Episode 93 - Inside TransAlta: The Energy Giant’s Tough Quarter & High-Stakes Pivot
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Episode summary:
TransAlta’s Q3 2025 report offers a rare look into how a massive global energy company is navigating one of the fastest transitions in modern business. Over half of its generating capacity comes from natural gas, but nearly a third is now renewable — positioning it between its fossil past and clean-energy future.
Their financials tell a tougher story: revenues dipped, adjusted EBITDA plunged 24%, and losses widened — largely due to weaker merchant power prices in Alberta, softer trading gains, lower hydro revenue, and rising costs.
But behind the numbers, TransAlta was busy reshaping its future: managing debt, extending credit, shutting facilities temporarily, selling assets, and even announcing a CEO transition.
Looking forward, the company faces volatile power prices, climate and regulatory risk, competition for new contracts, and broader economic headwinds.
The big question: can an old-guard energy giant pivot fast enough to win the future?
