Group 1 - Rocket Labs' Neutron rocket has successfully completed qualification testing of its innovative Hungry Hippo fairing, which remains attached during launch and landing for full reusability [1] - The Neutron rocket is the world's largest carbon composite launch vehicle with a payload capacity of 13,000 kilograms, with its first scheduled launch set for 2026 [2] - TransAlta has signed a long-term agreement with Pugid Sound Energy to convert its 700 megawatt Centriia unit from coal to natural gas, granting exclusive rights to the plant's capacity and energy through 2044 [2] Group 2 - The conversion of the Centriia unit will require approximately $600 million in capital and is expected to begin commercial operation in late 2028 [3] - Spy Global has expanded its AI-driven wind and solar power generation forecasts to the Texas market, enhancing visibility into renewable supply fluctuations for energy traders and grid operators [3] - Power Bank has signed a lease for a 5 megawatt hybrid solar plus battery project in upstate New York, which is expected to qualify for state energy incentives [4]

CALGARY, Alberta, Dec. 09, 2025 (GLOBE NEWSWIRE) -- Highlights TransAlta to perform coal-to-gas conversion on its Centralia Unit 2 facility in Washington state, with a planned contracted capacity of 700 MWThe converted facility will deliver reliable power to Puget Sound Energy under a long-term, 16-year fixed price contract through Dec. 31, 2044The project is currently projected to deliver a build multiple1 of approximately 5.5 timesThe converted facility maintains TransAlta’s position in its strategic cor ...

Core Viewpoint - TransAlta Corporation is acquiring a 310-megawatt portfolio of four natural gas-fired power plants in Ontario from Far North Power Corp, enhancing its presence in a key market and diversifying its power generation portfolio [1][5]. Company Summary - TransAlta will take over the assets under a definitive share purchase agreement, which were previously stabilized by Hut 8 after their acquisition out of bankruptcy [2]. - The acquisition allows Hut 8 to monetize the assets and refocus its capital on large-scale digital infrastructure development [2][5]. - The portfolio secured five-year capacity contracts through the Ontario Independent Electricity System Operator (IESO) Medium-Term 2 auction, transitioning to long-term revenue commitments and enhancing cash-flow stability [3]. Industry Summary - The acquisition expands TransAlta's operating presence in Ontario, addressing increasing pressure on the provincial grid from electrification and population growth, which necessitates reliable, dispatchable generation [4]. - Hut 8 is strategically shifting its focus towards capital allocation for its multi-gigawatt pipeline of digital infrastructure development opportunities across North America [5].

Core Insights - TransAlta Corporation has entered into a definitive share purchase agreement to acquire Far North Power Corporation for $95 million, enhancing its operations in Ontario with four natural gas-fired generation facilities totaling 310 MW [2][3][4] Acquisition Details - The acquisition price is $95 million, approximately $306 per kilowatt (kW), and will be financed through cash on hand and credit facilities [2][7] - The transaction is expected to close by early first quarter of 2026, subject to customary closing conditions and regulatory approvals [4] Financial Impact - The acquisition is projected to add approximately $30 million of average Adjusted EBITDA per year from the four facilities [4] - The assets will be immediately accretive to free cash flow and cash yield upon closing, with about 68% of the portfolio's gross margin contracted to 2031 [7] Strategic Positioning - This acquisition will enhance TransAlta's competitive position in Ontario, increasing its footprint from 990 MW to 1,300 MW [7] - The company anticipates long-term value from these assets due to their positioning for re-contracting opportunities and the optionality provided by the 167 acres of co-located land [3][4] Company Overview - TransAlta operates a diverse fleet of electrical power generation assets across Canada, the U.S., and Australia, focusing on long-term shareholder value [6] - The company is one of Canada's largest producers of wind and thermal power and has achieved a 70% reduction in GHG emissions since 2015 [6][8]

Core Viewpoint - Hut 8 Corp. has entered into a definitive share purchase agreement with TransAlta Corporation for the acquisition of a 310-megawatt portfolio of four natural gas-fired power plants in Ontario, concluding a multi-phase program aimed at stabilizing and strengthening the portfolio after its acquisition out of bankruptcy [1][2]. Company Overview - Hut 8 Corp. is an energy infrastructure platform that integrates power, digital infrastructure, and compute at scale, focusing on next-generation, energy-intensive use cases. The company manages 1,020 megawatts of energy capacity and has 1,530 megawatts under development across 19 sites in the U.S. and Canada [6][7]. Transaction Details - The transaction involves the sale of a portfolio that has transitioned from short-term, seasonal arrangements to long-term, investment-grade-backed revenue commitments, significantly enhancing cash-flow stability [2][3]. - Hut 8 executed operational and commercial measures to re-establish the assets as revenue-generating facilities, securing five-year capacity contracts through the Ontario IESO Medium-Term 2 auction [2][3]. Strategic Focus - Hut 8's management indicated that while the power generation assets are attractive, they are not core to the company's current strategy, which is focused on high-return opportunities within its development pipeline. The capital redeployed from this transaction will support those opportunities [4][3]. - The company continues to pursue a multi-gigawatt pipeline of power-first digital infrastructure development opportunities across North America [3][4]. TransAlta's Perspective - TransAlta views the acquisition as a means to enhance its position in Ontario through contracted and complementary assets, emphasizing the importance of reliable power generation for grid stability amid electrification and population growth [5].

Group 1 - The article does not provide any relevant content regarding company or industry insights [1]

Financial Data and Key Metrics Changes - The company reported adjusted EBITDA of CAD 238 million, a decrease of CAD 77 million compared to the third quarter of 2024, primarily due to lower Alberta and Mid-C power prices and subdued market volatility [17][18] - Free cash flow for the quarter was CAD 105 million, down CAD 26 million year-over-year [20] - Average fleet availability was reported at 92.7% [6] Business Line Data and Key Metrics Changes - Hydro segment adjusted EBITDA decreased to CAD 73 million from CAD 89 million due to lower spot power prices and reduced ancillary services revenue [18] - The gas segment's adjusted EBITDA fell to CAD 110 million from CAD 141 million, impacted by lower realized power prices and higher carbon pricing, partially offset by the addition of Heartland assets [19] - The energy transition segment delivered adjusted EBITDA of CAD 28 million, a decrease of CAD 6 million year-over-year [19] Market Data and Key Metrics Changes - The average spot price in Alberta for the third quarter was CAD 51 per megawatt hour, down from CAD 55 per megawatt hour in 2024 [20] - The company realized benefits from hedging strategies, with approximately 2,500 gigawatt hours hedged at an average price of CAD 66 per megawatt hour, representing a 29% premium to the average spot price [21] Company Strategy and Development Direction - The company is focused on progressing its legacy thermal opportunities, including data center projects in Alberta and the Centralia project in Washington [6][7] - The Alberta restructured energy market (REM) is expected to enhance system reliability and provide better price signals for generators, with an anticipated increase in the provincial price cap [12][13] - The company aims to maximize the value of its legacy thermal energy campuses and pursue strategic M&A opportunities [26][27] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving 2025 guidance despite tracking towards the lower end of the adjusted EBITDA range [6][25] - The company is optimistic about the data center opportunity in Alberta and its potential for economic growth [11][12] - Management highlighted the importance of regulatory clarity regarding the Clean Electricity Regulations and the Alberta government's commitment to developing a data center industry [60] Other Important Information - The company completed the sale of a 100% interest in the Poplar Hill facility and a 50% interest in the Rainbow Lake facility as part of the Heartland Generation acquisition [9] - The company announced the retirement of its CEO, effective April 30, 2026, with the current CFO expected to succeed him [15][16] Q&A Session Summary Question: What is driving the slower discussions regarding customers for the data centers in Alberta? - Management remains confident in progressing the data center opportunity, noting that it is a significant initiative requiring time to finalize details with multiple parties involved [33][34] Question: What is the timeline for moving from MOU to a binding agreement for the data center project? - Management aims to move quickly once the MOU is in place, with expectations for a faster timeline than the MOU process [38][39] Question: How is the company addressing the underutilized coal-to-gas conversion units in relation to phase two? - Management believes that underutilized generation can serve as incremental supply for data centers, emphasizing the importance of speed in meeting future energy needs [41][42] Question: What clarity is needed regarding phase two for finalizing agreements? - Management seeks clarity on the bringing-incremental-power concept and the role of legacy facilities in the context of phase two [72][73] Question: What are the expectations regarding federal policy changes and their impact? - Management is actively engaging with the federal government on the Clean Electricity Regulations and is modeling various scenarios for carbon pricing [64][65]

NOVEMBER 6, 2025 Third Quarter Results Sarnia, Ontario Forward-looking Statements and Non-IFRS Measures These assumptions are based on information currently available to TransAlta, including information obtained from third-party sources. Actual results may differ materially from those predicted. Factors that may adversely impact what is expressed or implied by forward-looking statements contained in this presentation include, but are not limited to: fluctuations in power prices; changes in supply and demand ...

Operational Capacity and Strategy - TransAlta Corporation operates a diverse fleet with a total installed capacity of 9,014 MW as of September 30, 2025, including hydro, wind, solar, gas, and energy transition assets[42]. - Approximately 51% of the total installed capacity is contracted with creditworthy counterparties, providing stable long-term earnings and cash flow[45]. - The company has a significant merchant exposure in Alberta, where 58% of its capacity is located, with 77% of that capacity available to participate in the merchant market[40]. - The weighted average contract life for contracted capacity across all segments is 9 years, with the longest being 14 years for hydro assets[45]. - TransAlta's strategic priorities include optimizing its Alberta portfolio and executing its growth plan while maintaining financial strength and capital discipline[38]. - The company aims to deliver sustainable long-term shareholder value in an evolving energy landscape, focusing on core markets in Canada, the U.S., and Western Australia[37]. - The company is focused on opportunities within its core markets and aims to realize the value of its legacy generating facilities[38]. - The company completed the acquisition of Heartland Generation on December 4, 2024, adding 1,747 MW to gross installed capacity[46]. - The acquisition of Heartland added 507 MW of contracted cogeneration capacity and 950 MW of merchant natural gas-fired thermal generation capacity[181]. Financial Performance - Revenues for the three months ended September 30, 2025, were CAD 615 million, a decrease of 3.6% compared to CAD 638 million in the same period of 2024[46]. - Adjusted EBITDA for the three months ended September 30, 2025, was CAD 238 million, down 24.5% from CAD 315 million in the same period of 2024[46]. - Net loss attributable to common shareholders for the three months ended September 30, 2025, was CAD 62 million, compared to a loss of CAD 36 million in the same period of 2024[46]. - Cash flow from operating activities for the three months ended September 30, 2025, was CAD 251 million, an increase of 9.6% from CAD 229 million in the same period of 2024[46]. - Total consolidated net debt as of September 30, 2025, was CAD 3,785 million, slightly down from CAD 3,798 million as of December 31, 2024[47]. - Adjusted EBITDA for the nine months ended September 30, 2025, was $857 million, a decrease of $116 million or 12% from $973 million in the same period of 2024[101]. - Free Cash Flow (FCF) for the nine months ended September 30, 2025, was $421 million, down from $529 million in the same period in 2024, a decrease of 20%[108]. - The company is tracking towards the low-end of its Adjusted EBITDA guidance for 2025, with a target of $1,150 to $1,250 million[110]. - FCF guidance for 2025 is set between $450 to $550 million, compared to $569 million in 2024[110]. - The company expects FCF per share for 2025 to be between $1.51 to $1.85, down from $1.88 in 2024[110]. Production and Market Dynamics - Total production for the three months ended Sept. 30, 2025, increased by 439 GWh, or 8%, compared to the same period in 2024, primarily due to production from the Heartland gas facilities acquired in December 2024 and higher production from Alberta water reserves in the Hydro segment[72]. - Total production for the nine months ended Sept. 30, 2025, increased by 1,184 GWh, or 7%, compared to the same period in 2024, primarily due to higher production in the Hydro segment[73]. - Total production for the Wind and Solar segment for the three months ended Sept. 30, 2025, was 1,028 GWh, down 8% from 1,121 GWh in the same period in 2024[138]. - Total production for the Alberta portfolio for the three months ended Sept. 30, 2025, was 3,206 GWh, an increase of 438 GWh, or 16% compared to 2,768 GWh in the same period of 2024[189]. - Total production for the nine months ended Sept. 30, 2025, was 8,868 GWh, an increase of 209 GWh, or 2% compared to 8,659 GWh in the same period of 2024[199]. Costs and Expenses - Revenues for the three months ended Sept. 30, 2025, decreased by $23 million, or 4%, compared to the same period in 2024, primarily due to increased fuel and purchased power costs[84]. - OM&A expenses for the three months ended Sept. 30, 2025, increased by $36 million, or 25%, compared to the same period in 2024[85]. - Asset impairment charges for the three months ended Sept. 30, 2025, increased by $7 million, or 35%, compared to the same period in 2024[85]. - Interest expense for the nine months ended Sept. 30, 2025, increased by $34 million, or 15%, compared to the same period in 2024[94]. - The carbon price increased from $80 to $95 per tonne, impacting gross margin from Canadian gas facilities[154]. - Carbon compliance costs for the nine months ended Sept. 30, 2025, decreased by $63 million, or 86%, compared to the same period in 2024, primarily due to the utilization of emission credits[89]. - The company reported a favorable impact on carbon compliance costs due to increased production from lower carbon-emitting cogeneration facilities[154]. Shareholder Returns and Capital Management - The company declared a quarterly dividend of CAD 0.065 per common share, representing an annualized increase of 8%[61]. - The company repurchased and cancelled 1,932,800 common shares at an average price of CAD 12.42 per share during the nine months ended September 30, 2025[63]. - Liquidity as of September 30, 2025, stood at $1.6 billion, including $211 million in cash, sufficient to cover committed growth and sustaining capital projects[118]. Market Conditions and Pricing - Alberta spot power prices for the three months ended Sept. 30, 2025, were $51/MWh, down 7% from $55/MWh in 2024[75]. - AECO natural gas prices for the three months ended Sept. 30, 2025, were $0.63 per GJ, down 6% from $0.67 per GJ in 2024[78]. - The 2025 power price assumptions for Alberta spot range from $40 to $60 per MWh, while AECO gas prices are expected to be between $1.60 and $2.10 per GJ[114]. - The average spot power price per MWh for the three months ended Sept. 30, 2025, decreased to $51 from $55 in 2024, and for the nine months ended Sept. 30, 2025, decreased to $44 from $67 in 2024[205]. - The realized merchant power price per MWh for the three months ended Sept. 30, 2025, increased by $13 to $103 compared to $90 in the same period of 2024[206]. Debt and Equity Position - Total current assets decreased by $315 million to $1,458 million as of September 30, 2025, from $1,773 million as of December 31, 2024[219]. - Total liabilities decreased by $376 million to $7,280 million as of September 30, 2025, from $7,656 million as of December 31, 2024[217]. - Total equity decreased by $231 million to $1,612 million as of September 30, 2025, compared to $1,843 million as of December 31, 2024[220]. - As of September 30, 2025, total consolidated net debt stands at $3,785 million, representing 66% of total capital, compared to $3,798 million or 62% as of December 31, 2024[224]. - The company has $3,169 million in common shares, accounting for 55% of total capital, up from $3,179 million or 53% in the previous period[224]. - Recourse debt from U.S. senior notes is $965 million, which is 17% of total capital, slightly down from $995 million or 16% previously[224].

Core Insights - TransAlta Corporation reported solid operational performance in Q3 2025 despite challenging market conditions, with a focus on its Alberta portfolio's hedging strategy and asset optimization [2][3] - The company is progressing on key priorities, including a data centre strategy and negotiations to convert its Centralia facility to gas-fired operations [4][12] - CEO John Kousinioris announced his retirement effective April 30, 2026, with Joel Hunter set to succeed him [5][12] Financial Performance - Q3 2025 operational availability was 92.7%, down from 94.5% in Q3 2024 [6][7] - Production increased to 6,151 GWh in Q3 2025 from 5,712 GWh in Q3 2024 [6] - Revenues for Q3 2025 were $615 million, a decrease from $638 million in Q3 2024 [6] - Adjusted EBITDA for Q3 2025 was $238 million, down from $315 million in Q3 2024 [7][9] - Free Cash Flow (FCF) was $105 million, or $0.35 per share, compared to $131 million, or $0.44 per share in Q3 2024 [7][9] - Net loss attributable to common shareholders was $62 million, or $0.20 per share, compared to a loss of $36 million, or $0.12 per share in Q3 2024 [7][9] Segment Performance - Hydro segment revenues were $73 million in Q3 2025, down from $89 million in Q3 2024 [9] - Wind and Solar segment revenues increased slightly to $45 million from $44 million [9] - Gas segment revenues decreased to $110 million from $141 million [9] - Energy Transition segment revenues were $28 million, down from $34 million [9] - Energy Marketing segment revenues dropped to $17 million from $42 million [9] Key Business Developments - The company entered into a 230 MW Demand Transmission Service contract with the Alberta Electric System Operator [3][13] - TransAlta completed the sale of its 100% interest in the 48 MW Poplar Hill facility and its 50% interest in the 97 MW Rainbow Lake facility as part of regulatory requirements [14] - The company extended its committed credit facilities totaling $2.1 billion, with maturity extended to June 30, 2029 [15]