TransAlta Corporation reported its full-year 2024 Adjusted EBITDA at $1,253 million, a 23.2% decrease from 2023, and Free Cash Flow (FCF) of $569 million, down 36% from the prior year. Net earnings attributable to common shareholders for 2024 were $177 million, a 73% decrease from 2023, while total production increased by 4% to 22,811 GWh.
For the fourth quarter of 2024, Adjusted EBITDA was $285 million, a 1% decrease from Q4 2023, and FCF totaled $48 million, down 60%. The company reported a net loss attributable to common shareholders of $65 million for the quarter, an improvement from an $84 million loss in Q4 2023, with production increasing by 7% to 6,199 GWh.
TransAlta's Board of Directors approved an 8% increase to the common share dividend, raising it to $0.065 per common share quarterly, or $0.26 on an annualized basis, marking the sixth consecutive annual increase. The company also issued its 2025 annual guidance, projecting Adjusted EBITDA in the range of $1.15 billion to $1.25 billion and FCF between $450 million and $550 million.
Operationally, the 202 MW Horizon Hill wind facility achieved commercial operation on May 21, 2024, fully contracted to Meta Platforms Inc. The White Rock West (100 MW) and White Rock East (202 MW) wind facilities also achieved commercial operation on January 1, 2024, and April 22, 2024, respectively, both contracted with Amazon Energy LLC.
The Mount Keith 132kV expansion project in Western Australia was completed during the first quarter of 2024, supporting BHP Nickel West's operations under an existing Power Purchase Agreement until December 31, 2038. Additionally, TransAlta entered into 10-year transfer agreements for the sale of approximately 80% of expected Production Tax Credits from the White Rock and Horizon Hill wind facilities on February 22, 2024, with an AA- rated customer, and the remaining 20% on June 21, 2024, with an A+ rated customer, expecting approximately $78 million (US$57 million) in average annual EBITDA from these agreements.
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