The following is a summary of the TransAlta Corporation (TAC) Q1 2024 Earnings Call Transcript:

Financial Performance:

• TransAlta reported a strong Q1 with adjusted EBITDA of $328 million and free cash flow of $206 million.

• Net earnings to shareholders stood at $222 million, enhanced by effective hedging strategies and improved fleet availability.

• Strong power prices and guidance contributed considerably to the performance.

• Hydro fleet in Alberta reported an average realized price of $152 per MWh, a 53% premium to spot price.

• The Gas fleet successfully captured peak pricing throughout the quarter of $118 per MWh, delivering adjusted EBITDA of $134 million.

• The Hydro sector offered a stronger than expected contribution of $87 million.

Business Progress:

• TransAlta progressed significantly with the first phase of its clean electricity growth plan launched in 2021, including operationalizing several wind facilities and expansions.

• TransAlta is primed for organic growth projects with significant merchant exposure and hedges future production at $80 per MWh.

• Amid regulatory changes in Alberta, TransAlta paused some project developments but decided to advance the proposed Heartland generation acquisition.

• The company is considering strategic moves including Mergers and Acquisitions (M&A) opportunities in Western Australia and other jurisdictions.

• TransAlta is focused on establishing partnerships through C&I contracts with companies like Amazon and exploring green power opportunities for data centers.

• The company continues to repurchase shares believing the share price to be undervalued and remains committed to achieving net zero emissions by 2045.

More details: TransAlta IR

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