2025-02-20 16:02:24 ET

TransAlta Corporation (TAC)

Q4 2024 Earnings Conference Call

February 20, 2025, 11:00 AM ET

Company Participants

Stephanie Paris - Vice President of Investor Relations and Corporate Strategy

John Kousinioris - President and Chief Executive Officer

Joel Hunter - Executive Vice President, Finance and Chief Financial Officer

Blain van Melle - Executive Vice President, Commercial and Customer Relations

Conference Call Participants

Robert Hope - Scotiabank

Mark Jarvi - CIBC

Maurice Choy - RBC Capital Markets

Patrick Kenny - National Bank

John Mould - TD Cowen

Benjamin Pham - BMO

Presentation

Operator

Good morning. My name is Tawanda, and I will be your conference operator today. At this time, I would like to welcome everyone to TransAlta Corporation Fourth Quarter and Full Year 2024 Results Conference Call. [Operator Instructions]

Ms. Paris, you may begin your conference.

Stephanie Paris

Thank you, Tawanda. Good morning, everyone. My name is Stephanie Paris, and I am the Vice President of Investor Relations and Corporate Strategy of TransAlta. Welcome to TransAlta's fourth quarter and full year 2024 conference call. With me today are John Kousinioris, President and Chief Executive Officer; Joel Hunter, EVP, Finance and Chief Financial Officer; and Blain van Melle, EVP, Commercial and Customer Relations.

Today's call is being webcast, and I invite those listening on the phone lines to view the supporting slides that are posted on our website. A replay of the call will be available later today, and the script will be posted to our website shortly thereafter. All the information provided during this conference call is subject to the forward-looking statement qualifications set out here on Slide 2, detailed further in our MD&A and incorporated for the purposes of today's call. All amounts referenced are in Canadian dollars unless otherwise noted.

The non-IFRS terminology used, including adjusted EBITDA and free cash flow are reconciled in the MD&A for your reference. On today's call, John and Joel will provide an overview of TransAlta's quarterly and annual results. After these remarks, we will open the call for questions.

With that, let me turn the call over to John.

John Kousinioris

Thank you, Stephanie. Good morning, everyone, and thank you for joining our fourth quarter and full year conference call for 2024.

As part of our commitment towards reconciliation, I want to begin by acknowledging that our company operates on the traditional territories of indigenous peoples across Canada, Australia and the United States. We recognize the rich and diverse histories, cultures and contributions of the First Nations, Inuit, Métis, Aboriginal and Native American communities. It is with gratitude and respect that we thank the peoples who have lived on these lands for generations for reminding us of the ongoing histories that preceded us.

TransAlta delivered strong financial and operational performance in 2024 at the upper range of our guidance, reflecting the value of our diversified portfolio and proactive hedging strategy and the exceptional performance of our Fleet and Energy Marketing segment. During the year, we delivered adjusted EBITDA of $1.25 billion, free cash flow of $569 million or $1.88 per share and average fleet availability of 91.2%. We also delivered on a number of key priorities and strategic initiatives.

First, we closed the Heartland acquisition late last year and are now in the process of fully integrating Heartland's 1.75 gigawatts of complementary assets into our Alberta portfolio. The transaction enhances our competitive position in Alberta by ensuring we maintain a robust and diversified portfolio in the province....

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