Company reports earnings, responds to AUC claims it drove up power costs
CALGARY—TransAlta Corp. will undertake an independent review of its practices after the Alberta Utilities Commission said the company shut down coal-fired power plants to drive up power costs during high-demand periods.
The company announced the review as it reported its 2015 second-quarter results July 29.
“Although we are surprised by the AUC ruling issued earlier this week, we recognize our responsibility to ensure confidence in Alberta’s electricity system,” Dawn Farrell, TransAlta president and CEO, said. “We stand by the need for full and fair competition and look forward to working with the province and the AUC to address these questions squarely and openly.”
“The actions that led to this case were stopped almost five years ago when we became aware that the market rules governing forced outages were in dispute,” she added.
Farrell went on to say the company will undertake an independent review of its practices to ensure Albertans TransAlta’s practices comply with the highest standards in Alberta. The company noted that the independent review will be made public.
The company also reported earnings of $183 million, a decrease of $30 million compared to last year. It noted its solid performance in renewables and gas was offset by the poor performing coal and energy markets.