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TransAlta Comments on Provincial Carbon Credit Regime
TransAlta Comments on Provincial Carbon Credit Regime Canada NewsWire CALGARY, D...
About this update from Transalta Corporation
[{"type":"text","content":"\n\n\n\nTransAlta Comments on Provincial Carbon Credit Regime\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\nCanada NewsWire\nCALGARY, Dec. 8, 2017\n\n\n\nCALGARY, Dec. 8, 2017 /CNW/ - TransAlta Corporation (\"TransAlta\" or the \"Company\") (TSX: TA; NYSE: TAC) today responded favourably to details of the Government of Alberta's determination to permit carbon credits to be earned by existing wind and hydro generation in the Alberta fleet. \n\nOn December 6, 2017, the Government of Alberta announced its intention to adopt a carbon credit regime that will fully recognize the value of carbon reductions from the generation of electricity from existing renewable assets. Under Alberta's output based allocation system for carbon emissions, TransAlta's existing wind and hydro facilities will receive credits for emissions below the performance standard of 0.37 tonnes of CO2 per MWh. Effective January 1, 2018, these credits can be used to offset up to 40%, escalating to 60% by 2022, of the carbon price obligations incurred by generation that exceeds the performance standard, which will be charged a price of $30 per tonne of CO2. The carbon credit regime will allow the Company to allocate the emissions benefits from its existing renewables generation in Alberta to offset the direct carbon costs of its thermal generation, including generation from its coal-to-gas converted units.      \n\n\"The recent announcement by the provincial government will more competitively position our existing renewable generation,\" said Dawn Farrell, President and Chief Executive Officer. \"By treating existing renewable generation equally, we expect to eventually receive $30 million to $50 million annually in credits attributable to our existing renewable assets.\"   \n\nThe Pan-Canadian Framework on Clean Growth and Climate Change agreed to in late 2016 by the Government of Canada and most provinces and territories, including Alberta, is expected to result in the carbon price increasing to $40 per tonne of CO2 in 2021 and $50 per tonne of CO2 ...