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    John Mould • TD Cowen

    John Mould's questions to TransAlta Corp (TAC) leadership

    John Mould's questions to TransAlta Corp (TAC) leadership • Q2 2025

    Question

    John Mould from TD Cowen asked about the potential capacity factors of older coal-to-gas units in a tighter market, the capital needed for them, the expected timing for Phase 2 of the data center strategy, and the role of carbon credits in negotiations.

    Answer

    President and CEO John Kousinioris responded that a significant load increase would require their fleet to run at high capacity factors, needing only modest sustaining capital. He noted that while Phase 2 discussions are early, they are advocating for clarity by year-end. He described the carbon credit portfolio as a key strategic advantage for ensuring fleet competitiveness and meeting customer needs.

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    John Mould's questions to TransAlta Corp (TAC) leadership • Q1 2025

    Question

    John Mould asked about TransAlta's expectations for the ISO's methodology on allocating data center capacity in Alberta, whether the Western U.S. is the primary focus for growth capital, and for more detail on the gas cost hedging strategy for 2026.

    Answer

    CEO John Kousinioris stated he expects the ISO to prioritize commercially advanced data center projects and highlighted TransAlta's unique behind-the-meter proposal. He confirmed the Western U.S. is the main focus for growth capital due to market dynamics and operational synergies. He and EVP Blain van Melle also noted that the company actively manages its gas cost exposure in conjunction with its power hedges to lock in favorable margins.

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    John Mould's questions to TransAlta Corp (TAC) leadership • Q4 2024

    Question

    John Mould asked about TransAlta's view on surplus capacity in Alberta, how data center growth could impact the Sundance site's redevelopment, and whether the Restructured Energy Market (REM) progress poses a barrier to finalizing deals. He also inquired about the allocation of business development resources.

    Answer

    President and CEO John Kousinioris acknowledged the Alberta market is oversupplied but stated it could absorb 1-2 GW of data center load, which would help rebalance supply and demand. He and EVP Blain Van Melle clarified that the REM's progress is not a barrier to signing contracts, as their strategy is to insulate assets through direct contracting. John Kousinioris also noted that the majority of the development team's time is currently focused on legacy thermal site optimization over new renewables to capture the best immediate returns.

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    John Mould's questions to TransAlta Corp (TAC) leadership • Q2 2024

    Question

    John Mould questioned the redevelopment of the Alberta fleet, focusing on how the age and emissions of subcritical coal-to-gas units affect discussions and their potential capacity factor. He also asked about the technology focus for redevelopment (gas vs. renewables) and the impact of Canada's Clean Electricity Regulations (CER).

    Answer

    CEO John Kousinioris stated that the converted gas units can run reliably with availability in the high 80s to low 90s and are cost-effective. He noted that redevelopment discussions vary by jurisdiction: U.S. opportunities involve a mix of gas, solar, and storage, while Alberta discussions are currently more gas-focused to ensure reliability. Kousinioris believes the company has a mix of levers, including its hydro and wind assets, to create attractive, lower-carbon offerings for customers. He expressed confidence that they can deliver interesting projects at these sites within the next year.

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