Latest news with #JohnKousinioris
Global News
07-05-2025
- Business
- Global News
TransAlta CEO says power producer expects to reach Alberta data centre deal this year
Power producer TransAlta Corp. is hoping to sign agreements this year with prospective Alberta data centre partners that would draw on natural gas-fired electricity it generates in the province. 'We continue to focus on securing exclusivity with key partners by mid-year with detailed design and definitive agreements expected by year-end,' CEO John Kousinioris told a quarterly analyst conference call Wednesday. 'A data centre would be operational 18 to 24 months after signing definitive agreements.' Data centres, used in artificial intelligence and other high-tech industries, are massive operations that require an immense amount of electricity to run and cool off computer servers. Story continues below advertisement Alberta's technology minister has said the province hopes to see $100 billion worth of artificial intelligence data centres under construction in the next five years. Some utilities have discussed plans to ink deals that go 'behind the meter,' meaning one of their plants feeds power to a specific user rather than the broader grid. Get weekly money news Get expert insights, Q&A on markets, housing, inflation, and personal finance information delivered to you every Saturday. Sign up for weekly money newsletter Sign Up By providing your email address, you have read and agree to Global News' Terms and Conditions and Privacy Policy Kousinioris told analysts he expects TransAlta to supply around 90 per cent of a data centre partner's needs, with the rest being drawn from the wider market. Earlier this year, TransAlta entered into a partnership with Nova Clean Energy LLC, which develops renewable projects in the western United States. Under the deal, TransAlta is providing Nova a US$100 million revolving credit facility and US$75 million term loan. TransAlta, in turn, has the exclusive right to buy Nova's late-stage development projects. Also Wednesday, TransAlta reported its first-quarter profit fell compared with a year ago. The utility said it earned a profit attributable to common shareholders of $46 million or 15 cents per share for the quarter ended March 31. The result compared with a profit of $222 million or 72 cents per share for the same period in 2024. On an adjusted basis, TransAlta says it earned 10 cents per share in its latest quarter, down from an adjusted profit of 41 cents per share a year ago. Story continues below advertisement Revenue totalled $758 million, down from $947 million in the same quarter last year.
Toronto Star
07-05-2025
- Business
- Toronto Star
Power utility TransAlta reports first-quarter profit down from year ago
CALGARY - TransAlta Corp. reported its first-quarter profit fell compared with a year ago. The power utility says it earned a profit attributable to common shareholders of $46 million or 15 cents per share for the quarter ended March 31. The result compared with a profit of $222 million or 72 cents per share for the same period in 2024. ARTICLE CONTINUES BELOW On an adjusted basis, TransAlta says it earned 10 cents per share in its latest quarter, down from an adjusted profit of 41 cents per share a year ago. Revenue totalled $758 million, down from $947 million in the same quarter last year. TransAlta chief executive John Kousinioris says the company's portfolio in Alberta was partially impacted by softer power prices, while its hedging strategy and active asset optimization continued to generate realized prices well above spot prices. This report by The Canadian Press was first published May 7, 2025. Companies in this story: (TSX:TA)
Hamilton Spectator
07-05-2025
- Business
- Hamilton Spectator
Power utility TransAlta reports first-quarter profit down from year ago
CALGARY - TransAlta Corp. reported its first-quarter profit fell compared with a year ago. The power utility says it earned a profit attributable to common shareholders of $46 million or 15 cents per share for the quarter ended March 31. The result compared with a profit of $222 million or 72 cents per share for the same period in 2024. On an adjusted basis, TransAlta says it earned 10 cents per share in its latest quarter, down from an adjusted profit of 41 cents per share a year ago. Revenue totalled $758 million, down from $947 million in the same quarter last year. TransAlta chief executive John Kousinioris says the company's portfolio in Alberta was partially impacted by softer power prices, while its hedging strategy and active asset optimization continued to generate realized prices well above spot prices. This report by The Canadian Press was first published May 7, 2025. Companies in this story: (TSX:TA)
Winnipeg Free Press
07-05-2025
- Business
- Winnipeg Free Press
Power utility TransAlta reports first-quarter profit down from year ago
CALGARY – TransAlta Corp. reported its first-quarter profit fell compared with a year ago. The power utility says it earned a profit attributable to common shareholders of $46 million or 15 cents per share for the quarter ended March 31. The result compared with a profit of $222 million or 72 cents per share for the same period in 2024. A TransAlta wind farm near Pincher Creek, Alta., Wednesday, March 9, CANADIAN PRESS/Jeff McIntosh On an adjusted basis, TransAlta says it earned 10 cents per share in its latest quarter, down from an adjusted profit of 41 cents per share a year ago. Revenue totalled $758 million, down from $947 million in the same quarter last year. TransAlta chief executive John Kousinioris says the company's portfolio in Alberta was partially impacted by softer power prices, while its hedging strategy and active asset optimization continued to generate realized prices well above spot prices. Winnipeg Free Press | Newsletter Winnipeg Jets Game Days On Winnipeg Jets game days, hockey writers Mike McIntyre and Ken Wiebe send news, notes and quotes from the morning skate, as well as injury updates and lineup decisions. Arrives a few hours prior to puck drop. Sign up for The Warm-Up This report by The Canadian Press was first published May 7, 2025. Companies in this story: (TSX:TA)
CBC
30-01-2025
- Business
- CBC
Alberta's $100B AI data centre plan 'in no way' undermined by DeepSeek shakeup, province says
Alberta's ambitious plans to see $100 billion worth of artificial intelligence data centre infrastructure built in the province over the next five years are still on track despite a recent development that shocked technology shares earlier this week. On Monday, Chinese tech startup DeepSeek unveiled a new artificial intelligence chatbot, sending tech stocks in the U.S. plunging. The sell-off also hit Canadian companies, including the Calgary-based TransAlta. TransAlta CEO John Kousinioris has suggested the company is in discussions with multiple hyperscalers potentially interested in the company's Alberta energy campuses. Though stocks went on to recover from some losses, the release of the free AI assistant has reshaped industry perceptions around U.S. dominance tied to the technology. DeepSeek has claimed its model performs as well as U.S.-based models at significantly lower costs. "If proven true, the efficiencies used within DeepSeek's open-source model can be applied by the hyperscalers to their models, which would result in a more moderated demand," analysts with Evercore ISI said in a note. The news takes on particular relevance in Alberta, a province that has made clear its aspiration to become the "most attractive place to build artificial intelligence data centres in North America." Data centres are crucial to supporting power-hungry artificial intelligence. The DeepSeek news suggests a potential reduction in the need for massive, centralized data centres owned by tech giants in favour of smaller, more distributed AI players, said Randy Goebel, a professor of computing science at the University of Alberta and a co-founder of the Alberta Machine Intelligence Institute. "The … assessment from private investors is probably going to be, yes, we have to change how we orchestrate the development of the framework, because there are likely to be many more players, not just a few big players," he said. "So we have to manage the infrastructure to be able to do that." As part of its pitch, the Alberta government has highlighted the province's deregulated electricity market as a draw for operators, who can utilize it for off-grid power generation. In addition, the province's cold climate is viewed as a plus given the huge amount of heat that such facilities produce. Experts have warned that such plans could significantly increase Alberta's carbon emissions, which could offtrack the province's broader plans to implement a carbon-neutral power grid by 2050. The province has said such technology is feasible through the utilization of carbon capture technology. No deep concerns The latest market fluctuations aren't raising alarm bells for the province's technology and innovation ministry. "DeepSeek does not in any way undermine Alberta's AI data centre strategy," reads a statement attributed to Jonathan Gauthier, press secretary for Alberta Technology Minister Nate Glubish. More models should increase demand for AI data centres, not decrease them, he wrote. Gauthier went on to say that if the trend in technology continues, the global demand for power could grow at the same rate or faster. "Alberta is excited to watch the growth of these new technologies. We foresee only increased demand for power for these models and will be ready to continue to be a destination of choice for scalable power to meet the world's AI needs," the statement reads. Goebel, the co-founder of the Alberta Machine Intelligence Institute, said among his colleagues, there is one interpretation that suggests data centres are still a good idea, but potentially in a different way. The market for who funds and uses these data centres might shift, changing how they operate, Goebel said. The government's perspective is tied to expected economic and social impact, he added. "Whether that's good or bad remains to be seen. We can't tell yet. The momentum behind government programs is a lot harder to adjust than the momentum behind private investors." Goebel added AI should be built with careful, informed investment rather than speculative hype. The AI arms race Alberta isn't the only jurisdiction that has thrown its hat into the AI arms race in recent years. In a release issued last year, Prime Minister Justin Trudeau wrote that AI had "the potential to transform the economy." The RBC Climate Action Institute recently released a report stating that local data centres were essential for "ensuring data privacy, national security, and resilience against cyber threats." "Targeted efforts to increase AI adoption among Canadian SMEs — which account for half of Canadian GDP — could help reverse Canada's lagging productivity," the report reads. Amid this week's earlier sell-off, U.S. President Donald Trump also weighed in on the implications of the release of the DeepSeek model while in Florida. "The release of DeepSeek AI from a Chinese company should be a wake-up call for our industries, that we need to be laser-focused on competing to win," Trump said. Despite the major market movement, it appears that Monday's sell-off could be a major correction within an ongoing bull market, rather than the end of growth in AI technology, said Colin Cieszynski, portfolio manager at SIA Wealth Management. "Let's not throw the baby with the bathwater here … it doesn't seem to be the end of the world that another company has come into the space," Cieszynski said. DeepSeek shows AI can be done on the cheap, says tech analyst 23 hours ago Duration 6:18 Devindra Hardawar, senior editor at Engadget, says DeepSeek performs better in initial tests, was cheaper to build and runs on older equipment than its American competitors. Its release kicks off a 'year of reckoning' for the AI space, he says. For provinces like Alberta in the midst of the AI arms race, there's always uncertainty to consider. But any emerging area has its risks and its ups and downs, Cieszynski said. "There are shorter-term trends, as we've seen … there can be some very abrupt reversals in short-term sentiment, and changes, but it doesn't necessarily change the underlying longer-term trends," he said.
