TransAlta and MidAmerican Create New Partnership to Develop and Build
Natural Gas-Fueled Power Projects in Canada
CALGARY, ALBERTA -- (Marketwire) -- 10/26/12 -- TransAlta Corporation
(TSX:TA)(NYSE:TAC) and MidAmerican Energy Holdings Company announced
today the creation of a new strategic partnership through which the
two companies will work together to develop, build and operate new
natural gas-fueled electricity generation projects in Canada.
This partnership builds on an existing successful relationship. The
extensive power development and operating experience of both
companies, combined with TransAlta's deep knowledge of the Canadian
markets and MidAmerican's financial strength, is expected to
accelerate gas-fueled power development for both partners.
"The creation of this partnership is a new and exciting development
in our growth strategy and better positions the two companies to
pursue significant growth opportunities in Canada," said Dawn
Farrell, TransAlta president and CEO. "Studies are showing that more
than $200 billion worth of new investment in power generation is
needed in Canada over the next 20 years. MidAmerican is a strong
partner to enable us to capture a sizeable share of that market
opportunity, and this project will build off our already existing
business relationship, which dates back to 2001."
"At MidAmerican, we have been seeking an entry point to the Canadian
electricity generation market, where we see strong potential for
growth," said Greg Abel, chairman, president and CEO of MidAmerican.
"We are joining forces with a company that has more than 100 years of
history and a well- established reputation for building and operating
excellent power projects. Our two companies also have similar
cultures and a shared commitment to safe, reliable operations. The
partnership will bring two strong development teams together to
deliver clean, highly efficient power to the region."
The agreement encompasses all new natural gas-fueled generation
opportunities considered by either TransAlta or MidAmerican in
Canada, including TransAlta's proposed Sundance 7 project, an up to
800-megawatt project based in Alberta, Canada. All development and
construction or acquisition of approved projects will be funded on a
50-50 basis, and TransAlta wil
l be responsible for construction
management, operation and maintenance of projects that proceed.
About the Partners:
An alliance and partnership already exists between TransAlta and
MidAmerican through CE Generation, LLC, a limited company in which
membership interests are equally owned by MidAmerican and TransAlta
Investments USA Inc.
TransAlta is a power generation and wholesale marketing company
focused on creating long-term shareholder value. TransAlta maintains
a low-to-moderate risk profile by operating a highly contracted
portfolio of assets in Canada, the U.S. and Australia. TransAlta's
focus is to efficiently operate geothermal, wind, hydro, natural gas
and coal facilities in order to provide customers with a reliable,
low-cost source of power. For 100 years, TransAlta has been a
responsible operator and a proud contributor to the communities in
which it works and lives. TransAlta is recognized for its leadership
on sustainability by the Dow Jones Sustainability North America
Index, the FTSE4Good Index and the Jantzi Social Index. TransAlta is
Canada's largest investor-owned renewable energy provider.
Information about TransAlta is available at www.transalta.com.
MidAmerican Energy Holdings Company, based in Des Moines, Iowa, is a
global provider of energy services. Through its energy-related
businesses, MidAmerican provides electric and natural gas service to
more than 6.9 million customers worldwide. These businesses are
Pacific Power, Rocky Mountain Power and PacifiCorp Energy, comprising
PacifiCorp; MidAmerican Energy Company; Northern Powergrid Holdings
Company; Northern Natural Gas Company; Kern River Gas Transmission
Company; MidAmerican Renewables; and CalEnergy Philippines.
Information about MidAmerican is available at www.midamerican.com.
Stacey Hatcher, Senior Corporate Relations Advisor
Cell: 587-216-2242 / Toll-free media number 1-855-255-9184
Director, Investor Relations
MidAmerican Energy Holdings Company
Director, Communications and Media Relations
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