CALGARY, AB, Nov. 5, 2021 /PRNewswire/ - As the world gathers
at COP26 to take action on the threat
of climate change and keep the Paris Agreement goal of
limiting temperature rise to 1.5°C within reach, TransAlta
Corporation (TSX: TA) (NYSE: TAC) ("TransAlta" or the "Company")
was pleased to participate at the Powering the World Past
Coal event at COP26, in
Glasgow, Scotland. At the event,
TransAlta and 27 new members joined the Powering Past Coal Alliance
(the "Alliance") where the new members were announced by the
governments of Canada and the
United Kingdom, Co-Chairs of the
Alliance.
The Alliance is a global organization of governmental and
private sector organizations working to take action on reducing
greenhouse gas emissions from coal-fired electricity generation and
accelerate the energy transition.
TransAlta's President and CEO, John
Kousinioris, stated, "Our decision to join the Powering Past
Coal Alliance is a natural extension of the Company's commitment to
delivering clean energy solutions for our customers, strong returns
for our investors, and reliable energy for the communities that we
serve. Our growth plan will expand our renewable electricity fleet
by two gigawatts over the next five years and deploy energy storage
at a much larger scale. We look forward to continuing our
contribution to global efforts to deliver an accelerated clean
energy transition."
TransAlta has already reduced its greenhouse gas emissions by 61
per cent over 2005 levels and has a 2030 target that equates to a
70 per cent reduction compared to 2005 levels.
TransAlta's transition away from coal-fired generation started
in 2019 and by the end of 2021, the Company will end coal-fired
generation in Canada. Through this
process, TransAlta will eliminate 2,135 megawatts of coal-fired
generating capacity from its fleet and will have converted a
further 1,259 megawatts to gas-fired generation, consistent with
the regulatory frameworks set out by the governments of
Canada and Alberta. The Company's sole remaining
coal-fired unit in the U.S. will also cease operations at the end
of 2025. By that time, the Company will have also delivered on its
plan to grow its leading renewable portfolio by two gigawatts,
which will result in 70 per cent of the Company's EBITDA being
generated by renewables.
The Company is well positioned to leverage its significant
expertise across a variety of geographies and technologies.
TransAlta's ongoing focus is to be a leading provider in the
renewables space, bringing solutions that work for its customers
and the communities that it serves. TransAlta's success will enable
it to continue its role as a leader in the energy transition and to
reach the critical goals set out at COP26.
Forward-Looking Statements
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").
Forward-looking statements are predictive in nature, depend upon or
refer to future events or conditions, or include words such as
"expects", "anticipates", "plans", "predicts", "believes",
"estimates", "intends", "targets", "projects", "forecasts" or
negative versions thereof and other similar expressions or future
or conditional verbs such as "may", "will", "should", "would" and
"could". These statements may include, without limitation,
statements regarding: delivering strong returns for our
investors; expanding our renewable electricity fleet by two
gigawatts over the next five years; deploying energy storage at a
much larger scale; its 2030 target of reducing its greenhouse gases
by 70 per cent compared to 2005 levels; ceasing coal-fired
generation in Canada by the end of
2021; the removal of 2,135 megawatts of coal-fired generating
capacity from its fleet and the conversion of 1,259 megawatts to
gas-fired generation; the Company's sole remaining coal-fired unit
in the U.S. ceasing operations at the end of 2025; and that 70 per
cent of the Company's EBITDA will be delivered by renewable
generation by the end of 2025. Forward-looking
statements involve significant risks, uncertainties and
assumptions, including, but not limited to, risks pertaining to:
the regulatory environment and market changes; the reliability of
the grid and the requirements for thermal base load generation;
cost of new technology; competitive threats; and ability to
identify and execute on growth opportunities. Certain material
factors or assumptions have been applied in drawing the conclusions
contained in the forward-looking statements. The Company cautions
readers that a number of factors could cause actual results,
performance or achievements to differ materially from the results
discussed or implied in the forward-looking statements. These
factors should be considered carefully and undue reliance should
not be placed on the forward-looking statements. For additional
information with respect to certain of these risks or factors,
reference should be made to the continuous disclosure materials
filed by the Company from time to time on SEDAR and EDGAR. All
forward-looking information herein is given as of the date of this
media release. The Company disclaims any intention or obligation to
update or revise any forward-looking information, whether as a
result of new information, future events or otherwise.
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 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 we have been recognized by
CDP (formerly Climate Disclosure Project) as an industry leader on
Climate Change Management, having recently achieved an A- score
from CDP.
For more information about TransAlta, visit our web site at
transalta.com.
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SOURCE TransAlta Corporation