TransAlta announced today it has signed an agreement to invest $400-million in a 650-megawatt (MW) power project in Sarnia, Ontario. Under the terms of the contract, TransAlta will build, own and operate a 440-MW cogeneration plant and aquire and operate existing utility plants representing 210-MW. The natural-gas-fired cogeneration facility will be the largest in Canada, and the first large project of its kind to go forward in Ontario’s competitive power market.
“We are delighted about this contract with Bayer, Dow and NOVA, “says Gary Hart, TransAlta’s general manager of Independent Power Projects, Ontario region. “Our new facility will help serve Ontario’s growing demand for reliable, efficient energy.”
Full commerical operation of the new plant is expected by September 2002. It will supply Bayer, Dow Chemical Canada Inc. and NOVA Chemicals (Canada) Ltd. with power and steam. Excess power will be sold into the competitive electricity markets.
“This project demonstrates our commitment to grow our gas-fired generation by 500 MW per year, and the company’s goal to own and operate 10,000 MW by 2002, “says Steve Snyder, TransAlta president and CEO “The project also positions TransAlta for growth as the restructuring of the industry in Ontario continues to unfold.”
TransAlta is an international electric energy company with more than $6 billion in assets. The company focused on achieving strong earnings growth and enhancing its competitive edge as a low-cost operator of generation and transmission assets, and a successful developer of gas-fired independent power projects. The company is quickly building scale with more than 8,000 megawatts of generating capacity. TransAlta is concentrating its growth in Canada, the United States, Australia and Mexico.
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