CALGARY _ TransAlta Corp. (TSX: TA, Forum) says it will undertake an independent review of its practices following the Alberta Utility Commission's conclusion that the company triggered outages at power plants to raise electricity rates.
CEO Dawn Farrell said the actions that led to the case before the commission were stopped almost five years ago.
``That being said, we will undertake an independent review of our practices today to ensure Albertans that our practices comply with the highest standards in Alberta,'' Farrell said in a statement.
``This independent review will be made public.''
The commission held hearings after Alberta's market surveillance administrator alleged the company manipulated the electricity market by shutting down coal-fired power plants in late 2010 and early 2011 to drive up power costs during periods when demand was high.
The commission also found TransAlta breached a regulation by allowing its energy trader to use privileged information related to plant shutdowns so that the company could benefit in the market.
But the commission found that the market surveillance administrator did not prove allegations that TransAlta's compliance policies, practices and oversight were inadequate and deficient.
The company said it is reviewing the ruling, including the possibility of seeking leave to appeal with the Alberta Court of Appeal.
TransAlta reported Wednesday a loss of $131 million or 47 cents for the quarter ended June 30 compared with a loss of $50 million or 18 cents per share a year ago.
Revenue totalled $438 million, down from $491 million in the same quarter last year.