TransAlta Corporation
TSX : TA
NYSE : TAC

TransAlta Corporation

July 29, 2015 13:07 ET

Building Trust by Taking Action: Letter to Albertans

CALGARY, ALBERTA--(Marketwired - July 29, 2015) - Below is TransAlta (TSX:TA) (NYSE:TAC) CEO Dawn Farrell's letter to Albertans, posted on TransAlta's website.

Our first priority today is to acknowledge the concerns of Albertans.

Although we are surprised by the Alberta Utilities Commission ruling, we recognize our responsibility to ensure confidence in Alberta's electricity system. We do not take trust for granted, and we apologize for the concerns that have arisen.

Almost five years ago, when this case began and we became aware that the market rules governing forced outages were in dispute, we immediately changed our compliance procedures. The actions that led to this case have not been repeated.

Today we are going further toward rebuilding trust. TransAlta will undertake an independent, third-party review of our current compliance procedures around forced outages - the timing of when generating plants are taken down for repairs or maintenance - including recommendations for improvement. The findings will be made public. We will ensure that this kind of event cannot happen with the highest standards in our industry.

We are reviewing the possibility of a request for leave to appeal the decision to the Alberta Court of Appeal on some aspects of the ruling. We stand by the need for full and fair competition, and we also look forward to working with the province and the AUC to address these questions squarely and openly.

We argued this case based on our belief in open competition, fairness and a level playing field. We expect it in the electricity market, and Albertans expect it of TransAlta. This is my personal responsibility, and my commitment to our customers, shareholders and stakeholders.

We ask you to remember TransAlta's long history in Alberta. A century is a long time to have operated a business. We will continue to fulfill our unique responsibilities to be good neighbours and respected corporate citizens in our communities.

We will live up to your expectations.

Dawn Farrell, President and CEO

About TransAlta:

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 wind, hydro, natural gas and coal facilities in order to provide customers with a reliable, low-cost source of power. For over 100 years, TransAlta has been a responsible operator and a proud contributor to the communities in which it works and lives. TransAlta has been selected by Sustainalytics as one of Canada's Top 50 Socially Responsible Companies since 2009 and is recognized globally for its leadership on sustainability and corporate responsibility standards by FTSE4Good.

Contact Information