TransAlta, MidAmerican Create Partnership to Develop Natural Gas-Fueled Generation

TransAlta Corporation and MidAmerican Energy Holdings Company announced the creation of a new strategic partnership through which the two companies will work together to develop, build, and operate new natural gas-fueled electricity generation projects in Canada.

The agreement encompasses all new natural gas-fueled generation opportunities considered by either TransAlta or MidAmerican in Canada, including TransAlta's proposed Sundance 7 project, an 800-megawatt project based in Alberta, Canada. All development and construction or acquisition of approved projects will be funded on a 50-50 basis, and TransAlta will be responsible for construction management, operation and maintenance of projects that proceed.

"Studies are showing that more than $200 billion worth of new investment in power generation is needed in Canada over the next 20 years. MidAmerican is a strong partner to enable us to capture a sizeable share of that market opportunity, and this project will build off our already existing business relationship, which dates back to 2001," said Dawn Farrell, TransAlta president and CEO.

"At MidAmerican, we have been seeking an entry point to the Canadian electricity generation market, where we see strong potential for growth," said Greg Abel, chairman, president and CEO of MidAmerican.