TransAlta Reports Fourth Quarter and Full Year 2016 Results

CALGARY, March 3, 2017 /CNW/ - TransAlta Corporation ("TransAlta" or the "Company") (TSX: TA; NYSE: TAC) today reported its fourth quarter and full year 2016 financial results.  Comparable EBITDA(1) for the fourth quarter 2016 was $374 million compared to $268 million during the same period last year. Comparable FFO(1) for the quarter was $228 million, or $0.79 per share, compared to $243 million, or $0.86 per share, during the same period last year. The Keephills 1 Force Majeure (the "K1 FM") adjustments to our provisions had no impact on FFO.

Comparable EBITDA for the full year ending December 31, 2016 totaled $1,145 million, an increase of $200 million compared to 2015. Comparable FFO for the full year ending December 31, 2016 was $763 million compared to $740 million in 2015 and in-line with the guidance range for the year of $755 to $835 million.

Improved results in 2016 are a result of full year contributions from renewable assets acquired in the second half of 2015, solid performance from our gas and renewable portfolios, cost reduction initiatives across the fleet implemented in 2015, and the reversal of our provision relating to the K1 FM in 2013. Our highly contracted profile and hedging strategy mitigated the impact of lower prices during the year in Alberta; however, unfavourable market conditions in the Pacific Northwest negatively impacted the contribution from our US coal segment.

"We landed a solid year despite record low power prices in Alberta and the Pacific Northwest," said Dawn Farrell, President and Chief Executive Officer. "Highlights for year include landing the coal transition agreement, meeting our 2016 guidance, and furthering the repositioning of our capital structure," commented Mrs. Farrell.

As at December 31, 2016, total debt, net of cash, totaled $4.1 billion compared to $4.4 billion at December 31, 2015. The decrease is primarily due to debt paid down using the proceeds received from the sale to TransAlta Renewables of economic interests in the Canadian Assets (as defined below) completed in January 2016, free cash flows generated by the business, and the strengthening of the Canadian dollar. Over the next four years, we have approximately $2.2 billion of recourse and non-recourse debt maturing. We expect to refinance some of these upcoming debt maturities over the next 18-months by raising $700 million to $900 million of debt secured by our contracted cash flows. We have access to approximately $1.7 billion in liquidity at the end of the year and we expect to continue our de-leveraging strategy with a portion of our free cash flow over the next four years being allocated to debt reduction.

Comparable net earnings attributable to common shareholders for the full year ending December 31, 2016 was $34 million ($0.12 net earnings per share) compared to comparable net loss of $48 million ($0.17 net loss per share) in 2015. The year-over-year improvements primarily relate to contributions from assets we acquired last year, solid performance from the renewable asset portfolio, cost reduction initiatives and the reversal of our provision for the K1 FM. Reported net earnings attributable to common shareholders was $117 million ($0.41 net earnings per share) compared to net loss of $24 million ($0.09 net loss per share) in 2015. Comparable net earnings and reported net earnings for the three months ending December 31, 2016 were $53 million and $61 million, respectively as compared to $3 million and a net loss $7 million in same period in 2015.

TTC says air conditioning will be working on subway this summer

Just in time for warmer weather, the TTC has released a statement saying that sweaty subway cars are not expected to be a problem this summer.
“In anticipation of a predicted high of 29 degrees this Wednesday, the TTC is advising customers that crews have worked hard over the past seven months to ensure that customers who travel on Line 2 Bloor-Danforth can do so comfortably,” the transit agency said in a news release Monday.
The TTC says that it has spent $7.5 million “to aggressively attack the hot car issue

Through an ambitious $13 million program to repair and rebuild the bottom-mounted heating ventilation and air conditioning (HVAC) systems on the older T1 cars, the TTC will be able to fully service the line with cool cars this week and through the summer,” the statement read.
Last year, many customers using Line 2 suffered an uncomfortably hot and stuffy ride as the TTC struggled to repair the air conditioning units on a number of older cars on the line.
Customers who couldn’t handle the heat were advised to switch to another car with air conditioning or to wait for another train.
One customer fed up with the stuffy ride even challenged Mayor John Tory to ride the entire line in an un-air conditioned car so that he could experience the discomfort first-hand – a challenge he accepted.
“While putting hot cars into service was unavoidable last year due to a shortage of functioning HVAC systems, this year enough have been repaired or overhauled to run only cool cars,” the TTC statement read.  “In the event that a car's system malfunctions while in service, the TTC will be able to quickly remove and replace the affected train.”
The TTC said crews have rebuilt HVAC systems on 151 cars and repaired those on another 63 cars.
To reduce HVAC breakdowns in the long term, systems in all 370 older cars will be overhauled by the end of 2017.

New Brampton health facility's energy-efficient design pays off

William Osler Health System facility delivers energy savings equal to taking 367 homes off the grid
BRAMPTON, ON--(Marketwired - June 28, 2017) - Alectra Utilities' Conservation team is proud to have collaborated with William Osler Health System in the design of its new facility resulting in energy savings of 3,233,587 kilowatt hours (kWh) per year and electrical demand savings of 856 kilowatts, an amount equal to removing 367 homes from the grid compared to a conventionally designed facility.
Through the Save on Energy (High Performance New Construction) program, the facility received an incentive of $523,696 for the project plus an additional $85,616 for the design requirements needed to achieve these goals.
The building has been designed with improved lighting power density, lighting controls, and high-efficiency HVAC (heating, ventilation and air conditioning) equipment, including air handlers with ERV (energy recovery ventilation) technology. These systems allow the building to perform substantially better than other comparable facilities in both electricity and gas usage.
Brampton families will be better served through this new 607,913 square foot integrated health and wellness centre specializing in health care services equipped with high-tech diagnostics that provides services in day surgery, urgent care, seniors' rehabilitation and wellness services, women's, children's and adolescent care as well as mental health programs.
"Alectra is proud to recognize the William Osler Health System's vision to create an energy-efficient facility that brings health services to the community through its new Peel Memorial Centre for Integrated Health and Wellness," said Mark Henderson, SVP, Energy Solutions & Services for Alectra Energy Solutions. "We are pleased to have assisted in this with the incentives available through the Save on Energy RETROFIT program."
Efficient use of electricity can help reduce costs and conserve energy. For more information about Alectra Utilities' conservation programs and incentives

2018 Subaru Outback: Refreshed Design and Capability for All Life's Adventures

World's first sport utility wagon gains smoother, quieter ride
Revised exterior styling to reflect rugged character
Premium materials and new multimedia capabilities on the interior
MISSISSAUGA, ON, July 10, 2017 /CNW/ - Subaru Canada, Inc. (SCI) is pleased to announce that the updated 2018 Outback will be available in Subaru dealerships across Canada this summer. With its major refresh, the 2018 Outback has been enhanced inside and out, and equipped for higher levels of safety, comfort, control and entertainment.

For 2018, the Subaru Outback lineup includes seven trims, starting with the Outback 2.5i, 2.5i Touring (available with optional EyeSight Package), 2.5i Limited (available with optional EyeSight Package) and 2.5i Premier with EyeSight Package. The lineup continues with the 3.6R Touring, 3.6R Limited (available with optional EyeSight Package) and the 3.6R Premier with EyeSight Package.

Rugged Good Looks, Premium Interior

The 2018 Subaru Outback shows its bolder, more rugged face with a revised front grille, front bumper, door mirrors and rear bumper. The CVT transmission on 2.5i models features a new 7‑speed manual mode and all 2.5i models are now PZEV-rated, meaning they achieve some of the lowest emissions levels in their class. The revised brake booster improves stopping power.

Look inside the 2018 Outback and discover dual USB slots for rear passengers and an available upgraded air conditioning unit that features revised HVAC controls and digital readouts that work together to provide greater functionality. Improvements to the steering wheel and steering-wheel switch functionality improve comfort and convenience on all Outback models.

When combined with a 6.5-inch infotainment system equipped with standard Apple CarPlay and Android Auto, and acoustic front door glass to reduce engine, wind and road noise in the cabin, the result is a more entertaining experience for everyone in the vehicle.

The Outback 2.5i Touring trim receives a revised centre vent grille, centre panel, air conditioning panel and instrument panel. Touring trim models also gain an 8.0-inch infotainment system, which for the Limited and Premier trims also includes GPS navigation and LED steering-responsive headlights. The 2.5i Limited has new dark metallic and high gloss 18-inch aluminum alloy wheels, while the 2.5i Premier with EyeSight Package has added auto up/down functionality on all windows.

Along with the larger engine, all the Outback 3.6R Touring models come with a revised centre vent grille, centre panel, air conditioning panel and instrument panel.

The 3.6R Limited trim comes with LED steering-responsive headlights, an 8.0-inch infotainment system comes with GPS navigation, a new 18-inch alloy wheel design, door trim with real stitching and a revised seat trim pattern, interior door trim and shift panel decoration.

Stronger and Safer

Safety improvements in the 2018 Outback models include auto door lock, a stronger chassis, improved child seat anchors, window off-delay timer and a collision detection feature that will automatically unlock the doors if necessary.

The optional EyeSight Package, available on the Touring and Limited and standard on the Premier trim, has integrated the High Beam Assist feature into the EyeSight system on Limited and Premier trims, allowing for removal of the third camera behind the rear-view mirror

A Mississauga Landmark is Getting a Huge Facelift

If you're fond of heritage structures and like seeing them get a little TLC, you might be happy to know that the Small Arms Inspection Building in Mississauga's Lakeview neighbourhood is about to receive some love.
The City of Mississauga recently announced that the rehabilitation of the building will kick off soon.
An official groundbreaking ceremony, which will be held at the structure, is scheduled for Saturday, June 17.
According to the city, the project has been approved for up to $1 million in federal government funding through the Canada 150 Community Infrastructure Program (CIP 150).
As for a little background on the building, the structure was built in 1941 and is an industrial facility that was part of the former Small Arms Ltd. munitions factory complex that operated on the Arsenal Lands. The Small Arms Building and Arsenal Lands were acquired by the Toronto and Region Conservation Authority (TRCA) in 1992, with a portion of the lands and building conveyed to the City of Mississauga in 2017. The city designated the building as being of cultural heritage value or interest under the Ontario Heritage Act in 2009.
As for what the building could eventually look like, the building website says The Small Arms Society "envisions the reanimation of this wonderful light-filled industrial building with its breathtaking spaces into a creative hub with space for workshops, learning labs, galleries, studio spaces, conferences, celebrations, cafes and more!"

The city says the rehabilitation will be in step with that vision, as it's intended to "create a dynamic facility that will support community, culture, arts, and heritage uses." As for what specific changes are in store, Michael Tunney, cultural planner with the city of Mississauga, says that phase 1 will be focused on the south portion of the building.
Overall, the project includes upgrades to the electrical, plumbing and mechanical systems, including heating, air conditioning, lighting and fire sprinklers. The windows and skylights will be refurbished with new glass, and new entrance doors will be installed to meet accessibility requirements.
Improvements to the interior will include new washrooms, a servery, utility sinks for arts programming, gallery lighting for exhibitions and high speed Wi-Fi.
As for the groundbreaking ceremony itself, the event—which will be attended by Mayor Bonnie Crombie, Ward 1 Councillor Jim Tovey, Mississauga-Lakeshore MP Sven Spengemann and MPP Charles Sousa—will kick off at 11:00 a.m. and feature a tree planting to commemorate the 100th Anniversary of the Battle of Vimy Ridge.
Light refreshments will be served.