TransAlta Declares Force Majeure on Keephills 1 Power Plant
CALGARY, ALBERTA -- (Marketwire) -- 03/26/13 -- TransAlta Corporation
(TSX:TA)(NYSE:TAC) today announced that it has declared force majeure
due to a winding failure found in the generator of its 395 megawatt
Keephills 1 power plant (the "Unit") located near Wabamun, Alberta.
TransAlta is working with the original equipment manufacturer of the
generator to safely return the Unit to service, which is currently
expected to be on or about April 21, 2013.
TransAlta has given notice under the Power Purchase Arrangement
("PPA") to the PPA buyer and the Balancing Pool of a High Impact Low
Probability ("HILP") Force Majeure event. In the event of a force
majeure, TransAlta is entitled to continue to receive its PPA
capacity payment and is protected under the terms of the PPA from
having to pay availability penalties. As a result, TransAlta does not
expect the outage to have a material financial impact on the
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 United States 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 over 100 years, TransAlta has
been a responsible operator and a proud contributor to the
communities in which it works and lives. TransAlta has been selected
by Jantzi-Sustainalytics as one of Canada's Top 50 Socially
Responsible Companies since 2009 and is recognized globally for its
leadership on sustainability and corporate responsibility standards
by FTSE4Good. TransAlta is Canada's largest investor-owned renewable
This news release may contain forward-looking statements, including
statements regarding the condition of the generator at the Unit, the
characterization of the outage at the Unit as a force majeure event,
the time required to repair the Unit and the financial impact of the
outage on TransAlta. These statements are based on TransAlta's belief
and assumptions based on information available at the time the
assumption was made. These statements are subject to a number of
risks and uncertainties that may cause actual results to differ
materially from those contemplated by the forward-looking statements.
Some of the factors that could cause such differences include,
without limitation, unexpected complications and delays in carrying
out the repairs to the generator in the Unit.
Senior Corporate Relations Advisor
Toll Free Media Number: 1-855-255-9189
Director, Corporate Finance & Investor Relations
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