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TransAlta and MidAmerican Create New Partnership to Develop and Build Natural Gas-Fueled Power Projects in Canada



  TransAlta and MidAmerican Create New Partnership to Develop and Build
  Natural Gas-Fueled Power Projects in Canada

Business Wire

CALGARY, Alberta -- October 26, 2012

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 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 will 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.

Photos/Multimedia Gallery Available:
http://www.businesswire.com/cgi-bin/mmg.cgi?eid=50455151&lang=en

Multimedia
Available:http://www.businesswire.com/cgi-bin/mmg.cgi?eid=50455151&lang=en

Contact:

TransAlta
Media inquiries:
Stacey Hatcher, 587-216-2242
Senior Corporate Relations Advisor, TransAlta Media Relations
Toll-free media number
1-855-255-9184 or 403-267-2540
TA_Media_Relations@transalta.com
or
Investor inquiries:
Jess Nieukerk, 1-800-387-3598
Director, Investor Relations
investor_relations@transalta.com
or
MidAmerican Energy Holdings Company
Media inquiries:
Ann Thelen, 515-281-2785
Director, Communications and Media Relations
athelen@midamerican.com
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