TransAlta Closes Sale of Alberta Plant Stake
CALGARY -- - TransAlta Corp., the biggest investor-owned power generator in Canada, said it bought 50 per cent of a generating station being built in Alberta by Epcor utilities Inc., the utility firm in the city of Edmonton, for $395 million (US$256 million).
Under the deal, first announced last spring, TransAlta will gain the interest in the 450 megawatt, coal-fired Genesee Phase 3 project southwest of Edmonton, slated to start commercial operation in early 2005.
TransAlta closed the deal by paying Epcor $157 million in costs incurred so far, it said.
Epcor will continue managing construction of the addition to the existing Genesee operation, the firms said.
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The Independent System Electricity Operator (IESO) was tasked with laying out a path to reducing Ontario’s reliance on natural gas for electricity generation and what it would take to decarbonize the entire electricity grid by 2050.
Meeting the goal, the IESO concluded, will require an “aggressive” approach of doubling the electricity capacity in Ontario over the next two-and-a-half decades — from 42,000…
