TransAlta (TAC) Expects $20M-$25M Net Income Impact in Q4 from Genesee 3 Outage
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TransAlta Corporation (NYSE: TAC) reported the expected impact of an extended outage at its jointly-owned Genesee 3 power plant located in Genesee, Alberta.
On Nov. 11, 2011, the Genesee 3 facility, a 466 megawatt (MW) joint venture with Capital Power Corporation (233 MW net to TransAlta), experienced an unplanned outage that resulted in damage to turbine/generator bearings. Capital Power Corporation 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 approximately 275 gigawatt 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.
On Nov. 11, 2011, the Genesee 3 facility, a 466 megawatt (MW) joint venture with Capital Power Corporation (233 MW net to TransAlta), experienced an unplanned outage that resulted in damage to turbine/generator bearings. Capital Power Corporation 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 approximately 275 gigawatt 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.
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