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TransAlta to recover full payment for early termination of Sundance contracts

TransAlta Corp. expects to receive the remaining C$58.8 million payment, plus interest, related to early termination of power purchase agreements, or PPAs, for the output of two units at the Sundance coal-fired power plant following successful arbitration with the Balancing Pool.

The payment relates to TransAlta's historical investments in certain mining and corporate assets that the company believed should have been included in the net book value calculation of the PPAs that had been disputed by the Balancing Pool, according to an Aug. 26 news release.

Buyers of the PPAs walked away in 2015 and 2016 under a clause that said they could be terminated if changes in legislation made them unprofitable.