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TransAlta Provides Update On COVID-19 Implemented Measures

by ahnationtalk on April 7, 202047 Views

CALGARY, Alberta (April 7, 2020) – TransAlta Corporation (“TransAlta” or the “Company”) (TSX: TA) (NYSE: TAC) wishes to inform all its stakeholders of the measures that have been implemented to ensure the safety of its employees and to ensure that its facilities remain fully operational to meet the essential power demands of our customers.

“The health and safety of our employees, contractors and communities is paramount during this challenging time prompted by the COVID-19 pandemic,” said Dawn Farrell, President and Chief Executive Officer of the Company. “Our focus remains on generating essential electricity across Canada, the United States and Australia to support our customers’ needs, including the needs of other essential service providers. Financially, we are in a solid position and have strong visibility to cash flow throughout 2020 due to our contracts and hedges. I want to thank all our employees and their families for adapting quickly during this unprecedented time and ensuring our services continue without interruption.”

Safety, health and wellness of employees are a top priority

  • As early as March 6, employees who could work remotely from home have been doing so. TransAlta formally implemented its business continuity plan on March 9 which focused on ensuring employees operating and maintaining our facilities, who are not able to work remotely, continue to remain healthy. This plan includes health screening, enhanced cleaning arrangements, travel bans, revised schedules, contingent work teams and the reorganization of processes and procedures to limit contact with other employees and contractors on-site.
  • The Company continuously monitors government-recommended health measures to safeguard the health and well-being of its employees and adjusts its continuity plan as needed for the continued delivery of essential services to customers and communities.

Focus on Continued Operations

  • Currently, all of our facilities remain fully operational and capable of meeting our customers’ needs. We are monitoring recommendations by the public health authorities related to COVID-19 in all our operating regions and are adjusting operational requirements as required. Considering the importance of social distancing and other recommended health practices, we have modified our operating procedures and implemented restrictions to non-essential access to our facilities to support continued operations through the pandemic.

Strong Financial Position and Liquidity Levels

  • TransAlta continues to be in a strong financial position with no near-term liquidity issues. At the end of the first quarter, the Company had $1.7 billion of liquidity, including approximately $330 million in cash. The Company is also scheduled to receive the $400 million second tranche of the Brookfield investment in the fourth quarter. We continue to have access to additional capital through potential project financing of existing assets that are currently unlevered.
  • The Company has sufficient existing liquidity available to meet the upcoming debt maturity which is due November 2020. The next major debt repayment is scheduled for November 2022.
  • The Company has approximately 50 per cent of its baseload merchant generation in Alberta hedged in the $52/MWh range for the remainder of 2020.
  • TransAlta remains confident in its ability to fund both the preferred and common dividends with internally generated cash. The Company was active under its share buyback program during the first quarter prior to entering our blackout period which began on April 1. We will continue to monitor the financial markets and assess the timing of further repurchases, subject to blackout periods.
  • The Company continues to work with and serve all our customers and counterparties under the terms of their contracts. We have not experienced interruptions to service requirements. Electricity and steam supply continue to remain a critical service requirement to all our customers and has been deemed an essential service in our jurisdictions.
  • Our highly diversified asset portfolio, by both fuel type and operating region, provide stability in our cash flows and highlight the strength of our long-term contracted asset base.

Strategic Execution on Track

  • The impacts from the COVID-19 pandemic and resulting slowdown in the Alberta economy have not altered the Company’s strategy. We remain focused on our natural gas conversion strategy in the province and continue to progress on our growth initiatives.
  • At this time, the Company continues to progress each of its construction projects currently underway and further updates in respect to the construction timelines will be provided as more information becomes available.

We continue to assess the financial impacts resulting from the COVID-19 pandemic and the current and future outlook on global oil prices.  There continues to be significant uncertainty due to the COVID-19 pandemic and we will continue to closely monitor developments and will provide updates if material changes to the Company’s business, operations or capital are reasonably likely to arise.

About TransAlta:

TransAlta owns, operates and develops a diverse fleet of electrical power generation assets in Canada, the United States and Australia with a focus on long-term shareholder value. TransAlta provides municipalities, medium and large industries, businesses and utility customers with clean, affordable, energy efficient and reliable power. Today, TransAlta is one of Canada’s largest producers of wind power and Alberta’s largest producer of hydroelectric power. For over 100 years, TransAlta has been a responsible operator and a proud community-member where its employees work and live. TransAlta aligns its corporate goals with the UN Sustainable Development Goals and has been recognized by CDP (formerly Climate Disclosure Project) as an industry leader on Climate Change Management. TransAlta is proud to have achieved the Silver level PAR (Progressive Aboriginal Relations) designation by the Canadian Council for Aboriginal Business.

For more information about TransAlta, visit its web site at transalta.com.

For more information:

Investor Inquiries:                                                                    Media Inquiries:

Phone: 1-800-387-3598 in Canada and U.S.                                Phone: Toll-free media number: 1-855-255-9184

Email: investor_relations@transalta.com                                    Email: ta_media_relations@transalta.com

NT4

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