TransAlta Corporation (TAC) is a power generation and energy marketing company operating in Canada, the United States, and Western Australia. The company generates electricity and steam through hydroelectric, wind, solar, natural gas-fired, and coal-fired facilities. TAC also engages in energy trading and environmental compliance activities, offering a diverse range of energy solutions.
- Gas Segment - Operates natural gas-fired facilities, a coal-fired facility, and natural gas pipeline operations across Canada, the United States, and Western Australia.
- Energy Transition Segment - Focuses on transitioning energy generation assets, including coal-to-gas conversions and initiatives aimed at reducing carbon emissions.
- Hydro Segment - Manages hydroelectric facilities and transmission operations in Canada and Western Australia.
- Wind and Solar Segment - Includes wind and solar power generation facilities and investments in renewable energy projects.
- Energy Marketing Segment - Trades electricity, natural gas, and environmental products across North American markets, while marketing generating capacity and procuring fuel and transmission needs.
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| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
John H. Kousinioris ExecutiveBoard | President and Chief Executive Officer (CEO) | Chair of the Board of Governors of Bow Valley College; Director on the Board of the Calgary Stampede Foundation; Board Member of Axis Connects; Member of the Business Council of Canada; Member of the Business Council of Alberta | John H. Kousinioris has been the President and CEO of TransAlta Corporation since 2021. Previously, he served as Chief Operating Officer and as President of TransAlta Renewables Inc. (until February 5, 2021). | View Report → |
Joel E. Hunter Executive | Executive Vice President, Finance and Chief Financial Officer | Joel E. Hunter is the Executive Vice President, Finance and Chief Financial Officer of TransAlta Corporation since July 1, 2024, previously serving as Executive Vice President and CFO at TC Energy Corporation from 2021 to 2024. | ||
Mark Flickinger Executive | Executive Vice President, Project Delivery and Construction | Mark Flickinger is the Executive Vice President, Project Delivery and Construction at TAC since July 15, 2024. Previously, he served as Vice President of Engineering and Construction at Pattern Energy Group LP until July 2024. | ||
Nancy Brennan Executive | Executive Vice President, Legal and External Affairs | Nancy Brennan is the Executive Vice President, Legal and External Affairs at TransAlta since December 2024. She previously served as Executive Vice President, Legal starting on February 26, 2024. | ||
Alan J. Fohrer Board | Director | Independent member of the board at TXNM Energy, Inc.; Member of the Viterbi School of Engineering Board of Councilors at University of Southern California; Board member at California Science Center Foundation | Alan J. Fohrer is a seasoned energy executive with extensive experience in leadership roles, having served as CEO and CFO at utility companies prior to his appointment as a Director at TransAlta in 2013. | |
Brian Baker Board | Nominee Director | Operating Partner at Brookfield Asset Management's Infrastructure Group; Chair of the Board of Inter Pipeline Ltd.; Director of Rockpoint Gas Storage; Director of NorthRiver Midstream Inc. | Brian Baker is a nominee director for TransAlta Corporation as of 2025. He is also an Operating Partner with Brookfield Asset Management since 2007 and holds board roles at Inter Pipeline Ltd., Rockpoint Gas Storage, and NorthRiver Midstream Inc. | |
Bryan D. Pinney Board | Director | Independent Director and Chair of Audit and Finance Committee at North American Construction Group Ltd.; Independent Director and Chair of Audit and Finance Committee at SNDL, Inc.; Lead Director for North American Construction Group Ltd.; Director of SNDL Inc. | Bryan D. Pinney has extensive experience in financial auditing, valuation, and corporate governance. He has served as a director at TransAlta Corporation since 2018 and has held key committee leadership roles including Chair of the Audit, Finance and Risk Committee in FY 2023. | |
Candace J. MacGibbon Board | Director | Board member at Osisko Gold Royalties; Board member at Carbon Streaming Corp. | Candace J. MacGibbon is a Director at TAC since April 28, 2023. With over 25 years of experience in the mining sector and capital markets, she previously served as CEO and CFO at INV Metals Inc.. | |
James Reid Board | Director | James Reid has served as a director at TransAlta since 2021, being elected on May 4, 2021. He brings extensive leadership experience from previous roles at Brookfield Asset Management as Managing Partner and Chief Investment Officer, with strong expertise in finance, mergers and acquisitions, and the energy sector. | ||
John P. Dielwart Board | Chair of the Board of Directors | Director at Veren Inc. (Chair of the Reserves; Environmental, Health and Safety Committee); Board Member at Aspenleaf Energy Limited | Chair of the Board at TransAlta since 2014, bringing extensive expertise in leadership, finance and energy. Previously served as CEO of ARC Resources Ltd. from 1996 to 2013. | |
Laura W. Folse Board | Independent Member of the Board of Directors | Independent Board Member of Pacolet Milliken | Laura W. Folse has served as an independent member of the Board of Directors at TransAlta Corporation since 2021. She brings extensive leadership experience from roles such as CEO of BP Wind Energy North America Inc and Executive Vice President at BP p.l.c. | |
Manjit K. Sharma Board | Corporate Director | Chair of the Audit Committee at Vermilion Energy Inc.; Board Member at Finning International Inc.; Board Member at Export Development Canada | Manjit K. Sharma is a Corporate Director at TransAlta Corporation since January 1, 2023. She has over 30 years of experience in finance and governance, having previously served as CFO at WSP Canada Inc. (2020–2021) and GE Canada (2016–2019). | |
Sandra R. Sharman Board | Member of the Board of Directors | Senior Executive Vice President and Group Head, People, Culture and Brand at CIBC | Sandra R. Sharman has served as a board member at TransAlta Corporation since 2020 and is the Chair of the Human Resources Committee. She is also the Senior Executive Vice President and Group Head, People, Culture and Brand at CIBC since 2014. | |
Thomas M. O’Flynn Board | Chair of Audit, Finance and Risk Committee and Director | Senior Advisor, Power and Utility Sector at The Blackstone Group Inc.; Chief Operating Officer and Chief Financial Officer of Transmission Developers Inc.; Lead Operating Director of Dimension Renewable Energy; Operating Director of Exus Management Partners; Director of Nexus Water Group; Senior Advisor with Energy Impact Partners | Thomas M. O’Flynn has been a director at TAC since 2021 and currently serves as Chair of the Audit, Finance and Risk Committee, bringing a wealth of senior executive experience from companies such as AES, Public Service Enterprise Group, and Morgan Stanley. |
- How will you determine the performance thresholds that trigger converting the Nova Clean Energy loan into equity, and what specific metrics will you use to assess its value creation relative to your capital allocation strategy?
- Given your goal to raise contracted revenue from roughly 52% to over 70%, what specific actions and timeline do you foresee in shifting away from Alberta’s merchant exposure, and what challenges might you face in achieving this transition?
- In evaluating M&A opportunities in the U.S. renewable market versus pursuing organic greenfield growth, what detailed financial metrics and risk-adjusted return targets are you using to guide your decision-making?
- Can you provide clarity on the timeline and potential permitting hurdles for the Centralia coal-to-gas conversion project, and how the capital requirements for repurposing these legacy assets compare to those for new builds?
- With the observed discrepancy between your hedged and forward prices in Alberta, particularly for the gas portfolio, how do you plan to mitigate downside risks if forward market conditions do not improve as anticipated?
Research analysts who have asked questions during TRANSALTA earnings calls.
Benjamin Pham
BMO Capital Markets
4 questions for TAC
John Mould
TD Cowen
4 questions for TAC
Mark Jarvi
CIBC Capital Markets
4 questions for TAC
Maurice Choy
RBC Capital Markets
4 questions for TAC
Patrick Kenny
National Bank Financial
3 questions for TAC
Robert Hope
Scotiabank
3 questions for TAC
Julien Dumoulin-Smith
Jefferies
1 question for TAC
Tanner James
Jefferies
1 question for TAC
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
Heartland Generation Ltd. & Alberta Power (2000) Ltd. | 2024 | TransAlta acquired Heartland for an aggregate purchase price of $542 million (net cash payment of $215 million after a $95 million reduction), financing the deal with cash on hand and credit facilities. The acquisition added 10 facilities (1,844 MW total capacity, including cogeneration, peaking & natural gas-fired thermal assets) to enhance TransAlta’s Alberta portfolio and deliver approximately $115 million in annual EBITDA plus $20 million in synergies, with divestitures of Poplar Hill and Rainbow Lake required by federal conditions. |
TransAlta Renewables Inc. acquisition | 2023 | TransAlta acquired TransAlta Renewables for a total consideration of $1.4 billion ($800 million in cash and the remainder in common shares), exchanging each Renewables share for 1.0337 TransAlta shares or $13.00 in cash, reflecting an 18.3% premium over the closing price. This move streamlined the corporate structure, enhanced strategic positioning for executing the Clean Electricity Growth Plan, and completed with both shareholder and court approval on October 5, 2023. |
North Carolina Solar acquisition | 2021 | The acquisition involved a 122 MW portfolio of 20 operational solar photovoltaic facilities, purchased for approximately US$99 million (with adjustments to a tracking share value of US$102 million). Funded with existing liquidity and assuming tax equity obligations, the portfolio—with long-term PPAs averaging a 12-year term with Duke Energy—is expected to generate about US$9 million of EBITDA annually, supporting TransAlta’s expansion in the U.S. solar market. |
Recent press releases and 8-K filings for TAC.
- TransAlta Corporation reported a decrease in financial performance for the first quarter ended March 31, 2025, compared to the same period in 2024, with Adjusted EBITDA at $270 million (down from $342 million) and Free Cash Flow (FCF) at $139 million (down from $221 million). Net earnings attributable to common shareholders also decreased to $46 million from $222 million.
- Despite the Q1 2025 performance, the company reaffirmed its 2025 annual guidance, targeting Adjusted EBITDA between $1,150 to $1,250 million and FCF between $450 to $550 million.
- Key strategic initiatives in Q1 2025 included a strategic investment in Nova Clean Energy, LLC, granting TransAlta the exclusive option to purchase late-stage development projects in the western U.S..
- The company also issued $450 million of medium-term notes to repay a $400 million term loan , increased its quarterly dividend by eight per cent to $0.065 per share , and purchased and cancelled 1,932,800 common shares for $24 million as of May 6, 2025.