TransAlta Corp. reported its third-quarter profit rose compared with a year ago as its power production and revenue also came in higher.
TransAlta chief executive John Kousinioris says the third-quarter results demonstrate the value of the company’s strategically diversified fleet, which benefited from its asset optimization and hedging activities.
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The power utility says its profit attributable to common shareholders totalled $372 million or $1.41 per diluted share for the quarter ended Sept. 30, up from $61 million or 23 cents per share a year earlier.
Revenue for the quarter totalled $1.02 billion, up from $929 million in the same quarter last year.
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Production amounted to 5,678 gigawatt hours for the quarter, up from 5,432 gigawatt hours in the third quarter of 2022.
Last week, TransAlta announced a deal to buy Heartland Generation Ltd. and its power generation business in Alberta and B.C., in a deal valued at $658 million, including assumed debt.
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