TransAlta Corp
TAC
Utilities
3
exclusion reasons
2 themes
This page is part of our public exclusion list — a transparency tool that shows which companies we screen out and why. It is not investment advice, and it is not an accusation. But it is subject to change as our understanding of the facts evolves.
TransAlta Corp. operates the Centralia Generating Station in Washington State, a coal-fired power plant that has been a documented source of environmental contamination. The facility's coal ash storage ponds have been a persistent concern; in one incident, the breach of a 50-year-old coal ash pond led to a significant ash spill. Coal ash contains heavy metals like arsenic, lead, and mercury, which can contaminate groundwater and soil.
The company's operations in Alberta have also been linked to water pollution. Following its purchase of a coal mining project, a study by Alberta government researchers revealed water contamination issues. Separate enforcement records show a TransAlta operation was fined for releasing wastewater into the Smoky River. While the company publishes environmental reports and outlines a waste reduction strategy, its operational history reflects a pattern of incidents causing ecological damage.
TransAlta Corp operates thermal coal-fired power generation facilities and historically mined coal for its own use. The company’s Highvale mine in Alberta, one of the largest thermal coal mines in North America, supplied its Canadian coal plants until operations ended in 2021. As of late 2025, TransAlta still owned and operated the Centralia coal-fired power plant in Washington state. In December 2025, the U.S. Department of Energy issued an order requiring the Centralia plant to remain operational for an additional 90 days beyond its planned retirement, citing grid reliability concerns. While TransAlta has announced agreements to convert some coal units to natural gas and ceased coal mining in Canada, the company continues to generate electricity from coal assets in its fleet.
TransAlta Corp operates a power generation fleet that includes natural gas-fired facilities as a core component of its business. In November 2025, the company signed a deal to acquire Far North Power Corp. and its four natural gas-fired power plants in Ontario for $95 million. Concurrently, in December 2025, TransAlta announced an agreement with Puget Sound Energy to convert its coal-fired power plant in Washington state to natural gas generation, securing a 16-year fixed-price contract for the output. The company is also actively pursuing agreements to supply natural gas-fired power to prospective data center partners in Alberta. These recent investments and long-term contracts demonstrate a strategic commitment to expanding and locking in natural gas generation capacity, rather than transitioning away from fossil fuels.
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Companies appear on our exclusion list based on our investment judgment — not because they've done anything illegal. This is a difference of values and opinion, not an accusation of wrongdoing. Exclusion does not constitute a recommendation against investing in any company, and absence from the list does not constitute a recommendation to invest.
This information is provided for educational and transparency purposes only and should not be relied upon as investment advice. Data is drawn from independent watchdogs, NGOs, government registries, and Ethical Capital's ongoing research — see Research Sources for the full list.
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