains "forward-looking
information", within the meaning of applicable Canadian securities
laws, and "forward-looking statements", within the meaning of
applicable United States securities laws, including the United
States Private Securities Litigation Reform Act of 1995
(collectively referred to herein as "forward-looking statements).
In some cases, forward-looking statements can be identified by
terminology such as "plans", "expects", "proposed", "would",
"will", "anticipates", "develop", "continue", "estimate", and
similar expressions suggesting future events or future performance.
In particular, this news release contains, without limitation,
statements pertaining to: the temporary mothballing of Sundance 6
and its return to service; TransAlta’s commitment to enhancing
shareholder returns through share buybacks and dividends; our
acquisition of Heartland; our liquidity and financial position;
that opportunities will arise to support the energy transition in
our core jurisdictions, including the redevelopment and
recontracting our legacy thermal sites; and our expectations on key
financial targets and related assumptions for 2024 and our ability
to meet such targets, including adjusted EBITDA, free cash flow,
and dividend per share.
The forward-looking statements contained in this
news release are based on many assumptions including, but not
limited to, the following material assumptions: no significant
changes to applicable laws and regulations beyond those that have
already been announced; those assumptions contained in the
Company’s 2024 Outlook, including as it pertains to power and gas
prices and expected hedge levels; no material adverse impacts to
long-term investment and credit markets; no significant changes to
the decommissioning and restoration costs; no significant changes
to the integrity and reliability of our assets; and no significant
changes to the Company's debt and credit ratings. Forward-looking
statements are subject to a number of significant risks, and
uncertainties that could cause actual plans, performance, results
or outcomes to differ materially from current expectations. Factors
that may adversely impact what is expressed or implied by
forward-looking statements contained in this news release include,
risks relating to: fluctuations in power prices, including merchant
pricing in Alberta, Ontario and Mid-Columbia; supply chain
disruptions impacting major maintenance and growth projects;
reductions in production; restricted access to capital and
increased borrowing costs, including any difficulty raising debt,
equity or tax equity, as applicable, on reasonable terms or at all;
labour relations matters, reduced labour availability and the
ability to continue to staff our operations and facilities;
reliance on key personnel; disruptions to our supply chains,
including our ability to secure necessary equipment; force majeure
claims; our ability to obtain regulatory and any other third-party
approvals on the expected timelines or at all in respect of our
growth projects; long term commitments on gas transportation
capacity that may not be fully utilized over time; adverse
financial impacts arising from the Company's hedged positions;
risks associated with development and construction projects,
including as it pertains to real property, disputes with
contractors and potential delays in the construction or
commissioning of such projects; significant fluctuations in the
Canadian dollar against the US dollar and Australian dollar;
changes in short-term and long-term electricity supply and demand;
counterparty risk, including credit risk and risks of realizing a
higher rate of losses on our accounts receivables; impairments
and/or write-downs of assets; adverse impacts on our information
technology systems and our internal control systems, including
cybersecurity threats; commodity risk management and energy trading
risks, including the effectiveness of the Company’s risk management
tools associated with hedging and trading procedures to protect
against significant losses; an inability to contract our generation
for prices that will provide expected returns and to replace
contracts as they expire; changes to the legislative, regulatory
and political environments in the jurisdictions in which we
operate; environmental requirements and changes in, or liabilities
under, these requirements; disruptions in the transmission and
distribution of electricity; the effects of weather, including
man-made or natural disasters, and climate-change related risks;
increases in costs; reductions to our generating units’ relative
efficiency or capacity factors; disruptions in the source of fuels,
including natural gas, coal, water, solar, or wind resources
required to operate our facilities; any inability to receive all
required regulatory approvals for the acquisition of Heartland
Generation Ltd. and the risk that the closing of such transaction
could be delayed or not occur; failure to meet financial
expectations, including any failure to meet our 2024 Outlook;
general domestic and international economic and political
developments, including armed hostilities, the threat of terrorism,
adverse diplomatic developments or other similar events; equipment
failure and our ability to carry out or have completed the repairs
in a cost-effective and timely manner or at all; industry risk and
competition in the business in which we operate; structural
subordination of securities; inadequacy or unavailability of
insurance coverage; our provision for income taxes and any risk of
reassessment; and legal, regulatory and contractual disputes and
proceedings involving the Company; and other risks and
uncertainties discussed in the Company's materials filed with the
securities regulatory authorities from time to time and as also set
forth in the Company's Management Discussion and Analysis and
Annual Information Form for the year ended Dec. 31, 2023. Readers
are urged to consider these factors carefully in evaluating the
forward-looking statements, which reflect the Company's
expectations only as of the date hereof and are cautioned not to
place undue reliance on them. The purpose of the financial outlooks
contained herein is to give the reader information about
management's current expectations and plans and readers are
cautioned that such information may not be appropriate for other
purposes. The forward-looking statements included in this document
are made only as of the date hereof and we do not undertake to
publicly update these forward-looking statements to reflect new
information, future events or otherwise, except as required by
applicable laws.
Note: All financial figures are in Canadian
dollars unless otherwise indicated.
For more information:
| Investor
Inquiries: |
Media
Inquiries: |
| Phone: 1-800-387-3598 in
Canada and US |
Phone: 1-855-255-9184 |
| Email:
investor_relations@transalta.com |
Email:
ta_media_relations@transalta.com |
TransAlta (NYSE:TAC)
과거 데이터 주식 차트
부터 11월(11) 2024 으로 12월(12) 2024
TransAlta (NYSE:TAC)
과거 데이터 주식 차트
부터 12월(12) 2023 으로 12월(12) 2024
