TransAlta and Washington State Agree to Formal Talks on Transitioning the Centralia Facility to Cleaner Energy Sources While Pro
April 26 2010 - 5:45PM
Marketwired
TransAlta Corporation (TransAlta) (TSX: TA); (NYSE: TAC) and
Governor Chris Gregoire today signed a memorandum of understanding
(MOU) to enter discussions on an agreement to significantly reduce
greenhouse gas emissions from the Centralia coal-fired plant and
provide replacement capacity by 2025. The MOU reflects a shared
interest between TransAlta, Gov. Gregoire and the Washington state
Department of Ecology in reducing emissions while providing
Washington citizens and businesses with secure, reliable power. It
sets forth clear objectives and a definitive timeline to develop an
agreement to transition the state to cleaner energy sources while
protecting jobs and the local economy. The MOU also recognizes the
need to protect the value that Centralia brings to TransAlta's
shareholders.
"Today's announcement underscores TransAlta's commitment to
providing clean, affordable energy to Washington residents. Since
TransAlta acquired the Centralia plant in 2000, we've worked
closely with the state to reduce the plant's environmental impact,
investing more than $300 million into pollution controls and
securing significant reductions in emissions," said Dawn Farrell,
chief operating officer of TransAlta. "The MOU represents a
commitment by our team to working with Gov. Gregoire and the state
to seek an agreement that would even further reduce emissions while
balancing the needs of different stakeholders."
The MOU follows Gov. Gregoire's 2009 Executive Order on Climate
Change which directed the Washington state Department of Ecology to
work with TransAlta to reduce the Centralia facility's greenhouse
gas emissions by 2025.
"We're optimistic that the state and TransAlta can put together
a proposal that will ensure significant reductions in the Centralia
plant's emissions and protect Washingtonians' health, environment
and economy. Any such proposal also should provide the company with
the predictability it needs for its future operations and for its
shareholders," said Stuart Clark, Ecology's Air Quality Program
manager. Clark is leading the state's negotiating team.
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 biomass,
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's 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.
This news release may contain forward-looking statements,
including statements regarding the business and anticipated
financial performance of TransAlta Corporation. 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.
Contacts: TransAlta Corporation - Media inquiries Marcy McAuley
Manager, Community & Stakeholder Relations (403) 267-3639
Marcy_Mcauley@transalta.com TransAlta Corporation - Investor
inquiries Jennifer Pierce Vice President, Communications &
Investor Relations (403) 267-7622 TransAlta Corporation Jess
Nieukerk Manager, Investor Relations (403) 267-3607
investor_relations@transalta.com www.transalta.com Washington State
Dept of Ecology - Media inquiries: Seth Preston Ecology Air Quality
Program Communications Manager 360-407-6848; 360-584-5744 cell
seth.preston@ecy.wa.gov
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