Calgary, Alberta, Canada, December 1, 2011 — TransAlta Corp. reported that the outage at its jointly-owned Genesee 3 coal-fired power plant will last longer than previously estimated. The plant is located in Genesee, Alberta.
On November 11, 2011, the Genesee 3 facility, a 466 MW joint venture with Capital Power Corp. (233 MW net to TransAlta), experienced an unplanned outage that resulted in damage to turbine/generator bearings. Capital Power Corp. had initially estimated a return to service date of mid-December, however based on work done to-date, the outage has been extended to January 1, 2012.
As a result, TransAlta’s fourth quarter production is expected to be reduced by about 275 GW hours and net income is anticipated to decline in the range of $20 – $25 million. TransAlta will update investors if there is any material change to the current plan and estimates.
TransAlta continues to expect funds from operations in the $800 – $900 million range for the full year.
