TransAlta Corporation (TAC) reports developments as a publicly traded power generator with operations in Canada, the United States and Western Australia. The company’s portfolio includes hydro, wind and solar, gas and energy-transition assets, with updates often tied to fleet availability, contracted generation, hedging activity, Alberta power-market conditions and cash-flow performance.
Company announcements also cover quarterly results and guidance, annual shareholder meeting outcomes, board and executive leadership changes, preferred share dividends and preferred share conversion mechanics. Operational news may address asset-specific matters within TransAlta’s generation fleet and the integration of acquired assets into its broader power platform.
TransAlta (TSX: TA; NYSE: TAC) has announced that it will not redeem its Series G Preferred Shares on September 30, 2024. As a result, shareholders have the option to convert their Series G Shares into Series H Shares on a one-for-one basis. The dividend rates for both series will be announced on September 3, 2024.
Key points:
- Conversion Date: September 30, 2024
- Current outstanding Series G Shares: 6,600,000
- Conversion deadline: 3:00 p.m. (MST) / 5:00 p.m. (EST) on September 16, 2024
- Automatic conversion conditions apply if less than 1,000,000 shares remain in either series
- Series H Shares listing on TSX is conditionally approved
TransAlta (TSX: TA, NYSE: TAC) reported strong financial results for Q2 2024, exceeding expectations despite a year-over-year decline in Alberta spot power prices. Key highlights include:
- Free Cash Flow (FCF) per share of $0.57, supported by hedging strategies and new energy sources.
- Adjusted EBITDA of $312 million, down from $387 million in Q2 2023.
- Net earnings attributable to common shareholders of $56 million, equating to $0.18 per share.
- Cash flow from operating activities increased to $108 million, up by $97 million from Q2 2023.
The company achieved commercial operation of new wind facilities and continued share repurchases, enhancing shareholder value. TransAlta reaffirmed its 2024 outlook, projecting an Adjusted EBITDA of $1,150-$1,300 million and FCF of $450-$600 million.
TransAlta (TSX: TA) (NYSE: TAC) has announced its quarterly dividend declarations. The Board of Directors declared a $0.06 per common share dividend, payable on October 1, 2024, to shareholders of record on September 1, 2024. Additionally, dividends were declared for various series of Cumulative Redeemable Rate Reset First Preferred Shares, with rates ranging from 2.877% to 7.972%. These preferred share dividends cover the period from June 30, 2024, to September 30, 2024, with a record date of September 1, 2024, and a payment date of September 30, 2024. All amounts are in Canadian dollars unless otherwise noted.
TransAlta will release its second quarter 2024 results on August 1, 2024, before market open. A conference call and webcast to discuss these results will be held at 9:00 a.m. Mountain Time (11:00 a.m. ET) the same day. Investors, analysts, media, and interested parties are invited to participate. The webcast link is available, and participants need to register in advance. Related materials will be accessible on TransAlta's Investor Centre section.
TransAlta is a major producer of wind and hydroelectric power in Canada, with significant operations in the U.S. and Australia. The company emphasizes sustainable operations and has achieved a 66% reduction in greenhouse gas emissions since 2015. Financial details and further information will be available on TransAlta's website.
TransAlta (TSX: TA, NYSE: TAC) has entered into an automatic share purchase plan (ASPP) with its broker for repurchasing its common shares under the previously announced normal course issuer bid (NCIB). The NCIB allows for the purchase of up to 14 million shares from May 31, 2024, to May 30, 2025. So far, 1.7 million shares have been bought at an average price of $9.77, totaling $16.6 million since the NCIB's start. The ASPP, effective July 1, 2024, will enable share purchases even during periods when TransAlta cannot buy shares due to regulatory or blackout restrictions. All purchased shares will be canceled to enhance shareholder returns. The ASPP will terminate either upon reaching its purchase limit, by August 6, 2024, or if terminated by the company.
TransAlta (NYSE: TAC) has announced a new normal course issuer bid (NCIB) approved by the Toronto Stock Exchange (TSX). The NCIB permits TransAlta to repurchase up to 14,000,000 common shares, representing about 4.6% of its outstanding shares, between May 31, 2024, and May 30, 2025. These transactions will depend on market conditions and be executed at the company's discretion. The move aims to enhance long-term shareholder value, as the company's board and management believe the market often undervalues their shares. During the previous NCIB, TransAlta repurchased and canceled 8,561,800 shares at an average price of $9.50 each. The company focuses on long-term shareholder value and operates various power generation assets in North America and Australia. It has also achieved significant reductions in greenhouse gas emissions and received an upgraded ESG rating.
TransAlta has commenced commercial operations of its 200 MW Horizon Hill Wind Project in Logan County, Oklahoma. This facility is fully contracted to Meta Platforms Inc., providing clean electricity and environmental attributes. Horizon Hill is TransAlta's 30th wind facility and marks the conclusion of a significant construction program initiated in 2021, adding 800 MW of renewable energy. With this addition, TransAlta's U.S. renewables fleet surpasses 1 GW. In February 2024, TransAlta signed a 10-year transfer agreement with an AA- rated customer for 80% of the expected production tax credits, with the remaining credits to be sold later. The facility is expected to generate an annual adjusted EBITDA between $31 million and $33 million.
TransAlta reported strong financial results for the first quarter of 2024, surpassing expectations despite a decline in spot power prices in Alberta. The company's operational and financial performance was highlighted by an Adjusted EBITDA of $328 million, Free Cash Flow of $206 million, and various business developments. With a focus on asset optimization and hedging strategies, TransAlta remains confident in achieving its 2024 guidance and continues to prioritize shareholder value through share repurchases and capital allocation strategies.
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