Power utility TransAlta expects Alberta data centre deal this year
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Hey there, time traveller!
This article was published 07/05/2025 (219 days ago), so information in it may no longer be current.
CALGARY – Power producer TransAlta Corp. is hoping to sign agreements this year with prospective Alberta data centre partners that would draw on natural gas-fired electricity it generates in the province.
“We continue to focus on securing exclusivity with key partners by mid-year with detailed design and definitive agreements expected by year-end,” CEO John Kousinioris told a quarterly analyst conference call Wednesday.
“A data centre would be operational 18 to 24 months after signing definitive agreements.”
Data centres, used in artificial intelligence and other high-tech industries, are massive operations that require an immense amount of electricity to run and cool off computer servers.
Alberta’s technology minister has said the province hopes to see $100 billion worth of artificial intelligence data centres under construction in the next five years. Some utilities have discussed plans to ink deals that go “behind the meter,” meaning one of their plants feeds power to a specific user rather than the broader grid.
Kousinioris told analysts he expects TransAlta to supply around 90 per cent of a data centre partner’s needs, with the rest being drawn from the wider market.
Earlier this year, TransAlta entered into a partnership with Nova Clean Energy LLC, which develops renewable projects in the western United States. Under the deal, TransAlta is providing Nova a US$100 million revolving credit facility and US$75 million term loan. TransAlta, in turn, has the exclusive right to buy Nova’s late-stage development projects.
Also Wednesday, TransAlta reported its first-quarter profit fell compared with a year ago.
The utility said it earned a profit attributable to common shareholders of $46 million or 15 cents per share for the quarter ended March 31.
The result compared with a profit of $222 million or 72 cents per share for the same period in 2024.
On an adjusted basis, TransAlta says it earned 10 cents per share in its latest quarter, down from an adjusted profit of 41 cents per share a year ago.
Revenue totalled $758 million, down from $947 million in the same quarter last year.
This report by The Canadian Press was first published May 7, 2025.
Companies in this story: (TSX: TA)
Note to readers:This is a corrected story. An earlier version had the incorrect figure for the revolving credit facility TransAlta is providing Nova Clean Energy.