CALGARY,
AB, Nov. 8, 2022 /PRNewswire/ -
Third Quarter 2022 Financial Highlights
- Adjusted EBITDA(1),(2) of $555 million, an increase of 38% over the same
period in 2021
- Free Cash Flow(1) of $393
million, or $1.45 per share,
an increase of $0.68 or 88% on a
per-share basis compared to the same period in 2021
- Earnings before income taxes of $126
million, compared to a loss before income taxes of
$441 in the same period in 2021
- Net earnings attributable to common shareholders of
$61 million or $0.23 per share, compared to a loss of
$1.68 per share for the same period
in 2021
- Cash flow from operating activities of $204 million, a decrease of $406 million for the same period in 2021
- Increased annual common share dividend by 10% to $0.22 per year effective Jan. 1, 2023, representing the fourth consecutive
annual increase
- Returned $34 million of capital
to common shareholders during the nine months ended Sept. 30, 2022, through share buybacks of 2.7
million common shares
Other Business Highlights
- Executed contract renewals for five additional years for the
Sarnia cogeneration and Melancthon
1 wind facilities with the Ontario Independent Electricity System
Operator ("IESO")
- Expanded TransAlta's development pipeline by 553 MW across
Canada and the United States
- Announced Ms. Beverlee Park's
retirement from the Board of Directors
2022 Revised Outlook
- Increased 2022 annual financial guidance as set out below:
-
- Adjusted EBITDA range of $1,380
to $1,460 million (original guidance
of $1,065 to $1,185 million)
- FCF range of $725 to $775 million (original guidance of $455 to $555
million)
TransAlta Corporation ("TransAlta" or the "Company") (TSX: TA)
(NYSE: TAC) today reported its financial results for the three and
nine months ended Sept. 30, 2022.
"Our third quarter results demonstrated the value of our
strategically diversified fleet in Alberta. Our Alberta Electricity Portfolio,
comprising our Alberta hydro, gas
and wind facilities, led our results with exceptional operational
availability and a portfolio position that benefited from the
strong pricing environment," said John
Kousinioris, President and Chief Executive Officer. "With
this exceptional performance across the fleet and our continuing
positive outlook on market expectations for the balance of the
year, we have revised our 2022 financial guidance upwards for both
adjusted EBITDA and free cash flow, with revised ranges now
exceeding the top end of our original targets. I am also pleased to
announce that the Board of Directors has approved a 10% increase to
the common share dividend effective for the first quarter 2023
dividend payment."
"We continue to execute on our strategy of developing contracted
renewables and are progressing several advanced-stage projects on
multiple fronts. Our focus is to also expand our development
pipeline and I am pleased to share that this quarter we have added
553 MW of development opportunities to our pipeline," added Mr.
Kousinioris.
Set out below are additional highlights of TransAlta's business
activities from the quarter, including the Company's progress on
advancing its Clean Electricity Growth Plan as well as details
regarding the Company's financial performance and liquidity.
Key Business Developments
Executed Contract Renewals with the IESO at Sarnia
Cogeneration and Melancthon 1 Wind Facilities
On Aug. 23, 2022, TransAlta
Renewables Inc., a subsidiary of the Company ("TransAlta
Renewables") announced that it was awarded capacity contracts for
the Sarnia cogeneration facility
and the Melancthon 1 wind facility from the IESO as part of the
IESO's Medium-Term Capacity Procurement Request for Proposals. The
new capacity contracts run from May 1,
2026 to April 30, 2031 and
will extend the period of contracted revenues of the Sarnia cogeneration facility to April 30, 2031. The Company expects the gross
margin from the Sarnia
cogeneration facility to step down by approximately thirty per cent
as a result of the IESO price cap under the new contract.
New Term Facility
During the third quarter of 2022, the Company closed a two-year
$400 million floating rate Term Facility with its banking
syndicate with a maturity date of Sept. 7,
2024.
Changes to Board of Directors
On Sept. 30, 2022, Ms.
Beverlee Park retired from
TransAlta's Board of Directors. Ms. Park served on the Board of
Directors since 2015 and as Chair of the Audit, Finance and Risk
Committee from April 2018 to
April 2022. The Company recognizes
her for the many contributions made by Ms. Park to TransAlta and
thanks her for the many years of service.
Conversion Results for Series E and F Preferred
Shares
On Sept. 21, 2022, there were
89,945 Cumulative Redeemable Rate Reset First Preferred Shares,
Series E ("Series E Shares") tendered for conversion, which was
less than the one million shares required to give effect to
conversions into Cumulative Redeemable Rate Reset First Preferred
Shares, Series F ("Series F Shares"). As a result, the Series E
Shares were not converted into Series F Shares.
Liquidity and Financial Position
The Company continues to maintain a strong financial position in
part due to long-term contracts and hedged positions. At the end of
the third quarter of 2022, TransAlta had access to $2.3 billion in liquidity, including $0.8 billion in cash and cash equivalents.
Accelerated Clean Electricity Growth Plan
On Sept. 28, 2021, the Company
announced the strategic targets associated with its Clean
Electricity Growth Plan.
During the third quarter, the Company added 553 MW to its
renewable development pipeline across Canada and the
United States, bringing its development pipeline to between
3.6 GW and 4.7 GW.
As of Nov. 7, 2022, the Company
has made significant progress in achieving the targets of the
Clean Electricity Growth Plan. Refer to Strategy and Capability to
Deliver Results in the Company's Management's Discussion and
Analysis (MD&A) for further details.
Clean Electricity
Growth Plan Targets
|
Target
|
% of Target
Achieved
|
Renewable Energy
Capacity
|
2 GW
|
40 %
|
Capital
Investment
|
$3 Billion
|
49 %
|
Incremental
EBITDA
|
$250 Million
|
59 %
|
Normal Course Issuer Bid
During the nine months ended Sept. 30,
2022, the Company purchased and cancelled a total of
2.7 million common shares at an average price of $12.50 per common share, for a total cost of
$34 million.
Third Quarter 2022 Highlights
$ millions,
unless otherwise stated
|
3 months
ended
|
9 months
ended
|
Sept. 30,
2022
|
Sept. 30,
2021
|
Sept. 30,
2022
|
Sept. 30,
2021
|
Adjusted availability
(%)
|
93.8
|
89.2
|
90.1
|
87.5
|
Production
(GWh)
|
5,432
|
6,053
|
15,253
|
16,282
|
Revenues
|
929
|
850
|
2,122
|
2,111
|
Adjusted
EBITDA(1)
|
555
|
402
|
1,093
|
1,043
|
Earnings (loss) before
income taxes
|
126
|
(441)
|
346
|
(348)
|
Net earnings (loss)
attributable to common shareholders
|
61
|
(456)
|
167
|
(498)
|
Cash flow from
operating activities
|
204
|
610
|
526
|
947
|
FFO(1)
|
488
|
318
|
887
|
808
|
FCF(1)
|
393
|
210
|
646
|
506
|
Net earnings (loss) per
share attributable to
common shareholders, basic and diluted
|
0.23
|
(1.68)
|
0.62
|
(1.84)
|
FFO per
share(1),(2)
|
1.80
|
1.17
|
3.27
|
2.98
|
FCF per
share(1),(2)
|
1.45
|
0.77
|
2.38
|
1.87
|
Third Quarter Financial Results Summary
Adjusted EBITDA for the three months ended Sept. 30, 2022, increased by $153 million compared to the same period in 2021,
largely due to strong performance from our Alberta Electricity
Portfolio, driven primarily by the Hydro and Gas segments as a
result of strong weather-adjusted demand and higher power prices.
This was partially offset by lower adjusted EBITDA from the
retirement of units in the Energy Transition segment, lower
production and lower revenues in the Wind and Solar segment, lower
gross margin in Energy Marketing and higher corporate expenses.
Adjusted EBITDA for the nine months ended Sept. 30, 2022, increased by $50 million compared to the same period in 2021,
largely due to higher adjusted EBITDA from higher production and
merchant power pricing in the Hydro segment, continuing strong
performance and contribution from the Gas segment for Alberta, incremental production from new
facilities, liquidated damages related to turbine availability at
the Windrise wind facility, higher environmental credit sales in
the Wind and Solar segment and lower carbon compliance costs in
both the Gas and Energy Transition segments. This was partially
offset from lower production from the Gas and Energy Transition
segments, higher fuel and purchased power costs within the Gas
segment. On a year-to-date basis, the Energy Marketing segment
results were lower but in line with expectations compared with the
exceptional results in the prior period.
Earnings before income taxes for the three and nine months ended
Sept. 30, 2022, increased
$567 million and $694 million, respectively, compared to the same
periods in 2021. Net earnings attributable to common shareholders
for the three and nine months ended Sept.
30, 2022 were $61 million and
$167 million, respectively, compared
to a net loss of $456 million and
$498 million, respectively, in the
same periods of 2021. Net earnings attributable to common
shareholders in 2021 were significantly impacted by asset
impairment charges resulting from the Company's decisions to shut
down the Highvale mine, suspend the Sundance Unit 5 repowering
project, and retire Sundance Unit 4 and Keephills Unit 1. The
Company benefited from higher revenues and lower carbon compliance
costs, partially offset by higher fuel and purchased power, higher
depreciation due to the acceleration of useful lives on certain
facilities and higher tax expense. In addition, during the nine
months ended Sept. 30, 2022, the
Company recognized liquidated damages payable to the Company
related to turbine availability at the Windrise wind facility and
insurance proceeds related to the replacement costs for a tower at
the Kent Hills facility. During the nine months ended Sept. 30, 2021, the Company recognized a gain on
the sale of the Pioneer Pipeline.
Cash flow from operating activities for the three and nine
months ended Sept. 30, 2022 decreased
by $406 million and $421 million, respectively, compared with the
same periods in 2021, mainly due to unfavourable changes in working
capital from higher accounts receivable and movements in the
collateral accounts related to high commodity prices and volatility
in the markets.
FCF for the three and nine months ended Sept. 30, 2022, increased by $183 million and $140
million, respectively, compared with the same periods in
2021, driven primarily by higher adjusted EBITDA, higher realized
foreign exchange gains, lower current income tax expenses and a
decrease in sustaining capital spending related to fewer planned
maintenance turnarounds.
Alberta Electricity Portfolio
The average spot power price in Alberta increased to $221 per MWh and $145 per MWh, respectively, for the three and
nine months ended Sept. 30, 2022,
from $100 per MWh in both periods in
2021.
The Alberta Electricity Portfolio generated gross margin of
$424 million and $756 million, respectively, during the three and
nine months ended Sept. 30, 2022, an
increase of $173 million and
$84 million, respectively, compared
to the same periods in 2021. Gross margin for the three months
ended Sept. 30, 2022, was positively
impacted by higher merchant pricing resulting from strong
weather-driven demand, higher natural gas prices and higher power
prices in adjacent markets compared to 2021. Energy and ancillary
services revenue from the Hydro segment was higher as a result of
higher power prices and market volatility. Gross margin for the
nine months ended Sept. 30, 2022, was
positively impacted by strong weather-driven demand, partially
offset by a better-supplied market. The Gas and Energy Transition
segment results were impacted by lower production due to unit
retirements and higher dispatch optimization in response to lower
market heat rates and higher gas prices.
Hedged production for the balance of 2022 is 1,850 GWh at an
average price of $95 per MWh.
Increased 2022 Financial Guidance and Common Share
Dividend
The Company increased its 2022 outlook for adjusted EBITDA to be
between $1.38 billion and
$1.46 billion. The midpoint of the
range represents a 26 per cent increase over the Company's previous
2022 outlook as at the second quarter.
FCF has also been increased and is now expected to be between
$725 million and $775 million. The midpoint of the range
represents a 49 per cent increase over the Company's previous 2022
outlook.
On Nov. 7, 2022, the Board of
Directors approved a 10 per cent increase to the common share
dividend and declared a dividend of $0.055 per share on the issued and outstanding
common shares of the Company to be payable on Jan. 1, 2023 to shareholders of record at the
close of business on Dec. 1, 2022.
The quarterly dividend of $0.055 per
common share represents an annualized dividend of $0.22 per common share.
The following table provides additional details pertaining to
the 2022 outlook:
Measure
|
Updated Target
2022
|
Original Target
2022
|
2021
Actual
|
Adjusted
EBITDA(1)(3)
|
$1,380 million - $1,460
million
|
$1,065 million - $1,185
million
|
$1,286
million
|
FCF(1)(3)
|
$725 million - $775
million
|
$455 million - $555
million
|
$585 million
|
|
|
Range of key power and
gas price assumptions:
|
|
|
|
Market
|
Updated 2022
Expectations
|
Original
Expectations
|
Alberta Spot
($/MWh)
|
$125 - $150
|
$80 - $90
|
Mid-C Spot
(US$/MWh)
|
US$55 -
US$65
|
US$45 -
US$55
|
AECO Gas Price
($/GJ)
|
$5.00 -
$6.00
|
$3.60
|
|
|
|
Other assumptions
relevant to 2022 financial outlook:
|
|
|
|
|
Updated 2022
Expectations
|
Original
Expectations
|
Sustaining
capital
|
$145 million - $155
million
|
$150 million - $170
million
|
Energy Marketing
adjusted
gross margin
|
$145 million - $160
million
|
$95 million - $115
million
|
Segmented Financial Performance
($
millions)
|
3 months
ended
|
9 months
ended
|
Sept. 30,
2022
|
Sept. 30,
2021
|
Sept. 30,
2022
|
Sept. 30,
2021
|
Hydro
|
245
|
82
|
394
|
255
|
Wind and
Solar
|
42
|
55
|
219
|
186
|
Gas
|
195
|
155
|
365
|
385
|
Energy
Transition
|
51
|
55
|
67
|
96
|
Energy
Marketing
|
53
|
79
|
120
|
177
|
Corporate
|
(31)
|
(24)
|
(72)
|
(56)
|
Adjusted
EBITDA(1)
|
555
|
402
|
1,093
|
1,043
|
Total earnings
(loss) before income taxes
|
126
|
(441)
|
346
|
(348)
|
Hydro:
- Adjusted EBITDA for the three and nine months ended
Sept. 30, 2022, increased by
$163 million and $139 million, respectively, compared to the same
periods in 2021, primarily due to higher merchant pricing and
higher ancillary services realized prices in the Alberta market as well as higher energy and
ancillary services volumes due to higher water resources. OM&A
costs for the year are higher due to increased insurance premiums
for updated replacement value coverage.
Wind and Solar:
- Adjusted EBITDA for the three months ended Sept. 30, 2022, decreased by $13 million, compared to the same period in 2021,
primarily due to lower production, lower environmental attribute
revenues and an increase in OM&A related to the addition of the
Windrise wind and North Carolina Solar facilities. This was
partially offset by higher realized merchant pricing in
Alberta. Adjusted EBITDA for the
nine months ended Sept. 30, 2022
increased by $33 million, compared to
the same period in 2021, primarily due to higher production, higher
realized merchant pricing in Alberta, higher environmental attribute
revenues and recognition of liquidated damages payable to the
Company related to turbine availability at the Windrise wind
facility. This was partially offset by an increase in transmission
rates and OM&A related to the addition of the Windrise wind and
North Carolina Solar facilities. A one-time favourable adjustment
as a result of the AESO transmission line loss ruling was included
in the nine months ended Sept. 30,
2021.
Gas:
- Adjusted EBITDA for the three months ended Sept. 30, 2022, increased by $40 million compared to the same period in 2021.
The increase was primarily due to higher merchant pricing in
Alberta, net of hedging, lower
carbon costs and a favourable change in legal provisions, partially
offset by lower production, higher natural gas prices and increased
natural gas consumption. Lower carbon costs and increased natural
gas consumption in the period were a result of no longer operating
on coal. Adjusted EBITDA for the nine months ended Sept. 30, 2022, decreased by $20 million compared to the same period in 2021.
The decrease was primarily due to lower production, higher natural
gas prices and increased OM&A due to higher incentive accruals
related to the Company's performance and increased general
operating expenses, partially offset by lower carbon compliance
costs and higher merchant pricing in Alberta, net of hedging. Carbon compliance costs were lower due to
reductions in GHG emissions, lower production and utilization of
our compliance credits to settle a portion of the GHG obligation,
partially offset by an increase in the carbon price per tonne.
Lower GHG emissions were a direct result of operating exclusively
on natural gas in Alberta rather
than coal, resulting in changes in the fuel mix ratio. The nine
months ended Sept. 30, 2021, was also
impacted by the unplanned short-term steam supply outages at the
Sarnia cogeneration facility in
2021.
Energy Transition:
- Adjusted EBITDA for the three and nine months ended
Sept. 30, 2022, decreased by
$4 million and $29 million, respectively, compared to the same
periods in 2021. The decreases were primarily due to lower
production and higher purchased power costs incurred due to higher
power prices during outages at Centralia Unit 2 in 2022, partially
offset by higher merchant pricing at Centralia and lower carbon costs in
Alberta. Carbon costs were lower as the facilities in
Alberta no longer operated on coal
and have now been retired. For the nine months ended Sept. 30, 2022, the Company utilized 0.5 million
tonnes of emission credits to settle the 2021 carbon compliance
obligation, reducing our carbon compliance costs by $5 million.
Energy Marketing:
- Adjusted EBITDA for the three and nine months ended
Sept. 30, 2022, decreased by
$26 million and $57 million, respectively, compared to the same
period in 2021. The decrease for the three and nine months ended
Sept. 30, 2022, exceeded segment
expectations due to short-term trading of both physical and
financial power and gas products across all North American markets
but was below 2021 due to the exceptional results in the prior
period. The Company was able to capitalize on short-term volatility
in the trading markets without materially changing the risk profile
of the business unit.
Corporate:
- Adjusted EBITDA for the three and nine months ended
Sept. 30, 2022, decreased by
$7 million and $16 million, respectively, compared to the same
periods in 2021. The decrease was mainly due to higher contractor
costs, higher incentive accruals reflecting the Company's
performance and higher general operating expenses. For the nine
months ended Sept. 30, 2021, adjusted
EBITDA was positively impacted by the receipt of CEWS proceeds and
gains on the total return swap.
Conference call
TransAlta will host a conference call and webcast at
9:00 a.m. MST (11:00 a.m. EST) today, Nov. 8, 2022, to discuss our third quarter 2022
results. The call will begin with remarks by John Kousinioris, President and CEO, and
Todd Stack, EVP 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.
Dial-in numbers - Third Quarter 2022
Results:
Toll-free North American participants call:
1-888-664-6392
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. 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 pass code 828706
followed by the # sign. 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
Segmented Financial Performance and Operating Results section of
the MD&A for further discussion of these items, including,
where applicable, reconciliations to measures calculated in
accordance with IFRS. See also the Additional IFRS Measures and
Non-IFRS Measures section of this earnings release.
|
(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. The weighted average number of
common shares outstanding for the three and nine months ended Sept.
30, 2022 was 271 million shares (Sept. 30, 2021 - 271 million for
both periods). Please refer to the Non-IFRS financial measures
section in this earnings release for the purpose of these non-IFRS
ratios.
|
(3)The 2021 actual
adjusted EBITDA and FCF were revised during the second quarter of
2022. Refer to the Additional IFRS Measures and Non-IFRS Measures
section of the MD&A.
|
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 audited annual 2021
consolidated financial statements and the unaudited interim
condensed consolidated statements of earnings (loss) for the three
and nine months ended Sept. 30, 2022,
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, or as an alternative for, or more meaningful than
our IFRS results.
Adjusted EBITDA
In the fourth quarter of 2021, comparable EBITDA was relabeled as
adjusted EBITDA to align with industry standard terminology. 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 business profitability. In
the second quarter of 2022, our adjusted EBITDA composition was
adjusted to include the impact of closed positions that are
effectively settled by offsetting positions with the same
counterparty to reflect the performance of the assets and Energy
Marketing segment in the period in which the transactions occur.
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. Adjusted EBITDA is a non-IFRS measure. Please
refer to M39-M40 of the MD&A for a description of adjustments
made.
Average Annual EBITDA
Average annual EBITDA is a non-IFRS financial measure that is
forward-looking, used to show the average annual EBITDA that the
project currently under construction is expected to generate upon
completion.
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 the 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 Financial Non-IFRS 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 a 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 tables reflects adjusted EBITDA and provides
reconciliation to earnings (loss) before income taxes for the three
and nine months ended Sept. 30, 2022
and Sept. 30, 2021
3 months ended Sept.
30, 2022
|
Hydro
|
Wind &
Solar(1)
|
Gas(2)
|
Energy
Transition(3)
|
Energy
Marketing
|
Corporate
|
Total
|
Equity
accounted
investments(1)
|
Reclass
Adjustments
|
IFRS
Financials
|
Revenues
|
265
|
14
|
372
|
231
|
54
|
(4)
|
932
|
(3)
|
—
|
929
|
Reclassifications
and adjustments:
|
|
|
|
|
|
|
|
|
|
|
Unrealized mark-to-market (gain) loss
|
—
|
53
|
47
|
6
|
46
|
—
|
152
|
—
|
(152)
|
—
|
Realized (gain) loss on closed exchange positions
|
—
|
—
|
(4)
|
—
|
(38)
|
—
|
(42)
|
—
|
42
|
—
|
Decrease in finance lease receivable
|
—
|
—
|
12
|
—
|
—
|
—
|
12
|
—
|
(12)
|
—
|
Finance lease income
|
—
|
—
|
4
|
—
|
—
|
—
|
4
|
—
|
(4)
|
—
|
Adjusted
revenues
|
265
|
67
|
431
|
237
|
62
|
(4)
|
1,058
|
(3)
|
(126)
|
929
|
Fuel and purchased
power
|
7
|
6
|
167
|
167
|
—
|
1
|
348
|
—
|
—
|
348
|
Reclassifications
and adjustments:
|
|
|
|
|
|
|
|
|
|
|
Australian interest income
|
—
|
—
|
(1)
|
—
|
—
|
—
|
(1)
|
—
|
1
|
—
|
Adjusted fuel and
purchased power
|
7
|
6
|
166
|
167
|
—
|
1
|
347
|
—
|
1
|
348
|
Carbon
compliance
|
—
|
—
|
26
|
2
|
—
|
(5)
|
23
|
—
|
—
|
23
|
Gross margin
|
258
|
61
|
239
|
68
|
62
|
—
|
688
|
(3)
|
(127)
|
558
|
OM&A
|
12
|
19
|
49
|
17
|
9
|
30
|
136
|
(1)
|
—
|
135
|
Taxes, other than
income taxes
|
1
|
1
|
5
|
—
|
—
|
1
|
8
|
—
|
—
|
8
|
Net other operating
income
|
—
|
(1)
|
(10)
|
—
|
—
|
—
|
(11)
|
—
|
—
|
(11)
|
Adjusted
EBITDA(4)
|
245
|
42
|
195
|
51
|
53
|
(31)
|
555
|
|
|
|
Equity
income
|
|
|
|
|
|
|
|
|
|
1
|
Finance lease
income
|
|
|
|
|
|
|
|
|
|
4
|
Depreciation and
amortization
|
|
|
|
|
|
|
|
|
|
(179)
|
Asset impairment
charges
|
|
|
|
|
|
|
|
|
|
(70)
|
Net interest
expense
|
|
|
|
|
|
|
|
|
|
(66)
|
Foreign exchange
gain
|
|
|
|
|
|
|
|
|
|
6
|
Gain on sale of assets
and other
|
|
|
|
|
|
|
|
|
|
4
|
Earnings before income
taxes
|
|
|
|
|
|
|
|
|
|
126
|
(1) The Skookumchuck
wind facility has been included on a proportionate basis in the
Wind and Solar segment.
|
(2) Includes the
segments previously known as Australian Gas and North American Gas
and the gas generation assets from the segment previously known as
Alberta Thermal.
|
(3) Includes the
segment previously known as Centralia and the coal generation
assets from the segment previously known as Alberta
Thermal.
|
(4) Adjusted
EBITDA is not defined and has no standardized meaning under IFRS.
Refer to the Additional IFRS Measures and Non-IFRS Measures section
of the MD&A
|
3 months ended Sept.
30, 2021
|
Hydro
|
Wind &
Solar(1)
|
Gas(2)
|
Energy
Transition(3)
|
Energy
Marketing
|
Corporate
|
Total
|
Equity accounted
investments(1)
|
Reclass
Adjustments
|
IFRS
Financials
|
Revenues
|
96
|
55
|
384
|
231
|
86
|
1
|
853
|
(3)
|
—
|
850
|
Reclassifications
and adjustments:
|
|
|
|
|
|
|
|
|
Unrealized mark-to-market (gain) loss
|
—
|
21
|
(71)
|
(2)
|
(14)
|
—
|
(66)
|
—
|
66
|
—
|
Realized loss on closed exchange positions
|
—
|
—
|
—
|
—
|
21
|
—
|
21
|
—
|
(21)
|
—
|
Decrease in finance lease receivable
|
—
|
—
|
10
|
—
|
—
|
—
|
10
|
—
|
(10)
|
—
|
Finance lease income
|
—
|
—
|
6
|
—
|
—
|
—
|
6
|
—
|
(6)
|
—
|
Unrealized foreign exchange gain on
commodity
|
—
|
—
|
(3)
|
—
|
—
|
—
|
(3)
|
—
|
3
|
—
|
Adjusted
revenues
|
96
|
76
|
326
|
229
|
93
|
1
|
821
|
(3)
|
32
|
850
|
Fuel and purchased
power(4)
|
4
|
4
|
129
|
190
|
—
|
1
|
328
|
—
|
—
|
328
|
Reclassifications
and adjustments:
|
|
|
|
|
|
|
|
|
Australian interest income
|
—
|
—
|
(1)
|
—
|
—
|
—
|
(1)
|
—
|
1
|
—
|
Mine depreciation
|
—
|
—
|
(26)
|
(48)
|
—
|
—
|
(74)
|
—
|
74
|
—
|
Coal inventory write-down
|
—
|
—
|
—
|
(5)
|
—
|
—
|
(5)
|
—
|
5
|
—
|
Adjusted fuel and
purchased power
|
4
|
4
|
102
|
137
|
—
|
1
|
248
|
—
|
80
|
328
|
Carbon
compliance
|
—
|
—
|
33
|
14
|
—
|
—
|
47
|
—
|
—
|
47
|
Gross margin
|
92
|
72
|
191
|
78
|
93
|
—
|
526
|
(3)
|
(48)
|
475
|
OM&A(4)
|
10
|
14
|
42
|
28
|
14
|
23
|
131
|
(1)
|
—
|
130
|
Reclassifications
and adjustments:
|
|
|
|
|
|
|
|
|
Parts and materials write-down
|
—
|
—
|
—
|
(5)
|
—
|
—
|
(5)
|
—
|
5
|
—
|
Adjusted
OM&A
|
10
|
14
|
42
|
23
|
14
|
23
|
126
|
(1)
|
5
|
130
|
Taxes, other than
income taxes
|
—
|
3
|
4
|
1
|
—
|
1
|
9
|
—
|
—
|
9
|
Net other operating
(income) loss
|
—
|
—
|
(10)
|
57
|
—
|
—
|
47
|
—
|
—
|
47
|
Reclassifications
and adjustments:
|
|
|
|
|
|
|
|
|
Royalty onerous contract and contract
termination penalties
|
—
|
—
|
—
|
(58)
|
—
|
—
|
(58)
|
—
|
58
|
—
|
Adjusted net other
operating income
|
—
|
—
|
(10)
|
(1)
|
—
|
—
|
(11)
|
—
|
58
|
47
|
Adjusted
EBITDA(5)
|
82
|
55
|
155
|
55
|
79
|
(24)
|
402
|
|
|
|
Equity
income
|
|
|
|
|
|
|
|
|
|
1
|
Finance lease
income
|
|
|
|
|
|
|
|
|
|
6
|
Depreciation and
amortization
|
|
|
|
|
|
|
|
|
|
(123)
|
Asset impairment
charges
|
|
|
|
|
|
|
|
|
|
(575)
|
Net interest
expense
|
|
|
|
|
|
|
|
|
|
(63)
|
Foreign exchange
gain
|
|
|
|
|
|
|
|
|
|
1
|
Gain on sale of assets
and other
|
|
|
|
|
|
|
|
|
|
23
|
Loss before income
taxes
|
|
|
|
|
|
|
|
|
|
(441)
|
(1) The Skookumchuck
wind facility has been included on a proportionate basis in the
Wind and Solar segment.
|
(2) Includes the
segments previously known as Australian Gas and North American Gas
and the gas generation assets from the segment previously known as
Alberta Thermal.
|
(3) Includes the
segment previously known as Centralia and the coal generation
assets from the segment previously known as Alberta
Thermal.
|
(4) During the three
months ended Sept. 30, 2021, $1 million related to station
service costs for the Hydro segment was reclassified from OM&A
to fuel and purchased power for comparative purposes. This did not
impact previously reported net earnings.
|
(5) Adjusted EBITDA
is not defined and has no standardized meaning under IFRS. Refer to
the Additional IFRS Measures and Non-IFRS Measures section
of the MD&A.
|
9 months ended
Sept. 30, 2022
|
Hydro
|
Wind &
Solar(1)
|
Gas(2)
|
Energy
Transition(3)
|
Energy
Marketing
|
Corporate
|
Total
|
Equity
accounted
investments(1)
|
Reclass
Adjustments
|
IFRS
Financials
|
Revenues
|
447
|
205
|
933
|
433
|
116
|
(2)
|
2,132
|
(10)
|
—
|
2,122
|
Reclassifications
and adjustments:
|
|
|
|
|
|
|
|
|
|
|
Unrealized mark-to-market (gain) loss
|
—
|
81
|
13
|
17
|
—
|
—
|
111
|
—
|
(111)
|
—
|
Realized (gain) loss on closed exchange
positions
|
—
|
—
|
(11)
|
—
|
27
|
—
|
16
|
—
|
(16)
|
—
|
Decrease in finance lease receivable
|
—
|
—
|
34
|
—
|
—
|
—
|
34
|
—
|
(34)
|
—
|
Finance lease income
|
—
|
—
|
15
|
—
|
—
|
—
|
15
|
|
(15)
|
—
|
Adjusted
revenues
|
447
|
286
|
984
|
450
|
143
|
(2)
|
2,308
|
(10)
|
(176)
|
2,122
|
Fuel and purchased
power
|
17
|
20
|
445
|
332
|
—
|
3
|
817
|
—
|
—
|
817
|
Reclassifications
and adjustments:
|
|
|
|
|
|
|
|
|
|
|
Australian interest income
|
—
|
—
|
(3)
|
—
|
—
|
—
|
(3)
|
—
|
3
|
—
|
Adjusted fuel and
purchased power
|
17
|
20
|
442
|
332
|
—
|
3
|
814
|
—
|
3
|
817
|
Carbon
compliance
|
—
|
1
|
56
|
(1)
|
—
|
(5)
|
51
|
—
|
—
|
51
|
Gross margin
|
430
|
265
|
486
|
119
|
143
|
—
|
1,443
|
(10)
|
(179)
|
1,254
|
OM&A
|
33
|
50
|
138
|
50
|
23
|
71
|
365
|
(1)
|
—
|
364
|
Taxes, other than
income taxes
|
3
|
7
|
13
|
2
|
—
|
1
|
26
|
(1)
|
—
|
25
|
Net other operating
income
|
—
|
(18)
|
(30)
|
—
|
—
|
—
|
(48)
|
—
|
—
|
(48)
|
Reclassifications
and adjustments:
|
|
|
|
|
|
|
|
|
|
|
Insurance recovery
|
—
|
7
|
—
|
—
|
—
|
—
|
7
|
—
|
(7)
|
—
|
Adjusted net other
operating income
|
—
|
(11)
|
(30)
|
—
|
—
|
—
|
(41)
|
—
|
(7)
|
(48)
|
Adjusted
EBITDA(4)
|
394
|
219
|
365
|
67
|
120
|
(72)
|
1,093
|
|
|
|
Equity
income
|
|
|
|
|
|
|
|
|
|
5
|
Finance lease
income
|
|
|
|
|
|
|
|
|
|
15
|
Depreciation and
amortization
|
|
|
|
|
|
|
|
|
|
(411)
|
Asset impairment
charges
|
|
|
|
|
|
|
|
|
|
(4)
|
Net interest
expense
|
|
|
|
|
|
|
|
|
|
(195)
|
Foreign exchange
gain
|
|
|
|
|
|
|
|
|
|
17
|
Gain on sale of assets
and other
|
|
|
|
|
|
|
|
|
|
6
|
Earnings before income
taxes
|
|
|
|
|
|
|
|
|
|
346
|
(1) The Skookumchuck
wind facility has been included on a proportionate basis in the
Wind and Solar segment.
|
(2) Includes the
segments previously known as Australian Gas and North American Gas
and the gas generation assets from the segment previously known as
Alberta Thermal.
|
(3) Includes the
segment previously known as Centralia and the coal generation
assets from the segment previously known as Alberta
Thermal.
|
(4) Adjusted
EBITDA is not defined and has no standardized meaning under IFRS.
Refer to the Additional IFRS Measures and Non-IFRS Measures section
of the MD&A.
|
9 months ended Sept.
30, 2021
|
Hydro
|
Wind &
Solar(1)
|
Gas(2)
|
Energy
Transition(3)
|
Energy
Marketing
|
Corporate
|
Total
|
Equity
accounted
investments(1)
|
Reclass
Adjustments
|
IFRS
Financials
|
Revenues
|
299
|
225
|
937
|
471
|
185
|
6
|
2,123
|
(12)
|
—
|
2,111
|
Reclassifications
and adjustments:
|
|
|
|
|
|
|
|
|
Unrealized mark-to-market (gain) loss
|
—
|
22
|
(122)
|
27
|
(26)
|
—
|
(99)
|
—
|
99
|
—
|
Realized loss on closed exchange positions
|
—
|
—
|
1
|
—
|
49
|
—
|
50
|
—
|
(50)
|
—
|
Decrease in finance lease receivable
|
—
|
—
|
30
|
—
|
—
|
—
|
30
|
—
|
(30)
|
—
|
Finance lease income
|
—
|
—
|
19
|
—
|
—
|
—
|
19
|
—
|
(19)
|
—
|
Unrealized foreign exchange gain on
commodity
|
—
|
—
|
(3)
|
—
|
—
|
—
|
(3)
|
—
|
3
|
—
|
Adjusted
revenues
|
299
|
247
|
862
|
498
|
208
|
6
|
2,120
|
(12)
|
3
|
2,111
|
Fuel and purchased
power(4)
|
13
|
11
|
347
|
411
|
—
|
6
|
788
|
—
|
—
|
788
|
Reclassifications
and adjustments:
|
|
|
|
|
|
|
|
|
Australian interest income
|
—
|
—
|
(3)
|
—
|
—
|
—
|
(3)
|
—
|
3
|
—
|
Mine depreciation
|
—
|
—
|
(79)
|
(100)
|
—
|
—
|
(179)
|
—
|
179
|
—
|
Coal inventory write-down
|
—
|
—
|
—
|
(16)
|
—
|
—
|
(16)
|
—
|
16
|
—
|
Adjusted fuel and
purchased
power
|
13
|
11
|
265
|
295
|
—
|
6
|
590
|
—
|
198
|
788
|
Carbon
compliance
|
—
|
—
|
104
|
35
|
—
|
—
|
139
|
—
|
—
|
139
|
Gross margin
|
286
|
236
|
493
|
168
|
208
|
—
|
1,391
|
(12)
|
(195)
|
1,184
|
OM&A(4)
|
29
|
42
|
129
|
97
|
31
|
55
|
383
|
(2)
|
—
|
381
|
Reclassifications
and adjustments:
|
|
|
|
|
|
|
|
|
Parts and materials write-down
|
—
|
—
|
(2)
|
(28)
|
—
|
—
|
(30)
|
—
|
30
|
—
|
Adjusted
OM&A
|
29
|
42
|
127
|
69
|
31
|
55
|
353
|
(2)
|
30
|
381
|
Taxes, other than
income taxes
|
2
|
8
|
11
|
5
|
—
|
1
|
27
|
(1)
|
—
|
26
|
Net other operating
(income) loss
|
—
|
—
|
(30)
|
56
|
—
|
—
|
26
|
—
|
—
|
26
|
Reclassifications
and adjustments:
|
|
|
|
|
|
|
|
|
Royalty onerous contract and contract
termination penalties
|
—
|
—
|
—
|
(58)
|
—
|
—
|
(58)
|
—
|
58
|
—
|
Adjusted net other
operating
income
|
—
|
—
|
(30)
|
(2)
|
—
|
—
|
(32)
|
—
|
58
|
26
|
Adjusted
EBITDA(5)
|
255
|
186
|
385
|
96
|
177
|
(56)
|
1,043
|
|
|
|
Equity
income
|
|
|
|
|
|
|
|
|
|
5
|
Finance lease
income
|
|
|
|
|
|
|
|
|
|
19
|
Depreciation and
amortization
|
|
|
|
|
|
|
|
|
|
(395)
|
Asset impairment
charges
|
|
|
|
|
|
|
|
|
|
(620)
|
Net interest
expense
|
|
|
|
|
|
|
|
|
|
(186)
|
Foreign exchange
gain
|
|
|
|
|
|
|
|
|
|
22
|
Gain on sale of assets
and other
|
|
|
|
|
|
|
|
|
|
56
|
Loss before income
taxes
|
|
|
|
|
|
|
|
|
|
(348)
|
(1) The Skookumchuck
wind facility has been included on a proportionate basis in the
Wind and Solar segment.
|
(2) Includes the
segments previously known as Australian Gas and North American Gas
and the gas generation assets from the segment previously known as
Alberta Thermal.
|
(3) Includes the
segment previously known as Centralia and the coal generation
assets from the segment previously known as Alberta
Thermal.
|
(4) During the nine
months ended Sept. 30, 2021, $6 million related to
station service costs for the Hydro segment was reclassified from
OM&A to fuel and purchased power for comparative purposes. This
did not impact previously reported net earnings.
|
(5) Adjusted EBITDA
is not defined and has no standardized meaning under
IFRS. Refer to the Additional IFRS Measures and
Non-IFRS Measures section of the MD&A.
|
Reconciliation of Cash flow from operations to FFO and FCF
The table below reconciles our cash flow from operating
activities to our FFO and FCF:
|
3 months
ended
|
9 months
ended
|
$ millions unless
otherwise stated
|
Sept. 30,
2022
|
Sept. 30,
2021
|
Sept. 30,
2022
|
Sept. 30,
2021
|
Cash flow from
operating activities
|
204
|
610
|
526
|
947
|
Change in non-cash
operating working capital balances
|
276
|
(378)
|
252
|
(322)
|
Cash flow from
operations before changes in working capital
|
480
|
232
|
778
|
625
|
Adjustments
|
|
|
|
|
Share of adjusted FFO
from joint venture(1)
|
2
|
3
|
7
|
7
|
Decrease in finance
lease receivable
|
12
|
10
|
34
|
30
|
Clean energy
transition provisions and adjustments(2)(4)
|
27
|
49
|
35
|
85
|
Realized (gain) loss
on closed exchange positions
|
(42)
|
21
|
16
|
50
|
Other(3)
|
9
|
3
|
17
|
11
|
FFO(5)
|
488
|
318
|
887
|
808
|
Deduct:
|
|
|
|
|
Sustaining
capital(1)
|
(27)
|
(44)
|
(75)
|
(144)
|
Productivity
capital
|
(1)
|
(1)
|
(3)
|
(2)
|
Dividends paid on
preferred shares
|
(11)
|
(9)
|
(31)
|
(29)
|
Distributions paid to
subsidiaries' non-controlling interests
|
(54)
|
(52)
|
(126)
|
(121)
|
Principal payments on
lease liabilities and other(1)
|
(2)
|
(2)
|
(6)
|
(6)
|
FCF(5)
|
393
|
210
|
646
|
506
|
Weighted average number
of common shares outstanding in the period
|
271
|
271
|
271
|
271
|
FFO per
share(5)
|
1.80
|
1.17
|
3.27
|
2.98
|
FCF per
share(5)
|
1.45
|
0.77
|
2.38
|
1.87
|
(1) Includes our
share of amounts for Skookumchuck wind facility, an equity
accounted joint venture.
|
(2) Includes a
write-down on parts and material inventory, and coal inventory for
our coal operations in 2021 to net realizable value, amounts due to
contractors for not proceeding with the Sundance Unit 5 repowering
project and impairment of a previously recognized deferred asset,
as it is no longer likely that we will incur sufficient capital or
operating expenditures to utilize the remaining
credit.
|
(3) Other consists
of production tax credits which is a reduction to tax equity
debt.
|
(4) During the third
quarter of 2022, to support the employees affected by the closure
of the Highvale mine and our transition off coal to cleaner
sources, the Company made a voluntary special contribution of $35
million.
|
(5) These items are
not defined and has no standardized meaning under IFRS. Refer to
the Additional IFRS Measures and Non-IFRS Measures section
of the MD&A.
|
The table below bridges our adjusted EBITDA to our FFO and FCF
for the three and nine months ended Sept.
30, 2022 and Sept. 30,
2021:
|
3 months
ended
|
9 Months
Ended
|
|
Sept. 30,
2022
|
Sept. 30,
2021
|
Sept. 30,
2022
|
Sept. 30,
2021
|
Adjusted
EBITDA(1)
|
555
|
402
|
1,093
|
1,043
|
Provisions
|
(5)
|
(20)
|
5
|
(25)
|
Interest
expense
|
(47)
|
(50)
|
(151)
|
(149)
|
Current income tax
expense
|
(11)
|
(23)
|
(36)
|
(58)
|
Realized foreign
exchange gain (loss)
|
3
|
5
|
18
|
2
|
Decommissioning and
restoration costs settled
|
(9)
|
(5)
|
(23)
|
(13)
|
Other non-cash
items
|
2
|
9
|
(19)
|
8
|
FFO(3)
|
488
|
318
|
887
|
808
|
Deduct:
|
|
|
|
|
Sustaining
capital(2)
|
(27)
|
(44)
|
(75)
|
(144)
|
Productivity
capital
|
(1)
|
(1)
|
(3)
|
(2)
|
Dividends paid on
preferred shares
|
(11)
|
(9)
|
(31)
|
(29)
|
Distributions paid to
subsidiaries' non-controlling interests
|
(54)
|
(52)
|
(126)
|
(121)
|
Principal payments on
lease liabilities and other(2)
|
(2)
|
(2)
|
(6)
|
(6)
|
FCF(3)
|
393
|
210
|
646
|
506
|
(1) Adjusted EBITDA
is defined in the Additional IFRS Measures and Non-IFRS Measures
section and reconciled to earnings (loss) before income taxes
above.
|
(2) Includes our
share of amounts for Skookumchuck wind facility, an equity
accounted joint venture.
|
(3) These items are
not defined and has no standardized meaning under IFRS. FFO and FCF
are defined in the Additional IFRS Measures and Non-IFRS Measures
section and reconciled to cash flow from operating activities
above.
|
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 Nov. 8, 2022 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.
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
hydro-electric power. For over 111 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 its
climate change strategy with CDP (formerly Climate Disclosure
Project) and the Task Force on Climate-related Financial
Disclosures (TCFD) recommendations. TransAlta has achieved a 61 per
cent reduction in GHG emissions since 2015.
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",
"will", "anticipates", "develop", "continue", and similar
expressions suggesting future events or future performance. In
particular, this news release contains, without limitation,
statements pertaining to: 2022 annual financial guidance;
the Company's strategy of developing contracted renewables; the
Company's growth projects; the Company's expansion of its
development pipeline; execution towards targets associated with the
Clean Electricity Growth Plan; and guidance ranges for Alberta spot price, Mid-C spot price, AECO gas
price, and sustaining capital. These forward-looking statements are
not historical facts but are based on TransAlta's belief and
assumptions based on information available at the time the
assumptions were made, including, but not limited to, the current
political and regulatory environment, the price of power in
Alberta and the condition of the
financial markets. 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: operational risks involving our facilities; changes in
market power and gas prices where we operate; unplanned outages at
generating facilities and the capital investments required;
equipment failure and our ability to carry out repairs in a cost
effective and timely manner, including the Kent Hills remediation;
the effects of weather, catastrophes and public health crises;
global supply chain disruptions impacting major maintenance and
growth projects; disruptions in the source of thermal fuels, water,
solar or wind required to operate our facilities, including the
necessary natural gas supply; energy trading risks; failure to
obtain necessary regulatory approvals in a timely fashion, or at
all; inability to satisfy all conditions and requirements
associated with announced growth projects; negative impact to our
credit ratings; legislative or regulatory developments and their
impacts; increasingly stringent environmental requirements and
their impacts; increased competition; global capital markets
activity (including our ability to access financing at a reasonable
cost); changes in prevailing interest rates; currency exchange
rates; inflation levels and commodity prices; armed hostilities,
including an escalation of the war in Ukraine; general economic conditions in the
geographic areas where TransAlta operates; disputes or claims
involving TransAlta or TransAlta Renewables; 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 MD&A and Annual Information Form for the
year ended Dec. 31, 2021. Readers are
cautioned not to place undue reliance on these forward-looking
statements, which reflect TransAlta's expectations only as of the
date of this news release. The purpose of the financial outlooks
contained in this news release 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 and is given as of the date of this news release.
TransAlta 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-third-quarter-2022-results-increases-2022-financial-guidance-and-announces-a-10-common-share-dividend-increase-301671252.html
SOURCE TransAlta Corporation