TransAlta Power, L.P.

TransAlta Power, L.P.

November 01, 2007 10:00 ET

TransAlta Power, L.P. terminates Distribution Reinvestment & Optional Unit Purchase Plan

CALGARY, ALBERTA--(Marketwire - Nov. 1, 2007) - TransAlta Power, L.P. (TransAlta Power) (TSX:TPW.UN) announces it will terminate its Distribution Reinvestment & Optional Unit Purchase Plan (DRIP) effective Nov. 1, 2007. The last distribution qualifying for the DRIP plan was paid on Oct. 31, 2007. The termination is being effected in connection with the previously announced acquisition by Cheung Kong Infrastructure Holdings Limited (CKI) of TransAlta Power.

On Oct. 15, 2007, TransAlta Power entered into a support agreement with CKI pursuant to which CKI has agreed to offer $8.38 in cash per unit to acquire all of the outstanding limited partnership units of TransAlta Power. The all-cash transaction is valued at approximately $629 million, excluding debt. The offer made by an indirect wholly-owned subsidiary of CKI by way of a take-over bid expires at 5:00 pm (Mountain) on Dec. 4, 2007, unless withdrawn or extended.

CKI is the largest publicly listed infrastructure company in Hong Kong with diversified investments in energy infrastructure, transportation infrastructure, water infrastructure and infrastructure related business. Operating in Hong Kong, mainland China, Australia, the United Kingdom, Canada and the Philippines, it is a leading player in the global infrastructure arena.

About TransAlta Power, L.P.

TransAlta Power, L.P. owns a 49.99 per cent interest in TransAlta Cogeneration, L.P., which owns interests in five gas-fired cogeneration facilities in Ontario, Alberta and Saskatchewan and in a coal-fired, mine-mouth facility in Alberta. These facilities have a total generating capacity of 1,362 megawatts of electric power, all of which is sold under long-term contracts to high-quality counterparties. TransAlta Cogeneration, L.P.'s net ownership is 815 megawatts. TransAlta Corporation (TSX: TA; NYSE: TAC) owns 50.01 per cent of TransAlta Cogeneration, and remains the managing partner.

This news release may contain forward-looking statements, including statements regarding the business and anticipated financial performance of TransAlta Power, L.P. and TransAlta Cogeneration, L.P. 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, cost of fuel necessary to produce electricity, global capital markets activity, changes in prevailing interest rates, currency exchange rates, inflation levels and general economic conditions in geographic areas where TransAlta Cogeneration. operations. For further information on risks or any material assumptions utilized in making these forward looking statements refer to TransAlta Power, L.P.'s Annual Report, Management's Discussion and Analysis under the headings "Risk Factors and Risk Management" and "Critical Accounting Policies and Estimates" and under the heading "Outlook" in TransAlta Power, L.P.'s Second Quarter Management's Discussion and Analysis. TransAlta Power, L.P. undertakes no obligations to update publicly or revise any forward-looking information, whether as a result of new information, future events or otherwise.

Note: All financial figures are in Canadian dollars unless noted otherwise.

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