Guilty of manipulation, TransAlta will review its practices

rapport-publie-lundi-commission-avaitTransAlta Corp. announced that it will appoint an independent auditor appointed to audit internal practices after the Alberta Utilities Commission found him guilty of manipulating the markets by organizing faults in its power plants.

The CEO of the company, Dawn Farrell, said she was surprised by the decision. She has the same breath said it was the responsibility of his company to foster trust of the population towards the grid in Alberta.

Ms. Farrell acknowledged that TransAlta will work hard to regain the trust of the population.

She assured that the practices that the authorities accuse the company stopped there nearly five years. The auditor will examine whether the changes have been effective, she added.

The company has not yet found the person to whom the audit mandate will be awarded. This review should be completed in about six months, Ms. Farrell said.

In a report released Monday, the Committee concluded that the electricity supplier had tried to manipulate prices by closing some of its plants during peak periods.

According to Ms. Farrell, TransAlta would have made a profit of $ 5 million to $ 10 million thanks to closures of some plants.

The company based in Calgary will study the report. She has 30 days to appeal the findings. It envisages the possibility of approaching the Administrator of the market surveillance in order to reach an agreement on possible sanctions.

TransAlta reported losses of $ 131 million – 47 cents per share – for the quarter ended June 30 The losses had amounted to $ 50 million – 18 cents per share – for the same period last year.

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