TransAlta Will Not Cut Dividend
CALGARY -- - Power generator TransAlta Corp., which has struck a deal to buy US power plants, will keep paying its dividend despite turmoil in the energy industry that led a major firm to cut its payout, the chief executive of TransAlta said.
"Since September of '96, since I've been with this company, we've made a commitment to hold our dividend and that hasn't changed," CEO Steve Snyder told analysts in a conference call. "It's clearly a board decision, but I can say the board certainly remains fully committed to that."
TransAlta, Canada's top investor-owned generating firm, factors the dividend into all its acquisitions and operations as a priority, Snyder said.
Dearborn, Michigan-based CMS Energy Corp. said it suspended its dividend to save cash after being battered by credit problems and the collapse of the power trading business.
TransAlta currently pays CAN$1 a share annually.
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