CALGARY, AB, Nov. 9, 2021 /PRNewswire/ -
Third Quarter 2021 Highlights
- Comparable EBITDA(1) of $381 million, an increase of $125 million or 49 per cent compared to the same period in 2020
- Free cash flow ("FCF")(1) of $189 million or $0.70 per share compared to $106 million or $0.39 per share, a 79 per cent increase on a per-share basis over the same period in 2020
- Hydro segment delivered $82 million of comparable EBITDA, an increase of $54 million compared to the same period in 2020
- Alberta Thermal segment delivered $104 million of comparable EBITDA, an increase of $57 million compared to the same period in 2020
- Adjusted availability was 89.2 per cent compared to 91.5 per cent for the same period in 2020, largely impacted by outages in the Alberta fleet
Other Highlights
- Announced Clean Electricity Growth Plan, establishing targets to deliver 2 GW of incremental renewables capacity with investment of $3 billion by 2025
- Announced an 11 per cent increase to its common share dividend and declared a dividend of $0.05 per common share to be payable on Jan. 1, 2022 to shareholders of record at the close of business on Dec. 1, 2021
- Announced the development of the 48 MW Northern Goldfields Solar and Storage Project for BHP Billiton Nickel West, with full notice to proceed issued to the EPC contractor and construction activities expected to commence in the first quarter of 2022
- Announced the decision to suspend the Sundance Unit 5 repowering project and the retirements of Keephills Unit 1 at the end of 2021, and Sundance Unit 4 in 2022, retiring approximately 1,200 MW of coal-fired capacity
Subsequent Events & Updates
- Closed the previously announced acquisition of the economic interest of a 122 MW portfolio of operating solar facilities located in North Carolina for approximately US$99 million and the assumption of tax equity obligations
- Completion of all construction activities at Windrise and on-track to reach commercial operations in November of 2021
2021 Revised Outlook
With exceptional year-to-date results, the Company has increased its 2021 outlook as set out below:
- Comparable EBITDA range of $1.2 to $1.3 billion
- FCF range of $500 to $560 million
- Energy Marketing gross margin contribution range of $195 to $210 million
TransAlta Corporation ("TransAlta" or the "Company") (TSX: TA) (NYSE: TAC) today reported its financial results for the three and nine months ended Sept. 30, 2021.