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Court of Appeal Upholds TransAlta's Favourable Force Majeure Arbitration Decision
Court of Appeal Upholds TransAlta's Favourable Force Majeure Arbitration Decision ...
About this update from Transalta Corporation
[{"type":"text","content":"\n \n \n \n Court of Appeal Upholds TransAlta's Favourable Force Majeure Arbitration Decision\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n \n CALGARY, AB\n \n \n ,\n \n \n June 9, 2022\n \n \n /CNW/ - TransAlta Corporation (\"TransAlta\" or the \"Company\") (TSX: TA) (NYSE: TAC) announced that the\n \n Alberta\n \n Court of Appeal released a unanimous decision today dismissing an application filed by ENMAX Energy Corporation (\"ENMAX\") and the Balancing Pool seeking to set aside an arbitration decision in favour of TransAlta. The Court of Appeal upheld the Company's claim of force majeure that arose when its\n \n Keephills\n \n 1 generating unit tripped off-line in 2013.  As a result of the decision, the Company's claim of force majeure remains valid and the associated costs of the force majeure event will not be reassessed against TransAlta.\n \n \n \n Additional Background\n \n \n \n TransAlta Generation Partnership (\"TransAlta\") was the owner and ENMAX was the buyer under the Keephills Power Purchase Arrangement (the \"PPA\"). On\n \n March 5, 2013\n \n , the\n \n Keephills\n \n 1 facility tripped off-line due to a suspected winding failure within the generator and did not return to service until\n \n October 6, 2013\n \n . TransAlta claimed force majeure relief under the terms of the PPA. ENMAX and the Balancing Pool disputed the force majeure claim and initiated an arbitration against TransAlta. In\n \n November 2016\n \n , an independent arbitration panel unanimously concluded that TransAlta was entitled to the force majeure relief and was therefore not obligated to pay approximately\n \n $167.6 million\n \n of availability incentive payments plus associated interest.\n \n \n \n \n About TransAlta Corporation:\n \n \n \n \n \n TransAlta owns, operates and develops a diverse fleet of electrical power generation assets in\n \n Canada\n \n ,\n \n the United States\n \n and\n \n Australia\n \n with a focus on long-term shareholder value. TransAlta provides municipalities, medium and large industries, bus...