TransAlta (TSX: TA) announced in late September that it is shutting down three of its natural gas electricity generating plants and ending its coal mining operations.
The rebuild of the Sundance Unit 5 natural gas plant has been suspended due to escalating costs, slack demand and forecast power prices.
Two other plants – Sundance Unit 4 and Keephills Unit 1 – were in the process of being converted to natural gas from coal, and those projects will also be halted.
The company has pledged to cease all coal fired generation in Canada by the end of 2021 and globally by the end of 2025. The move will reduce remissions by 70% over 2005 levels, and intends to reach carbon neutrality by 2050.
TransAlta will instead focus its efforts on renewable energy. It is planning to invest $3 billion in more hydro, wind and solar generation facilities and energy storage.
TransAlta began providing electric energy to Alberta consumers in 1970 when it fired up its first coal generators.
Learn more about the new TransAlta at www.TransAlta.com.