CALGARY, ALBERTA--(Marketwired - Jan 17, 2014) - TransAlta Corporation (TA.TO)(TAC) and MidAmerican Transmission are pleased to announce today that TAMA Transmission has successfully qualified to participate as a proponent in the Fort McMurray West 500 kV Transmission Project (the Project). Earlier today, the AESO announced its selection of a short-list of companies, identifying that TAMA Transmission will participate in the next stage of its competitive process for the Project.
TAMA Transmission, a partnership of TransAlta and MidAmerican, combines TransAlta's strength in power generation and long operating history in Alberta with MidAmerican Transmission's success and experience in transmission development, construction, operations and maintenance.
On news of TAMA Transmission's selection, President, Cynthia Johnston, said, "We look forward to participating in this next stage of the process to become the developer, owner and operator of the Fort McMurray West 500kV Transmission Project. This is an important project that will provide needed infrastructure to support the growth and prosperity of our province. The combination of TransAlta's home-market expertise with MidAmerican's superb transmission construction management and operating skills, positions us to serve Albertans with competitive, low-cost and reliable transmission infrastructure."
The Fort McMurray West 500 kV Transmission Project consists of approximately 500 kilometres of transmission line and associated facilities between the Edmonton and Fort McMurray regions and is expected to be in service by 2019. It is expected that following this phase of the competitive process, a winning proponent will be named by the AESO.
TransAlta has been operating in Alberta for over 100 years and helped build and operate Alberta's original transmission infrastructure. As an area where TransAlta already has expertise, transmission is a natural fit with its operating model.
TransAlta is a power generation and wholesale marketing company focused on creating long-term shareholder value. TransAlta maintains a low-to-moderate risk profile by operating a highly contracted portfolio of assets in Canada, the United States and Australia. TransAlta's focus is to efficiently operate geothermal, wind, hydro, natural gas and coal facilities in order to provide customers with a reliable, low-cost source of power. For over 100 years, TransAlta has been a responsible operator and a proud contributor to the communities in which it works and lives. TransAlta has been selected by Sustainalytics as one of Canada's Top 50 Socially Responsible Companies since 2009 and is recognized globally for its leadership on sustainability and corporate responsibility standards by FTSE4Good. TransAlta is Canada's largest investor-owned renewable energy provider.
MidAmerican Transmission, a wholly owned subsidiary of MidAmerican Energy Holdings Company, based in Des Moines, Iowa, is engaged in the development of electric transmission facilities. MidAmerican Transmission has invested in transmission in several regions in the U.S. and is evaluating opportunities to further develop electric transmission facilities in organized and traditional markets in the U.S. and Canada. Additional information about MidAmerican Transmission is available at www.midamericantransmission.com.
Through its subsidiaries, MidAmerican Energy Holdings Company provides electric and natural gas service to more than 7 million customers worldwide, operates an extensive 18,000-mile electric transmission system, a natural gas local distribution system, and interstate natural gas pipeline systems totaling nearly 17,000 miles. Learn more at www.midamerican.com.
This news release may contain forward-looking statements, including statements regarding the anticipated future financial performance of TAMA Transmission, TransAlta Corporation and MidAmerican Transmission with respect to the potential development of the Fort McMurray 500kV Transmission Line. The statements in this press release are based on information available at the time of the release and future performance cannot be derived from the statements. Forward looking statements are subject to a number of risks and uncertainties. Some of the factors that could cause differences in the results are our inability to successfully compete for the project, legislative or regulatory developments and other general economic conditions.