TransAlta Corp. (NYSE:TAC) Q2 2020 Earnings Conference Call - Final Transcript

Jul 31, 2020 • 11:00 am ET


TransAlta Corp. (NYSE:TAC) Q2 2020 Earnings Conference Call - Final Transcript


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Ladies and gentlemen, thank you for standing by, and welcome to TransAlta Corporation's Second Quarter 2020 Results Conference Call. [Operator Instructions] [Operator Instructions]

I would now like to hand the conference over to Chiara Valentini. Thank you. Please go ahead.

Chiara Valentini

Thank you, Chris. Good morning, everyone, and welcome to TransAlta's Second Quarter 2020 Conference Call. With me today are Dawn Farrell, President and Chief Executive Officer; Todd Stack, Chief Financial Officer; John Kousinioris, Chief Operating Officer; and Kerry O'Reilly Wilks, Chief Legal, Regulatory and External Affairs Officer. Today's call is webcast, and I invite those listening on the phone to view the supporting slides that are posted on our website.

A replay of the call will be available later today, and the transcript will be posted to our website shortly thereafter. All the information provided during this conference call is subject to the forward-looking statement qualification set out here on slide two, further detailed in our MD&A and incorporated in full for the purposes of today's call.

All amounts referenced during the call are in Canadian currency unless otherwise stated. The non-IFRS terminology used, including comparable EBITDA, funds from operations and free cash flow are also reconciled in the MD&A for your reference. On today's call, Dawn and Todd will provide an overview of the quarter's results, along with expectations for the balance of the year. After these prepared remarks, we will open the call for questions.

And with that, let me turn the call over to Dawn.

Dawn Farrell

Thanks, Chiara, and welcome, everyone, to the call today. We are presenting our results today from our offices here in Calgary. So as of last Monday, all our employees are now either back in their offices here or at the plants across our locations in Canada, United States and Australia. I cannot tell you how great it is to be here today, presenting a strong second quarter, along with all our people safely our sites and doing what they do best, which is working to deliver low cost, reliable and clean power to our customers and communities.

Our TransAlta employees are all leaders here at work and in their communities and families, as they have quickly learned how to practice COVID safety protocols, which are keeping us safe and allowing us to see each other in person, of course, while maintaining a 2-meter distance. We're very excited to report results for the quarter that are solid. Our quarter is only slightly below what we expected to be able to do in a pre-COVID world. And this is actually exceptional when one step back to reflect on how much different the world is under the cloud of the pandemic. It is a true testament to the diversity and stability of our portfolio and the resilience and tenacity of the employees who work at this company.

When we left the offices in early March, we were facing into a significant drop in power demand in almost every jurisdiction we either operated in or traded in.