CALGARY, AB, Aug. 10, 2021 /CNW/ -
Second Quarter 2021 Highlights
- Comparable EBITDA(1) of $302
million, an increase of $85
million or 39 per cent compared to the same period in
2020
- Free cash flow ("FCF")(1) of $138 million or $0.51 per share compared to $91 million or $0.33 per share, a 52 per cent increase over the
same period in 2020
- Hydro segment delivered $96
million of comparable EBITDA, an increase of $67 million compared to the same period in
2020
- Alberta Thermal segment delivered $85
million of comparable EBITDA, an increase of $55 million compared to the same period in
2020
- Adjusted availability was 84.8 per cent compared to 91.5 per
cent for the same period in 2020, largely impacted by planned major
maintenance events in the quarter
Other Highlights
- Windrise wind project construction was 88 per cent complete as
of June 30, 2021
- Launched 130 MW Garden Plain wind project, 100 MW of which are
contracted to Pembina Pipeline Corporation under an 18-year power
purchase agreement
- Closed the sale of the Pioneer Pipeline to ATCO Gas and
Pipelines Ltd. with net cash proceeds of approximately $128 million, resulting in a gain on sale of
$33 million
- Executed a 10-year contract extension at Sarnia with one of its large industrial
customers
Subsequent Events & Updates
- Completed another milestone in our phase-out of coal with the
completion of the coal-to-gas conversion of Keephills Unit
2
- Reached agreement to construct the 48 MW Northern Goldfields
Solar and Storage Project to deliver renewable electricity to BHP
Nickel West Pty Ltd. ("BHP")
2021 Revised Outlook
With exceptional year-to-date results, the Company has increased
its 2021 outlook as set out below:
- Comparable EBITDA range of $1.1
to $1.2 billion
- FCF range of $440 to $515 million
- Energy Marketing gross margin contribution range of
$170 to $200
million
TransAlta Corporation ("TransAlta" or the "Company") (TSX: TA)
(NYSE: TAC) today reported its financial results for the three and
six months ended June 30, 2021.
"TransAlta continues to deliver outstanding results in
2021. We exceeded expectations during the second quarter with
strong performances from our Alberta Hydro and Thermal
fleets. We are focused on optimizing our Alberta fleet, working to ensure maximum fleet
flexibility and high availability during periods of high demand, in
order to realize the value of our Alberta generating portfolio. Our
strategic management of our diversified fleet of hydro, wind,
energy storage and thermal assets has demonstrated its
competitiveness and value in Alberta's merchant market structure," said
John Kousinioris, President and
Chief Executive Officer. "Our Energy Marketing segment also
continues to have a strong year with favourable results across
North American markets outside of Alberta. With these
results, we have the confidence to revise upwards our outlook for
free cash flow to between $440 and
$515 million, exceeding our
previous 2021 guidance range."
Set out below are additional highlights from the quarter as well
as more details regarding the Company's financial results,
liquidity and financial position.
Financial Results
The Company reported outstanding second quarter 2021 results
with comparable EBITDA(1) of $302
million compared to $217
million in the same period of 2020. Funds from operations
("FFO")(1) were $250
million for the quarter compared to $159 million in the same period of 2020.
Comparable EBITDA for the three and six months ended
June 30, 2021 increased by
$85 million and $175 million,
respectively, compared with the same periods in 2020, largely due
to higher comparable EBITDA at our Alberta Thermal and Hydro
segments which was partially offset by lower performance at the
Centralia, North American
Gas, and Wind and Solar segments. On a year-to-date
basis, our Energy Marketing segment also had stronger results
compared to 2020. The strong performance of the Hydro and
Alberta Thermal segments was due to higher average merchant prices
in the Alberta power market, the
expiry of the Alberta power
purchase arrangements ("Alberta PPAs"), which resulted in the
elimination of the net obligation payments made to the Alberta
Balancing Pool in prior periods, and managing to high unit
availability during periods of high market demand.
FCF, one of the Company's key financial metrics, totaled
$138 million and $267 million, respectively, for the three and six
months ended June 30, 2021, an
increase of $47 million and
$67 million compared to the same periods in 2020, driven
primarily by the higher comparable EBITDA noted above, partially
offset by an increase in sustaining capital due to additional
planned major maintenance events across the fleet compared to the
same periods in 2020, the settlement of provisions, and higher
distributions paid to subsidiaries' non-controlling interest.
Operations, maintenance and administration ("OM&A") expenses
for the three and six months ended June 30,
2021 increased by $39 million
and $16 million, respectively, compared to the same
periods in 2020. During the second quarter of 2021, a
writedown of $25 million was recorded on parts and material
inventory related to the Highvale mine and coal operations at our
gas-converted facilities. In addition, for the three and six
months ended June 30, 2021,
variability caused by the total return swap resulted in an
unfavourable change of $5 million and a favourable change of
$13 million, respectively. During the first quarter of
2021, we also received a Canada
Emergency Wage Subsidy ("CEWS") payment of $8 million.
Excluding the impact of the total return swap, CEWS funding and
inventory writedown, OM&A expenses were higher for
the three and six months ended June
30, 2021, compared to the same periods in 2020, primarily
due to increased staffing costs for growth and strategic
initiatives, settlement of provisions, and higher incentive
costs. As previously committed, the CEWS funding was used to
support incremental employment within the Company.
Liquidity and Financial Position
The Company continues to maintain a strong financial position in
part due to our long-term contracts and hedged positions. At the
end of the second quarter, TransAlta had access to $2.0 billion, including $642 million of cash and cash equivalents.
Alberta Electricity Portfolio
On Dec. 31, 2020, the Alberta PPAs
expired and, effective Jan. 1, 2021,
the applicable facilities began operating on a fully merchant basis
in the Alberta market, forming a
core part of our Alberta
electricity portfolio optimization activities. The variability in
production by facility is driven by the diversity in our fuel
types, which enables portfolio management and allows for
maximization of operating margins. The Alberta portfolio includes hydro, wind, energy
storage and thermal units. A portion of the baseload generation in
the portfolio is hedged to provide cash flow certainty.
In the six months ended June 30,
2021, the Hydro and Alberta Thermal segments achieved
realized power prices of $128 per MWh
and $91 per MWh, respectively,
compared to the Alberta spot price
which averaged $100 per MWh. The
Company was able to benefit during higher-priced periods by
optimizing dispatch in the hydro and thermal fleet, ensuring high
availability during peak demand while our hedged positions at
Alberta Thermal minimized unfavourable market pricing during
lower-priced hours in the quarter.
2021 Outlook
The Company is revising its 2021 outlook with comparable EBITDA
estimated to be between $1.1 and
$1.2 billion. The midpoint of the
range represents a 13 per cent increase over the Company's previous
2021 outlook.
The Company expects sustaining capital to be in the elevated
range of $200 million to $225 million. This is driven by final revisions
to the maintenance capital for the planned outages at Alberta
Thermal and Hydro and the acceleration of the acquisition of a
critical spare for customer and contractual reliability
management.
FCF is now expected to be between $440 and $515
million. The midpoint of the range represents a 22 per cent
increase over the Company's previous 2021 outlook.
The following table provides additional details pertaining to
our 2021 outlook:
Measure
(C$ millions
unless otherwise noted)
|
Revised
Outlook
|
Previous
Outlook
|
Comparable
EBITDA
|
$1,100 to
$1,200
|
$960 to
$1,080
|
FCF
|
$440 to
$515
|
$340 to
$440
|
Range of key power price assumptions:
Market
|
Power Prices
($/MWh)
|
Power Prices
($/MWh)
|
Alberta
Spot
|
$80 to
$100
|
$58 to $68
|
Mid-C Spot
(US$)
|
$45 to $55
|
$25 to $35
|
Other assumptions relevant to 2021 financial outlook:
Sustaining
capital
|
$200 to
$225
|
$175 to
$210
|
|
|
|
Energy marketing
gross margin
|
$170 to
$200
|
$90 to
$110
|
Other Activities
Northern Goldfields Solar and Storage Project
On July 29, 2021, TransAlta
Renewables Inc. ("TransAlta Renewables") announced that Southern
Cross Energy, a subsidiary of the Company and an entity in which
TransAlta Renewables owns an indirect economic interest, had
reached an agreement to provide BHP with renewable electricity to
its Goldfields-based operations through the construction of the
Northern Goldfields Solar and Storage Project. The project
comprises the 27 MW Mount Keith Solar Farm, 11 MW Leinster Solar
Farm, 10 MW/5MWh Leinster battery energy storage system and
interconnecting transmission infrastructure, all of which will be
integrated into our 169 MW Southern Cross Energy North remote
network in Western Australia.
Construction activities are scheduled to start in the fourth
quarter of 2021 with completion of the projects expected in the
second half of 2022. Total construction capital of the project is
estimated at approximately AU$73 million. The project is
expected to contribute between $8 and
$9 million of annual EBITDA.
Garden Plain Wind Project
On May 3, 2021, the Company
announced that it entered into a long-term power purchase agreement
("PPA") with Pembina Pipeline Corporation ("Pembina") pursuant to
which Pembina has contracted for the renewable electricity and
environmental attributes of 100 MW of the 130 MW Garden Plain wind
project ("Garden Plain"). Under a separate agreement, Pembina has
the option to purchase an approximate 38 per cent interest in the
project (49 per cent of the project associated with the PPA). The
option must be exercised no later than 30 days after the commercial
operational date. TransAlta will remain the operator of the
facility and earn a management fee if Pembina exercises this
option. Garden Plain will be located approximately 30 km north of
Hanna, Alberta. Construction
activities are scheduled to start in fall 2021 with completion of
the project expected in the second half of 2022. Total construction
capital of the project is estimated at approximately $195 million. The project is expected to
contribute between $14 and
$18 million of annual EBITDA.
Windrise Wind
Construction activities on the Windrise wind project continue to
advance with all appropriate procedures in place to protect the
construction team during the COVID-19 pandemic. All major equipment
has been delivered to site and turbine erection activities are
ongoing. The project has advanced significantly and, as at the end
of June 2021, was approximately 88
per cent complete. The main transmission line was energized on
June 10 and the project is tracking
to be completed during the second half of 2021.
Conversion to Gas
During the first half of 2021, we completed the conversion to
gas at Sundance Unit 6 and our non-operated Sheerness Unit 1
completed its conversion to gas, resulting in both units now
running solely on gas. On July 19,
2021, we announced the completion of the conversion to gas
at Keephills Unit 2 with a total spend of $35 million.
The Keephills Unit 3 conversion to gas is planned to begin at
the end of the third quarter of 2021. We continue to progress our
off-coal transition plan and are on track to eliminate coal as a
fuel source in Alberta by the end
of 2021.
We continue to evaluate and assess the Sundance 5 repowering project in light of
escalating costs, the changing supply and demand dynamics in the
Alberta market as well as the
evolving regulatory environment. We have completed an additional
competitive tendering process for the engineering, procurement and
construction contract and are now reviewing those bids and as well
as the overall Sundance 5
repowering project costs.
Sarnia Recontracting
On May 12, 2021, the Company
executed an Amended and Restated Energy Supply Agreement with one
of its large industrial customers at the Sarnia cogeneration facility which provides
for the supply of electricity and steam. This agreement will
extend the term of the original agreement from Dec. 31, 2022 to Dec. 31,
2032. The agreement provides that if the Company is unable
to enter into a new contract with the Ontario Independent
Electricity System Operator ("IESO") or enter into agreements with
its other industrial customers at the Sarnia cogeneration facility that extend past
Dec. 31, 2025, then this agreement
will automatically terminate on Dec. 31,
2025. The current contract with the IESO in respect of the
Sarnia cogeneration facility
expires on Dec. 31, 2025. The Company
is in active discussions with the three other existing industrial
off-takers regarding extensions to their supply of electricity and
steam from the Sarnia cogeneration
facility on comparable terms. On July
19, 2021, the IESO released its Annual Acquisition Report
which included draft details for mid and long-term procurement
mechanisms for capacity for 2026 and beyond for existing and new
generation. The Company will participate in the consultation
process, seeking to secure a contract extension for the
Sarnia cogeneration facility
following the end of the current IESO contract.
COVID-19 Response Update
The World Health Organization declared a Public Health Emergency
of International Concern relating to COVID-19 on Jan. 30, 2020, which they subsequently declared,
on March 11, 2020, as a global
pandemic.
The Company continues to operate under its business continuity
plan and has adopted local public health authority and government
guidelines in all jurisdictions in which we operate to
promote the health and safety of all employees and
contractors. All of TransAlta's offices and sites follow
health screening and social distancing protocols, including the use
of personal protective equipment. Further, TransAlta maintains
travel limitations that are aligned to local jurisdictional
guidance, enhanced cleaning procedures, revised work schedules,
contingent work teams and the reorganization of processes and
procedures to minimize any workplace transmission of the virus.
All facilities continue to remain fully operational and are
capable of meeting our customers' needs. The Company continues to
work and serve all of our customers and counterparties under the
terms of their contracts. We have not experienced interruptions to
service requirements due to COVID-19. Electricity and steam supply
continue to remain a critical service requirement to all of our
customers and have been deemed an essential service in our
jurisdictions.
The Company continues to maintain a strong financial position
due in part to its long-term contracts and hedged positions and its
ample financial liquidity.
Segment Results
Second Quarter
2021 Segmented Results Comparable EBITDA (C$
millions)
|
3 Months
Ended
|
6 Months
Ended
|
June 30,
2021
|
June 30,
2020
|
June 30,
2021
|
June 30,
2020
|
Hydro
|
96
|
29
|
173
|
55
|
Wind and
Solar
|
55
|
61
|
131
|
135
|
North American
Gas
|
18
|
27
|
53
|
56
|
Australian
Gas
|
31
|
29
|
63
|
59
|
Alberta
Thermal
|
85
|
30
|
128
|
74
|
Centralia
|
14
|
27
|
26
|
60
|
Energy
Marketing
|
27
|
28
|
70
|
41
|
Corporate
|
(24)
|
(14)
|
(32)
|
(43)
|
Total Comparable
EBITDA(1)
|
302
|
217
|
612
|
437
|
- Hydro: Comparable EBITDA for the three and six months ended
June 30, 2021, increased by
$67 million and $118 million, respectively, compared with the
same periods in 2020. With strong availability during periods of
market volatility, the Company was able to capture higher energy
and ancillary service revenues.
- Wind and Solar: Comparable EBITDA for the three and six months
ended June 30, 2021, decreased by
$6 million and $4 million, respectively, compared with the same
periods in 2020, primarily due to lower production and lower gains
on foreign exchange, which was partially offset by the new
Skookumchuck facility and higher
pricing in Alberta.
- North American Gas: Comparable EBITDA for the three and six
months ended June 30, 2021, decreased
by $9 million and $3 million, respectively, compared to the same
periods in 2020, primarily due to unplanned outage events at
Sarnia. The decrease was partially
offset by the May 2020 acquisition of
the Ada facility and higher realized pricing in Alberta.
- Australian Gas: Comparable EBITDA for the three and six months
ended June 30, 2021, increased by
$2 million and $4 million, respectively, compared with the same
periods in 2020. The increase was mainly due to the strengthening
of the Australian dollar relative to the Canadian dollar.
- Alberta Thermal: Comparable EBITDA for the three and six months
ended June 30, 2021, increased by
$55 million and $54 million, respectively, compared to the same
periods in 2020. Higher availability during periods of tight market
conditions and higher Alberta
pricing was partially offset by increases in fuel and carbon
compliance costs.
- Centralia: Comparable EBITDA
for the three and six months ended June 30,
2021, decreased by $13 million
and $34 million, respectively,
compared with the same periods in 2020 primarily due to outages
occurring during periods of higher merchant pricing partially
offset by lower OM&A costs.
- Energy Marketing: Comparable EBITDA for three months ended
June 30, 2021 was consistent with the
same period in 2020. Comparable EBITDA for six months ended
June 30, 2021 increased by
$29 million, compared to the same
period in 2020, due to favourable short-term trading of both
physical and financial power and gas products across all North
American markets.
- Corporate: Corporate overhead costs for the three months ended
June 30, 2021, increased by
$10 million compared to the same
period in 2020, primarily due to realized losses from the the total
return swap, additional legal fees and dispute settlement costs.
Corporate costs for the six months ended June 30, 2021 decreased by $11 million, compared to the same period in 2020,
primarily due to the receipt of CEWS funding and realized gains
from the total return swap, partially offset by higher legal fees,
dispute settlement costs and higher staffing costs. A portion of
the settlement costs of our employee share-based payment plans is
hedged by entering into total return swaps, which are cash settled
every quarter.
Consolidated Financial Highlights
Net loss attributable to common shareholders, for the three and
six months ended June 30, 2021 was
$12 million and $42 million, respectively, compared to net losses
of $60 million and $33 million, respectively, in the same periods in
2020. For the three and six months ended June 30, 2021, net earnings increased by
$48 million and decreased by
$9 million, respectively, from the same periods in 2020, as a
result of higher comparable EBITDA, the gain on the sale of the
Pioneer Pipeline and lower depreciation, which was partially offset
by higher income tax. In the six-month period ended June 30, 2021, earnings were additionally
impacted by an increase in finance lease income and higher foreign
exchange changes, which was offset by greater asset impairments
than in the same period in 2020.
Total year-to-date sustaining capital expenditure of
$100 million was $45 million higher compared to 2020 primarily due
to higher planned major maintenance across the segments.
Second Quarter 2021 Highlights
In C$ millions,
unless otherwise stated
|
3 Months
Ended
|
6 Months
Ended
|
June 30,
2021
|
June 30,
2020
|
June 30,
2021
|
June 30,
2020
|
Comparable
EBITDA(1)
|
$
|
302
|
|
$
|
217
|
|
$
|
612
|
|
$
|
437
|
|
Free cash
flow(1)
|
$
|
138
|
|
$
|
91
|
|
$
|
267
|
|
$
|
200
|
|
Adjusted availability
(%)(2)
|
84.8
|
|
91.5
|
|
86.7
|
|
92.2
|
|
Production
(GWh)
|
4,688
|
|
4,607
|
|
10,229
|
|
11,093
|
|
Revenues
|
$
|
619
|
|
$
|
437
|
|
$
|
1,261
|
|
$
|
1,043
|
|
Fuel and purchased
power(3)
|
$
|
212
|
|
$
|
116
|
|
$
|
455
|
|
$
|
309
|
|
Carbon
compliance(3)
|
$
|
42
|
|
$
|
35
|
|
$
|
92
|
|
$
|
80
|
|
Operations,
maintenance and administration
|
$
|
151
|
|
$
|
112
|
|
$
|
256
|
|
$
|
240
|
|
Net loss attributable
to common shareholders
|
$
|
(12)
|
|
$
|
(60)
|
|
$
|
(42)
|
|
$
|
(33)
|
|
Cash flow from
operating activities
|
$
|
80
|
|
$
|
121
|
|
$
|
337
|
|
$
|
335
|
|
Funds from
operations(1)
|
$
|
250
|
|
$
|
159
|
|
$
|
461
|
|
$
|
331
|
|
Net loss per share
attributable to common shareholders, basic and diluted
|
$
|
(0.04)
|
|
$
|
(0.22)
|
|
$
|
(0.16)
|
|
$
|
(0.12)
|
|
Funds from operations
per share(1)
|
$
|
0.92
|
|
$
|
0.58
|
|
$
|
1.70
|
|
$
|
1.20
|
|
Free cash flow per
share(1)
|
$
|
0.51
|
|
$
|
0.33
|
|
$
|
0.99
|
|
$
|
0.72
|
|
Dividends declared
per common share(4)
|
$
|
0.0450
|
|
$
|
0.0425
|
|
$
|
0.0450
|
|
$
|
0.0850
|
|
Dividends declared
per preferred share(5)
|
$
|
0.2536
|
|
$
|
0.2533
|
|
$
|
0.2536
|
|
$
|
0.5123
|
|
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 August 10, 2021 on the Investor Centre of
TransAlta's website at www.transalta.com or through SEDAR at
www.sedar.com and EDGAR at www.sec.gov/edgar.shtml.
Notes
(1) These items are not defined under IFRS. Presenting these
items from period to period provides management and investors with
the ability to evaluate earnings trends more readily in comparison
with prior periods' results. Refer to the Comparable EBITDA, Funds
from Operations and Free Cash Flow and Earnings and Discussion of
Consolidated Financial Results sections of the MD&A for
further discussion of these items, including, where applicable,
reconciliations to measures calculated in accordance with
IFRS.
(2) Prior period adjusted availability has been revised to
include the Hydro segment.
(3) In the first and second quarters of 2021, carbon
compliance costs have been reclassified from fuel and purchase
power costs and disclosed separately. Prior periods have been
adjusted for comparative purposes.
(4) No dividends were declared in the first quarter of 2021
as the quarterly dividend related to the period was declared in
December 2020.
(5) Weighted average of the Series A, B, C, E, and G
preferred share dividends declared. Dividends declared vary year
over year due to timing of dividend declarations.
Conference call
TransAlta will hold a conference call and webcast at
9:00 a.m. MT (11:00 a.m. ET) today, August 10, 2021, to discuss our second quarter
2021 results. The call will begin with a short address by
John Kousinioris, President and
Chief Executive Officer, and Todd
Stack, 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.
Second Quarter 2021 Conference
Call:
Toll-free North American participants call:
1-888-664-6392
Webcast link:
https://produceredition.webcasts.com/starthere.jsp?ei=1481658&tp_key=fe2b22408
Related materials will be available on the Investor Centre
section of TransAlta's website at
http://www.transalta.com/investors/events-and-presentations. If you
are unable to participate in the call, the instant replay is
accessible at 1-888-390-0541 (Canada and USA toll free) with TransAlta passcode 902288
followed by the # sign. A transcript of the broadcast will be
posted on TransAlta's website once it becomes available.
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 clean, 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 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 has been recognized by CDP
(formerly Climate Disclosure Project) as an industry leader on
Climate Change Management, having recently achieved an A-
score.
For more information about TransAlta, visit our web site at
transalta.com.
Cautionary Statement Regarding Forward-Looking
Information
This news release contains forward-looking statements,
including statements regarding the business and anticipated
financial performance of the Company that are based on the
Company's current expectations, estimates, projections and
assumptions in light of its experience and its perception of
historical trends. In some cases, forward-looking statements can be
identified by terminology such as "expects", "plans", "will",
"develop", "continue", and similar expressions suggesting future
events or future performance. In particular, this news release
contains forward-looking statements, pertaining to, without
limitation, the following: the potential impact of COVID-19 on the
Company and the actions to be undertaken by the Company in response
to the COVID-19 pandemic; the conversion of Keephills Unit 3
and the timing thereof; the repowering of Sundance Unit 5; the
Windrise wind project and the timing for commercial operation; the
Northern Goldfields Solar and Storage Project and the Garden Plain
wind project, including the timing and cost thereof and expected
contributions to EBITDA; financial outlooks, including the revised
outlook for Comparable EBITDA, FCF and Energy Marketing's
contributions to gross margin; sustaining capital spend of
$200 million to $225 million in 2021; the recontracting of the
Sarnia facility; and the
optimization of the Alberta fleet,
including through flexibility and high availability. The
forward-looking statements contained in this news release are based
on many assumptions, including, but not limited to, an Alberta spot price of $80 to $100/MWh and
Mid-C pricing of between $45 and
$55/MWh. The forward-looking
statements are also subject to a number of significant risks and
uncertainties that could cause actual plans, performance, results
or outcomes to differ materially from current expectation. Factors
that may adversely impact what is expressed or implied by the
forward-looking statements contained in this news release include
risks relating to: the impact of COVID-19, such as more restrictive
directives of government and public health authorities, reduced
labour availability, inability to staff the Company's construction
and operating activities, or disruptions to the Company's supply
chain; impairments and/or write-downs of assets; adverse impacts on
the Company's information technology systems and the Company's
internal control systems; the price of electricity in Alberta or Mid-C differing significantly from
those assumptions noted above; operational risks involving the
Company's facilities, including unplanned outages at such
facilities; losses from Energy Marketing, including due to
unanticipated volatility; adverse regulatory developments;
disruptions in the transmission and distribution of electricity;
the effects of weather and other climate-related risks; disruptions
in the source of water, wind, solar, coal or gas resources required
to operate our facilities; natural disasters; equipment failure and
our ability to carry out repairs in a cost-effective or timely
manner; decreases to the Company's relative efficiency and capacity
factors; and greater competition and other industry risks.
The foregoing risk factors, among others, are described in further
detail in the Company's Management's Discussion and Analysis and
Annual Information Form for the year ended Dec. 31, 2020, which are available on SEDAR at
www.sedar.com. Readers are cautioned not to place undue
reliance on these forward-looking statements, which reflect the
Company's expectations only as of the date of this news release.
The purpose of the financial outlooks contained herein are 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 Company disclaims any intention
or obligation to update or revise these forward-looking statements,
whether as a result of new information, future events or otherwise,
except as required by law.
Note: All financial figures are in Canadian dollars unless
otherwise indicated.
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content:https://www.prnewswire.com/news-releases/transalta-reports-outstanding-second-quarter-2021-results-and-increases-annual-guidance-301352038.html
SOURCE TransAlta Corporation