TransAlta reports increased Q1 net earnings of $49 million on higher revenues

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CALGARY - Power generation company TransAlta Corp. (TSX:TA) reports net earnings of $49 million, or 18 cents per share, up $60 million from a net loss of $11 million, or four cents per share, in the same period last year.

Revenues were at $775 million, up from $540 million year-over-year.

Comparable net earnings were $47 million, up from $32 million in the same quarter in 2013. That's 17 cents per share compared with 12 cents per share in the same period a year ago.

TransAlta Corp. announced earlier this month that it has been named he preferred bidder for the South Hedland Power Project in Australia. Subject to final approvals, TransAlta will invest the equivalent of almost C$565 million in a 150-megawatt, gas-fired power station in South Hedland, Western Australia, that it will build, own and operate.

Alberta's electricity market watchdog has alleged that TransAlta engaged in anti-competitive conduct in 2010 and 2011 during peak electricity demands to drive up prices. TransAlta has denied the allegations.

Organizations: TransAlta Corp., TSX

Geographic location: Western Australia, CALGARY, South Hedland Alberta

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