We view TransAlta as a well-managed independent power producer, and we believe its financial statements provide more visibility than U.S. peers. We view positively the company's expansion program, which includes rerates as well as greenfield and brownfield development, and a combination of renewable resources and traditional plants. We are raising our '09 and '10 EPS estimates by $0.03 each to $1.24 and $1.49, due to currency fluctuations. We are raising our target price by $2 to $22. We expect TAC to report Q2 EPS of $0.15 on July 30.