2 00 2  A n n u a l  R e p o r t

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| **F        i n a n c i a l  H i g h l i g ht        s**                                                              |   |      |        |   |    |
|--------------------------------------------------------------------------------------------------------------------------------|--------|-----------|-------------|--------|---------|
| (        I N  M I L L I O N S  O F  C D N $  E X C E P TC O        M M O NS        H A R ED        A T A ) |   |      |        |
|                                                                                                                           |   |      |        |   |    |   |   |
|                                                                                                                           |   |      |        |   |    |   |   |
| Year        ended Dec. 31, 2002                                                                                                |   |      | **2002**    |   | 2001    |   | 2000 |
|                                                                                                                                |        |           |             |        |         |  |  |
|                                                                                                                           |   |      |        |   |    |   |   |
| Revenues                                                                                                                       |   | **$**     | **1,723.9** | $      | 2,319.4 | $ | 1,671.1 |
|                                                                                                                           |   |      |        |   |    |   |   |
| Earnings        from continuing operations1                                                                                    |        | **$**     | **57.1**    | $      | 169.5   | $ | 133.6 |
|                                                                                                                           |   |      |        |   |    |   |   |
| Net        earnings1                                                                                                           |   | **$**     | **189.9**   | $      | 214.6   | $ | 279.8 |
|                                                                                                                           |   |      |        |   |    |   |   |
| Cash        flow from operating activities                                                                                     | **$**  | **437.7** | $           | 715.6  | $       | 198.7 |
|                                                                                                                           |   |      |        |   |    |   |   |
| Ratios                                                                                                                         |   |      |        |   |    |   |   |
| -        Return on common shareholders' equity (%)                                                                             |   | **3.5**   |        | 10.9   |    | 11.7 |
| -Debt        to invested capital (%)                                                                                           |   | **50.9**  |        | 52.3   |    | 48.0 |
| -Interest        coverage (times)                                                                                              |   | **1.4**   |        | 3.2    |    | 2.9 |
|                                                                                                                           |   |      |        |   |    |   |   |
| Per        common share data                                                                                                   |   |      |        |   |    |   |   |
| -        Earnings from continuing operations                                                                                   |   | **$**     | **0.34**    | $      | 1.00    | $ | 0.79 |
| -        Net earnings                                                                                                          |   | **$**     | **1.12**    | $      | 1.27    | $ | 1.66 |
| -        Dividends                                                                                                             |   | **$**     | **1.00**    | $      | 1.00    | $ | 1.00 |
| *1 **Applicable        to common shareholders.*                                                                           |   |      |        |   |    |   |

 

 

 

| **Capacity**                                                   |   |       |                                           |           | **Production** |   |   |   |
|----------------------------------------------------------------|--------|------------|------------------------------------------------|----------------|----------------|--------|--------|--------|
| (MW        at end of year)                                     |   |       |                                           | (GWh)          |           |   |   |   |
|                                                           |   |       |                                           |           |           |   |   |   |   |   |
| 98                                                             | 99     | 00         | 01                                             | **02**         |           | 98     | 99     | 00     | 01 | **02** |
|                                                           |   |       |                                           |           |           |   |   |   |   |  |
| 5,503                                                          | 5,728  | 6,761      | 6,944                                          | **7,144**      |           | 33,430 | 33,677 | 40,644 | 44,136 |  **46,877** |
| *Net        maximum capacity owned and operated.*              |   |       |                                           |           |           |   |
|                                                           |   |       |                                           |           |           |   |   |   |   |   |
|                                                           |   |       |                                           |           |           |   |   |   |   |   |
|                                                           |   |       |                                           |           |           |   |   |   |   |   |
|                                                           |   |       |                                           |           |           |   |   |   |   |   |
| **Debt        to invested capital**                            |   |       | **Cash        flow from operating activities** |
| (%)                                                            |   |       |                                           |           |           | ($)    |   |   |   |   |
|                                                           |   |       |                                                |           |           |   |   |   |  |   |
| 98                                                             | 99     | 00         | 01                                             | **02**         |           | 98     | 99     | 00     | 01 | **02** |
|                                                                |        |            |                                                |                |           |   |   |   |   |   |
|  40.0                                                     | 45.6   |  48.0 |  52.3                                     |  **50.9** |           | 470.7  | 426.2  | 198.7  | 715.6 | **437.7** |
|                                                           |   |       |                                           |           |           |        |   |   |   |   |
| *See        glossary on page 106 for definition of key terms.* |   |       |                                           |           |           |

 

**Co n t e n t s** 

 **02**_letterto shareholders           **12**_letterfrom the chair        **13**_boardof directors        **17**_sustainabledevelopment

**18**_corporatecitizenship           **21**_management'sdiscussion & analysis**   **    **60**_consolidatedfinancial statements

**102**_eleven-yearfinancial &statisticalsummary   **104**_shareholderinformation    **106**_glossary

 

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| With        Industry uncertainty, who can you

rely        on? Invest in? At TransAlta,

 we        are committed to staying the

course        - refusing to be distracted

by        the volatility around us. For us,

 **continuity**        is key. We continue to focus

 on        operational excellence, a strong

 balance        sheet and disciplined growth.

 Our        unwavering commitment to

 delivering        shareholder value is

 a        constant you can count on. |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

 

 

 

 

     **Co r p o r a t e P r o f i l e**TransAltais Canada's largest non-regulated power generation and wholesale marketingcompany. We have close to $9 billion* in coal-fired, gas-fired, hydro andrenewable generation assets in Canada, the U.S., Mexico and Australia. Withapproximately 10,000 megawatts* of capacity in operation, under construction orin development, our focus is to efficiently operate our assets in order toprovide our wholesale customers with a reliable, low-cost source of power. **Asof Feb. 28, 2003*

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| **c        o n t i n u i t y**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | Canada's        largest non-regulated power generation
and        wholesale marketing company  |
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| generation
**P        r o f i l e**
-  9726            megawatts (MW) of capacity1  46877            gigawatt hours (GWh) producedat            an average plant availability of 88.4%47            facilities2 in four geographies: Canada; the U.S.; Mexico; and            Australia
- Fuel            mix of coal (62%), gas (26%), hydro and renewables (12%)  23.2            million tonnes of coal mined47.0            million gigajoules (GJ) of gas consumed
         
 

**I        n d u s t r y O u t l o o k**
- Capacity            oversupply in many regions likely to last for several years  Current            conditions favour low-cost producers with strong balance sheetsDeregulation            mostly implemented in Alberta and Texas while slowing in other            regions we operate
- Industry            continues to be regional in nature  Environmental            pressures continue to drive industry focus towards gas, renewables            an clean-coal technologyIncreasing            likelihood of distressed asset sales over the next 18 - 24 months

 

**O        u r****F        o c u s**
- Concentrate            on achieving operational excellence while digesting new capacity  Continue            to reduce overall fuel cost per megawatt hourReduce            exposure to energy input prices by continuing to diversify our fuel            mix
- Position            ourselves as top decile performer through initiatives like proactive            management of major service turnarounds and safety practices  Grow            our operational expertise in more environmentally sustainable            generation through involvement in CE Gen, Vision Quest and Canadian            Clean Power CoalitionGrow            our renewable capacity to 10% of our portfolio by 2010,            concentrating on wind in the short-term

 
energy        marketing
**P        r o f i l****e **
- Sales            of 103,076 GWh of electricity and 159.8 million of GJ of natural gas  Trading            focuses on enhancing returns of generation assets through            disciplined approach to asset optimizationTrading            involves matching buyers and sellers, arranging for transmission            capacity and scheduling movement of the commodity
- development            and Energy Marketing focus on selling long-term contracts, designing            new products for customers and identifying strategic new growth            opportunities
         
**I        n d u s t r y O u t l o o k**- Real-time            nature of electricity continues to call for active management of            buying and selling MWs  While            liquidity in medium- to long-term markets will continue to be activeOver            medium term, except old players to exit and new financially back            players to enter as industry returns to long-term fundamentals
- New            aggregators are entering the business and regional utilities are            gaining strength

 

**O        u r**  **F        o c u s**
- Provide            critical market knowledge to help identify growth opportunities and            support corporate investment decisions  Maximize            margins on non-contracted generation productionReduce            cost of replacement power for plant outages
- Reduce            our exposure to any one market by continuing to focus our growth in            our four key geographies  Focus            on low-cost acquisitions in the short term and move greenfield            development into the medium and longer term     financial
**P        r o f i l e **
- Debt            rating of BBB+  50.9%            debt to invested capital$1.00            per share dividend
- Interest            coverage at 1.4 times
 
         
**I        n d u s t r y O u t l o o k**
- Increasing            financial weakness of many players in the sector has debt rating            agencies reassessing credit risk and demanding stronger balance            sheets across the industry  Prudent            fiscal management even more critical in the medium term    
 

**O        u r ****F        o c u s**
-  Maintain            investment-grade credit ratings  
Manage            cash flow to support the dividend
Improve            interest coverage ratios to between four and six times
-  Continue            to reduce financial risk by maintaining a high level of contracted            capacity  
Balance            sheet disciplines growth
         *1*
*2* 
*As**of        Feb. 28, 2003*
*Includes**plants**under**construction*
                
 
      
**Capacity        by fuel Type**

(%)

 

Coal                        62

Gas                        26

Hydro        and Renewables   12

 

**No.        of Employees by Region**

(total        2,573)

 

Canada
U.S.
Mexico
Australia
 

**Capacity        by Geography**

(%)

 

Canada
U.S.
Mexico        and Australia
 

Map of TransAlta's Operations is available upon request

 
**Generation          Facilities****Owned**     Coal-fired          plants**4,966**MW     Coal-fired          plants**900**MW   (IN          DEVELOPMENT)        Coal-fired          plants**225**MW   (UNDER          CONSTRUCTION)        Hydro          plants**801**MW     Gas-fired          plants**1,548**MW     Gas-fired          plants**951**MW   (UNDER          CONSTRUCTION)        Wind-powered          plants**44**MW     Wind-powered          plants**38**MW   (UNDER          CONSTRUCTION)        Geothermal          plants**163**MW     Geothermal          plants**90**MW   (IN          DEVELOPMENT)   **Energy          Marketing**  Energy          Marketing offices ***          *Map        and chart details as of Feb. 28, 2003.*
 
  **Net        Max.**     **Contract**  **Capacity****Ownership****TransAlta****Capacity        Owned** **Revenue****Expiry****Facility** **(MW)****(%)****Operated****(MW)****Fuel****Source*****Date**          Keephills 766100Yes766CoalAlberta        PPA2020           Sheerness 75650No378CoalAlberta        PPA2020           Sundance 2,020100Yes2,020CoalAlberta        PPA
2017,        2020
          Wabamun 398100Yes398CoalAlberta        PPA2003           Centennial1900100Yes900CoalMerchant-           Genesee        3245050No225CoalMerchant-           Fort        Saskatchewan11830Yes35GasLong-term         Contract        (LTC)2019           Meridian 22050Yes110GasLTC2024           Poplar        Creek356100Yes356GasLTC        and2024        Merchant            Hydro        assets801100Yes801HydroAlberta        PPA2013-        2020          Castle        River44100Yes44WindLTC        andN/A        Merchant            McBride        Lake 27550Yes38WindLTCN/A           **A        l b e r t a****To        t a l****6,904**  **6,071**              Mississauga10850Yes54GasLTC2017           Ottawa 6850Yes34GasLTC2012           Sarnia        2 575100Yes575GasLTC        and2022        Merchant            Windsor-Essex6850Yes34GasLTC        and2016        Merchant            **O        n t a r i o****To        t a l****819**  **697**              Centralia 1,404100Yes1,404CoalMerchantVarious          Big        Hanaford248100Yes248GasMerchant-           Binghamton47100Yes47GasMerchant-           Power        Resources20050No100GasLTC2003           Saranac 24037.5No90GasLTC2009           Yuma 5050No25GasLTC2024           Geothermal 32650No163GeothermalLTC        and2016-        2035assets      Merchant            Salton        Sea VI 118050No90GeothermalMerchant-           **U        . S . To t a****l****2,695**  **2,167**              Campeche2252100Yes252Gas        & dieselLTC2028           Chihuahua2259100Yes259GasLTC2028           **M        e x i c o To t a l****511**  **511**              Parkeston 11050Yes55GasLTC2016           Southern        Cross225100Yes225Gas        & dieselLTC2014           **A        u s t r a l i a To t a l****335**  **280**              **To        t a l** **11,264**  **9,726**           *1*          *In        development**2*          *Under        construction****          *Merchant        includes both contracted and spot sales*
*Detailsas of Feb. 28, 2003*

   

 

 

 

 

 

goals

 

**Maintain        investment**

**grade        credit ratings**

 

 

 

**Steadily        increase**

**earnings        per share**

letter        to shareholders

In        2002, we saw daily headlines reporting energy companies in trouble. The        investment community put corporations under a microscope. Investors have        become wary. For anyone trying to make a dollar in the electricity        industry, it has been a very challenging time. So, I will tell you how        TransAlta did by offering answers and explanations rather than excuses.        Yes, the market was chaotic, but we were not.

Being        a long-cycle business, we kept focus on the long-term strategy we        introduced in 1997. Our plan is simple: maintain a strong balance sheet;        run our existing assets efficiently; and carefully manage our risk        profile while methodically growing our capacity. In last year's        shareholder letter I outlined very specific goals for 2002 consistent        with that strategy. Here's what we did - and didn't do:

> Our        debt to capital at year-end was 50.9 per cent - within our targeted        range. Our BBB+ credit rating is one of the highest in our industry.        Continued discipline on cash flow provides the basis for a healthy        balance sheet.

During        these turbulent times, we will manage our cash flow to support the        dividend. Our dividend payout is high compared to earnings. Our goal is        to reduce this ratio over time. Our operating cash flow ($438 million in        2002) exceeds our ongoing capital requirements and is supported by        long-term contracts.

>        Unfortunately,        we fell short of the goal of increasing earnings per share in 2002, with        earnings of $1.12 compared to $1.27 in 2001. Excluding certain items,        some one-time, the impactof        lower selling prices and volumes resulted in normalized earnings per        share of $1.06.

The        Wabamun arbitration decision from independent arbitrators reduced our        pre-tax earnings by $42 million. We had to disrupt production for        repairs at our Wabamun, Alberta plant for an extended time in 2000 and        2001. While arbitrators deemed the event force majeure, they stated we        should have returned the unit to service earlier. They decided on split        responsibility for the cost of replacing the power we were unable to        produce during the extended outage.

I        made the tough decision, with guidance from our Board and plant        managers, to begin a long-term phase out of our oldest coal-fired plant.        We have always said if assets couldn't contribute to the bottom line we        would fix them or sell them. Our analysis showed Wabamun would be more        costly to run than to shut down. The costs related to this phased        closure reduced pre-tax earnings by $110 million.

 

 

2 **TransAlta**2002Annual Report

 

Insetphoto, left to right: LindaChambers, president, TransAlta Centralia Generation LLC and Mining LLC;

MarkMiller, director, Mine Production; Jim Rotz, director, Plant Operations

 

 

**c        o n t i n u i t y**

run        assets

 efficiently

 

An        example of our employees' innovative spark is the coal production team        at our Centralia, Washington operations. With the completion of major        capital projects and improvements in fuel blending, the team increased        coal production by 35 per cent over 2001. The team also beat 28-year        production records five out of the last six months of 2002. This hard        work means good news to plant operations - increased efficiencies at the        mine help reduce fuel costs at the plant. Now these learnings are being        applied at our other coal-fired operations.

 

le t t e r  t o  s h a r e h o l d e r s  3
         
 

 

**Increase        generation capacity **

 

 

 

 

**Increase        overall plant availability to 90%**

 

 

**Reduce        overhead and variable costs by $150 million**

 

Given        the collapse of the wholesale energy markets, we decided to cancel the        purchase of four gas turbines. This reduced pre-tax earnings by $42.5        million. We felt it was better to write off the payments we'd already        made on the turbines than spend a further $205 million to complete the        purchase.

Finally,        as part of our improved maintenance strategy, we believe it's prudent to        accelerate our major service turnarounds while balancing the need for        power in the marketplace. Over the next two years, our goal is to have        our fleet up and running to perform at high availability. Advancing some        maintenance into fourth quarter 2002 reduced pre-tax earnings by $28        million.

** **> I        am pleased to report significant progress on our 10,000 MW capacity goal        in the first weeks of 2003 with the addition of the 378 MW CE Gen        acquisition and our 225 MW Genesee alliance with EPCOR. With the        start-up of our Big Hanaford plant in August 2002 and theupcoming        commissioning of approximately 1,000 MW later in 2003, we will have        9,726 MW of capacity owned, operated or under development by year-end        2003. Now is the time to concentrate on running these assets efficiently        with a focus on operational excellence.

We        remain committed to long-term growth. The current challenges of regional        oversupply and credit-wary investors mean we need to be patient and        maintain our balance sheet strength. At the right time, we'll continue        to acquire the right assets at the right price.

**R        u n n i n g  A s s e t s  E f f i c i e n t l y**

Power        generation is a commodity business. That's why operational excellence is        so important and why we must carefully manage each of our assets to        extract the maximum benefit.

> In        2002, average plant availability across our system rose to 88.4 per        cent, up from 86.9 per cent in 2001. Availability measures our ability        to deliver power at any given time.It        is a key performance indicator because it has a major impact on our        profitability, dependence on purchased power and marketing flexibility.

In        my 2001 letter I discussed our disappointment with the availability        rates at our Centralia operations. Over the past year, the Centralia        team worked tirelessly to improve operations and complete major capital        projects. Their efforts paid off with the plant achieving availability        rates of 95 per cent or higher in the last six months of 2002 -        demonstrating that continuous improvement works.

> We        set an aggressive goal to achieve savings of $150 million in 2002 by        finding smarter ways to do work. We knew it would be extremely        difficult, but our employees came close tomeeting        this goal and identified actual savings of $137 million.

We        expect more savings from our employees who continue to find innovative        ways to improve our operations. Recently, geologist Andrew Hickinbotham        worked with Fossil Energy Research Corp of Laguna Hills, California to        develop leading-edge software called FEMA (Fouling Episode        Monitor/Alarm) that warns operators of potential plant outages caused by        sticky ash deposits. While this may not sound glamorous to some,        preventing these incidents will save us approximately $1 million a year        in lost revenue.

Another        example is our fuel cost savings at Centralia due to newly installed        sulphur scrubbers. The plant is now able to burn more on-site coal,        reducing our dependency on higher-priced imported coal from the Powder        River Basin (PRB). Historically, we would use up to 30 per cent PRB        coal. By year-end 2002 we cut that amount in half, and, in 2003, we plan        to import no more than 13 per cent.

 

 

 

4 **TransAlta**2002Annual Report

 

**c        o n t i n u i t y**

diversify        by 

market        and 

fuel        type

 
Our        Campeche power plant is one of two new Mexican gas-fired facilities        onstream in 2003. These operations, with 100 per cent of their        electricity output purchased under long-term contracts from state-owned        Comision Federal de Electricidad, reflect our conscious efforts to        further reduce our operational risk by owning assets in different        geographical markets that run on various fuel types. Our goal is to have        one-third of our generation capacity in each of the following fuels:        coal; gas; and a combination of hydro and renewables.
le t t e r  t o  s h a r e h o l d e r s  5

** **

 

 

**Diversify        by market**

**and        fuel type**

 

 

**Minimum        75% under**

**long-term        contracts**

**10%        of capacity from renewable energy sources by 2010**

**Continue        to capitalize on alliances**

 

 

**Use        Energy Marketing to manage our asset risk**

 

 

**Reach        zero net emissions from Canadian thermal plants by 2024**

 

**M        a n a g e  R i s k**

In        a capital-intensive long-cycle industry, we need to both reduce and        spread our risks.

This        is especially critical to success in economic down-turns.

> Our        guiding principle over the long term is to have no more than 30 per cent        of generation in one geographic market or fuel type to spread the market        and fuel risk in a business that isvery regional by nature. Our        acquisition of CE Gen geothermal and gas-fired assets, investment in        wind power and the commissioning of gas-fired plants in Ontario and        Mexico will diversify our market and fuel mix. By the end of 2003, we        will have 2,958 MW or 30 per cent of our capacity outside of Canada. We        are making excellent progress on this long-term goal.

> In        2002 our production under long-term contracts was 90 per cent. We        believe this higher level is appropriate for today's markets.

> We        know our goal to have 10 per cent of our generation capacity from        renewable energy by 2010 is aggressive. But we are striving to do it.        Our US$205 million acquisition of CE Genfrom        El Paso included 10 geothermal units in California. Combined with the        purchase of Vision Quest Windelectric Inc., our renewable and small        generation portfolio increased to 3.4 per cent or 335 MW.

> Our        alliances allow us to better understand new markets and to better manage        ownership and long-term operating risk. With EPCOR we have an excellent        partner for Alberta-based expansion opportunities. EPCOR will help us to        advance our entry into super-critical boiler technology, a more        environmentally friendly way to produce power from coal. Our ENMAX        partnership in the McBride Lake wind project provides the economic        support to expand our renewable energy business. With our MidAmerican        alliance we have a partner who truly understands the U.S. market, shares        similar operating philosophies and is financially strong.

> Energy        Marketing helps minimize the price we pay for natural gas and maximize        the price we receive for our electricity. Our trading floor also        cushions the loss we could incurwhen        one of our plants shuts down by finding us the lowest-cost alternative        power we need to fulfill our contracts. The media spotlight on the        California power deregulation debacle combined with reports of losses        from many North American energy trading floors have tarred all trading        operations with the same brush, but we are different. I assure you we        continue to be prudent in our philosophy and our controls. We have        steadily, from day one, adhered to ethical practices, strict rules and        explicit audit disciplines around our operations. We minimize earnings        exposure, credit risk and working capital by focusing on spot and        short-term markets. In addition, our trading operations have contributed        $172 million in earnings before interest and taxes (EBIT) over the last        three years.

**E        n v i r o n m e n t a l  L e a d e r s h i p  a n d  S u        s t a i n a b l e  D e v e l o p m e n t**

> For        years we've tried to responsibly balance the need for more electricity        with our environmental commitments. Since 1990, we have increased        electricity production and addedmore        plants to our fleet, yet we've reduced the intensity of our company-wide        net CO2emissions        by 20 per cent. In our 2002 Sustainable Development report, you can read        further about the many different ways that TransAlta has been a leader        in mitigating our environmental impacts.

In        2000, we put forward a plan to reduce our Canadian net greenhouse gas        emissions to zero by the year 2024. While the plan depends on government        to take certain actions, TransAlta continues to move ahead with a        multi-pronged emissions management strategy, including emissions offsets        acquisitions, emissions trading, increased renewable generation, fuel        diversification and clean coal technology development. Through these        actions, we feel we are well-positioned to manage the future        requirements of the Kyoto Protocol.

 

 

6 **TransAlta**2002Annual Report

 

 

**c        o n t i n u i t y**

     invest        in 

renewables
TransAlta's        purchase of Vision Quest is a cornerstone of our renewable strategy. As        the premier wind energy company in Canada, it has significant growth        potential. Our long-term goal is to have 10 per cent of our total        generation capacity from renewable energy. Acquiring Vision Quest and        the CE Gen geothermal facilities in California brings us one step closer        to that goal.
 

le t t e r  t o  s h a r e h o l d e r s  7

 

TransAlta        further manages environmental risk through the implementation of an        Environment, Health and Safety management system, designed to        continuously improve environmental performance. By year-end 2003, we        expect all our Canadian plants to have implemented the ISO-14001 based        system.

**T        h e  T r a n s A l t a  Te a m**

**Dedicated        Leadership**

We        changed our operating structure and refined roles and responsibilities        in 2002 to enhance our ability to meet our efficiency and productivity        objectives. We believe this clearer focus on areas such as technology        development and implementation, costs, safety and training will        ultimately contribute to our performance. To help us in these efforts, I        am pleased we were able to attract superb new leadership to our team:
- Tom            Rainwater, executive vice-president, Corporate Development and            Marketing. As president of Praxis Solutions Inc. and an executive at            Illinova Corp. in Chicago, he gained valuable expertise in our            industry and in particular in the wholesale marketing and retail            energy sector. His strategic skills further enhance this            increasingly important part of our business.   Rob            Soeldner, executive vice-president, Operations. A proven leader, his            extensive international and industry experience as former            vice-president of Strategic Initiatives for the New York Independent            Systems Operator will help us manage the safe and efficient            operations of our facilities.Mike            Williams, senior vice-president, Human Resources. With more than 20            years of international experience with companies such as Newbridge            Networks Corporation, Lucent Technologies and Cisco Systems, he will            help to drive the effectiveness of our organization as we focus on            flawless execution and operational excellence.
- Greg            Wilson, senior vice-president and chief information officer. His            experience, including the lead role in transforming United Dominion            Industries from an old-style manufacturer into one of the world's            most innovative information technology companies, will be key as we            implement new technologies to continue to lower our costs.  
Performing        well during this turmoil requires dedication and commitment from        everyone at TransAlta. We're fortunate to have a Board that works hard        to truly understand our industry and its success drivers. Our directors        are committed to our shareholders and excellence in corporate        governance. Our Chair, John Ferguson, has described our governance        practices in a separate letter.
At        all times, but particularly now, I'm impressed by the energy and passion        our employees bring to the table. Their efforts have been outstanding in        these tough times. Together, our team continues to focus on our        long-term strategy to position us well into the future.
**F        u t u r e  O u t l o o k**
We        are a generation and marketing company. We are committed to successfully        ride out what looks to be a tough year. Many of our employees and        investors ask me if our vision to become an industry leader is still        viable. My answer is unequivocally: "YES". When we developed        TransAlta's strategy back in 1997, our eye was on a distant horizon. We        are in a long-cycle, capital-intensive business. Our planning cycle is        seven to 10 years, not months. We developed a plan to guide us for the        long term.
The        current environment - low interest rates, distressed asset sales and        growing long-term demand - is right for investment in our industry. But,        we've always said we're committed to maintaining a strong balance sheet.        We will not jeopardize our dividend payout and financial
 
8 **TransAlta**2002Annual Report
 

**c        o n t i n u i t y**

manage

our

asset        risk

 

The        relationship between Energy Marketing and Operations is strong - and it        has to be. Our energy trading floor is critical to managing the risk        around our assets. If one of our merchant plants goes down, plant        operators immediately call the real-time traders. In short order, Energy        Marketing develops a strategy to find the power that we may be obligated        to supply under existing contracts. Both our customers and our industry        need energy trading to deal with the daily and seasonal volatility        inherent in the power business.

 
le t t e r  t o  s h a r e h o l d e r s  9
 

position        in the name of high growth. So, for the next few years, we'll err on the        side of financial prudence and focus on cash management, operational        improvements and the integration of our current acquisitions. We have        the balance sheet strength to look for opportunities, but we'll be very        patient. Here's what I see for our markets:
- Canada            - Alberta's transmission constraints and environmental issues make            its market complex. Until these issues are resolved, we'll approach            growth in phases, and with our alliance partners EPCOR and ENMAX.            The next opportunity is probably several years away. We're            disappointed how the Ontario market has unfolded. Although the new            rules shouldn't impact our Sarnia project, we would only invest            moderately in renewables until the uncertainty in the marketplace            eases.   United            States - After studying this market for the last three years, our            team completed an excellent transaction that adds to earnings            immediately - the CE Gen acquisition. In 2003, we'll work with our            alliance partner, MidAmerican, on a few small projects that could            also add to the bottom line.Mexico            - It's a large 40,000 MW market, growing four to seven per cent per            year. The government is offering long-term contracts in U.S. dollars            and, with little fuel risk, these investments are very attractive.
- Australia            - Our existing assets perform extremely well. We see small project            opportuni-   ties            in the short term but larger development is further out.  
We        have the right team and a proven long-term plan that will continue to        succeed in the turbulent electricity market we'll face for the next        three to five years. We're prepared to stick it out. TransAlta's focus        on the dividend, a strong balance sheet and credit rating may seem like        a conservative strategy to some investors. But that focus is what kept        power businesses like ours alive. Our earnings of $1.12 per share and        $17.11 share price at year-end were not what we'd hoped for. Our        one-year total shareholder return was down 17 per cent compared to a 12        per cent decrease in the S&P/TSX Composite index. We don't accept        our performance in 2002. We know we are capable of doing better.
TransAlta        was slowed down, but not derailed in 2002. That's because we continue to        follow the course we set in 1997. We refuse to be distracted by all the        noise. Our discipline and fundamentally sound business strategy are our        mainstays. Nothing better describes our approach to the marketplace in        2002 than Albert Einstein's three rules of work: out of clutter find        simplicity; from discord find harmony; and in the middle of difficulty        lies opportunity.
We        intend to continue to work hard for you. If you are a long-term        shareholder, I thank you for your support and confidence in our vision        and execution. If you are a new shareholder, I welcome you and assure        you we will do everything we can to reward your trust.
Sincerely,
((Signed))
Stephen        G. Snyder
P        R E S I D E N T  &  C H I E F  E X E C U T I V E         O F F I C E R
March        15, 2003
 
 
 
10 **TransAlta**2002Annual Report

**c        o n t i n u i t y**

dedicated

 leadership

 
We        are dedicated to building a strong leadership team to guide us as we        maintain our steady course to increase value for our shareholders. To do        so, we continue to refine our organization to not only take care of        today but prepare for tomorrow.
 
le t t e r  t o  s h a r e h o l d e r s  11
 

C        H A I R O F T H E B O A R D

letter        from the chair

As        Chair of TransAlta, I am pleased to highlight our Board of Directors'        commitment to shareholders. We believe that strong governance enhances        shareholder value. We are committed to maintaining a culture of the        highest ethical and professional standards with sound corporate        governance.

In        an independent study on corporate governance in 2002 by The Globe &        Mail newspaper's Report on Business, TransAlta tied for first place as        the best-governed corporation among 270 of Canada's largest companies.        We were recognized for having a highly independent board and committees,        transparent disclosure, required significant share ownership by        directors and CEO and a suitable employee stock compensation plan.

While        we enjoy the moment of being recognized, the best interests of our        shareholders are the primary driver of our governance process. Our        corporate controls and procedures were in place long before the market        highlighted them in 2002.

Our        Board consists of experienced professionals with diverse backgrounds,        reflecting the various geographic markets where we do business. Jack        Donald, Louis Hyndman, Ralph Thrall and I provide input from Alberta;        Chuck Hantho, Donna Soble Kaufman, John Lane and Bill Anderson add        insight from Central Canada; Stan Bright and Gordon Giffin give context        from the U.S.; Luis Vazquez Senties offers advice from Mexico and        Roderick Deane and Christopher Hampson provide an international        viewpoint from New Zealand and Great Britain, respectively. Steve        Snyder, our CEO, is the only board member from management and the only        non-independent director.

All        directors are required to own a minimum number of shares and/or deferred        share units of the company. Our directors' retainer is paid in the form        of shares or deferred share units that must be held until the director        no longer serves on the Board.

In        2002, we held seven in-person and four teleconference board meetings        plus a two-day special session devoted exclusively to corporate        strategy. Our independent directors meet without management at the end        of each scheduled board meeting.

We        manage our principal board responsibilities with three permanent        committees: Audit and Environment; Human Resources; and Nominating and        Corporate Governance. All committees have written, board-approved        charters. All committee members are independent of management.

*continued        on page 16*

 

 
 
12 **TransAlta**2002Annual Report

 

 

 

To        keep abreast of emerging trends and business developments in the        electricity market, the Board receives educational presentations and        tutorials on major strategic issues. Independent outside experts are        included in these sessions where appropriate. Board members meet with        employees other than senior management and tours of the company's major        facilities are regularly scheduled.

I        meet annually with each director individually to discuss the        effectiveness and performance of our Board, the committees and        individual directors. Based upon what I learn from these discussions, I        provide a detailed report with an action plan to the entire Board. The        Chair of the Nominating and Corporate Governance Committee meets with        each director annually to assess performance of the Chair.

Each        of our board members is committed to acting in the best interest of our        shareholders. We work closely with management to maintain the highest        standards of ethics and governance; we participate in the strategic        planning process; we challenge management's recommendations on        operations, acquisitions and divestitures; we monitor the financial        strength of the company; and we regularly assess the performance and        compensation of management. We are confident that TransAlta will provide        shareholders with long-term above-average returns relative to others in        the industry and that our dividend will be maintained.

After        providing many years of wisdom and guidance to our Board, Christopher        Hampson, Chuck Hantho and Ralph Thrall Jr. are retiring. On behalf of        the entire TransAlta family, I thank them for their valuable insights.        Joining the Board in 2003 is Bill Anderson, president of BCE Ventures (a        subsidiary of BCE Inc.), and member of the Standard Advisory Board of        the Comptroller General of Canada.

As        Chair of the Board and a shareholder, I am proud to serve you as a        director of TransAlta.

((Signed))

John        T. Ferguson

C        H A I R  O F  T H E  B O A R D

 

16 **TransAlta**2002Annual Report
 
**c        o n t i n u i t y**
international

expertise

 
 
bo a r d  o f  d i r e c t o r s  13
**Corporate        Governance**
*TransAlta's        directors are experienced business leaders representing varied        geographic and professional backgrounds including finance, business, law        and public service. On behalf of TransAlta's shareholders, the Board of        Directors is responsible for the stewardship of the corporation,        establishing overall policies and standards and reviewing strategic        plans. During 2002, the directors met on 12 occasions including one        special meeting devoted exclusively to TransAlta's corporate strategy        and direction. Thirteen of the 14 board members are independent of        management. The Board has established three committees to assist the        Board in the*

*performance        of its obligations. All committee members are independent of management.        Further detailed information with respect to TransAlta's approach to        corporate governance is contained in the 2003 Management Proxy Circular.*
**Audit        and Environment Committee**

*The        committee is responsible for reviewing financial reporting, financial        controls, internal audit matters, financial risks inherent in the        business and environmental risks and regulation affecting the        corporation's activities. This committee met eight times in 2002.        Committee chair: J.S. Lane. Members: S.J. Bright, R.S. Deane, J.T.        Ferguson, C. Hampson and R.A. Thrall, Jr.*

 

board ofdirectors

**W i ll i a m  D . A n d e r s o n**Directorsince January 2003 and resident of Montreal, QC. Mr. Anderson is president ofBCE Ventures, a subsidiary of BCE Inc. He is also a director of CGI Group Inc.,Bell Canada International Inc., Aliant Inc. and BCE Emergis Inc. Mr. Andersonsits on the Advisory Board of the Richard Ivey School of Business and is amember of the Standard Advisory Board of the Comptroller General of Canada. Heis also a member of the Institute of Chartered Accountants of Ontario.

**S t an l e y J . B r i g h t**Directorsince 1999 and resident of Vero Beach, FL. He is a director of MidAmericanEnergy Company. Mr. Bright was formerly chair and CEO of MidAmerican EnergyCompany, a unit of MidAmerican Energy Holdings Company.

**R o de r i c k S . D e a n e**Directorsince 2000 and resident of Wellington, New Zealand. He is chair of Telecom Corp.of New Zealand Ltd., Fletcher Building Ltd., Te Papa Tongarewa (Museum of NewZealand) and ANZ Banking Group Ltd. (New Zealand). Dr. Deane is a director ofthe ANZ Banking Group Ltd. (Melbourne) and Woolworths Ltd. (Sydney). He is alsoa Professor of Economics and Management at Victoria University (Wellington). Dr.Deane was previously chief executive of Electricity Corp. of New Zealand Ltd.

**J a ck C . D o n a l d**Directorsince 1993 and resident of Red Deer, AB. He is the founder and chair of ParklandIncome Trust and president and CEO of Parkland Properties Ltd. Mr. Donald isalso vice-president and director of Brandt Industries Ltd., chair and directorof the Canadian Western Bank and director of Ensign Resource Services Group Inc.and Del Roca Energy Ltd. He was previously a public member on the Council of theInstitute of Chartered Accountants of Alberta.

**J o hn T. F e r g u s o n**Directorsince 1981 and resident of Edmonton, AB. He is chair of the board of TransAltaCorporation. He is chair, founder and director of Princeton Developments Ltd.Mr. Ferguson is also a director of the Royal Bank of Canada, Suncor Energy Inc.,the C.D. Howe Institute, the Canadian Institute for Advanced Research, and amember of the World Presidents' Organization. Mr. Ferguson is also chancellorand a board member of the University of Alberta.

**G o rd o n D . G i f f i n**Directorsince 2002 and resident of Atlanta, GA. He is a senior partner of McKenna Long& Aldridge LLP and heads the firm's Public Policy and Regulatory AffairsDepartment. From 1997 to 2001, he served as the United States Ambassador toCanada. Mr. Giffin is a director of Canadian National Railway Co., CanadianImperial Bank of Commerce and Canadian Natural Resources, Ltd. He is a member ofthe Council on Foreign Relations, an advisory board member of theCanadian-American Business Council and serves on the Board of Trustees for theGeorgia Research Alliance and the Carter Center.

**C h ri s t o p h e r H a m p s o n**Directorsince 1994 and resident of London, England. He is a vice-president of theCombined Heat and Power Association in England. Mr. Hampson is a formernon-executive director of the Lattice Group plc. and the SNC-Lavalin Group Inc.He is also the former chair of Yorkshire Electricity Group plc., a formerdirector of Imperial Chemical Industries plc. and former chair and director ofRMC Group plc. and British Biotech plc.
**Human        Resources Committee**
*The        committee is responsible for reviewing and recommending executive        compensation programs, succession plans, the CEO's compensation and        performance and acting as steward for the corporate pension plan. This        committee met five times in 2002. Committee chair: C.H. Hantho. Members:        S.J. Bright, J.C. Donald, J.T. Ferguson, L.D. Hyndman and D.S. Kaufman.*

**Nominating        and Corporate Governance Committee**

*The        committee is responsible for reviewing the composition and compensation        of the Board of Directors and for developing the company's*
*approach        to governance issues. This committee met six times in 2002. Committee        chair: D.S. Kaufman. Members: J.C. Donald, J.T. Ferguson, G.D. Giffin,        C.H. Hantho,**L.D.        Hyndman and J.S. Lane.*
**2003/2002        Changes**

*William        D. Anderson was appointed to the Board of Directors in January 2003.        Gordon D. Giffin was elected to the Board of Directors in April 2002.*

 

**C h ar l e s H . H a n t h o**Directorsince 1992 and resident of Toronto, ON. He is director and non-executive chairof Camco Inc. and Hamilton Utilities Corp. Mr. Hantho is also a director of IncoLtd. and Telemedia Corp. He is also a former chair of Dofasco Inc. and is amember of the Order of Canada.

**L o ui s D . H y n d m a n**Directorsince 1986 and resident of Edmonton, AB. He is a senior partner of the law firmField Atkinson Perraton. Mr. Hyndman is a director of Canadian Urban EquitiesLtd., Clarke Inc., EllisDon Inc., Enbridge Inc., Melcor Developments Ltd. andMeloche Monnex Inc. He held several ministerial appointments before serving asProvincial Treasurer of Alberta from 1979 to 1986. Mr. Hyndman is a member ofthe Order of Canada and a trustee of the Alberta Heritage Foundation for MedicalResearch.

**D o nn a S o b l e K a u f m a n**Directorsince 1989 and resident of Toronto, ON. She was formerly chair and CEO ofSelkirk Communications Ltd. and a former partner of the law firm Stikeman,Elliott. She is a director of BCE Inc., Bell Canada, Bell Canada InternationalInc., Hudson's Bay Co., Public Sector Pension Investment Board and UPM - KymmeneCorp. Mrs. Kaufman is a governor of the Council for Canadian Unity and of theBaycrest Centre for Geriatric Care.

**JohnS. Lane**Directorsince 1993 and resident of Toronto, ON. He is a director of AFP Cuprum S.A.,McLean Budden Ltd. and the Ontario Teachers' Pension Plan Board. Mr. Lane isalso a trustee of the Canadian Opera Foundation. He was formerly seniorvice-president, Investments, Sun Life Assurance Company of Canada.

**S t ep h e n G . S n y d e r**Directorsince 1996 and resident of Calgary, AB. He is president and CEO of TransAltaCorporation and a director of Canadian Imperial Bank of Commerce. He is chairand a volunteer of the Calgary Zoo, the Canadian Electricity Association andvice-chair and volunteer of the Conference Board of Canada. Mr. Snyder waspreviously president and CEO of NOMA Industries Ltd.

**R a lp h A . T h r a l l , J r.**Directorsince 1981 and resident of Lethbridge, AB. He is president of McIntyre RanchingCo. Ltd. and chair of Biosphere Refineries Corp. Mr. Thrall is also a member ofthe Kainai Chieftainship and the Board of Regents of Augustana UniversityCollege.

**L u is V a z q u e z S e n t i e s**Directorsince 2001 and resident of Mexico City, Mexico. He is chair of Group Diavaz thathe founded with partners in 1973. Mr. Vazquez is also chair of CIA, Mexicana deGeofisica, and a director of Compania Mexicana de Gas (a joint initiative ofTexas Utilities and Group Diavaz). He serves as a director of a number of theGroup Diavaz companies and was previously president of the Mexican Natural GasAssociation. Mr. Vazquez is a member of the American Gas Association'sAdministration Board and the Board of Directors of AMEE (Asociacion Mexicanapara la Economia Energetica).

 

 

 
         
 

 

 

 

 

 

 

 

 

 

Wind        power is an important part of TransAlta's commitment to a multi-fuel,        balanced approach to electricity generation and a commitment to        sustainable development

 
*Sustainable        development is a critical challenge for a resource-based company like        TransAlta. Despite the pressures and the rapid pace of change in our        industry, we continue to meet this challenge with determination,        innovation and dedication. For the fourth year in a row, TransAlta is        listed on the Dow Jones Sustainability World Index for our environmental        efforts. For additional information on TransAlta's sustainable        development programs and progress, visit our Web site at        www.transalta.com to view our latest SD report.*
 

 

 

 

 

 

 

sustainable        development

**A        d d re s s i n g  C l i m a t e  C h a n g e**

We        continue to tackle climate change head-on through an aggressive but        balanced program to address greenhouse gas (GHG) emissions. In 2002, we        participated in GHG offset projects and emission trades. We also        improved plant efficiency and diversified our generation fuel mix. And        weinvested        in renewable energy. Our worldwide net emissions intensity (the amount        of CO2 (carbondioxide)        emitted per megawatt-hour produced) continues to track at 20 per cent        below 1990 levels.

**D        e v e l o p i n g  I n n o v a t i v e  Te c h n o l o g y**

A        cheap and plentiful resource, coal is an important part of the world's        energy future. But as a fuel source, it has environmental impacts.        That's why we're working closely with government and industry partners        in the Canadian Clean Power Coalition (CCPC) to develop commercially        viable clean-coal technology that has the potential to virtually remove        emissions of concern. Last year, the CCPC announced plans to build its        first clean-coal demonstration plant by 2007.

**I        n v e s t i n g  i n  R e n e w a b l e  E n e r g y**

We        support the responsible use of fossil fuels in our operations, but we        also recognize the growing demand for cleaner forms of electricity        production. Over the next decade, we will work towards having 10 per        cent of our total capacity from renewable energy sources. In 2002, we        expanded our investment in this business, purchasing the remaining        interest in Calgary wind energy pioneer Vision Quest. We also added 163        MW of geothermal capacity in January 2003 with our CE Gen acquisition.        Today our renewables make up 3.4 per cent of total generation capacity.

**P        r o t e c t i n g  A i r  Q u a l i t y**

We        constantly look for ways to lessen our impact on local air quality. At        our Centralia coal-fired plant in Washington, we completed a two-year,        US$200 million        program to install emission control equipment. The newSO2(sulphur        dioxide) scrubbers and low nitrogen oxide burners will reduce the        plant'semissions        by more than 85 per cent, making it one of the cleanest coal-fired        plants in the U.S.

**F        o c u s i n g  o n  S a f e t y**

We        operate our plants according to the strictest standards for public and        workplace safety and are among the top quartile performers, compared to        other similar North American electricity generators. In 2002, we        launched Target Zero, a safety initiative to improve our performance,        with the ultimate goal of achieving zero safety incidents. By year-end,        we rolled out this training and awareness program to all employees.

 

 

su s t a i n a b l e  d e v e l o p m e n t  17
*TransAlta        is an active member in the communities where we live and operate. Our        community investment activities reflect our continued commitment to be a        good neighbour and an important contributor to key local initiatives. In        2002, we invested more than $5 million in philanthropic and community        programs and celebrated the fulfillment and realization of several        innovative and collaborative partnerships.*
 

 

 

 

 

corporate        citizenship

**T        r a n s A l t a  e p i C e n t re**

The        TransAlta Electrical Power Industry Centre at the Southern Alberta        Institute of Technology (SAIT) officially opened its doors in December        2002, focusing on training and instructional excellence in conventional        and alternative sources of power generation. This innovative facility        will attract and develop more than 100 Power Engineering Technology        graduates every two years, providing TransAlta access to highly skilled        future employees. Our $4.5 million multi-year investment also gives our        current employees an opportunity to build their skills with best        practices training delivered on the job site, on the SAIT campus or via        distance learning.

**T        h e  T r a n s A l t a  S t a g e**

Unveiled        in July 2002, the TransAlta Stage at the Calgary Exhibition and Stampede        is a significant legacy for the Calgary Stampede and the Grandstand        Show. This state-of-the art addition improves the safety and versatility        of the Grandstand Show and ensures talented performers, such as the        Calgary Stampede's Young Canadians, have a world-class facility to        showcase and develop their talent. The TransAlta Stage is one of the        largest outdoor production facilities in the world and annually is the        focal point for more than 180,000 Grandstand Show patrons from around        the globe.

**T        r a n s A l t a  R a i n f o re s t**

The        TransAlta Rainforest is part of the Calgary Zoo's newest addition,        Destination Africa, open to the public in January 2003. This project,        dedicated to conservation and education, showcases habitat immersion at        its best and profiles two African ecosystems featuring more than 100        animal and 84 plant species indigenous to Africa. The focal point of the        TransAlta Rainforest is a mixed species exhibit, home to a troop of nine        western lowland gorillas.

**Tr        a n s A l t a  Tr i  L e i s u re  C e n t re**

TransAlta        contributed $1.5 million to the TransAlta Tri Leisure Centre, a        state-of-the-art $28 million facility near our Alberta Thermal        operations. Officially open in September 2002, this centre features two        ice arenas, indoor soccer facilities and a waterpark. The TransAlta Tri        Leisure Centre is an example of a leading-edge community partnership        between three municipalities, industry and the provincial government        focusing on the health and wellness of all community residents,        including more than 700 of our employees and retirees who live in the        area.

 

 

18 **TransAlta**2002Annual Report
         
 

 

 

 

 

 

 

 

TransAlta's        Project Planet, an environmental granting program, engages youth in        taking an active role in the sustainability of their communities, such        as the planting of trees and shrubs and the revitalization of this        playground area.
*We        believe our employees benefit enormously from direct, personal        involvement in activities supporting the community. TransAlta seeks to        engage employees in numerous initiatives and we are proud of the        following success stories:*
 

 

 

 

 

**U        n i t e d  Wa y**

Our        employees and retirees continue to fuel the success of our annual United        Way campaign. They demonstrated their commitment by donating more than        $597,000 to the 2002 drive. TransAlta matched all employee and retiree        contributions for a total donation of more than $1.19 million. Our        United Way campaign involved our employees worldwide and for the first        time included Australia and Mexico.

**E        m p l o y e e  a n d  R e t i re e  Vo l u n t e e r i s        m**

A        cornerstone of our community investment program is the involvement of        employees and retirees who volunteer time, talent and energy to diverse        community-enhancing activities. In 2002, our employee-led donations        committees, TACT (TransAlta Community Transformers), designated more        than $50,000 to support 30 community organizations in both Canada and        the U.S. In 2002, our employees and POWER (Projects Organized with        Energetic Retirees), contributed more than 6,300 volunteer hours,        focusing their energies on projects targeting youth, seniors and the        homeless.

**C        h a m p i o n s**

TransAlta        is proud of our partnership with Champions Career & Employment        Service Centre (Champions), an innovative, tri-sector partnership of        non-profit disability organizations, government and major Alberta        corporations. Champions is committed to significantly advance the work        force participation of persons with disabilities. In addition to our        contribution of $600,000, we hired a graduate of the program to        participate in TransAlta's New Grad program and we also have access to        other potential hires. In addition, a TransAlta senior executive        provides expertise on the Champions' board of directors.

**A        b o r i g i n a l  R e l a t i o n s**

TransAlta        is committed to building and maintaining open, positive and sustainable        relationships with Aboriginal and indigenous communities where we do        business. We proudly sponsor the Coyote Kids cultural program with Bent        Arrow Traditional Healing Society in Edmonton. We maintain a central        database of Aboriginal skills, businesses and community profiles to        identify employment and business opportunities. We also engage our        employees in allocating scholarships to Aboriginal students.

 

 

 

 

 

 

 

 

 

 

 

20 **TransAlta**2002Annual Report

 

Thecompany's organization chart can be found at www.transalta.com

management'sdiscussion & analysis

*Thisdiscussion and analysis should be read in conjunction with the consolidatedfinancial statements and Auditors' Report included in this Annual Report. Theconsolidated financial statements have been prepared in accordance with Canadiangenerally accepted accounting principles (GAAP). The effect of significantdifferences between Canadian and U.S. GAAP has been disclosed in*Note27 *tothe consolidated financial statements. All tabular amounts in the followingdiscussion are in millions of Canadian dollars unless otherwise noted.*

**Fo r w a rd - L o o k i n g  S t a t e m e n t s**

*Management'sdiscussion and analysis (MD&A) contains forward-looking statements,including statements regarding the business and anticipated financialperformance of TransAlta Corporation (TransAlta or the corporation). In somecases, forward-looking statements can be identified by terms such as 'may','will', 'believe', 'expect', 'potential', 'enable', 'continue' or othercomparable terminology. These statements are not guarantees of TransAlta'sfuture performance and are subject to risks, uncertainties and other importantfactors that could cause the corporation's actual performance to be materiallydifferent from those projected. Some of the risks, uncertainties and factorsinclude, but are not limited to: legislative and regulatory developments thatcould affect revenues, costs, the speed and degree of competition entering themarket; global capital markets activity; timing and extent of changes incommodity prices, prevailing interest rates, currency exchange rates, inflationlevels and general economic conditions in geographic areas where TransAltaoperates; results of financing efforts; changes in counterparty risk; and theimpact of accounting policies issued by Canadian and U.S. standard setters.Given these uncertainties, the reader should not place undue reliance on theseforward-looking statements. See additional discussion under Risk Factors andRisk Management in this MD&A.*

 

**Ov e r v i e w**

 

Thisreview of TransAlta's 2002 financial results is organized by consolidatedresults and by business segment. TransAlta has two business segments: Generationand Energy Marketing. A third business segment, Independent Power Projects (IPP),was combined with the Generation segment effective Jan. 1, 2002 followingchanges to TransAlta's organizational structure. TransAlta's Transmission,Alberta Distribution and Retail (D&R), and New Zealand operations were soldon April 29, 2002, Aug. 31, 2000 and March 31, 2000, respectively. Prior periodamounts have been reclassified to reflect these changes. Generation and EnergyMarketing are supported by a corporate group that provides finance, treasury,legal, human resources and other administrative support. These corporate groupoverheads are allocated to the business segments if they are not directlyattributable to discontinued operations.

Eachbusiness segment assumes responsibility for its operating results measured asearnings before interest, taxes and non-controlling interests (EBIT). EBITshould not be considered an alternative to, or more meaningful than, net incomeor cash flow as determined in accordance with Canadian GAAP as an indicator ofthe corporation's performance or liquidity. TransAlta's EBIT is not necessarilycomparable to a similarly titled measure of another company. EBIT has beencalculated on a consistent basis for the three years ended Dec. 31, 2002 and isreconciled to net earnings applicable to common shareholders below:
Year        ended Dec. 31 **2002** 2        0 0 1 2        0 0 0       EBIT**$****197.6**$378.9$408.9Other        income (expense) **0.1** 1.5 (1.1)Foreign        exchange gain **1.2** 0.8 0.1Net        interest expense **(82.7)** (88.1) (91.4)Earnings        from continuing operations before      income        taxes and non-controlling interests **116.2** 293.1 316.5Income        tax expense **18.1** 89.9 128.5Non-controlling        interests **20.1** 20.6 41.6Earnings        from continuing operations **78.0** 182.6 146.4Earnings        from discontinued operations **12.8** 45.1 89.1Gain        on disposal of discontinued operations **120.0** - 266.8Extraordinary        item **-** - (209.7)Net        earnings **210.8** 227.7 292.6Preferred        securities distribution, net of tax **20.9** 13.1 12.8Net        earnings applicable to common shareholders**$****189.9**$214.6$279.8
Someof the corporation's accounting policies require management to make estimates orassumptions that in some cases may relate to matters that are inherentlyuncertain. Critical accounting policies and estimates for TransAlta include:revenue recognition; valuation and useful life of property, plant and equipment;valuation of goodwill; income taxes; and employee future benefits. Seeadditional discussion under Critical Accounting Policies and Estimates in thisMD&A.

TransAltanow measures capacity as net maximum capacity (see glossary for definition ofthis and other key terms) compared to nameplate capacity which had beenpreviously used. The change was made to better reflect the actual capacities ofassets and to be more consistent with industry standards. Capacity figuresrepresent capacity owned and in operation unless otherwise stated. Prior yearshave been adjusted to reflect the new method of measurement.

22 **TransAlta**2002Annual Report

**St r a t e g y a n d K e y  P e r f o r m a n c e  I n d i c a t o r s**

**Strategy**

Thecorporation's strategy is to maintain a strong balance sheet, run its existingassets efficiently and carefully manage the risk profile while methodicallygrowing capacity. As discussed in the letter to shareholders, TransAlta hasidentified 11 goals to implement this strategy.

**1.Maintain investment grade credit ratings.**TransAltais focused on maintaining a strong balance sheet and investment grade creditratings while maintaining the dividend. At Dec. 31, 2002, TransAlta's debt toinvested capital ratio was 50.9 per cent, the corporation's credit rating wasBBB+ and the 2002 annual dividend was $1.00 per common share.

**2.Steadily increase earnings per share.**Forthe year ended Dec. 31, 2002, TransAlta earned $1.12 per common share comparedto $1.27 in 2001. Earnings were lower due to lower market prices and increasedmaintenance costs. The gain on sale related to the Transmission business wasoffset by an arbitration decision related to the Wabamun power purchasearrangement (PPA), an impairment charge related to the Wabamun plant and turbinecancellation charges. TransAlta expects to achieve average earnings growth offive to 10 per cent per annum in the medium term. However, 2003 earnings will beimpacted as a result of TransAlta accelerating maintenance at Alberta thermalplants in order to have assets operating at high availability rates in thefuture.

**3.Increase generation capacity.**In2002, TransAlta increased capacity by 200 megawatts (MW). In 2003, the Sarnia,Campeche and Chihuahua plants, as well as the McBride Lake joint venture projectare forecast to be completed, increasing capacity by an additional 989 MW. Inaddition, the January 2003 acquisition of a 50 per cent interest in CEGeneration LLC (CE Gen) increased capacity by an additional 378 MW. Due to thisacquisition and the 50 per cent acquisition of Genesee 3, TransAlta reached9,726 MW of owned capacity in operation, under construction or approved fordevelopment in January 2003. While TransAlta continues to explore strategicacquisitions to grow generating capacity, such growth will only be undertaken tothe extent that it is affordable and supported by the balance sheet. As aresult, the corporation expects that it will take longer than 2005 to increasecapacity to 15,000 MW as previously reported.

**4.Increase overall plant availability to 90 per cent.**Availabilityis a key performance indicator for TransAlta. The corporation has approximately90 per cent of its output under long-term contracts; therefore, availability iscritical to meeting these contracted quantities. Availability is also essentialto producing electricity for sale at spot market prices. Overall plantavailability for the year ended Dec. 31, 2002 was 88.4 per cent compared to 86.9per cent in 2001.

**5.Reduce overhead and variable costs by $150 million.**Asof Dec. 31, 2002, the corporation identified $137.0 million in cost reductionsrelated to coal extraction, variable operating costs and overhead costs comparedto those incurred during 2001.

**6.Diversify by market and fuel type.**Tominimize risk, TransAlta's long-term goal is to ensure no more than 30 per centof the corporation's generating capacity is in one fuel source or market. During2002 TransAlta increased gas-fired capacity by a net 263 MW, renewable capacityby 44 MW, capacity in the U.S. by a net 126 MW and capacity in Australia by 34MW. All of the 989 MW forecast to be completed in 2003 are fuelled by gas orrenewables and 511 MW are outside of Canada. The 50 per cent acquisition of CEGen in 2003 increased capacity from renewables by 163 MW and gas-fired assets by215 MW, all within the U.S.

**7.Minimum of 75 per cent of production under long-term contracts.**Long-termcontracts minimize TransAlta's exposure to market fluctuations. Maintaining aportion of production to be sold at market rates allows the corporation tocapitalize on favourable market prices when available and reduces the risk ofproduction shortfalls. In 2002, 90 per cent of the corporation's production wasunder long-term contracts. Of the new capacity scheduled for completion in 2003,the Mexican plants and McBride Lake joint venture are 100 per cent contractedand Sarnia is approximately 50 per cent contracted.

ma n a g e m e n t 's  d i s c u s s i o n  &  a n a l y s i s 23

 

**Capacity        in Operation by Fuel Source***

(%)

 

Coal                   4,966 MW

Gas                1,333        MW

Hydro                801        MW 

Renewable           44        MW

 

**        as of Dec. 31, 2002*

**Capacity        in Operation by Location***

(%)

 

Canada         5,165 MW

U.S.              1,699 MW

Australia         280 MW

**        as of Dec. 31, 2002*

 

**Contracted**

**Production**

(%)

00             01     **02**

96            92     **90**

 
**8.        10 per cent capacity from renewable energy sources by 2010.**TransAlta        is committed to reducing emissions while increasing production. A key        factor in this strategy is increasing production from renewable energy        sources. The acquisitions of Vision Quest Windelectric Inc. (Vision        Quest) in December 2002 and a 50 per cent interest in CE Gen in January        2003 are part of TransAlta's commitment to sustainable development.
**9.        Continue to capitalize on alliances.**TransAlta        has strategic alliances with EPCOR Utilities Inc. (EPCOR), ENMAX        Corporation (ENMAX) and MidAmerican Energy Holdings Company        (MidAmerican). The EPCOR alliance provided the opportunity to acquire a        50 per cent ownership in the 450 MW Genesee 3 project. The ENMAX        partnership in the McBride Lake wind project provides the economic        support to expand TransAlta's renewable energy business. MidAmerican        owns the other 50 per cent interest in CE Gen.
**10.        Use Energy Marketing to manage the corporation's asset risk.**Energy        Marketing acts to maximize margins from electricity, minimize the cost        of natural gas used to generate electricity and reduce the risk to the        corporation from unplanned outages by acquiring replacement power at the        lowest possible price. During 2002, TransAlta sold uncontracted        electricity at greater than market index prices and purchased        electricity to meet contract obligations when it was more economic to        buy rather than produce electricity.
**11.        Reach zero net emissions from Canadian thermal plants by 2024.**In        2002 TransAlta added additional gas and renewable capacity in Canada        while reducing capacity at the coal-fired Wabamun facility. In addition,        the purchase of offset credits and continued focus on technology will        position the corporation to manage the future requirements of the Kyoto        Protocol.

**Key        Performance Indicators**

For        the Generation segment, key performance indicators (KPIs) include        availability, production, fuel and operating costs, and pricing        applicable to non-contracted production. For the Energy Marketing        segment, KPIs include trading volumes, margins and value at risk (VAR),        which is a measure to manage earnings exposure from trading activities        not related to TransAlta's assets. Each of these KPIs is discussed in        greater detail in Segmented Business Results in this MD&A. KPIs for        the corporate segment include the debt to invested capital ratio and        credit ratings. These KPIs are discussed under Liquidity and Capital        Resources.

**M        a r k e t Tr e n d s**

Changes        in the price of electricity can have a significant influence on        TransAlta's financial performance. Fluctuating supply and demand        resulted in high market volatility and high prices for electricity in        late 2000 and early 2001. In the last half of 2001, additional capacity        was brought to market and adverse economic conditions reduced demand;        this combination resulted in lower volatility and prices throughout        2002, as shown in the graph on page 25. Electricity price levels in        Alberta and the Pacific Northwest are expected to be slightly higher in        2003 compared to 2002 due to higher natural gas prices and reduced hydro        production as a result of lower snow pack.

Electricity        prices generally increase as a result of higher natural gas prices. This        benefits TransAlta's coal-fired facilities by increasing margins on        merchant output. However, in the short term increased natural gas prices        can also reduce spark spreads (the difference between the price of        natural gas consumed to produce power and the selling price of        electricity). As illustrated in the graph on page 25, spark spreads were        reduced in 2002 at TransAlta's merchant gas-fired facilities. The        increases in electricity prices are not completely correlated to the        increase in natural gas prices due to generation overcapacity in the        market. The majority of the corporation's gas costs have been hedged or        flow through to customers under the terms of agreements; however,        approximately 10 per cent of total production is subject to market        prices for electricity and/or spark spread risk. 

Since        the bankruptcy of Enron and reduction of credit worthiness of other        market participants, liquidity in the medium- and longer-term energy        trading markets has decreased considerably. Activity levels in the        short-term market have increased. Margins in the energy trading business        have significantly declined relative to 2000 and 2001 as a result of        lower prices and more efficient markets.

 
 
24 **TransAlta**2002Annual Report

**AverageMonthly Electricity Prices**

(brownline) Alberta System Market (Cdn$/MWh)
(blueline)Mid-Columbia(US$/MWh)

600

     00                                              01                                             02

 

**AverageMonthly Spark Spreads**1
(brown line) AlbertaSystem Market vs. AECO (Cdn$/MWh)
(blueline) Mid-Columbia vs. Sumas (US$/MWh)

 

       J F  M  A  M  J  J  A  S ONDJ F  M A M J J A  S O N D J   F M A M J JASOND

     00                                     01                                       02
*1**Fora 7,000 Btu/KWh heat rate plant.*
 
**S        u m m a r y  o f  R e s u l t s**                                    **2        0 0 2**      2        0 0 1       2        0 0 0                                   Availability        (%)        **88.4**      86.9       87.8   Production        (GWh)        **46,877**      44,136       40,644   Electricity        trading volumes (GWh)    **103,076**      27,619       9,500   Gas        trading volumes (million GJ)     **159.8**      99.3       135.7                                               **Per        common**     Per        common  Per        common          **Amount**  **share**  Amount   share 
Amount
share                                 Revenues        1      **$****1,723.9**     $2,319.4      $1,671.1    Earnings        from continuing operations 2   **57.1**
**$**         **0.34**
  169.5 $  1.00 133.6$0.79 
Discontinued        operations 3
       **12.8**  **0.07**  45.1    0.27 89.1 0.53  Earnings        applicable to common                           shareholders        **69.9**  **0.41**  214.6    1.27 222.7 1.32 
Gains        on disposal of discontinued

operations        3
                              **120.0**  **0.71**   -     - 266.8 1.58 Extraordinary        item 4          **-**   **-**   -     - (209.7) (1.24)  
Net        earnings applicable to
                             common        shareholders      **$** **189.9**
**$**         **1.12**
 $214.6 $  1.27$279.8$1.66                                 Cash        flow from operating activities  **$** **437.7**     $715.6      $198.7                    *1*          *From        continuing operations. In accordance with changes to U.S. and Canadian        GAAP, revenues from energy trading are now presented on a net basis.        Prior periods have been reclassified to reflect this change.**2*          *Continuing        operations include the Generation and Energy Marketing segments plus        corporate costs not directly attributable to discontinued operations,        and are net of preferred securities distributions.**3*          *Discontinued        operations include the New Zealand operations, the Alberta D&R        operation, the Edmonton Composter and the Transmission operation which        were disposed of on March 31, 2000, Aug. 31, 2000, June 29, 2001 and        April 29, 2002, respectively.**4*          *Extraordinary        item arose from the recognition of previously unrecorded future income        taxes and a write-down of property, plant and equipment related to        Alberta Generation due to a change in accounting policy as a result of        deregulation of the electric generation industry in Alberta commencing        on Jan. 1, 2001.*
ma n a g e m e n t 's  d i s c u s s i o n &  a n a l y s i s 25

 

**Revenues**

($)

       
Energy      Marketing
Generation
                

00       01       02

 
In      the third quarter of 2002, in response to changes in accounting standards      in the U.S. with respect to energy trading activities, the corporation      adopted a policy that all gains and losses on energy trading contracts not      related to generation assets be shown as the net effect of sales less cost      of purchased commodity in the statement of earnings. Consistent with these      recommendations, the corporation has chosen to disclose the gross      transaction volumes for those energy trading contracts that are physically      settled.
Revenues      decreased by $595.5 million in 2002 compared to 2001. The decrease is      attributable to lower electricity market prices and lower margins on      Energy Marketing activities, partially offset by improved availability and      production. The $648.3 million increase in 2001 revenues compared to 2000      was primarily a result of high market prices in the first half of 2001, a      full year of production from the Centralia plant and increased trading      revenues in Energy Marketing. 

Net      earnings from continuing operations applicable to common shareholders      decreased by $112.4 million in 2002 compared to 2001. The decrease was      primarily due to lower revenues, the Wabamun plant impairment charge      (described below), the cancellation of turbines ordered (described on page      27), and the impact of the accelerated Alberta thermal plant maintenance      schedule, partially offset by reduced purchased power requirements. The      $35.9 million increase in 2001 over 2000 was primarily a result of      increased earnings from Generation, gains on disposition from the sales of      the Fort Nelson and the Fort Saskatchewan plants and increased returns      from Energy Marketing activities. These increases were partially offset by      the impact of unplanned outages at the Centralia plant.

Cash      flow from operating activities was $277.9 million lower in 2002 compared      to 2001. The decrease was due to lower earnings, the impact of the      collection in 2001 of accounts receivable relating to the Alberta Power      Pool upon implementation of deregulation on Jan. 1, 2001 ($170.0 million),      the payment in 2002 to the Alberta Power Pool relating to the ancillary      services revenue settlement ($49.9 million), described on page 27, and the      final installment of 2001 income taxes paid in the first quarter of 2002      ($109.0 million). In 2000, significantly increased working capital      requirements resulted from deferred accounts receivable related to the      sale of the discontinued Alberta D&R operation and increased trade      receivables related to Centralia production and Energy Marketing      activities.

**S      i g n i f i c a n t  O n e - T i m e  I t e m s**

These      consolidated financial results include the following significant one-time      items:

**Purchase      of Vision Quest**

On      Dec. 6, 2002 the corporation purchased the remaining interest in Vision      Quest for cash of $21.3 million plus a previous loan of $19.8 million and      $14.2 million in common shares. This transaction increased the      corporation's total investment in the wind power company to $68.8 million.      Included in the purchase price was $27.2 million of goodwill. Vision Quest      owns and operates 67 wind turbine power plants with 44 MW of capacity and      has a substantial resource base available for further expansion. Vision      Quest and ENMAX each own a 50 per cent interest in the McBride Lake joint      venture project with 75 MW under construction. Vision Quest's financial      results for the period after acquisition ($0.6 million EBIT) are included      in corporate results for segmented reporting purposes.

**Decommissioning      of Wabamun Plant**

After      a detailed unit-by-unit engineering assessment, a review of environmental      issues and a review of short- and long-term market forecasts, the      corporation decided to implement a phased decommissioning of its four-unit      537 MW coal-fired Wabamun facility. The PPA for the plant expires at the      end of 2003. The 139 MW unit three was removed from service on Nov. 29,      2002 after an unplanned outage, as it was not considered economical to      return the unit to service. The corporation plans to retire units one and      two (62 MW and 57 MW, respectively) in 2004 and unit four (279 MW) in 2010      when its operating licence expires. As a result of this decision, the      corporation recognized a pre-tax impairment charge of $110.0 million in      the fourth quarter of 2002.

 

 

26 **TransAlta**2002Annual Report

**TurbineOrder Cancellation**

Afterexamining expected market conditions and potential greenfield developmentopportunities against the corporation's risk profile, the corporation concludedthat it could not use all its pre-purchased natural gas turbines. Thecorporation therefore cancelled orders for four turbines and as a resultrecorded a pre-tax cancellation charge of $42.5 million for contract terminationcosts in 2002. The costs consisted solely of progress payments made to date. Theremaining five turbines will be used in development projects.

**Refinancingof Foreign Operations**

Duringthe third quarter of 2002, TransAlta restructured the financing of certain ofits foreign operations. As a result, the corporation was able to record thebenefit of previously unrecognized foreign tax loss carryforward balances. Thisrestructuring contributed $11.2 million to net earnings in 2002.

**AncillaryServices Revenue Settlement**

InJuly 2002, a dispute with the Balancing Pool of Alberta in respect of theallocation of hydro ancillary services deferred revenue under the PPAs wasresolved. TransAlta repaid $49.9 million received in advance from the BalancingPool. The settlement had no earnings impact as the corporation had notpreviously recognized the amount as revenue.

**WabamunArbitration Decision**

OnMay 23, 2002, the corporation received the arbitrators' decision with respect tothe 10-month outage at Wabamun unit four, which resulted from fatigue crackswithin the waterwall tubing of its boiler. The arbitrators confirmed that theoutage qualified as a force majeure event, but also ruled that the corporationshould have returned the unit to service more quickly. As a result of thisdecision, the corporation was required to pay $38.9 million plus interest of$2.7 million, all pre-tax. The payment was recorded as a reduction to revenue.

**Gainson Disposal of Discontinued Operations**

OnApril 29, 2002, TransAlta's Transmission operation was sold for proceeds of$820.7 million, of which $818.0 million has been collected. The proceedsexcluded $31.7 million in accounts receivable, which were retained andsubsequently collected, and $4.4 million in accounts payable. The disposalresulted in a gain on sale of $120.0 million ($0.71 per common share), net ofincome taxes of $36.2 million.

EffectiveDec. 31, 2000, the corporation adopted a plan to divest its composter facilityin Edmonton, Alberta, Canada, which commenced commercial operations in August2000. In the fourth quarter of 2000, the corporation recorded a write-down onthe carrying value of the assets of $17.9 million, net of income tax recoveriesof $13.8 million. On June 29, 2001, the facility was sold for cash proceeds of$97.0 million. No gain or loss resulted from the disposal.

OnAug. 31, 2000, TransAlta completed the disposition of its Alberta D&Roperation for proceeds of $857.3 million and recorded an after-tax gain of$262.4 million ($1.55 per common share). In 2002, the outstanding amount duefrom Aquila Networks Canada (formerly UtiliCorp Networks Canada) relating to thesale of the D&R operation was collected in full.

OnMarch 31, 2000, TransAlta completed the disposition of its investment inTransAlta New Zealand Limited for total proceeds of NZ$832.5 million(approximately Cdn$605 million) and recorded an after-tax gain of $22.3 million($0.13 per common share).

**PriorPeriod Regulatory Decisions**

Financialresults for 2000, 2001 and 2002 were affected by Alberta Energy and UtilitiesBoard (EUB) decisions related to other reporting periods. The impact of suchregulatory decisions is recorded when the effect of such decisions is known,without adjustment to the financial statements of prior periods.

ma n a g e m e n t 's  d i s c u s s i o n  & a n a l y s i s 27

OnApril 16, 2002, the EUB rendered a negative decision of $3.3 million (pre-tax)with respect to TransAlta's hydro bidding strategy in 2000.

InDecember 2001, the EUB ruled that the Wabamun unit four outage qualified forrelief under the Temporary Suspension Regulation (TSR) and ordered thatTransAlta receive $11.0 million (pre-tax) to compensate the corporation forobligation payments incurred in 2000 as a result of the outage. 

InSeptember 2000, TransAlta received a negotiated settlement of $17.8 million(pre-tax) under the TSR to compensate the corporation for obligation paymentsincurred as a result of Alberta Generation production outages which occurred in1999 and 2000. Approximately $13.5 million related to outages in 1999 and $4.3million related to outages in 2000.

InFebruary 2000, the EUB announced an amendment to its Phase I decision concerninga 1999 revenue requirement issue. The amendment resulted in TransAltarecognizing $30.6 million of pre-tax earnings.

**PiercePower**

InSeptember 2001, TransAlta reassessed its investment in the 154 MW Pierce Powerplant as a result of weak economic conditions. Revenue hedges that were nolonger expected to be effective were unwound and realized, resulting in therecognition of $121.8 million in revenue, partially offset by a write-down inthe carrying amount of property, plant and equipment of $66.5 million and $52.3million recognized in anticipated future plant operating costs. The plantremained available for production until it was decommissioned in September 2002.At Dec. 31, 2002, all accrued amounts had been realized.

**ExtraordinaryItem**

OnDec. 31, 2000, TransAlta discontinued regulatory accounting and commenced theapplication of Canadian GAAP for non-regulated businesses for its AlbertaGeneration operations, following final confirmation of deregulation of theelectricity generation industry in Alberta beginning on Jan. 1, 2001. As aresult of the discontinuance of regulatory accounting, the corporation recordedan extraordinary non-cash after-tax charge of $209.7 million ($1.24 per commonshare). Of this amount, $189.9 million resulted from the recognition of futureincome tax liabilities that the corporation was previously exempted fromrecording.

**Ne w  A c c o u n t i n g  S t a n d a r d s**

OnJan. 1, 2002, the corporation retroactively adopted the new Canadian Instituteof Chartered Accountants (CICA) standard for stock-based compensation. The newstandard requires that stock-based payments to non-employees, direct awards ofstock and awards that call for settlement in cash or other assets be accountedfor using the fair value method of accounting. The fair value method isencouraged for other stock-based compensation plans, but other methods ofaccounting, such as the intrinsic value method, are permitted. Under the fairvalue method, compensation expense is measured at the grant date and recognizedover the service period. Under the intrinsic value method, compensation expenseis determined as the difference between the market price of the underlying stockand the exercise price of the equity instrument granted. If the intrinsic valuemethod is used, disclosure is made of earnings and per share amounts as if thefair value method had been used. The corporation has elected to use theintrinsic value method of accounting for its fixed stock option plans and itsperformance stock option plan. Accordingly, no compensation cost has beenrecognized for these plans. Had the fair value method been used, the impactwould be as disclosed in *Note16.*EffectiveJan. 1, 2003, TransAlta has elected to account for stock-based compensation inaccordance with the fair value method and will expense stock-based compensationin respect of stock options granted after that date.

EffectiveJan. 1, 2002, the corporation prospectively adopted the new CICA standard forgoodwill and other intangibles. The new standards require business combinationsinitiated after June 30, 2001 to be accounted for using the purchase method ofaccounting. It also specifies that goodwill and certain intangibles are nolonger subject to amortization, but are instead tested

28 **TransAlta**2002Annual Report

forimpairment at least annually. The adoption of this standard resulted in thereclassification of $29.3 million from acquired intangibles to goodwill, whichis no longer subject to amortization under the new standard. There was noimpairment of goodwill upon adoption of this standard, nor was there animpairment at Dec. 31, 2002.

TheCICA amended its standard on foreign currency translation effective Jan. 1,2002. The changes require that translation gains and losses arising on long-termforeign currency denominated monetary items be included in income in the currentperiod. Previously, these gains and losses were to be amortized over the life ofthe related item. As TransAlta designates long-term foreign currency denominateditems as hedges of net investments in foreign operations, all gains and lossesarising on the translation of these items are deferred and included in thecumulative translation adjustment account in shareholders' equity; therefore,this amendment has no impact on TransAlta.

InNovember 2001, the CICA released an accounting guideline on hedgingrelationships, which specifies the circumstances in which hedge accounting isappropriate, including the identification, documentation, designation andeffectiveness of hedges. The guideline also identifies situations where hedgeaccounting is to be discontinued. The guideline is effective for years beginningon or after July 1, 2003. TransAlta has adopted the guideline effective Jan. 1,2002 and met the criteria for all hedging relationships with the exception ofwritten swaptions, which are ineffective under the guideline. Hedge accountingwas discontinued for the written swaptions in accordance with the guideline. Theimpact on earnings for the year ended Dec. 31, 2002 was a decrease of $2.0million after tax.

TheCICA has amended its standard on the recognition, measurement and disclosure ofthe impairment of long-lived assets. This standard is effective April 1, 2003and requires that an impairment loss be recognized when the carrying amount of along-lived asset exceeds the sum of the undiscounted cash flows expected fromits use and eventual disposition. The impairment loss is measured as the amountthat the long-lived asset's carrying value exceeds its fair value. TransAltaearly adopted this standard in the fourth quarter of 2002. In accordance withthe standard, the impairment calculation for the Wabamun plant resulted in therecognition of an impairment charge of $110.0 million pre-tax, which is includedin asset impairment and equipment cancellation charges.

Inthe third quarter of 2002, in response to changes in accounting standards in theU.S. with respect to energy trading activities, the corporation adopted a policythat all gains and losses on energy trading contracts not related to generationassets be shown net in the statement of earnings. Consistent with theserecommendations, the corporation has chosen to disclose the gross transactionvolumes for those energy trading contracts that are physically settled.

**Ou t l o o k**

Toachieve earnings growth, the corporation's focus will be to increase theefficiency and availability of generating assets, continue to improveproductivity in operating, maintenance and administrative (OM&A) costs andadd generating capacity. Energy Marketing will focus on maximizing pricingopportunities for non-contracted production from Generation and taking advantageof short-term market opportunities within pre-established risk limits.

**Generation**

Thekey factors affecting Generation's financial results for 2003 continue to be themegawatt capacity in production, the availability of and production fromfacilities, the pricing applicable to non-contracted production and the costs ofproduction.

**GrowCapacity**

Generatingcapacity in 2003 will be higher than in 2002 due to completion of the 252 MWCampeche plant, the 259 MW Chihuahua plant and the 75 MW McBride Lake jointventure which are scheduled to commence commercial operations in the first,third and fourth quarters of

ma n a g e m e n t 's  d i s c u s s i o n  & a n a l y s i s 29

2003,respectively. In connection with the construction of the Sarnia RegionalCogeneration Plant, TransAlta purchased 190 MW of existing operational assetsduring 2002 and subsequently decommissioned 55 MW. Construction of an additional440 MW at Sarnia is expected to be completed in the first quarter of 2003 toprovide 575 MW of ongoing generating capacity. The purchase of a 50 per centinterest in CE Gen in January 2003 will add another 378 MW of capacity.Availability for 2003 is expected to be similar to 2002; however, production isexpected to be higher than in 2002 due to the increased capacity. Additionalmaintenance in Alberta will be offset by increased availability at Centralia.

AtDec. 31, 2002, assets under construction totalled $1,206.8 million and wascomprised of the Sarnia, Campeche and Chihuahua plants. When these plants arecommissioned, depreciation expense will be charged to operations. Depreciationon the above plants as well as the Big Hanaford plant is expected to beapproximately $58 million in 2003.

**PowerPrices**

Electricityspot prices in 2003 are expected to be slightly higher than in 2002 for theAlberta and Pacific Northwest markets due to higher natural gas prices andreduced hydro production as a result of lower snow pack. However, spark spreadsare expected to compress due to excess generation capacity and theproportionately higher increase in the cost of natural gas as a result of highgas field decline rates, stagnant drilling activity and an increasing storagedeficit. Expected electricity demand compared to levels of supply is expected toprevent prices from materially increasing over the medium term.

Legislationwas passed in Ontario in late 2002 capping retail market prices at $43 permegawatt hour (MWh). Wholesale market prices have not been directly impacted bythis decision, however liquidity in the Ontario market has declined. As aresult, future revenues for merchant capacity at the Sarnia plant may beaffected.

Exposureto volatility in electricity prices is substantially mitigated through long-termelectricity sales contracts at fixed prices. Exposure to volatility in gasprices is substantially mitigated by the flow-through of the costs of naturalgas to customers in some of these contracts and the existence of price caps incertain natural gas supply contracts. For 2003, approximately 85 per cent ofoutput is contracted, a significant portion of which relates to the Alberta PPAswhich are capacity related based on achieving agreed availability rates. Thecorporation will continue to focus on maximizing availability under thesecontracts.

**ImprovingEfficiency**

Generationis continuing its focus on reducing coal costs and ongoing OM&A expenses.Areas for reductions were identified and have been, and continue to be,implemented. The benefits of these initiatives were partially realized in 2002,and are expected to become fully apparent in 2003 and beyond. There will be moreplanned maintenance expenses incurred at the Alberta thermal plants in 2003 thanin 2002.

**EnergyMarketing**

Short-termand real-time markets are expected to continue to be active. Energy Marketingwill continue to concentrate on buying and selling electricity and gas in thesemarkets. The electricity trades involve matching buyers and sellers, arrangingfor transmission capacity and scheduling movement of the commodity. This type oftrading does not involve long-term contracts and therefore VAR and volatilityrelated to fair value accounting is low.

In2003, Energy Marketing is expected to achieve comparable results to 2002 basedon similar levels of activity.

**CapitalExpenditures and Acquisitions**

In2003, capital expenditures will be approximately $830 million, of whichapproximately $275 million will be spent on the Genesee 3 project, described onpage 31, approximately $170 million will be spent to complete the two Mexicanplants, $60 million will be spent on other growth projects and approximately$325 million will be spent on maintenance and productivity expenditures as aresult

30 **TransAlta**2002Annual Report

ofplanned outages and preventative maintenance. Financing for these expendituresis expected to come from a combination of cash flow from operations,monetization of selected assets, the issuance of common shares and the issuanceof debt. For further information on financing, see discussion under Liquidityand Capital Resources in this MD&A.

OnJan. 13, 2003, TransAlta and EPCOR announced an agreement for TransAlta toacquire a 50 per cent interest in EPCOR's Genesee 3 project for $395.0 million.On the same date, TransAlta paid EPCOR $157.0 million for TransAlta's share ofproject costs incurred to date. The 450 MW addition to the existing GeneseeGenerating Station is currently under construction southwest of Edmonton,Alberta. The two corporations will own and share costs for Genesee 3 equally.EPCOR will continue to manage the project's construction and will operate theplant upon commercial operation in early 2005. Both parties will independentlydispatch and market their share of the electrical output from the unit throughthe Alberta Power Pool. Included in the arrangement is an option for EPCOR topurchase a 50 per cent interest in TransAlta's Centennial 1 project, describedbelow. The option expires Dec. 31, 2005. EPCOR also has the option to purchase a50 per cent interest in TransAlta's Sarnia plant, which may be exercised betweenJanuary 2003 and March 2004.

Inaddition, on Jan. 24, 2003, the corporation announced the acquisition of a 50per cent interest in CE Gen for US$205.0 million (approximately Cdn$312 million)plus approximately US$35 million of working capital (approximately Cdn$53million) and non-recourse debt of approximately US$500 million (approximatelyCdn$762 million). CE Gen, through its subsidiaries, is primarily engaged in thedevelopment, ownership and operation of independent power production facilitiesin the U.S. using geothermal resources and natural gas as fuel. CE Gen has 13facilities with an aggregate operating capacity of 756 MW. The transactionclosed on Jan. 29, 2003.

InFebruary 2002, the EUB approved the previously announced Centennial project,which is a 900 MW merchant expansion at the Keephills site. The first phase ofthe project (Centennial 1) is now part of the arrangement with EPCOR and the twocorporations will jointly proceed with the development phase of the project. Thedecision to construct Centennial 1 will be made by TransAlta.

**EquityIssuance**

OnMarch 14, 2003, the corporation filed a short-form prospectus for the issuanceof 12.0 million common shares for gross proceeds of $192.0 million. Theunderwriters also exercised an option for an additional 3.0 million commonshares for gross proceeds of $48.0 million. The offering includes a secondoption for the underwriters to purchase a further 2.25 million common shares for$36.0 million, exercisable until April 18, 2003. The transaction is expected toclose on March 21, 2003.

**Environmental**

OnDec. 16, 2002, the Canadian government ratified the Kyoto Protocol. The KyotoProtocol is not expected to have an impact on TransAlta's U.S., Mexican orAustralian operations. TransAlta is not able to estimate the full impact theProtocol will have on its Canadian operations, as the Canadian government hasnot yet established an implementation plan. However, the PPAs for TransAlta'scoal-fired plants in Alberta contain 'Change of Law' provisions that provide anopportunity to recover compliance costs from the PPA customers. As a member ofthe Canadian Clean Power Coalition, TransAlta, along with its peers, isexploring other means to reduce greenhouse gas emissions, including thedevelopment of clean coal technology and the purchase of offset credits. Theacquisition of Vision Quest and its prospects for further developments haveresulted in additional amounts of zero-emissions facilities consistent withTransAlta's strategy. Since 1990,TransAlta'sworldwide emissions intensity (the amount ofCO2 (carbondioxide) emitted perMWhproduced) decreased by 20 per cent.

 

Achievingthe above goals will be dependent upon, but not limited to, certain risks anduncertainties. For further discussion, see Risk Factors and Risk Management inthis MD&A.

 

ma n a g e m e n t 's  d i s c u s s i o n  & a n a l y s i s 31

**Se g m e n t e d  B u s i n e s s  R e s u l t s**

**Generation***Ownsand operates hydro-, gas-, and coal-fired plants and related mining operationsin Canada, the U.S., Mexico and Australia. At Dec. 31, 2002 Generation had 7,100MW generating capacity in operation and 951 MW under construction. Generation'sresults do not include results from wind-powered assets. Key performanceindicators for Generation include availability, production and natural gas andelectricity market prices.*

EffectiveJan. 1, 2002, TransAlta's organizational structure changed to combine theGeneration and IPP business segments into one Generation segment. This was doneto improve the corporation's operational capability and reliability through thesharing of resources and best practices across all generating assets. Priorperiod amounts have been reclassified to reflect the combination of thesesegments.

Availablecapacity increased during the year as a result of the completion of an upgradeat Centralia (32 MW), the commissioning of the Big Hanaford plant (248 MW), thepreviously described purchase of existing operational assets at the Sarnia plant(135 MW) and the purchase of the remaining interest in the Southern Crossfacility (34 MW). This was offset by the decommis-sioning of the Pierce Powerplant (154 MW) and Wabamun unit three (139 MW).

Theresults of the Generation segment are as follows:
    **2      0 0 2**   2      0 0 1   2      0 0 0             Year      ended Dec. 31 **Total** **Per      MWh** 
Total
 Per      MWh Total Per      MWh             Revenues**$****1,673.9****$****35.71**$2,158.4$48.90$1,593.3$39.20Fuel      and purchased power **(703.6)** **(15.01)** (1,230.6) (27.88) (741.2) (18.24)Gross      margin **970.3** **20.70** 927.8 21.02 852.1 20.96Operating      expenses:            Operations,      maintenance and            administration **346.3** **7.39** 290.6 6.58 260.1 6.40Depreciation      and amortization **196.3** **4.19** 156.5 3.55 167.7 4.12Asset      impairment and equipment            cancellation      charges **152.5** **3.25** 118.8 2.69 - -Taxes,      other than income taxes **27.3** **0.58** 18.7 0.42 23.9 0.59Prior      period regulatory decisions **3.3** **0.07** (11.0) (0.25) (44.1) (1.09)EBIT      before corporate allocations **244.6** **5.22** 354.2 8.03 444.5 10.94Corporate      allocations **(70.6)** **(1.51)** (82.5) (1.87) (77.9) (1.92)EBIT**$****174.0****$****3.71**$271.7$6.16$366.6$9.02
 

**ContractedOutput**

(%)

03    04    05   06   07

85      79     79   73  69

Generation'srevenues are derived from the production of electricity, of which, on anannualized basis, approximately 90 per cent are based upon contracted prices,including capacity payments, and approximately 10 per cent are subject to marketpricing. Revenues received under long-term contractual arrangements are notsubject to major fluctuations in the spot price for electricity. For the yearended Dec. 31, 2002, long-term contracts covered 90 per cent of total production(2001 - 92 per cent; 2000 - 96 per cent) with the remaining production subjectto market pricing. The existing contracts have remaining terms ranging from oneto 22 years. At Dec. 31, 2002, contracted production, as a percentage ofpotential production from existing assets and assets currently underconstruction, over the next five years is shown in the chart to the left.

Revenuesare subject to seasonal variations: during the summer months, warmertemperatures result in less efficient fuel conversion rates (higher heat rates)and increased hydro production from spring run-off results in lower electricityprices.

Generationalso derives revenue from the provision of ancillary services and the sale ofsteam. A breakdown of revenues and average pricing applicable to contract andmerchant production is presented in the following table:

32 **TransAlta**2002Annual Report
Year      ended Dec. 31   **2      0 0 2**   2      0 0 1   2      0 0 0               **Revenue** **Per      MWh** Revenue Per      MWh Revenue Per      MWh             Contract**$****1,448.2****$****33.26**$1,374.1$33.23$1,195.7$30.47Merchant **171.0** **51.64** 681.2 142.91 347.1 246.27Ancillary      services and other **93.6** **-** 103.1 - 50.5 -Wabamun      arbitration decision **(38.9)** **-** - - - - **$****1,673.9****$****35.71**$2,158.4$48.90$1,593.3$39.20 
Areconciliation between production, revenue and EBIT for the years ended Dec. 31,2001 and2002is presented below:
 Production     (GWh) Revenue EBIT      Year      ended Dec. 31, 200040,644$1,593.3$366.61999      regulatory decisions received in 2000- - (44.1)Wabamun      unit four TSR settlement for 2000- - 11.0Higher      returns and incentives under PPAs- 208.3 208.3Increased      hydro ancillary services- 53.0 53.0Decrease      in hydro energy output(240) (17.9) (17.7)Acquisition      of Centralia plant2,785 155.0 47.3Unplanned      Centralia outages- 95.7 (245.5)Centralia      hedge losses, expired in 2001- 11.8 (124.2)Commencement      of operations at Poplar Creek plant2,491 84.9 25.8Disposal      of Mildred Lake, Fort Nelson     and      Fort Saskatchewan plants(1,713) (86.6) 6.5Monetization      of Pierce Power plant- 121.8 3.0Other169 (60.9) (18.3)Year      ended Dec. 31, 200144,136$2,158.4$271.7Net      improved availability and production2,538 91.1 53.5New      gas plants in service (Sarnia and Big Hanaford)493 40.2 (13.1)Accelerated      Alberta thermal plant maintenance(290) (10.6) (27.7)Wabamun      impairment and equipment     cancellation      charges- - (152.5)Lower      market prices- (441.9) (441.9)Lower      purchase power requirements- - 562.8Wabamun      arbitration decision- (38.9) (38.9)Impact      of the Pierce Power plant monetization in 2001- (121.8) (3.0)Increased      operations, maintenance and     administration      expense- - (33.0)Increased      depreciation- - (34.6)Lower      fuel costs per megawatt hour- - 39.4Wabamun      unit four TSR settlement and     prior      period regulatory decision- - (14.3)Other- (2.6) 5.6**Year      ended Dec. 31, 2002****46,877****$****1,673.9****$****174.0**
Asdiscussed in Significant One-Time Items, the corporation recognized a pre-taximpairment charge of $110.0 million relating to the Wabamun plant, as thecarrying value was determined to be in excess of fair value. TransAlta alsocancelled the order for four natural gas turbines resulting in a $42.5 millionpre-tax contract termination charge. In September 2001, TransAlta reassessed itsinvestment in the 154 MW Pierce Power plant as a result of weak economicconditions. Revenue hedges that were expected to be effective were unwound andrealized, resulting in the recognition of $121.8 million in revenue, partiallyoffset by an asset impairment charge of $66.5 million and a recognition ofanticipated future operating costs of $52.3 million.

ma n a g e m e n t 's   d i s c u s s i o n   &  a na l y s i s  33

**Annual      Electricity Production**

(GWh)

 

             00                01          02

         40,644   44,136        **46,877**

 

**Revenue**

($/MWh)

 

           00         01             02

        39.20       48.90     **35.71**

 

 

As      a result of the corporation's forward view of the electricity market and      its positive experience with improvements at the Centralia plant, the      corporation accelerated its Alberta thermal plant maintenance schedule.      This was undertaken in order to improve reliability and increase      availability in the future. This decision resulted in lower revenues and      increased maintenance costs ($27.7 million pre-tax) in the fourth quarter      of 2002.
As      discussed in Significant One-Time Items, the Wabamun arbitration decision      resulted in a $38.9 million pre-tax payment, excluding interest that was      recorded as a reduction of revenue in the second quarter of 2002.

As      discussed in Significant One-Time Items, the following prior period      regulatory decisions impacted revenues in 2002, 2001 and 2000: the EUB      rendered a negative decision of $3.3 million pre-tax with respect to      TransAlta's hydro bidding, which was recorded in 2002; the EUB ruled that      the Wabamun unit four outage qualified for relief under the TSR and      ordered that TransAlta receive $11.0 million (pre-tax) in 2001; TransAlta      received a negotiated settlement of $17.8 million (pre-tax) under the TSR      in 2000; and the EUB announced an amendment to its Phase I decision (1999      Final Decision) that increased pre-tax earnings by $30.6 million in 2000.

For      2002, Generation achieved an availability rate of 88.4 per cent compared      to 86.9 per cent in 2001. The increase is the result of improved      operational performance at the thermal and gas plants, partially offset by      the accelerated maintenance at the Alberta thermal plants and the Wabamun      unit three outage. At various times during 2002, when the market price of      electricity was lower than the variable costs of production at certain      plants, the corporation reduced production at these plants, and purchased      electricity from the market to fulfill contractual obligations (economic      dispatch). During these periods of economic dispatch, the affected plants      were available to generate the electricity if required.

In      2001, availability was negatively impacted by unplanned outages at the      Centralia plant and the Wabamun unit four outage. In 2000 availability was      negatively impacted by the Wabamun unit four outage.

Generation's      production increased by 2,741 gigawatt hours (GWh) in 2002 compared to      2001. The increase is the result of incremental production from the Sarnia      and Big Hanaford plants, increased production from the Centralia plant,      the return to service of Wabamun unit four, as well as increased thermal      production and availability. This was partially offset by lost production      resulting from accelerated Alberta thermal plant maintenance and economic      dispatch decisions. 

Production      in 2001 increased over 2000 primarily as a result of a full year of      production from the Centralia plant, which was acquired in May 2000, and      increased production from the Poplar Creek plant which commenced      commercial operations in January 2001. This was partially offset by      decreased hydro production and lost production due to the sale of the      Mildred Lake and Fort Nelson plants.

Revenue      in 2002 decreased by $484.5 million ($13.19 per MWh) compared to 2001.      Adjusted for the Wabamun arbitration and Pierce Power one-time items in      2002 and 2001 respectively, revenue was $1,712.8 million ($36.54 per MWh)      in 2002 compared to $2,036.6 million ($46.14 per MWh) in 2001. The decline      in revenue in 2002 reflects lower electricity spot prices, partially      offset by improved production and availability.

In      2001 compared to 2000, increased revenues were realized from the Alberta      PPAs, increased production from a full year of production from the      Centralia and Poplar Creek plants, partially offset by the sale of the      Mildred Lake and the Fort Nelson plants.

Fuel      and purchased power decreased to $703.6 million ($15.01 per MWh) in 2002      from $1,230.6 million ($27.88 per MWh) in 2001 and $741.2 million ($18.24      per MWh) in 2000. Purchased power is the cost incurred to acquire      electricity from the market to fulfill contracted commitments during      planned and unplanned outages. Any electricity not required to fulfill      these commitments is sold back into the market at spot prices.

 

 

34 **TransAlta**2002Annual Report

 

In2002, purchased power declined significantly to $32.1 million from $594.9million in 2001 and $190.6 million in 2000. The majority of the purchased powerfor 2002 was due to the economic dispatch decisions discussed earlier. In theyear ended Dec. 31, 2001, 2,707 GWh of electricity were purchased totalling$594.9 million. Pre-tax losses as a result of these purchases were US$77.7million (approximately Cdn$124 million) in 2001. The purchased power in 2001 and2000 was the result of unplanned outages at Centralia.

Fuelcosts, excluding purchased power, consist primarily of coal and natural gascosts. Total fuel costs, excluding purchased power, were $671.5 million ($14.32per MWh) in 2002 compared to $635.7 million ($14.40 per MWh) in 2001 and $550.6million ($13.55 per MWh) in 2000. TransAlta's average fuel costs per MWh areshown below:
Year      ended Dec. 31 **2      0 0 2** 2      0 0 1 2      0 0 0       Coal**$****11.70**$12.34$12.18Gas**$****27.86**$26.16$23.95Average      fuel costs, excluding purchased power**$****14.32**$14.40$13.55
TransAltais subject to fluctuations in natural gas and coal costs; however, the majorityof the coal used in generation is from coal reserves owned by TransAlta. Thisallows the corporation to control the cost of coal. As a result of costreduction programs, TransAlta reduced coal costs by five per cent in 2002compared to 2001. Fuel costs, excluding purchased power, on a per MWh basis,decreased in 2002 as a result of the decrease in coal costs, partially offset byincreased natural gas costs. The increase in gas costs was due to higher naturalgas market prices at the Big Hanaford plant, higher gas prices and heat rates atthe Sarnia plant, and increased transportation costs. For contracted plants, aportion of the gas cost has been hedged by the corporation, and in some cases,the corporation has hedged plants' spark spreads. In certain contracted plantsthe gas cost is a flow through to the customer and is not hedged by thecorporation; therefore, TransAlta is still subject to fluctuations in gasprices, but the increased gas costs are recovered through increased revenues.Gas costs for electricity to be sold in spot markets are matched to power salesand hedged accordingly.

Coalcosts per MWh in 2001 were similar to 2000 while the increased gas costs per MWhin 2001comparedto 2000 reflected higher natural gas market prices.

In2002, OM&A expenses increased by $55.7 million ($0.81 per MWh) over 2001.The increase represents the impact of the accelerated maintenance at the Albertathermal plants, the commissioning of the Sarnia and Big Hanaford plants,increased business development costs, inventory obsolescence costs, andincreased project management costs related to plants under construction,partially offset by cost reduction initiatives. OM&A in 2001 increased by$30.5 million ($0.18 per MWh) compared to 2000 as a result of the increasedmaintenance at the Centralia plant.

Depreciationand amortization increased by $39.8 million ($0.64 per MWh) in 2002 compared to2001. The increase is a result of the addition of the Big Hanaford plant andincreased capital projects at the thermal plants, including the scrubber projectat Centralia. Depreciation and amortization decreased by $11.2 million ($0.57per MWh) in 2001 over 2000 due to the sale of the Mildred Lake, Fort Nelson andFort Saskatchewan plants, partially offset by a full year of operations at theCentralia plant and the commissioning of the Poplar Creek plant.

Theincrease in taxes other than income taxes in 2002 relates to higher property taxassessmentsbylocal municipalities on the majority of the corporation's plants.

ma n a g e m e n t 's  d i s c u s s i o n  &  a n a l y s is  35

**EnergyMarketing***Derivesrevenue and earnings from the wholesale trading of electricity and otherenergy-related commodities and derivatives. These activities provide criticalmarket knowledge to help identify growth opportunities and support corporateinvestment decisions. Key performance indicators for Energy Marketing includetrading volumes, margins and VAR.*

TheEnergy Marketing segment operates on behalf of Generation to sell electricityproduced, purchase natural gas not covered by long-term contracts, establishlong-term contracts for the sale of electricity and the purchase of natural gas,and purchase and sell transmission capacity to transmit electricity. The resultsof these arrangements and the costs to execute them are included in Generation'ssegment results.

EnergyMarketing also uses energy derivatives, including physical and financial swaps,forward and future contracts and options to earn trading revenues and to gainmarket information. Trading activities and energy contracts that meet thedefinition of a derivative in the Financial Accounting Standards Board (FASB)Statement 133, *Accountingfor Derivative Instruments and Hedging Activities,*areaccounted for at fair value in accordance with Canadian and U.S. GAAP.

Derivativesare used to hedge the corporation's exposure to changes in electricity andnatural gas prices. Under Canadian GAAP, settlement accounting is used forhedging activities if certain criteria are met. Under U.S. GAAP, hedgingactivities are accounted for in accordance with FASB Statement 133.

Theresults of Energy Marketing are as follows:
Year      ended Dec. 31 **2      0 0 2** 2      0 0 1 2      0 0 0       Gross      revenues**$****3,703.8**$2,694.7$1,280.3Trading      purchases **(3,654.8)** (2,533.7) (1,202.5)Net      revenues **49.0** 161.0 77.8Operations,      maintenance and administration **15.1** 36.2 19.0Depreciation      and amortization **2.5** 11.0 9.4Taxes,      other than income taxes **0.1** - -EBIT      before corporate allocations **31.3** 113.8 49.4Corporate      allocations **(8.3)** (6.6) (7.1)EBIT**$****23.0**$107.2$42.3              The      gross physical and financial settled sales transactions are as follows:          Electricity      (GWh)      Year      ended Dec. 31 **2      0 0 2** 2      0 0 1 2      0 0 0       Physical **63,015** 18,504 6,365Financial **40,061** 9,115 3,135  **103,076** 27,619 9,500       Gas      (million GJ)      Year      ended Dec. 31 **2      0 0 2** 2      0 0 1 2      0 0 0       Physical **96.2** 30.6 42.1Financial **63.6** 68.7 93.6  **159.8** 99.3 135.7    
Grosstrading sales volumes increased by 75,457 GWh of electricity and 60.5 milliongigajoules (GJ) of gas in 2002 compared to 2001. Liquidity in the medium- tolong-term markets remained low and as a result, Energy Marketing continued tohave a low level of activity in these markets while TransAlta's activity levelsin the short-term market increased. TransAlta's trading activity comprisedmainly short-term transactions, the majority of which were settled within 90days thereby limiting risk and maintaining low working capital requirements. Theincrease in gas trading volumes relates to the settlement of trading positionsoffset in early 2002 when the gas trading book was closed. In addition, thetrading of heat rate swaps, which include a gas element and are thereforepresented as settled gas transactions, increased in 2002.

**TradingVolumes**

Gas(millions of GJ)                               Electricity (GWh x 1,000)

 

  00       01       02                                 00         01       02

 

135.7   99.3  159.8                               9.5        27.6    103.1 

36 **TransAlta**2002Annual Report

Theincreased electricity trading volumes in 2001 compared to 2000 were in responseto highmarketvolatility and prices in the Pacific Northwest for the first five months of2001.

Netrevenues decreased by $112.0 million in 2002 due to significantly lower marketprices and margins compared to 2001, particularly in the Pacific Northwest. Asexpected, increased market liquidity and pricing efficiencies in the short-termmarket in 2002 resulted in margins on individual trades being reduced. The 2001Pacific Northwest prices were influenced by the process of deregulation inCalifornia, exacerbated by a drought in the Pacific Northwest and historicallyhigh natural gas prices. Net revenues in 2000 were lower than in 2001 for thereasons discussed above. 

OM&Aexpense decreased by $21.1 million for the year ended Dec. 31, 2002 due to lowerannual incentive compensation resulting from lower annual net revenue and EBITas well as one-time costs associated with the acquisition of the remaining 50per cent of Merchant Energy Group of the Americas, Inc. (MEGA) in June 2001.Expenses were higher in 2001 than in 2000 due to the one-time costs relating tothe MEGA acquisition and higher incentive compensation.

Depreciationand amortization decreased by $8.5 million in 2002 compared to 2001. Thedecrease is due to $29.3 million of goodwill arising from the acquisition ofMEGA, previously recorded as acquired intangibles, which is no longer beingamortized. This treatment is in accordance with the new accounting standardissued by the CICA. Depreciation and amortization in 2001 was higher than in2000 as a result of the increased goodwill resulting from the MEGA acquisition.

VARis a measure to manage earnings exposure for Energy Marketing activities. Theaverage daily VAR level in 2002 was approximately $2.6 million compared to $1.2million in 2001. See additional discussion under commodity price risk in RiskFactors and Risk Management.

EnergyMarketing's price risk management assets and liabilities represent the fairvalue of unsettled (unrealized) trading transactions. With the exception oftransmission contracts, the fair value of all energy trading activities is basedon quoted market prices. The fair value of physical transmission contracts isbased on quoted market prices and a spread option valuation model. The fairvalue of financial transmission contracts is based upon statistical analysis ofhistorical data.

Thefollowing table illustrates movements in the fair value of the corporation'sprice risk management assets during 2002:
Fair      value of net price risk management assets outstanding at Dec. 31, 2001$25.8Fair      value of new contracts entered into during the period (2.7)Changes      in fair values attributable to market price and other market changes 7.6Contracts      realized or settled during the period (36.6)Changes      in fair values attributable to changes in valuation techniques and      assumptions -**Fair      value of net price risk management liabilities outstanding at Dec. 31,      2002****$****(5.9)**
Thesource of the valuations of the above contracts and maturities over each of thenext five calendar years and thereafter is as follows:
           2      0 0 8 and    2      0 0 3 2      0 0 4 2      0 0 5 2      0 0 6 2      0 0 7thereafter Total               Prices      actively quoted$(17.6)$3.3$3.2$2.1$1.5$-$(7.5)Prices      based on models 1.6 - - - - - 1.6Asset      (liability)$(16.0)$3.3$3.2$2.1$1.5$-$(5.9)
 

**NetRevenues                                   Operating **

($)**                                                        Maintenance**

**                                                             & Administration**

                                             ($/MWh)   

 

  00       01        02                                 00         01       02

 

77.8    161.0     49.0                             19.0        36.2   15.1 

 

 

ma n a g e m e n t 's  d i s c u s s i o n  &  a n a l y s is  37

In2002, TransAlta responded to a number of inquiries from various U.S. State andFederal bodies regarding trading activities in California and states in thePacific Northwest during 2000 and 2001. TransAlta believes it operated inaccordance with all applicable laws, rules, regulations and tariffs. Nosignificant developments have occurred on these issues as a result ofTransAlta's responses.

Inthe fourth quarter of 2002, two class action lawsuits on behalf of all personsand businesses in the states of Oregon and Washington were initiated in respectof alleged unlawful practices in the purchase and sale of wholesale energy.TransAlta believes these are without merit and will vigorously defend theseclaims.

In2000, TransAlta made a provision of US$28.8 million against US$58.0 millionowing from the California Independent System Operator and the California PowerExchange. During 2001, US$5.0 million was collected. The net amount has beenreclassified to long term, as collection is no longer expected in 2003, althoughultimate collection of the net receivable is still expected. On Dec. 12, 2002, aU.S. Federal Energy Regulatory Commission (FERC) Administrative Law Judgeproposed that TransAlta receive approximately US$44.0 million; however, FERC hasindicated that further adjustments in respect of power and gas prices may occur,which could result in further alterations of the amount TransAlta is to receive.As a result, TransAlta has not adjusted the amount receivable or the provision.

TransAltaacquired the remaining 50 per cent of MEGA in June 2001 for cash considerationof US$0.3 million (Cdn$0.4 million). The initial 50 per cent of MEGA waspurchased in June 2000 for cash consideration of US$12.5 million (Cdn$18.6million). Subsequent to the acquisition, onetime costs of $13.9 million wereincurred, comprised primarily of severance of $3.9 million and long-termemployment incentives in the amount of $8.5 million. TransAlta continues to useMEGA as a platform on which to expand trading activities into eastern U.S.regions. MEGA has been amalgamated with TransAlta Energy Marketing (U.S.) Inc.,a subsidiary of TransAlta Energy Corporation (TransAlta Energy) and is thereforeincluded in the Energy Marketing business segment.

**Ne t  I n t e r e s t  E x p e n s e , O t h e r  E x p e n se   a n d  F o r e i g n  E x c h a n g e**
  **2      0 0 2** 2      0 0 1 2      0 0 0       Gross      interest expense**$****172.9**$170.3$180.0Interest      income **(8.7)** (24.2) (23.8)Capitalized      interest **(79.1)** (48.3) (39.8)Allocated      to discontinued operations **(2.4)** (9.7) (25.0)Net      interest expense **82.7** 88.1 91.4Other      expense (income) **(0.1)** (1.5) 1.1Foreign      exchange gains **(1.2)** (0.8) (0.1) **$****81.4**$85.8$92.4       Year      ended 2000    $92.4Increased      debt levels, net of interest on Alberta D&R deferral accounts   5.4Increased      capitalized interest     (8.5)Lower      effective interest rates     (14.6)Decreased      allocations to discontinued operations     15.3Other     (4.2)Year      ended 2001    $85.8Increased      debt levels, net of interest on Alberta D&R deferral accounts   22.2Increased      capitalized interest     (30.8)Lower      effective interest rates     (3.2)Decreased      allocations to discontinued operations     7.3Other     0.1**Year      ended 2002**    **$****81.4**    
38 **TransAlta**2002Annual Report

InJune 2002, the corporation issued US$300.0 million of senior notes under aUS$1.0 billion shelf registration statement filed May 14, 2002. The proceeds ofthe issuance were used to repay short-term debt and U.S. denominated commercialpaper. The notes bear interest at 6.75 per cent and mature in July 2012.

Netinterest expense decreased by $5.4 million in 2002 as a result of an overalldecline in short-term interest rates and higher capitalized interest, partiallyoffset by a higher proportion of debt subject to long-term interest rates andreceipt of the $180.3 million interest-bearing receivable from Aquila NetworksCanada that arose from the sale of the Alberta D&R operation.

Netinterest expense decreased by $3.3 million in 2001 compared to 2000. Higher debtlevels resulting from the acquisition of the Centralia plant, the commencementof commercial operations at the Poplar Creek plant and increased capitalexpenditures were offset by the proceeds on the disposal of the Alberta D&Roperation, increased capitalized interest and lower interest rates.

**Outlook**

Netinterest expense is expected to increase due to the decreased capitalizedinterest on assets under construction as the Big Hanaford plant commencedcommercial operations in August 2002, and the Sarnia, Campeche and Chihuahuaplants will commence commercial operations in 2003. During 2002, the corporationcapitalized interest of $79.1 million as a result of the significantconstruction activity during the year. Upon completion of these plants, interestwill no longer be capitalized. Incremental interest expense in respect of theseplants in 2003 will be approximately $80 million. Net interest expense will alsoincrease due to the acquisition funding for CE Gen plus the interest related toapproximately US$500 million of assumed non-recourse debt. Capitalized interestfor 2003 will relate to the construction of the Genesee 3 project and theremaining construction on the Sarnia, Campeche and Chihuahua plants.

**Pr e f e r r e d  S e c u r i t i e s  D i s t r i b u t i o n s**
Yearended Dec.31                                                                       **20 0 2**               20 0 1            20 0 0
Preferredsecurities distributions, net of tax**   **                       **$** **20.9**                $13.1            $ 12.8

 

Theincrease in preferred securities distributions, net of tax, reflects theissuance of $175.0 millionof7.75 per cent preferred securities in November 2001.

**Outlook**

2003preferred securities distributions are expected to be similar to 2002 levels,assuming nochangein principal amounts outstanding.
**I      n c o m e  Ta x e s**             Year      ended Dec. 31 **2      0 0 2** 2      0 0 1 2      0 0 0       Income      taxes**$****18.1**$89.9$128.5Effective      tax rate (%) **15.6** 30.7 40.6
Incometaxes decreased by $71.8 million for the year ended Dec. 31, 2002 due to lowerpre-tax earnings, as well as the impact of the Wabamun impairment charge and theturbine cancellation charges, which were recognized at the marginal rate. Thedecrease also reflects the benefit of previously unrecognized tax losses thatwere recognized during the year as it became more likely than not that theywould be utilized. The effective income tax rate, expressed as a percentage ofearnings from continuing operations before income taxes and non-controllinginterests, decreased to 15.6 per cent in 2002 from 30.7 per cent in 2001. Theeffective tax rate in 2002 reflects the impact of the issues discussed above.

Thedecrease in the effective tax rate in 2001 compared to 2000 reflects thereduction in Canadian tax rates, lower non-deductible items, and an increase inthe manufacturing and processing tax credit.

ma n a g e m e n t 's  d i s c u s s i o n &  a n a l y s i s 39

**Outlook**

Incometaxes are expected to increase in 2003 due to higher pre-tax earnings fromoperations. Assuming a similar geographic distribution of earnings and nomaterial changes in tax rates, the corporation anticipates an effective tax ratefor 2003 of approximately 30 per cent.

**No n - C o n t r o l l i n g  I n t e r e s t s**
Yearended Dec. 31                           **2 0 0 2**           20 0 1            20 0 0
Non-controllinginterests                      **$** **20.1   **       ** **$20.6            $ 41.6

Thedecrease in earnings attributable to non-controlling interests in 2002 comparedto 2001 reflects the redemption of the preferred shares of TransAlta UtilitiesCorporation (TransAlta Utilities) for $121.6 million in September 2001,resulting in lower subsidiary preferred share dividends, partially offset byincreased earnings from the 49.99 per cent non-controlling interest in TransAltaCogeneration, L.P. (TA Cogen) due to the addition of the Fort Saskatchewan plantin 2001. 

Thedecrease in 2001 compared to 2000 is due primarily to the minority interestportion of the fair value liability of a natural gas swap between TA Cogen andthe corporation entered into in December 2000 which was charged to income in2000. The swap transaction provides TA Cogen with fixed price gas for both theMississauga and Ottawa plants until Dec. 31, 2005. The swap was entered into byTransAlta to stabilize cash distributions of the limited partnership for fiveyears at levels consistent with previous years. Increased earnings fromTransAlta Power, L.P.'s (TransAlta Power) 49.99 per cent limited partnershipinterest in TA Cogen were offset by the redemption of the 4.0 per cent to 7.7per cent Series and 8.4 per cent Series of preferred shares of TransAltaUtilities Corporation in September 2001 and March 2000, respectively.
**Outlook**
Nosignificant changes in non-controlling interests are expected in 2003 assumingcurrentinvestmentlevels.
**D      i s c o n t i n u e d  O p e r a****t      i o n s**         Date      Sold **2      0 0 2** 2      0 0 1 2      0 0 0         Transmission-      earnings from operationsApril      29, 2002**$****12.8**$44.4$44.3 -      gain on disposition  **120.0** - -Edmonton      Composter-      earnings from operationsJune      29, 2001 **-** 0.7 0.7 -      write-down of carrying value  **-** - (17.9)Alberta      D&R-      earnings from operationsAug.      31, 2000 **-** - 33.3 -      gain on disposition  **-** - 262.4New      Zealand-      earnings from operationsMarch      31, 2000 **-** - 10.8 -      gain on disposition  **-** - 22.3   **$****132.8**$45.1$355.9
**Transmission**

Asdiscussed in Significant One-Time Items, TransAlta sold its Transmissionoperation in April 2002 for proceeds of $820.7 million. The disposal resulted inan after-tax gain on sale of $120.0 million ($0.71 per common share).

**EdmontonComposter**

Asdiscussed in Significant One-Time Items, TransAlta sold its Edmonton Composterfacility for proceeds of $97.0 million, which approximated its book value.

**AlbertaDistribution and Retail**

Asdiscussed in Significant One-Time Items, TransAlta sold its Alberta D&Roperation in August 2000 for net proceeds of $857.3 million and an after-taxgain on sale of $262.4 million ($1.55 per common share).

**NewZealand**

Asdiscussed in Significant One-Time Items, the New Zealand business operationswere sold in March 2000 for proceeds of NZ$832.5 million (approximately Cdn$605million) and an after-tax gain on sale of $22.3 million ($0.13 per commonshare).

40 **TransAlta**2002Annual Report
**C      o n s o l i d a t e d  B a l a n c e  S h e e t s**             The      following chart outlines significant changes in the consolidated balance      sheets betweenDec.      31, 2002 and Dec. 31, 2001:        Increase/       (Decrease) Explanation          Cash      and cash equivalents $81.3 Refer      to Consolidated Statements of Cash Flows.         Accounts      receivable and other(156.9) Decrease      primarily due to collection of receivables related to Pierce Power       hedges      ($82.0 million), reclassification of California receivables to long-term       (US$24.2      million) and the collection of the receivable related to the sale of the       Transmission      operation ($31.7 million).         Materials      and supplies, at average cost27.2 Higher      coal inventory balances as a result of second and third quarter       economic      dispatch decisions, increased coal production and advanced       maintenance      at the Alberta thermal plants.         Long-term      receivables  (181.5) Receipt      of amount due from Aquila Networks Canada relating to the sale       ofthe      discontinued Alberta D&R operation ($180.3 million) and reclass of       sulphur      tax abatement ($60.9 million) to current receivables, offset by       reclassification      of California receivables to long-term (US$24.2 million).         Property,      plant and equipment,(59.7) Capital      expenditures and construction activity during the period andnet      of accumulated depreciation  acquisition      of Vision Quest, more than offset by depreciation, the sale of the       Transmission      business, the impairment charge relating to the decommission-       ing      of the Wabamun plant and equipment cancellation charges.         Goodwill    27.2 Acquisition      of Vision Quest in December 2002.         Future      income tax assets  56.6 2001      U.S. operating losses that are expected to be recovered in future years.         Other      assets    29.5 Long-term      prepayments related to the Sarnia plant, financing costs related       to      US$300.0 million debt issuance and financing costs related to the Mexican       projects.         Short-term      debt   (247.2) Repayment      with a portion of the proceeds from US$300.0 million debt       issuance      and proceeds from disposal of the Transmission operation, offset       by      capital expenditures.         Accounts      payable and accrued liabilities(155.3) Decrease      due to lower capital expenditures.         Price      risk management liabilities41.3 Decrease      in margins on energy trading activities.(current      and long-term)               Long-term      debt (including current portion)195.5 US$300.0      million debt issuance, offset by maturity of debentures of       $100.0      million and net decrease in long-term commercial paper repaid with       proceeds      on disposal of the Transmission operation.         Non-controlling      interests  (18.0) Acquisition      of remaining interest in Southern Cross Energy ($7.2 million) and       decreased      non-controlling interest in TA Cogen as a result of distributions in       excess      of net income.         Shareholders'      equity  49.9 Net      earnings and issuance of common shares for Vision Quest acquisition,       partially      offset by dividends and net redemption of common shares. **Li q u i d i t y  a n d  C a p i t a l**  **Re s o u r c e s**
TransAltaraises substantially all external capital to be invested in the various businessunits and affiliated or subsidiary companies as required. This strategy allowsTransAlta to gain access to sufficient capital at the lowest overall cost tofinance its growth strategy and to provide financial flexibility. Historically,external financing has been obtained from borrowings under credit facilities,proceeds from the disposal of non-core assets and the issuance of debt,preferred securities and equity. Internally, capital is also raised throughoperations. A summary of cash flows is as follows:
Year      ended Dec. 31 **2      0 0 2** 2      0 0 1 2      0 0 0       Cash,      beginning of year**$****62.0**$53.8$75.3Cash      flow from (used in):         Operating      activities **437.7** 715.6 198.7   Investing      activities **(36.2)** (1,076.9) (205.0)   Financing      activities **(320.9)** 368.7 (2.7)Translation      of foreign currency cash **0.7** 0.8 (12.5)Cash,      end of year**$****143.3**$62.0$53.8
ma n a g e m e n t 's  d i s c u s s i o n  & a n a l y s i s 41

TransAltaincreased its cash balance by $81.3 million in 2002 compared to an increase of$8.2 million in 2001 and a decrease of $21.5 million in 2000. Significantchanges were as follows:

**OperatingActivities**

Operatingactivities after changes in non-cash working capital provided cash of $437.7millionin2002 compared to $715.6 million in 2001 and $198.7 million in 2000.

Thedecrease in 2002 was a result of the impact of the Wabamun arbitration and priorperiod regulatory decisions, increased working capital requirements due to thetiming of the ancillary revenue settlement ($49.9 million), timing of accountsreceivable relating to the Alberta Power Pool for Generation due to deregulationon Jan. 1, 2001 ($170.0 million), and the final installment of 2001 income taxespaid in the first quarter of 2002 ($109.0 million). In 2000, significantlyincreased working capital requirements resulted from deferred accountsreceivable related to the sale of the discontinued Alberta D&R operation andincreased trade receivables related to Centralia production and Energy Marketingactivities.

**InvestingActivities**

Investingactivities used cash of $36.2 million in 2002 compared to $1,076.9 million in2001 and $205.0 million in 2000.

In2002, additions to capital assets totalled $945.8 million and consistedprimarily of the completion of the Big Hanaford plant and continued constructionof the Sarnia, Campeche and Chihuahua plants. Acquisitions of $40.1 millionconsisted of the purchase of the remaining interests in Vision Quest andSouthern Cross Energy.

In2001, capital expenditures of $1,246.5 million related primarily to theinstallation of the scrubber at the Centralia plant and the continuedconstruction activities at the Big Hanaford, Sarnia, Campeche and Chihuahuaplants.

In2000, capital expenditures of $795.0 million consisted primarily of continuedconstruction of the Poplar Creek plant, the construction of the scrubber at theCentralia plant and capital maintenance at the Alberta plants. Cash used foracquisitions totalled $880.1 million, consisting primarily of the acquisition ofthe Centralia plant for $868.7 million and the acquisition of MEGA for $18.6million, net of cash acquired of $7.2 million.

Cashprovided by disposals and the sale of capital assets in 2002 totalled $820.3million comprised primarily of proceeds from the sale of the discontinuedTransmission operation in April 2002. Proceeds were used to repay short- andlong-term debt.

Cashprovided by disposals and the sale of capital assets in 2001 was $236.6 millioncomprised primarily of proceeds of $97.0 million from the sale of the EdmontonComposter, $60.3 million from the sale of the Mildred Lake plant, $44.1 millionfrom the sale of the Fort Nelson plant and $35.0 million from the sale of halfof the corporation's interest in the Fort Saskatchewan plant. 

Cashprovided by disposals in 2000 was $1,367.0 million of which $723.6 millionrelated to the disposal of the Alberta D&R operation and NZ$832.5 million(approximately Cdn$605 million) related to the disposal of the New Zealandoperations in 2000.

InAugust 2002, long-term receivables in the amount of $180.3 million due fromAquila NetworksCanadathat arose from the sale of the Alberta D&R operation were collected infull.

In2001, cash used for long-term receivables related primarily to an amount paidunder an emissions reduction program that will be returned if emissions from theCentralia plant are reduced to a certain level by 2004.

In2000, restricted investments of $86.8 million matured.

42 **TransAlta**2002Annual Report

**FinancingActivities**

Financingactivities used cash of $320.9 million compared to providing cash of $368.7millionin2001 and $2.7 million used in 2000.

In2002, the issuance of US$300.0 million in senior notes was more than offset bythe net repayment of short-term debt ($247.1 million), repayment of long-termdebt ($454.5 million), cash dividends ($115.5 million), and the net redemptionof common shares ($48.1 million).

In2001, cash used for the $122.1 million redemption of preferred shares of asubsidiary, cash dividends of $149.6 million, net redemption of common shares of$30.3 million, distributions to non-controlling interests of $26.3 million andnet distributions on preferred securities of $23.4 million were offset by anincrease in short-term debt of $61.9 million, a net increase of $497.2 millionin long-term debt and the net proceeds from the issuance of preferred securitiesof $169.4 million. The net addition to long-term debt and the proceeds from thepreferred securities issuance were used to finance the significant capitalexpenditures during the year.

In2000, cash used for the $158.4 million of dividends paid on common shares,$146.8 million redemption of preferred shares of a subsidiary, dividends anddistributions to non-controlling interests of $42.8 million, and net redemptionof common shares of $19.3 million was offset by an increase of $255.7 million inshort-term debt, and net issuances of $126.2 million in long-term debt. In 2002,TransAlta repaid the following senior secured debt of TransAlta UtilitiesCorporation:

   

Maturity   

Rate   

Amount

Debentures   

2002   

8.70%   

$100.0

In2002, under the terms of the Normal Course Issuer Bid, the corporation purchasedfor cancellation 2.0 million (2001 - 2.0 million; 2000 - 1.6 million) commonshares at an average price of $20.40 (2001 - $23.93; 2000 - $15.25).

TransAlta'sdividends per common share were $1.00 in 2002, 2001 and 2000.

**FinancingArrangements**

TransAltaCorporation raises capital in the Canadian and U.S. markets. TransAlta has thefollowingfinancingarrangements in place:
- US$1.0    billion shelf registration program, with US$300.0 million senior notes    issued in June 2002   bearing    6.75 per cent interest. This facility expires in May 2004, and is expected    to be renewed;   $1.5    billion medium-term note program, no amount has been issued since its    renewal onSept.    26, 2001. This facility expires in September 2003, and is expected to be    renewed;$1.0    billion commercial paper program, with $374.8 million issued at Dec. 31,    2002. This
program    does not expire;
- $1.2    billion committed syndicated bank credit facility, with $157.3 million    utilized at Dec. 31,   2002.    This facility expires in June 2003, and is expected to be renewed;   $487.4    million of additional bank credit facilities, with $234.0 million utilized    at Dec. 31, 2002.$437.4    million of these facilities are non-committed; and,$300.0    million committed 364-day revolving facility was entered into in February    2003.

TransAltaCorporation issued $175.0 million of 7.75 per cent preferred securities on Nov.29, 2001. It is the corporation's expectation that future financingrequirements, including financing requirements in foreign jurisdictions, will bemet primarily through raising capital at the TransAlta Corporation level. Inaddition to the above facilities, non-recourse project financing of US$133.6million has been arranged for the Campeche project.

ma n a g e m e n t 's  d i s c u s s i o n  & a n a l y s i s 43

**CashRequirements**

In2003, cash will be provided from operations as well as a combination of newdebt, preferred securities, equity and/or the sale of non-core assets. Futurecash requirements include additions to capital assets, acquisitions, as well asdividend payments and refinancing of short-term and maturing senior debt.

In2003, capital expenditures are necessary to maintain and improve the output fromexisting facilities ($325 million), fund the Genesee 3 project ($275 million),complete the construction of the Campeche and Chihuahua plants ($170 million)and fund other growth projects ($60 million). The acquisition of CE Gen willinitially be financed with short-term debt and subsequently refinanced with acombination of cash flow from operations, long-term debt, preferred securitiesand equity. In addition, $355.4 million of existing debt is required to berefinanced during 2003.

Short-termliquidity is provided through cash flow from operations and utilization ofvarious credit facilities. At Dec. 31, 2002, there were approximately $1 billionof funds available under credit facilities. Cash provided by operations in 2002was $437.7 million.

InJanuary 2001, the corporation issued $250.0 million of medium-term notes at aninterest rateof6.05 per cent repayable in five years. In May 2001, the corporation issued$225.0 million ofmedium-termnotes at an interest rate of 6.90 per cent repayable in 10 years. The proceedswereusedto repay short-term debt.
Long-termfunding is provided through the maintenance of high-quality credit ratings and acarefullymanaged capital structure, which together create a strong balance sheet andready accesstocapital markets at competitive rates. The corporation's objective is to managethe maturities of the various securities on issue such that no more than 15 percent of the total outstandingsecuritiesmature in any one year.
Thecorporation's targets are to maintain its credit ratings at strong investmentgrade levels andmaintaina capital structure of 50 per cent debt to total capitalization. Thecorporation's capitalstructureconsisted of the following components at Dec. 31, 2002, 2001 and 2000:
      **2      0 0 2**  2      0 0 1  2      0 0 0            Debt,      net of cash and         interest-earning      investments**$****2,853.3****51%**$2,986.352%$2,421.948%Preferred      securities **451.7****8%** 452.68% 292.06%Other      non-controlling interests **263.0****5%** 281.05% 253.45%Preferred      shares of a subsidiary **-****-** -- 121.62%Common      shareholders' equity **2,039.6****36%** 1,989.735% 1,957.439%   **$****5,607.6****100%**$5,709.6100%$5,046.3100%  
Withthe purchase of 50 per cent interests in CE Gen and Genesee 3, the debt toinvested capital ratio has increased since Dec. 31, 2002. It is TransAlta'sintention to return to a 50 per cent debt to invested capital ratio throughutilizing cash from operations, the sale of selected assets and the issuance ofcommon shares.

Additionalkey financial ratios were as follows:
 **2      0 0 2**2      0 0 12      0 0 0    Cash      flow to interest1**3.8x**4.8x4.4xCash      flow to total debt 2**18%**25%26%*1*        *Cash      flow from operations before changes in working capital and gross interest      expense divided by gross interest expense.**2*        *Cash      flow from operations before changes in working capital divided by two-year      average of total debt.*
44 **TransAlta**2002Annual Report

 

Contractualrepayments of long-term debt, commitments under operating leases, turbinepurchase commitments and commitments under mining agreements are as follows:
                 2      0 0 8 and      2      0 0 3  2      0 0 4  2      0 0 5  2      0 0 6  2      0 0 7  thereafter  Total                              Long-term      debt 1$355.4 $146.9 $247.4 $364.4 $15.7 $1,576.8 $2.706.6 Operating      leases 6.7  5.7  5.5  4.4  3.2  26.7  52.2 Turbine      purchase                     commitments 6.2  46.0  1.2  -  -  -  53.4 Mining      agreements 20.0  20.0  20.0  20.0  20.0  357.5  457.5        Total      contractual                     cash      obligations$388.3 $218.6 $274.1 $388.8 $38.9 $1961.0 $3.269.7                              *1**Includes      capital lease obligations.*                    
Inaddition, the corporation has entered into a number of long-term power sales,gas purchase and transportation agreements in the normal course of operations ashedges of its operations. 

Inthe normal course of operations, TransAlta and certain of its subsidiaries enterinto agreements to provide financial or performance assurances to third parties.This includes guarantees, letters of credit and surety bonds which are enteredinto to support or enhance creditworthiness in order to facilitate the extensionof sufficient credit for Energy Marketing trading activities, treasury hedging,Generation construction projects, equipment purchases and mine reclamationobligations. 

AtDec. 31, 2002, the corporation had $161.7 million, US$144.4 million and 35.2million pesos in letters of credit outstanding. The letters of credit wereissued to counterparties that have credit exposure to certain subsidiaries. If asubsidiary does not pay amounts due under the covered contract, the counterpartymay present its claim for payment to the financial institution, which in turnwill request payment from the corporation. Any amounts owed by the corporation'ssubsidiaries are reflected in the consolidated balance sheet. All letters ofcredit expire in 2003.

AtDec. 31, 2002, the corporation issued a surety bond in the amount of US$156.7million in support of future site reclamation liabilities at the Centralia mine.A provision for reclamation liabilities is included in the deferred credits andother long-term liabilities *(Note12)*.The surety bond expires in 2005.

TransAltaalso guaranteed payments for its subsidiaries involved in hedging and tradingactivities. These guarantees are provided to counterparties in order tofacilitate physical and financial transactions in various derivatives. To theextent liabilities exist for trading activities, they are included in theconsolidated balance sheet. To the extent liabilities exist for hedgingactivities, they are disclosed in *Note20.*Thelimit under these guarantees at Dec. 31, 2002 for trading and hedging activitieswas $1.9 billion. In addition, the corporation has a number of unlimitedguarantees. The exposure at Dec. 31, 2002 under these guarantees wasapproximately $475 million. Certain contracts contain provisions that mayrequire collateral to be provided if certain triggers in the contract are metsuch as fluctuations in commodity prices or creditworthiness. In the absence ofany credit limits granted by TransAlta's counterparties, TransAlta's maximumcollateral requirements would have been $492.0 million at Dec. 31, 2002 if thecorporation's credit ratings were below investment grade. Collateral availablewas approximately $1 billion. See discussion under liquidity risk in RiskFactors and Risk Management.

TransAltaprovided guarantees to counterparties for obligations of various subsidiariesfor performance and payment of obligations. In the event of the subsidiaries'inability to meet the obligations, TransAlta would be obligated to make suchpayments. To the extent obligations existed under these guarantees at Dec. 31,2002, they are included in accounts payable and accrued liabilities. The limitunder these guarantees at Dec. 31, 2002 was $693.8 million.

ma n a g e m e n t 's  d i s c u s s i o n  &  a n a l y s i s45

TransAltaguaranteed the debt of $269.4 million at Dec. 31, 2002 for the Windsor andCampeche plants. The debt is recorded on TransAlta's consolidated balancesheets. The subsidiaries are required to comply with certain financial covenantsas specified in the debt agreements. In the event of default, TransAlta would beobligated to pay the principal and any related interest. Currently, thesubsidiaries are in compliance with all covenants, and management does notestimate any difficulties in continuing to maintain compliance. The US$133.6million of debt related to the Campeche plant will become non-recourse to thecorporation upon commencement of commercial operations, which is expected tooccur in the first quarter of 2003, and the achievement of certain performancetests, which is expected to occur in the second half of 2003. At Dec. 31, 2002,the credit ratings for the corporation's various securities and TransAltaPower's units as determined by Standard & Poor's (S&P), the DominionBond Rating Service (DBRS) and Moody's rating services were as follows:
   S&PDBRSMoody's      **T      r a n s A l t a C o r p o r a t i o n**   Issuer      rating  BBB+ Baa      1Commercial      paper   R1      (low) Senior      unsecured debenturesBBB+BBB      (high)(P)      Baa 1Preferred      securities/stockBBB-Pfd-3      (high) y(P)      Baa 3**T      r a n s A l t a  U t i l i t i e s  C o r p o r a t i o n**   Issuer      rating  BBB+  Secured      debt  A-A      (low) **T      r a n s A l t a P o w e r, L. P.***SR-1    
*** *Non-controllingpartner in TransAlta's subsidiary, TransAlta Cogen.*

InMay 2002, Moody's downgraded TransAlta Corporation's issuer rating from A3 andassigned prospective ratings of (P) Baa 1 and (P) Baa 3 to the corporation'ssenior unsecured debt and first preferred shares, respectively, under thecorporation's US$1.0 billion shelf registration. In December 2002, DBRSdowngraded TransAlta Corporation's credit ratings on senior unsecured debenturesand preferred securities from A (low) and Pfd (low) y, respectively; andTransAlta Utilities' credit ratings on secured debentures from A. The downgradesreflect weak economic performance in the markets in which TransAlta operates.The downgrades do not trigger early repayment under the terms of any of the debtagreements.

InJanuary 2003, Moody's placed TransAlta Corporation's rating under review forpossible downgrade; S&P placed both ratings of TransAlta Corporation andTransAlta Utilities on credit watch; and DBRS changed their rating trend forboth TransAlta Corporation and TransAlta Utilities from stable to negative.S&P affirmed the SR-1 stability rating for TransAlta Power on Jan. 15, 2003.

**Of f - B a l a n c e  S h e e t  A r r a n g e m e n t s**

TheUnited States Securities and Exchange Commission (SEC) requires disclosure ofall off-balance sheet arrangements such as transactions, agreements orcontractual arrangements with unconsolidated entities, structured financeentities, special purpose entities or variable interest entities that arereasonably likely to materially affect liquidity or the availability of, orrequirements for, capital resources. The corporation has no such off-balancesheet arrangements.

UnderCanadian GAAP, most derivatives used in hedging relationships are not recordedon the balance sheet *(Note1(O))*.Gains or losses during the term of the hedge are deferred and recognized inearnings in the same period and financial statement caption as the hedgedexposure (settlement accounting). The fair values of these derivatives aredisclosed in *Note20*tothe consolidated financial statements. The corporation also enters intolong-term electricity purchase and sale, gas purchase and transportationagreements in the normal course of operations.

46 **TransAlta**2002Annual Report

Thesecontracts are not recorded on the balance sheet under Canadian GAAP. Under U.S.GAAP, certain of these contracts meet the definition of a derivative, and wouldrequire mark-to-market accounting, but are eligible for the normal purchase andsale exemption under FASB Statement 133. This exemption is available aselectricity cannot be stored in significant quantities and due to therequirement for electricity generators to maintain sufficient capacity to meetcustomers' demands, and is also available for physically settled commoditycontracts if certain criteria are met. Information regarding guarantees has beendisclosed in the Liquidity and Capital Resources section.

**Re l a t e d P a r t y Tr a n s a c t i o n s**

Forthe period November 2002 to November 2007, TA Cogen entered into atransportation swap transaction with a wholly owned subsidiary of TransAltaCorporation. The business purpose of the transportation swap was to provide TACogen with the delivery of fixed-price gas without being exposed to escalatingcosts of pipeline transportation for two of its plants over the period of theswap. This stabilizes cash distributions in TA Cogen and thereby preserves thevalue of the limited partnership as a financing vehicle of TransAltaCorporation. The notional gas volume in the transaction was the total deliveredfuel for both facilities. Exchange amounts are based on the market value of thecontract. TransAlta entered into an offsetting contract with an external thirdparty.

In2001, the corporation sold its 60 per cent interest in its Fort Saskatchewanplant to TA Cogen. Total cash consideration to the corporation was $35.0 millionin respect of the 30 per cent interest effectively sold to the minority interestin TA Cogen. The corporation recorded a pre-tax gain of $6.2 million. Thebusiness purpose of the arrangement was to realize a portion of the inherentvalue of the plant and provide cash for future growth initiatives whileretaining control and operation of the asset through a management agreement withTA Cogen. The exchange amount was determined based on an estimate of the futurenet cash flows of the plant and approved by the independent directors of TACogen. There are no ongoing contractual commitments or arrangements resultingfrom this sale apart from the provision of operational and management servicesunder normal commercial terms.

In2000, TA Cogen entered into a fixed-for-floating gas swap transaction withTransAlta Energy for a 61-month period starting Dec. 1, 2000. The businesspurpose of the swap was to provide TA Cogen with fixed-price gas for two of itsplants over the period of the swap to stabilize cash distributions. The floatingprices associated with the plants' long-term fuel supply agreements weretransferred to TransAlta Energy's account. The notional gas volume in thetransaction was the total delivered fuel for both facilities. As considerationand in negotiation, TA Cogen transferred the right to incremental revenuesassociated with curtailed electrical production and subsequent higher revenuegas sales to TransAlta Energy. Exchange amounts were based on the fair value ofthe contract and approved by the independent directors of TA Cogen.

In1998, the corporation sold a 49.99 per cent interest in three Ontariocogeneration plants held by TA Cogen to TransAlta Power. The corporation isobligated to purchase all of TransAlta Power's interest in TA Cogen on Dec. 31,2018 at the fair market value on that date. Accordingly, the gain of $160.3million is being deferred and amortized on a straight-line basis over the periodto Dec. 31, 2018. The business purpose of the arrangement was to realize theinherent value of the plants in order to provide cash for future growthinitiatives while retaining control and operation of the assets. The exchangeamount was determined based on the fair value of the plants at the time of thetransaction and was approved by the independent directors of TA Cogen.

ma n a g e m e n t 's d i s c u s s i o n & a n a l y s i s 47

**Ri s k  F a c t o r s  a n d  R i s k  M a n a g e m e n t**

TransAltauses a multi-level risk management oversight structure to manage thecorporation's various risk and energy trading exposures.

TheAudit and Environment (A&E) Committee of the Board of Directors overseescorporate-wide risk management through review of TransAlta's overall businessrisks. The Chief Financial Officer (CFO) reports to the A&E Committee and isresponsible for ensuring compliance with TransAlta's financial and commodityrisk exposure management policies. These policies include limits on exposures(commodity prices, currency, credit and interest rates), reporting practices andother procedures necessary for the corporation to manage and control itsfinancial and commodity exposures.

TheExposure Management (EM) Committee is chaired by the CFO and is comprised of theDirectors of Financial Operations for each business unit, the Vice-President andTreasurer, Vice-President and Comptroller, Director of Internal Audit,Vice-President of TransAlta Energy Marketing and the Manager of TreasuryOperations. The EM Committee is responsible for the review, monitoring andreporting on compliance of these financial and commodity risk exposuremanagement policies.

Thefollowing addresses some, but not all, risk factors that could affectTransAlta's future results. A discussion of critical estimates made in theapplication of accounting policies is provided in the Critical AccountingPolicies and Estimates section that follows.

**CommodityPrice Risk**

Thecorporation has exposure to movements in certain commodity prices includingelectricity and natural gas in both its electricity generation and proprietarytrading businesses. A significant portion of the coal used in electricitygeneration is from coal reserves owned by TransAlta, thereby limiting thecorporation's exposure to fluctuations in the market price of coal.

Electricitygeneration is exposed to price fluctuations of electricity sold to the marketand natural gas used in generating electricity. In addition to the PPAs, thecorporation has entered into a variety of short- and long-term contracts tolimit its exposure to short-term price movements and maximize overall revenues.In 2002, 90 per cent (2001 - 92 per cent) of total output was at contractuallyfixed prices, 62 per cent (2001 - 68 per cent) of TransAlta's cost of gas usedin generating electricity was contractually fixed or passed through to customersand 100 per cent (2001 - 100 per cent) of the corporation's purchased coal costswere contractually fixed. In the event of an unplanned plant outage or othersimilar event, however, the corporation is exposed to electricity prices onpurchases of electricity from the market to fulfill its supply obligations underthese short-and long-term contracts. The corporation actively mitigates thisexposure through continued and proper maintenance of its electricity generatingplants, force majeure clauses negotiated in the contracts, trading activitiesand insurance.

Thecorporation's proprietary trading of gas and electricity is limited, strictlycontrolled and managed through the use of VAR methodologies.

VARis the primary measure used to manage Energy Marketing's exposure to market riskresulting from trading activities. VAR is monitored on a daily basis, and isused to determine the potential change in the value of the corporation'smarketing portfolio over a three-day period within a 95 per cent confidencelevel resulting from normal market fluctuations. Stress tests are performedweekly on earnings and VAR to measure the potential effects of various marketevents that could impact earnings, including substantial fluctuations incommodity prices, volatility of those prices, and relationships between markets.

48 **TransAlta**2002Annual Report

Thecorporation estimates VAR using the historical variance/covariance approach.Currently, there is no uniform energy industry methodology for estimating VAR.An inherent limitation of historical variance/covariance VAR is that historicalinformation used in the estimate may not be indicative of future market risk.

Anemerging view of VAR is to look at the number on a 99 per cent confidenceinterval over a 10-day holding period. For comparison purposes, the followingtable provides this average daily VAR of the corporation's marketing portfoliofor 2002 and 2001:

    

**2      0 0 2   **

2      0 0 1

10-day      average VAR - 99% confidence level   

**$** **6.6**  
$      3.2
**CurrencyRate Exposure**

Thecorporation has exposure to various currencies as a result of its investmentsand operations in foreign jurisdictions and the acquisition of equipment andservices from foreign suppliers. The corporation has exposures primarily to theU.S. and Australian currencies. These exposures are managed through the use of avariety of hedging instruments including cross-currency interest rate swaps andforeign currency forward sales contracts. At Dec. 31, 2002, the corporation hadhedged approximately 94 per cent (2001 - 98 per cent) of its currency rateexposures on a pre-tax basis.

Translationgains and losses related to the carrying value of the corporation's foreignoperations are deferred and included in the cumulative translation account inshareholders' equity. At Dec. 31, 2002, the balance in this account was a lossof $18.8 million compared to a $19.5 million loss at the end of 2001.

**CreditRisk**

Thecorporation actively manages its exposure to credit risk by assessing theability of counter-parties to fulfill their obligations under the relatedcontracts prior to entering into such contracts. The corporation sets strictcredit limits for each counterparty and the mix of counterparties based on theircredit ratings and halts trading activities with a counterparty if the limitsare exceeded. 

TransAltais exposed to minimal credit risk for Alberta Generation PPAs because under theterms of these arrangements all receivables are guaranteed by the Albertagovernment.

Asummary of the corporation's credit risk exposure for its trading operations atDec. 31, 2002,includingasset-backed trading is provided below:
       **Number      of****Net      Exposure of** **Exposure**    **Counterparties****Counterparties** **Before      Credit** **Credit** **Net****greater****greater**Rating**Collateral** **Collateral** **Exposure****than      10%****than      10%**          Investment      grade**$****111.4****$****-****$****111.4****-****$****-**Non-investment      grade **14.9** **7.4** **7.5****-** **-**No      external rating, internally rated - investment grade **20.6** **0.6** **20.0****-** **-** **$****146.9****$****8.0****$****138.9****-****$****-** 
Inthe fourth quarter of 2000, TransAlta recorded a provision of US$28.8 millionagainst US$58.0 million owing from the California Power Exchange Corp. and theCalifornia Independent System Operator. During 2001, approximately US$5.0million was collected. No change has been made to the provision due to thecontinuing uncertainty in California. Ultimate collection of the net receivableis expected.

Themaximum credit exposure to any one customer, excluding the CaliforniaIndependent System Operator and California Power Exchange Corp. discussed above,and including the fair value of open trading positions, is $26.1 million.

ma n a g e m e n t 's  d i s c u s s i o n  & a n a l y s i s 49

**LiquidityRisk**

TransAltais exposed to funding liquidity risk under certain electricity and natural gaspurchase and sale contracts entered into for the purposes of hedging orproprietary trading. Funding liquidity risk relates to TransAlta's ability tomeet margin and collateral requirements of these contracts. The terms andconditions of these contracts require TransAlta to provide collateral when thefair value of these contracts is both negative (out-of-the-money) and in excessof any credit limits granted by TransAlta's counterparties. The fair value ofthese contracts change due to changes in commodity prices and foreign exchangerates. These contracts are out-of-the-money in these circumstances: (i) forpurchase agreements, when forward commodity prices are less than contractedprices; and (ii) for sales agreements, when forward commodity prices exceedcontracted prices. Downgrades in TransAlta's creditworthiness may decrease thecredit limits granted by TransAlta's counterparties.

Inthe absence of any credit limits granted by TransAlta's counterparties,TransAlta's maximum collateral requirements would have been $492.0 million atDec. 31, 2002 if the corporation's credit ratings were below investment grade.Collateral available was approximately $1 billion.

**InterestRate Exposure**

Thecorporation has exposure to movements in interest rates and manages thisexposure by maintaining a limit on the amount of debt subject to floatinginterest rates. At Dec. 31, 2002, approximately 25 per cent of the corporation'stotal debt portfolio was subject to movements in floating interest rates througha combination of floating rate debt and interest rate swaps.

**OperationalRisk**

Thecorporation's plants have exposure to operational risks such as fatigue cracksin boilers, corrosion in boiler tubing, turbine failures and other issues thatcan lead to outages. A comprehensive plant maintenance program and regularturnarounds reduce this exposure. Force majeure clauses in the PPAs andinsurance further mitigate this exposure.

Approximately54 per cent of the corporation's labour force is covered under collectivebargaining agreements. The agreements of approximately 56 per cent of thisunionized labour force are being negotiated during 2003. Management does notanticipate any significant issues in the renegotiations of these agreements.

Theconstruction and development of generating facilities and acquisition activitiesare subject to various environmental, engineering, and construction risksrelating to cost-overruns, delays and performance. The corporation attempts tominimize these risks by performing detailed analysis of project economics priorto construction or acquisition and by securing favourable power salesagreements.

Thecorporation's fuel supply and fuel costs for gas-fired plants are managed withshort-, medium-and long-term gas supply contracts, gas hedging transactions, andcontractual agreements that provide for the flow-through of gas costs. Thecorporation believes adequate supplies of natural gas at reasonable prices willbe available for plants when existing supply contracts expire.

**Environmental,Health and Safety Risk**

TransAlta'sapproach is to continually improve the management of operational risks in theareas of environment, health and safety while developing mechanisms to managefuture risks. These programs are integrated into the operations and managementsystems of the company and are designed to mitigate the potential competitiverisks to its fossil-fuelled generation plants from future changes in publicpolicy. TransAlta's programs may include changes to environmental controls,regulatory regimes, taxes or charges to meet due diligence requirements and toenhance environmental performance through implementing systems and standardssuch as ISO 14001.

50 **TransAlta**2002Annual Report

TransAlta'senvironmental strategy addresses the following key areas: reducing netemissions; participating in provincial, federal and international policydevelopment; contributing to research and development; investing in renewableenergy; and testing market-based approaches that deliver real environmentalbenefits, such as the trading of emission reduction credits.

TransAltastrives to maintain compliance with all environmental, health and safetyregulations relating to its operations and facilities. If regulations were tochange however, the operational and financial impact on all plants would need tobe assessed. Outcomes may include, but are not limited to: increased compliance,maintenance or capital costs; plant impairment charges; or the decommissioningof certain facilities.

OnDec. 16, 2002, the Canadian government ratified the Kyoto Protocol. TransAlta isnot able to estimate the full impact the ratification will have on its business,as the government has not yet established an implementation plan. However, thePPAs for TransAlta's coal-fired plants in Alberta contain 'Change of Law'provisions that provide an opportunity to recover compliance costs from the PPAcustomers. As a member of the Canadian Clean Power Coalition, TransAlta, alongwith its peers, is exploring other means to reduce greenhouse gas emissions. In2002, as part of this strategy, TransAlta purchased the remaining interest inVision Quest, a company that uses wind-based technology to generate electricity.TransAlta also made substantial investments in technology upgrades at theCentralia plant to significantly improve environmental performance by reducingemissions.

AllTransAlta facilities undergo compliance and management system integrity auditson a cycle determined by facility performance, which on average, is once everythree years. The Dow Jones Sustainability Indexes have again recognizedTransAlta as one of the world's best utility companies in terms ofenvironmental, health and safety performance, and TransAlta has also beenrecognized on the FTSE4 (Financial Times Stock Exchange) Good Global Index, aLondon-based sustainability index.

**Regulatoryand Political Risk**

Regulatoryand political risks exist in the jurisdictions in which TransAlta operates.TransAlta manages these risks by working with regulators and other stakeholdersto attempt to resolve issues as fairly and expeditiously as possible.Legislation was passed in Ontario in late 2002 capping retail market prices at$43 per MWh. Wholesale market prices have not been directly impacted by thisdecision; however, liquidity has decreased in the Ontario market as a result.

Internationalinvestments are subject to unique risks and uncertainties relating to thepolitical, social and economic structures of the respective country. This riskis mitigated through the use of non-recourse financing and political riskinsurance.

**Weather-RelatedBusiness Risks**

Inearly 1998, severe ice storms cut off electricity for weeks to millions ofresidents in Quebec and Ontario. The nature of the ice storm was particularlysevere and widespread. This type of storm, although extremely unusual, is anongoing risk for electric companies. This risk is mitigated through forcemajeure clauses in the Alberta PPAs and power sales contracts and access tomultiple transmission lines.

**CorporateStructure**

Thecorporation conducts a significant amount of business through subsidiaries andpartnerships. The corporation's ability to meet and service debt obligations isdependent upon the results of operations of its subsidiaries and the payment offunds by such subsidiaries to the corporation in the form of distributions,loans, dividends or otherwise. In addition, TransAlta's subsidiaries may besubject to statutory or contractual restrictions which limit their ability todistribute cash to the ultimate shareholder, TransAlta Corporation.

ma n a g e m e n t 's  d i s c u s s i o n  & a n a l y s i s 51

**GeneralEconomic Conditions**

Changesin general economic conditions impact product demand, revenue, operating costs,timing and extent of capital expenditures, the net recoverable value ofproperty, plant and equipment, results of financing efforts, credit risk andcounterparty risk.

**IncomeTaxes**

Thecorporation's operations are complex, and the computation of the provision forincome taxes involves tax interpretations, regulations and legislation that arecontinually changing. The corporation's tax filings are subject to audit bytaxation authorities. Management believes that it has adequately provided forincome taxes based on all information currently available.

**LegalContingencies**

Thecorporation, through generation and marketing activities, is occasionally namedas a defendant in various claims and legal action. The nature of these claims isusually related to personal injury, environmental issues and pricing. Exposureto these claims is mitigated through levels of insurance coverage consideredappropriate by management. Except as disclosed in *Note24*tothe consolidated financial statements, the corporation does not expect theoutcome of the claims or potential claims to have a materially adverse effect onthe corporation as a whole.

**OtherContingencies**

Thecorporation maintains a level of insurance coverage deemed appropriate bymanagement and for matters for which insurance coverage can be maintained. Therewere no significant changes to TransAlta's insurance coverage during 2002 exceptfor the discontinuance of coverage for terrorist acts, which is no longeravailable from insurance providers.

**SensitivityAnalysis**

Thefollowing table shows the effect on net earnings and cash flows of changes incertain key variables. The analysis is based on business conditions andproduction volumes in 2002. Each separate item in the sensitivity assumes theothers are held constant. While these sensitivities are applicable to the periodand magnitude of changes on which they are based, they may not be applicable inother periods, under other economic circumstances, or for greater magnitude ofchanges.
    Approximate      impact             EarningsFactor Change Cash      flow (after-tax)       Electricity      price$1.00/MWh$2.9$2.9Natural      gas price$0.1/mmBtu (0.7) (0.7)Availability 1% 8.9 8.9Production 1% 7.7 7.7Exchange      rate (US$ per Cdn$) US$0.01 - -Interest      rate 1% 2.5 2.5   
Theimpact of a $1.00 per MWh change in electricity prices has minimal impact oncash flow and after-tax earnings as approximately 90 per cent of output is fixedunder long-term contracts. A change in natural gas prices also has minimalimpact as 62 per cent of gas costs have been contractually fixed or flow throughto customers under terms of agreements.

Aone per cent change in availability has a greater impact on cash flow andafter-tax earnings than a one per cent change in production because a change inavailability impacts both production levels attainable and availability paymentsreceived for achieving specific availability levels as defined in PPAs. A changein production affects actual output levels and corresponding revenues. 

TransAlta'shedging strategies have minimized the impact of changes in exchange rates andinterest rates as the corporation's net investments in foreign operations havebeen hedged and interest rates on approximately 75 per cent of TransAlta's debthave been fixed.

52 **TransAlta**2002Annual Report

**Cr i t i c a l  A c c o u n t i n g  P o l i c i e s  a n d E s t i m a t e s**

Theselection and application of accounting policies is an important process thathas developed as TransAlta's business activities have evolved and as accountingrules have changed. Accounting rules generally do not involve a selection amongalternatives, but involve an implementation and interpretation of existing rulesand the use of judgment relative to the circumstances existing in thecorporation's business. Every effort is made to comply with all applicable ruleson or before the effective date, and TransAlta believes the properimplementation and consistent application of accounting rules is critical.However, not all situations are specifically addressed in the accountingliterature. In these cases, the corporation's best judgment is used to adopt apolicy for accounting for these situations. This is accomplished by analogizingto similar situations and the accounting guidelines governing them, andconsultation with the corporation's independent auditors about the appropriateinterpretation and application of these policies. Each of the criticalaccounting policies involves complex situations and a high degree of judgmenteither in the application and interpretation of existing literature or in thedevelopment of estimates that impact the corporation's financial statements.

TransAlta'ssignificant accounting policies are described in *Note1*tothe consolidated financial statements. The most critical of these policies arethose related to revenue recognition, property, plant and equipment, goodwill,income taxes and employee future benefits *(Notes1(D),(G),(H),(L) and (M), respectively)*.Each policy involves a number of estimates, and assumptions to be made bymanagement about matters that are highly uncertain at the time the estimate ismade. Different estimates, with respect to key variables the corporation usedfor the calculations, or changes to estimates could potentially have a materialimpact on TransAlta's financial position or results of operations. Thesecritical accounting estimates are described below.

Managementhas discussed the development and selection of these critical accountingestimates with the A&E committee and the corporation's independent auditors.The A&E committee has reviewed and approved the corporation's disclosurerelating to critical accounting estimates in this MD&A.

Tablesare provided in the following discussion to reflect the sensitivities associatedwith changes in key assumptions used in the estimates. The tables reflect anincrease or decrease in the percentage or other factor for each assumption. Theinverse of each change is expected to have a similar opposite impact. Eachseparate item in the sensitivity assumes all other factors remain constant.

**RevenueRecognition**

Themajority of the corporation's revenues are derived from the sale of physicalpower and from Energy Marketing and risk management activities. Revenues underlong-term electricity and thermal sales contracts generally include one or moreof the following components: fixed capacity payments for being available, energypayments for generation of electricity, availability payments or penalties forexceeding or not meeting availability targets, excess energy payments for powergeneration above committed capacity and ancillary services. Each is recognizedupon output, delivery, or satisfaction of specific targets, as specified bycontractual terms. Revenues from non-contracted capacity are comprised of energypayments for each MWh produced at market prices, and is recognized upon deliveryor output to the customer.

Tradingactivities use derivatives such as physical and financial swaps, forward salescontracts, futures contracts and options, which are used to earn tradingrevenues and to gain market information. Under Canadian GAAP, these derivativesare accounted for using fair value accounting and are presented on a net basisin the statements of earnings. The initial recognition of fair value andsubsequent changes in fair value affect reported earnings in the period thechange occurs. The fair values of those instruments that remain open at thebalance sheet date represent unrealized gains or losses and are presented on thebalance sheets as price risk management

ma n a g e m e n t 's  d i s c u s s i o n  & a n a l y s i s 53

assetsand liabilities. Non-derivative contracts entered into subsequent to therescission of EITF 98-10, *Accountingfor Contracts Involved in Energy Trading and Risk Management Activities,*areaccounted for using the accrual method. Prior to the rescission, mark-to-modelaccounting was used for non-derivative contracts.

Thedetermination of the fair value of energy trading contracts and derivativeinstruments is complex and relies on judgments concerning future prices,volatility and liquidity, among other factors. Some derivatives have quotedmarket prices from the New York Mercantile Exchange, or over-the-counter quotesare available from brokers. However some derivatives are not traded on an activeexchange or extend beyond the time period for which exchange-based quotes areavailable. These derivatives require the use of internal valuation techniques ormodels (mark-to-model accounting).

Mark-to-modelaccounting is currently used for physical and financial forward contracts andoption contracts on transmission and transmission congestion, other thantransmission rights acquired to sell production from TransAlta plants, andphysical transmission rights used by the Energy Marketing segment. Changes infair value of derivatives subsequent to inception are recorded on the balancesheet as price risk management assets or liabilities with the offset recorded inrevenues. The values can be favourable or unfavourable, and depending on currentmarket conditions, values can fluctuate significantly, with the effect ofchanges being recorded through earnings in the period of the change. Modellingtechniques require the corporation to model future prices, price correlation,market volatility, liquidity and other forecasted market intelligence as well asthe use of mathematical extrapolation techniques. Where appropriate, theestimates used to derive fair value reflect the potential impact foruncertainties in the modelling process, the potential impact of liquidating thecorporation's position in an orderly manner over a reasonable period of timeunder present market conditions and operational risk. TransAlta validates itsmark-to-model results by comparing against settled data. The amounts reported inthe financial statements may change as estimates are revised to reflect actualresults or new information, changes in market conditions or other factors, manyof which are beyond the control of the corporation, and may be material.

Keyvariables used in the models are uncertain. The estimated value of thesecontracts at Dec. 31, 2002 using mark-to-model methodology was $1.6 million.Sensitivities of the valuation, which would have been recorded in earnings inthe current period, are as follows:
   Impact      on Change      in pre-taxAssumptionassumption earnings    Change      in volatility1%
$            -
Change      in commodity price1% 0.1 
Therehave been no significant changes to the modelling techniques in the past threeyears.

**Valuationof Property, Plant and Equipment**

Inthe fourth quarter of 2002, TransAlta adopted the CICA's new impairmentstandard, which harmonizes Canadian standards with the U.S. standard. Thesestandards require the corporation to determine whether the net carrying amountof property, plant and equipment (PP&E) is recoverable from future cashflows. Factors which could indicate that an impairment exists includesignificant underperformance relative to historical or projected futureoperating results, significant changes in the manner or use of the assets, thestrategy for the corporation's overall business and significant negativeindustry or economic trends. In some cases, these events are clear. However, inmany cases, a clearly identifiable event indicating possible impairment does notoccur. Instead, a series of individually insignificant events occur over aperiod of time leading to an indication that an asset may be impaired. This canbe further complicated in situations where TransAlta is not the operator of theproject. Events can occur in these situations that may not be known until a datesubsequent to their occurrence.

54 **TransAlta**2002Annual Report

Thecorporation's businesses, the market and business environment are continuallymonitored, and judgments and assessments are made to determine whether an eventhas occurred that indicates possible impairment. If such an event has occurred,an estimate is made of the future undiscounted cash flows from the asset. If thetotal of the undiscounted future cash flows, excluding financing charges, isless than the carrying amount of the asset, an asset impairment must berecognized in the financial statements. The amount of the impairment recognizedis calculated by subtracting the fair value of the asset from the carrying valueof the asset. Fair value is the amount at which an item could be bought or soldin a current transaction between willing parties, and is best estimated bycalculating the net present value of future expected cash flows related to theasset. Both the identification of events that may trigger an impairment and theestimates of future cash flows and the fair value of the asset requireconsiderable judgment.

PP&Emakes up 81 per cent of the corporation's assets, of which 96 per cent relate tothe Generation segment. Plants are reviewed for impairment when conditions ofimpairment exist. Unit three of the Wabamun plant experienced an unplannedoutage in the fourth quarter of 2002. The significant amount of capital requiredto return the unit to service and the pending expiration of the PPA indicatedthat an impairment may exist, therefore this plant was reviewed for impairment.The corporation determined that the undiscounted sum of the expected future cashflows from the Wabamun plant was less than the carrying value of the asset,therefore an impairment charge of $110.0 million pre-tax was recognized in thefourth quarter of 2002. The Big Hanaford and Sarnia plants are primarilymerchant plants. As spark spreads have declined significantly in each of theplants' respective markets, an impairment test was performed for each of theplants. For both plants, the corporation determined that the undiscounted sum ofthe expected future cash flows exceeded the carrying values, so no impairmentcharges were recognized. No other plants showed indications of impairment.

Theassessment of asset impairment requires management to make significantassumptions about future sales prices, cost of sales, production and fuelconsumed over the life of the plants (up to 30 years), retirement costs anddiscount rates. In addition, when impairment tests are performed, the estimateduseful lives of the plants are reassessed, with any change accounted forprospectively.

Inestimating future cash flows of the plants, the corporation used estimates basedon contracted and future market prices based on expected market supply anddemand in the region in which the plant operates, anticipated production levels,planned and unplanned outages, and transmission capacity or constraints for theremaining life of the plant. Actual results can, and often do, differ from theestimates, and can have either a positive or negative impact on the estimate ofthe impairment charge, and may be material.

Estimatesof future cash flows for the Wabamun plant reflect sustained historicalavailability and production levels throughout 2003, except for unit three, whichwas decommissioned in the fourth quarter of 2002. In 2004, units one and two areassumed to be retired while unit four is assumed to operate until 2010 atavailability levels reflective of historical capability and age-related outagefactors. Revenues between 2004 and 2010 assume market-based pricing. Fuel andplant operating costs reflect operating levels. Sensitivities for the majorassumptions are as follows:
  Impact      on Change      inimpairmentAssumptionassumptioncharge      (pre-tax)    Electricity      prices10%
$
19.0Fuel      prices10% 4.0Volumes      produced3% 12.0Discount      rate3% 6.0 
Undiscountedfuture cash flows for the Sarnia and Big Hanaford plants are calculated based onthe corporation's forward view of spark spreads at Dec. 31, 2002, which areexpected to compress in the near term, and to recover in the medium to longterm. Because the plants only operate

ma n a g e m e n t 's  d i s c u s s i o n  &  a n a l y s i s55

whenspark spreads are above certain levels to recover variable costs, fluctuationsin electricity prices and natural gas prices will also affect production levels.Therefore, the calculation of sensitivities of changes in these variables, withall other variables remaining constant will not produce a meaningful result.

AtDec. 31, 2002, the carrying values of the Sarnia and Big Hanaford plants were$473.3 million and $307.7 million, respectively.

**UsefulLife of Property, Plant and Equipment**

Asignificant amount of the corporation's assets are PP&E related to thecorporation's generating and mining activities (79 per cent). PP&E isdepreciated over its estimated useful life. The estimated useful lives weredetermined based on current facts and past experience, and take intoconsideration the anticipated physical life of the asset, existing long-termsales agreements and contracts, current and forecasted demand and the potentialfor technological obsolescence. Major components of plants are depreciated overtheir own useful lives. A component is a tangible asset that can be separatelyidentified as an asset, and is expected to provide a benefit of greater than oneyear. Depreciation and amortization expense was $256.1 million in 2002, of which$37.1 million relates to mining equipment, and is included in fuel and purchasedpower.

Therates used are reviewed on an ongoing basis to ensure they continue to beappropriate, and are also reviewed in conjunction with impairment testing, asdiscussed above.

Afive per cent change in the estimated useful life of depreciable assets willresult in a change of $13.3million in depreciation and amortization expense.

**Valuationof Goodwill**

Thecorporation evaluates goodwill for impairment at least annually, or morefrequently if indicators of impairment exist. If the carrying value of areporting unit including goodwill exceeds the reporting unit's fair value, anyexcess represents the impairment loss.

Goodwillwas recorded on the acquisition of MEGA, completed in 2001, and on theacquisition of Vision Quest, completed in 2002 *(Note5)*.At Dec. 31, 2002, this goodwill had a total carrying value of $56.5 million.Additional goodwill will be recorded as a result of the January 2003 acquisitionof CE Gen *(Note26)*.

Thecorporation reviewed the $29.3 million of goodwill related to the MEGAacquisition on initial adoption of the new goodwill standard on Jan. 1, 2002,and in the fourth quarter of 2002 in connection with the corporation's annualimpairment test. To test for impairment, the fair value of the reporting unit towhich the goodwill relates, the Energy Marketing segment, was compared to thecarrying value of the reporting unit. The corporation determined that the fairvalue of the Energy Marketing segment, based on historical cash flows andestimates of future cash flows, exceeded its carrying value, therefore noimpairment charge was recorded upon initial adoption or when the annualimpairment test was performed.

Thefair value determination of the Energy Marketing segment is susceptible tochange from period to period as management is required to make assumptions aboutfuture cash flows, trading volumes, margins and operating costs. Future cashflow estimates for the Energy Marketing segment assume that future margins inthe Energy Marketing segment remain consistent with 2002, therefore there is noimpairment issue. Had the assumption been made that future margins decline by 10per cent from current levels, there would not have been any impairment ofgoodwill. To the extent goodwill is impaired, the impairment charge would impactearnings in the period of the charge, but would not have a material impact onliquidity and capital resources as the corporation would be within its debtcovenants.

Goodwillwill be tested annually for impairment in the fourth quarter of each year, orearlier if indicators of impairment exist.

56 **TransAlta**2002Annual Report

**IncomeTaxes**

Inaccordance with Canadian GAAP, the corporation uses the liability method ofaccounting for future income taxes and provides future income taxes for allsignificant income tax temporary differences. The Canadian standard issubstantially the same as the U.S. standard.

Preparationof the consolidated financial statements requires an estimate of income taxes ineach of the jurisdictions in which the corporation operates. The processinvolves an estimate of the corporation's actual current tax exposure and anassessment of temporary differences resulting from differing treatment of items,such as depreciation and amortization, for tax and accounting purposes. Thesedifferences result in future tax assets and liabilities which are included inthe corporation's consolidated balance sheet.

Anassessment must also be made to determine the likelihood that the corporation'sfuture tax assets will be recovered from future taxable income. To the extentthat recovery is not considered likely, a valuation allowance must bedetermined. Judgment is required in determining the provision for income taxes,future income tax assets and liabilities and any related valuation allowance. Tothe extent a valuation allowance is created or revised, current period earningswill be affected.

Futuretax assets of $90.9 million have been recorded on the consolidated balance sheetat Dec. 31, 2002. This is comprised primarily of unrealized losses onelectricity trading contracts, future site restoration costs and net operatingand capital loss carryforwards. The corporation believes there will besufficient taxable income and capital gains that will permit the use of thesedeductions and carryforwards in the tax jurisdictions where they exist.

Futuretax liabilities of $389.0 million have been recorded on the consolidated balancesheet at Dec. 31, 2002. The liability is comprised primarily of unrealized gainson electricity trading contracts and income tax deductions in excess of relateddepreciation of PP&E.

Judgmentis required to assess tax interpretations, regulations and legislation, whichare continually changing, to ensure liabilities are complete and to ensureassets, net of valuation allowances, are realizable. The impact of differentinterpretations and applications could potentially be material. 

Thecorporation's tax filings are subject to audit by taxation authorities. Theoutcome of some audits may increase the tax liability of the corporation,although management believes that it has adequately provided for income taxesbased on all information currently available. The outcome of the audits is notknown, nor is the potential impact on the financial statements determinable.

**EmployeeFuture Benefits**

Asexplained in *Note19*tothe consolidated financial statements, the corporation provides post-retirementbenefits to employees. The cost of providing these benefits is dependent uponmany factors which result from actual plan experience and assumptions of futureexperience.

Pensioncosts are impacted by actual employee demographics, including age, compensationlevels, employment period, the level of contributions made to the plans andearnings on plan assets. Changes to the provisions of the plans may also affectcurrent and future pension costs. Pension costs may also be significantlyimpacted by changes in key actuarial assumptions, including anticipated rates ofreturn on plan assets and the discount rates used in determining the projectedbenefit obligation and pension costs.

Theplan assets are comprised primarily of equity and fixed income investments.Fluctuations in actual equity market returns and changes in interest rates mayresult in increased or decreased pension costs in future periods. In addition,changes in assumptions regarding current discount rates and expected rates ofreturn on plan assets could also increase or decrease recorded pension costs.

ma n a g e m e n t 's  d i s c u s s i o n  & a n a l y s i s 57

Thefollowing chart reflects the sensitivities associated with a change in certainactuarial assumptions:
   Impact      onImpact      on   projectedpension      cost Change      in benefitreportedActuarial      assumptionassumption obligationin      earnings      Discount      rate1%
$
36.6
$
0.6Rate      of return on plan assets1% - 3.7  
Thediscount rate used represents high-quality fixed income securities currentlyavailable and expected to be available during the period to maturity of thepension benefits. The corporation believes it uses a conservative approach insetting the discount rate and does not expect to make any changes to the rate in2003.

Theexpected long-term rate of return on plan assets is based on past performanceand economic forecasts for the types of investments held by the plan. The marketvalue of the corporation's plan assets has been affected by recent declines inequity markets. For the year ended Dec. 31, 2002, the plan assets had a negativereturn of $6.7 million compared to earnings of $9.9 million in 2001 and $48.9million in 2000. The 2002 actuarial valuation used the same rate of return onplan assets (7.0 to 8.5 per cent) as was used in 2001 and 2000.

Asa result of the corporation's plan asset return experience for its U.S.registered pension plan, at Dec. 31, 2002, the corporation was required underU.S. GAAP to recognize an additional minimum liability *(Note27)*.The liability was recorded as a reduction in common equity through a charge toother comprehensive income (OCI), and did not affect net income for 2002. Thecharge to OCI will be restored through common equity in future periods to theextent the fair value of the trust assets exceeds the accumulated benefitobligation.

Theamount of the additional pension liability to be recognized at Dec. 31, 2002 forU.S. GAAP depended on a number of factors, including the discount rate and assetreturns experienced, contributions made by the corporation and any resultingchange in management's assumptions. In addition, pension cost and cash fundingrequirements could increase in future years without a substantial recovery inthe equity markets.

**Em p l o y e e  S h a r e  O w n e r s h i p**

TransAltaemploys a variety of stock-based compensation plans to align employee andcorporate objectives. In 2001, the corporation expanded enrolment in thecorporation's common share option program to include all Canadian and U.S.employees of the corporation. At Dec. 31, 2002, 3.2 million options to purchasethe corporation's common stock were outstanding with 0.8 million exercisable atthe reporting date.

Underthe terms of the Performance Share Ownership Plan (PSOP), certain employeesreceive awards which, after three years, make them eligible to receive a setnumber of common shares or cash equivalent plus dividends thereon based upon theperformance of the corporation relative to a selected group of publicly tradedcompanies. On Dec. 31, 2001, the plan was modified so that after three years,once PSOP eligibility has been determined, 50 per cent of the shares may bereleased to the participant, while the remaining 50 per cent will be held intrust for one additional year. The first PSOP maturity occurred in 2000 with120,101 common shares issued at $14.15 per share. In 2001, 83,077 common shareswere issued at $22.00 per share. In 2002, 84,578 common shares were issued at$21.60 per share. At Dec. 31, 2002, there were 1.4 million PSOP awardsoutstanding.

58 **TransAlta**2002Annual Report

Underthe terms of the Employee Share Purchase Plan, the corporation will extend aninterest-free loan to employees of up to 30 per cent of the employee's basesalary for the purchase of common shares of the corporation from the openmarket. The loan is repaid over a three-year period by the employee throughpayroll deductions unless the shares are sold, at which point the loan becomesdue on demand. At Dec. 31, 2002, 0.3 million shares had been purchased byemployees under this program.

**Em p l o y e e  F u t u r e  B e n e f i t s**

TransAltahas registered pension plans in Canada and the U.S. covering substantially allemployees of the corporation, its domestic subsidiaries and specific namedemployees working internationally. These plans have defined benefit and definedcontribution options and in Canada, there is a supplemental defined benefit planfor certain employees. The defined benefit option of the registered pension planceased for new employees on June 30, 1998. The latest actuarial valuations ofthe registered and supplemental pension plans were as at Dec. 31, 2002. As theCanadian registered plan has a funded surplus, there is no requirement for thecorporation to fund the registered plan in 2003.

Thecorporation provides other health and dental benefits to the age of 65 for bothdisabled members (other post-employment benefits) and retired members (otherpost-retirement benefits). The latest actuarial valuation of these other planswas as at April 30, 2002.

Thesupplemental pension plan is solely the obligation of the corporation. Thecorporation is not obligated to fund the supplemental plan but is obligated topay benefits under the terms of the plan as they come due. The corporation hasposted a letter of credit in the amount of $34.5 million to secure theobligations under the supplemental plan.

**Se l e c t e d  Q u a r t e r l y  F i n a n c i a l  I n f o r ma t i o n**

Forinformation regarding the eight quarters ended Dec. 31, 2002, see page 101.

 

 

 

 

 

ma n a g e m e n t 's d i s c u s s i o n & a n a l y s i s 59

management'sresponsibility

TransAlta'smanagement is responsible for presentation and preparation of the annualconsolidated financial statements, management's discussion and analysis(MD&A) and all other information in this annual report.

Theaccompanying consolidated financial statements have been prepared in accordancewith Canadian generally accepted accounting principles and the requirements ofthe Securities and Exchange Commission (SEC) in the U.S., as applicable.

TheMD&A has been prepared in accordance with the requirements of securitiesregulators including National Instrument 44-101 of the Canadian SecuritiesAdministrators as well as Item 303 of Regulation S-K of the Securities ExchangeAct, and their related published requirements.

Theconsolidated financial statements and information in the MD&A necessarilyinclude amounts based on informed judgements and estimates of the expectedeffects of current events and transactions with appropriate consideration formateriality. In addition, in preparing financial information, the corporationmust interpret the requirements described above, make determinations as to therelevancy of information to be included, and make estimates and assumptions thataffect reported information. The MD&A also includes information regardingthe estimated impact of current transactions and events, sources of liquidityand capital resources, operating trends, risks and uncertainties. Actual resultsin the future may differ materially from management's present assessment of thisinformation because future events and circumstances may not occur as expected.

Thefinancial information presented elsewhere in this annual report is consistentwith that in the consolidated financial statements.

Tomeet its responsibility for reliable and accurate financial statements,management has established systems of internal control which are designed toprovide reasonable assurance that financial information is relevant, reliableand accurate, and that assets are safeguarded and transactions are executed inaccordance with management's authorization. These systems are monitored bymanagement and by internal auditors. In addition, the internal auditors performappropriate tests and related audit procedures.

Theconsolidated financial statements have been examined by Ernst & Young LLP,independent chartered accountants. The external auditors' responsibility is toexpress a professional opinion on the fairness of management's consolidatedfinancial statements. The auditors' report outlines the scope of theirexamination and sets forth their opinion.

TheAudit and Environment (A&E) Committee of the Board of Directors is comprisedof independent directors. The A&E Committee meets regularly with management,the internal auditors and the external auditors to satisfy itself that each isproperly discharging its responsibilities, and to review the consolidatedfinancial statements and MD&A. The A&E Committee reports its findings tothe Board of Directors for consideration when approving the consolidatedfinancial statements for issuance to the shareholders. The A&E Committeealso recommends, for review by the Board of Directors and approval ofshareholders, the appointment of the external auditors. The internal andexternal auditors have full and free access to the A&E Committee.

TransAlta'sChief Executive Officer and Chief Financial Officer have certified TransAltaCorporation's annual disclosure document filed with the SEC (Form 40-F) asrequired by the U.S. Sarbanes-Oxley Act.

((Signed))

 

Stephen      G. Snyder

P      R E S I D E N T & C H I E F E X E C U T I V E O F F I C E R

 

March      15, 2003

 ((Signed))

 

Ian      A. Bourne

E      X E C U T I V E V I C E - P R E S I D E N T & C H I E F F I N A N C I      A L O F F I C E R

 

 

60 **TransAlta**2002Annual Report

auditors'report

Tothe Shareholders of TransAlta Corporation

Wehave audited the consolidated balance sheets of TransAlta Corporation as atDecember 31, 2002 and 2001 and the consolidated statements of earnings andretained earnings and cash flows for each of the years in the three year periodended December 31, 2002. These financial statements are the responsibility ofthe corporation's management. Our responsibility is to express an opinion onthese financial statements based on our audits.

Weconducted our audits in accordance with generally accepted auditing standards inCanada and the United States. Those standards require that we plan and performan audit to obtain reasonable assurance whether the financial statements arefree of material misstatement. An audit includes examining, on a test basis,evidence supporting the amounts and disclosures in the financial statements. Anaudit also includes assessing the accounting principles used and significantestimates made by management, as well as evaluating the overall financialstatement presentation.

Inour opinion, these consolidated financial statements present fairly, in allmaterial respects, the financial position of the corporation as at December 31,2002 and 2001 and the results of its operations and its cash flows for each ofthe years in the three year period ended December 31, 2002 in accordance withCanadian generally accepted accounting principles. We also report that, in ouropinion, these principles have been applied, except for changes in method ofaccounting for impairment of long-lived assets, goodwill, foreign currencytranslation, hedging relationships, stock-based compensation and presentation oftrading activities, as described in Note 1(R) to the consolidated financialstatements, on a basis consistent with that of the preceding year.

((Signed))

CharteredAccountants

Calgary,Canada

February1, 2003, except for Note 26, which is as of March 15, 2003

co n s o l i d a t e d f i n a n c i a l s t a t e m e n t s 61

 

**CONSOLIDATEDSTATEMENTS OF EARNINGS & RETAINED EARNINGS**

Years      ended Dec. 31
   
(in      millions of Canadian dollars except per share amounts)

**2002**

2001

2000

**Revenues**

** $        1,723.9**

 $         2,319.4

 $         1,671.1

Fuel      and purchased power

**       (703.6)**

     (1,230.6)

        (741.2)

**Gross      margin**

**      1,020.3**

      1,088.8

         929.9

**Operating      expenses**
   
Operations,      maintenance and administration

**         420.5**

         392.2

         349.9

Depreciation      and amortization

**         219.0**

         191.2

         191.3

Asset      impairment and equipment cancellation charges (Note 8)

**         152.5**

         118.8

              -        

Taxes,      other than income taxes

**           27.4**

           18.7

           23.9
  
**         819.4**

         720.9

         565.1

**Operating      income**

**         200.9**

         367.9

         364.8

Other      income (expense)

**             0.1**

             1.5

           (1.1)

Foreign      exchange gain

**             1.2**

             0.8

             0.1

Net      interest expense

**(82.7)**

(88.1)

(91.4)

**Earnings      from continuing operations before regulatory decisions,**
   
**income      taxes and non-controlling interests**

**         119.5**

         282.1

         272.4

Prior      period regulatory decisions (Note 17)

**           (3.3)**

           11.0

           44.1

**Earnings      from continuing operations before income taxes**
   
**and      non-controlling interests**

**         116.2**

         293.1

         316.5

Income      tax expense (Note 18)

**           18.1**

           89.9

         128.5

Non-controlling      interests (Note 13)

**           20.1**

           20.6

           41.6

**Earnings      from continuing operations**

**           78.0**

         182.6

         146.4

Earnings      from discontinued operations (Note 3)

**           12.8**

           45.1

           89.1

Gain      on disposal of discontinued operations (Note 3)

**         120.0**

              -        

         266.8

**Net      earnings before extraordinary item**

**         210.8**

         227.7

         502.3

Extraordinary      item (Note 4)

**              -        **

              -        

        (209.7)

**Net      earnings**

**         210.8**

         227.7

         292.6

Preferred      securities distributions, net of tax (Note 14)

**           20.9**

           13.1

           12.8

**Net      earnings applicable to common shareholders**

** $           189.9**

 $           214.6

 $           279.8

**Common      share dividends**

**(169.0)**

(168.4)

(168.7)

**Adjustment      arising from normal course issuer bid** (Note 15)

**(27.0)**

(34.8)

(7.5)

**Retained      earnings**
   
Opening      balance

**         838.3**

         826.9

         723.3

Closing      balance

** $           832.2**

 $           838.3

 $           826.9
      
**Weighted      average common shares outstanding in the period**

**         169.6**

         168.9

         168.8
      
**Basic      earnings per share (Notes 14 and 15)**
   
Continuing      operations

** $             0.34**

 $             1.00

 $             0.79

Earnings      from discontinued operations (Note 3)

**           0.07**

           0.27

           0.53

**Net      earnings from operations**

**           0.41**

           1.27

           1.32

Gain      on disposal of discontinued operations (Note 3)

**           0.71**

              -        

           1.58

Extraordinary      item (Note 4)

**              -        **

              -        

         (1.24)

**Net      earnings**

** $             1.12**

 $             1.27

 $             1.66
      
**Diluted      earnings per share (Notes 14 and 15)**
   
Earnings      from continuing operations

** $             0.34**

 $             0.98

 $             0.77

Earnings      from discontinued operations (Note 3)

**           0.07**

           0.27

           0.53

**Net      earnings from operations**

**           0.41**

           1.25

           1.30

Gain      on disposal of discontinued operations (Note 3)

**           0.71**

              -

           1.58

Extraordinary      item (Note 4)

**              -        **

              -        

         (1.24)

**Net      earnings**

** $             1.12**

 $             1.25

 $             1.64

  See      accompanying notes.
   
 

62 **TransAlta**2002Annual Report

 

 

**CONSOLIDATEDBALANCE SHEETS**

Dec.      31
  
(in      millions of Canadian dollars)

**2002**

2001

**Assets**
  
**Current      assets**
  
Cash      and cash equivalents

** $         143.3**

 $             62.0

Accounts      receivable and other

**       468.4**

         625.3

Price      risk management assets (Note 20)

**       157.8**

         137.6

Future      income tax assets (Note 18)

**          18.7**

           16.9

Income      taxes receivable

**       111.5**

         128.3

Materials      and supplies at average cost

**       112.7**

           85.5
   
**    1,012.4**

      1,055.6

**Investments**      (Note 6)

**          32.2**

           37.3

**Long-term      receivables**(Note 7)

**          39.9**

         221.4

**Property,      plant and equipment** (Note 8)
  
Cost
 
**    8,124.9**

      8,766.7

Accumulated      depreciation

**(2,089.8)**

(2,671.9)
   
**    6,035.1**

      6,094.8

**Goodwill**(Note 5)

**          56.5**

           29.3

**Future      income tax assets** (Note 18)

**          72.2**

           15.6

**Price      risk management assets**(Note 20)

**          60.7**

           71.3

**Other      assets** (Note 9)

**       110.6**

           81.1

**Total      assets**

** $      7,419.6**

 $        7,606.4
     
**Liabilities      and shareholders' equity**
  
**Current      liabilities**
  
Short-term      debt (Note 10)

** $         290.0**

 $           537.2

Accounts      payable and accrued liabilities

**       472.2**

         627.5

Price      risk management liabilities (Note 20)

**       173.8**

         114.1

Future      income tax liabilities (Note 18)

**          17.1**

           11.8

Dividends      payable

**          42.9**

           42.8

Current      portion of long-term debt (Note 11)

**       355.4**

         104.3
   
**    1,351.4**

      1,437.7

**Long-term      debt**(Note 11)

**    2,351.2**

      2,406.8

**Deferred      credits and other long-term liabilities**(Note 12)

**       540.2**

         560.5

**Future      income tax liabilities** (Note 18)

**       371.9**

         409.1

**Price      risk management liabilities**(Note 20)

**          50.6**

           69.0

**Non-controlling      interests**(Note 13)

**       263.0**

         281.0

**Preferred      securities** (Note 14)

**       451.7**

         452.6

**Common      shareholders' equity**
  
Common      shares (Note 15)

**    1,226.2**

      1,170.9

Retained      earnings

**       832.2**

         838.3

Cumulative      translation adjustment

**(18.8)**

(19.5)
   
**    2,039.6**

      1,989.7

**Total      liabilities and shareholders' equity**

** $      7,419.6**

 $        7,606.4

**Commitments      and contingencies**(Notes 23 and 24)
  
**Subsequent      events** (Note 26)
  
 

Seeaccompanying notes.

Onbehalf of the board:

 

 
 
((Signed      by))      John T. Ferguson      Director

((Signed      by))      John S. Lane      Director

 

 

 

**CONSOLIDATED      STATEMENTS OF CASH FLOWS**Years ended Dec. 31
   
(in      millions of Canadian dollars)

**2002**

2001

2000
      
**Operating      activities**
   
 Net      earnings

** $210.8**

 $       227.7

 $         292.6

 Depreciation      and amortization (Note 2)

**       314.8**

        312.3

       353.0

 Asset      impairment and equipment cancellation charges (Note 8)

**       152.5**

          66.5

         17.9

 Non-controlling      interests (Note 13)

**         20.1**

          20.6

         44.6

 Loss      (gain) on sale of property, plant and equipment

**         15.6**

           (5.4)

     (284.9)

 Site      restoration costs incurred

**      (15.6)**

         (14.8)

        (4.2)

 Future      income taxes (recovery) (Note 18)

**      (60.4)**

          39.9

         34.1

 Unrealized      gain from energy marketing activities (Note 20)

**        (7.6)**

           (6.3)

       (24.0)

 Gain      on disposal of Transmission operation (Note 3)

**    (120.0)**

              -        

              -        

 Extraordinary      item (Note 4)

**             -        **

              -        

        209.7

 Other      non-cash items

**      (23.1)**

            9.5

        (26.1)
   
**       487.1**

        650.0

        612.7

Change      in non-cash operating working capital balances

**      (49.4)**

          65.6

      (414.0)

 Cash      flow from operating activities

**       437.7**

        715.6

        198.7

**Investing      activities**
   
 Additions      to property, plant and equipment

**    (945.8)**

    (1,246.5)

      (795.0)

 Acquisitions      (Note 5)

**      (40.1)**

           (9.8)

      (880.1)

Proceeds      on sale of property, plant and equipment to TransAlta      Cogeneration,   L.P. (Note 5)

**             -        **

          35.0

              -        

 Disposals      (Notes 3 and 5)

**       818.0**

          97.0

     1,367.0

 Proceeds      on sale of property, plant and equipment

**           2.3**

        104.6

              -        

 Long-term      receivables

**       165.3**

         (46.3)

          12.1

 Long-term      investments

**        (6.1)**

              -        

          (9.5)

 Restricted      investments

**             -        **

              -        

          86.8

 Deferred      charges and other

**      (29.8)**

         (10.9)

          13.7

 Cash      flow used in investing activities

**      (36.2)**

    (1,076.9)

      (205.0)

**Financing      activities**
   
 Net      increase (decrease) in short-term debt

**    (247.1)**

          61.9

        255.7

 Issuance      of long-term debt

**       611.3**

        789.9

        330.8

 Repayment      of long-term debt

**    (454.5)**

       (292.7)

      (204.6)

 Redemption      of preferred shares of a subsidiary

**             -        **

       (122.1)

      (146.8)

 Issuance      of common shares

**           1.8**

          14.1

            4.6

 Redemption      of common shares

**      (49.9)**

         (44.4)

        (23.9)

 Distributions      on preferred securities

**      (34.9)**

         (23.4)

        (22.1)

 Dividends      on common shares

**    (115.5)**

       (149.6)

      (158.4)

 Net      proceeds on issuance of preferred securities

**             -        **

        169.4

              -        

 Dividends      to subsidiary's non-controlling preferred shareholders

**             -        **

           (8.3)

        (14.8)

 Dividends      to subsidiary's non-controlling common shareholders

**             -        **

              -        

          (7.0)

 Distributions      to subsidiary's non-controlling limited partner

**      (24.5)**

         (26.3)

        (21.0)

 Deferred      financing charges and other

**        (7.6)**

            0.2

            4.8

 Cash      flow from (used in) financing activities

**    (320.9)**

        368.7

          (2.7)

**Cash      flow from (used in) operating, investing and financing activities**

**         80.6**

            7.4

         (9.0)

**Effect      of translation on foreign currency cash**

**           0.7**

            0.8

       (12.5)

**Increase      (decrease) in cash and cash equivalents**

**         81.3**

            8.2

       (21.5)

**Cash      and cash equivalents, beginning of year**

**         62.0**

          53.8

          75.3

**Cash      and cash equivalents, end of year**

** $143.3**

 $         62.0

 $            53.8
      
Cash      taxes paid

** $123.1**

 $         41.5

 $          140.3

Cash      interest paid

** $210.8**

 $       163.1

 $          173.2
      
See      accompanying notes.
         
 

 

64 **TransAlta**2002Annual Report

**NOTESTO CONSOLIDATED FINANCIAL STATEMENTS**

(Tabulardollar amounts in millions of Canadian dollars, except as otherwise noted)

**1. Summary of Significant Accounting Policies**

**A. CONSOLIDATION**

Theseconsolidated financial statements have been prepared by management in accordancewith Canadian generally accepted accounting principles (Canadian GAAP). These accounting principles are different in some respects from UnitedStates generally accepted accounting principles (U.S. GAAP).  Thesignificant differences are described in Note 27.  

Theconsolidated financial statements include the accounts of TransAlta Corporation(TransAlta or the corporation), all subsidiaries and the proportionate share ofthe accounts of jointly controlled corporations. TransAlta Utilities Corporation(TransAlta Utilities) and TransAlta Energy Corporation (TransAlta Energy) arethe principal wholly owned operating subsidiaries.  

TransAltaUtilities owns and operates electric generation in the province of Alberta. TransAlta Utilities also owned and operated transmission facilities and adistribution and retail (D&R) operation in Alberta.  The Transmissionoperation was disposed of on April 29, 2002, and the D&R operation wasdisposed of on Aug. 31, 2000.  TransAlta Energy is engaged in electric andthermal energy supply, energy services and energy marketing in Canada, the U.S.,Mexico and Australia.  TransAlta Energy also owned and operated anelectricity generation and retail operation in New Zealand until the operationswere disposed of on March 31, 2000 (Note 3).**B.  MEASUREMENT UNCERTAINTY**

Thepreparation of financial statements in accordance with GAAP requires managementto make estimates and assumptions that affect the reported amounts of assets andliabilities and disclosure of contingent assets and liabilities at the date ofthe financial statements and the reported amounts of revenues and expensesduring the period. Actual results could differ from those estimates due tofactors such as fluctuations in interest rates, currency exchange rates,inflation levels and commodity prices, changes in economic conditions andlegislative and regulatory changes (Notes 3, 20 and 24).

**C. REGULATION**Commencing Jan. 1, 2001, all Alberta generating plants were deregulated andbecame subject to long-term power purchase arrangements (PPAs) for the remainingestimated life of each plant.  The PPAs set a production requirement andavailability target to be supplied by each plant or unit and the price at whicheach megawatt-hour (MWh) will be supplied to the customer.  As the criteriafor regulatory accounting were no longer met, Canadian GAAP for non-regulatedbusinesses commenced on Dec. 31, 2000, in respect of the Alberta Generationoperations. The discontinued Alberta D&R and Transmission operationsfollowed regulatory accounting.  

**D. REVENUE RECOGNITION**The majority of the corporation's revenues are derived from the sale ofphysical power and from energy marketing and trading activities.  Revenuesunder long-term electricity and thermal sales contracts generally include one ormore of the following components:  fixed capacity payments for beingavailable, energy payments for generation of electricity, availability paymentsor penalties for exceeding or not meeting availability targets, excess energypayments for power generation above committed capacity and ancillary services. Each is recognized upon output, delivery, or satisfaction of specifictargets, all as specified by contractual terms.  Revenues fromnon-contracted capacity are comprised of energy payments for each MWh producedat market prices, and are recognized upon delivery.

Derivativesused in trading activities include physical and financial swaps, forward salescontracts, futures contracts and options, which are used to earn tradingrevenues and to gain market information.  Under Canadian GAAP, thesederivatives are accounted for using the fair value method of accounting and arepresented on a net basis in the statements of earnings.  The initialrecognition of fair value and subsequent changes in fair value affect reportedearnings in the period the change occurs.  The fair values of thoseinstruments that remain open at the balance sheet date represent unrealizedgains or losses and are presented on the balance sheets as price risk managementassets and liabilities.  Non-derivative contracts entered into subsequentto the rescission of EITF 98-10, Accounting for Contracts Involved in EnergyTrading and Risk Management Activities,  are accounted for using theaccrual method.  Prior to the rescission of EITF 98-10, non-derivativecontracts were accounted for using mark-to-model accounting.

 

Somederivatives have quoted market prices or over-the-counter quotes are availablefrom brokers.  However some derivatives are not traded on an activeexchange or extend beyond the time period for which exchange-based quotes areavailable, requiring the use of internal valuation techniques or models(mark-to-model accounting).  

 

UnderU.S. GAAP, trading activities are accounted for in accordance with Statement133, Accounting for Derivative Instruments and Hedging Activities, which isdescribed in greater detail in Note 1(O).  

**E. DISCONTINUED OPERATIONS**The results of discontinued operations are presented on a one-line basis inthe consolidated statements of earnings. Interest expense, direct corporateoverheads and income taxes are allocated to discontinued operations. Generalcorporate overheads are not allocated to discontinued operations.

**F. MATERIALS AND SUPPLIES**

Thecorporation's materials and supplies balance includes coal, replacement partswhich will be used within one year and operating supplies.  Coal is valuedat the lower of cost and market.  Replacement parts are valued using thespecific identification method.  

**G. PROPERTY, PLANT AND EQUIPMENT**The corporation's investment in property, plant and equipment (PP&E) isstated at original cost at the time of construction, purchase or acquisition. Original costs include items such as materials, labour, interest and otherappropriately allocated costs.  As costs are expended for new construction,the entire amount is capitalized as PP&E on the consolidated balance sheetsand is subject to depreciation upon commencement of commercial operations. The cost of routine maintenance and repairs, such as inspections andcorrosion removal, and the replacement of minor parts, are charged to expense asincurred.  Certain expenditures relating to components incurred duringmajor maintenance are capitalized and amortized over the estimated benefitperiod of such expenditures.  A component is a tangible portion of theasset that can be separately identified as an asset and depreciated over its ownexpected useful life, and is expected to provide a benefit of greater than oneyear.  

Theestimate of the useful life of PP&E is based on current facts and pastexperience, and takes into consideration existing long-term sales agreements andcontracts, current and forecasted demand and the potential for technologicalobsolescence.  The useful life is used to estimate the rate at which thePP&E is amortized.  These estimates are subject to revision in futureperiods based on new or additional information.  

TransAltacapitalizes interest on capital invested in projects that are underconstruction.  Upon commencement of plant operations, capitalized interest,as a portion of the total cost of the plant, is amortized over the estimateduseful life of the plant.  

Thecorporation determines those debt instruments that best represent a reasonablemeasure of the cost of financing the assets under construction.  These debtinstruments and associated interest costs are included in the calculation of theweighted average interest rate used for capitalizing interest.  

Inthe fourth quarter of 2002, TransAlta early adopted the new Canadian Instituteof Chartered Accountants (CICA) impairment standard, which harmonizes theCanadian standard with the U.S. standard (Statement 144).  These standardsrequire the corporation to determine whether the net carrying amount ofproperty, plant and equipment is recoverable from future undiscounted cash flowswhen indicators of impairment exist.  Factors which could indicate animpairment exists include significant underperformance relative to historical orprojected future operating results, significant changes in the manner or use ofthe assets, the strategy for the corporation's overall business and significantnegative industry or economic trends.  In some cases, these events areclear.  However, in many cases, a clearly identifiable event indicatingpossible impairment does not occur.  Instead, a series of individuallyinsignificant events occur over a period of time leading to an indication thatan asset may be impaired.  This can be further complicated where TransAltais not the operator of the project.  Events can occur in these situationsthat may not be known until a later date from their occurrence.  

Thecorporation's businesses, the market and business environment are continuallymonitored, and judgements and assessments are made to determine whether an eventhas occurred that indicates possible impairment.  If such an event hasoccurred, an estimate is made of future undiscounted cash flows from thePP&E.  If the total of the undiscounted future cash flows, excludingfinancing charges, is less than the carrying amount of the PP&E, an assetimpairment must be recognized in the financial statements.  The amount ofthe impairment to be recognized is calculated by subtracting the fair value ofthe asset from the carrying value of the asset.  Fair value is the amountat which an item could be bought or sold in a current transaction betweenwilling parties, and is best estimated by calculating the present value ofexpected future cash flows related to the asset.

Theapplication of the standard in the fourth quarter of 2002 resulted in therecognition of a pre-tax impairment loss of $110.0 million related to theWabamun plant (Note 8).

66 **TransAlta**2002Annual Report

**H. GOODWILL**

Goodwillis the cost of an acquisition less the fair value of the net assets of anacquired business.  Prior to Jan. 1, 2002, TransAlta amortized goodwill ona straight-line basis over the useful life of the acquired assets. Effective Jan. 1, 2002, the corporation prospectively adopted the new CICAstandard for goodwill and other intangibles.  The new standard requiresbusiness combinations initiated after June 30, 2001 to be accounted for usingthe purchase method of accounting.  It also specifies that goodwill andcertain intangibles are no longer subject to amortization, but are insteadtested for impairment at least annually, or more frequently if an analysis ofevents and circumstances indicate that a possible impairment issue may ariseearlier.  These events could include a significant change in financialposition of the reporting unit to which the goodwill relates or significantnegative industry or economic trends.  

Theadoption of the new standard resulted in the reclassification of $29.3 millionfrom acquired intangibles to goodwill, which is no longer subject toamortization under the new standard.  There was no impairment of goodwillupon adoption of this standard.  Net earnings and earnings per share forthe years ended Dec. 31, 2001 and 2000 adjusted to exclude the amortization ofthe above amount are as follows:

 

Year      ended Dec. 31

2001

2000

Reported      net earnings applicable to common shareholders

   $                 214.6

 $                    279.8

Amortization      of acquired intangibles

                  7.7  

                      9.4

Adjusted      net earnings applicable to common shareholders

   $          222.3  

 $                    289.2
   
Reported      basic earnings per share

 $                     1.27

 $                      1.66

Amortization      of acquired intangibles per share

                   0.05

                    0.06

Adjusted      basic earnings per share

 $                     1.32

 $                      1.72
   
Reported      diluted earnings per share

 $                     1.25

 $                      1.64

Amortization      of acquired intangibles per share

                   0.05

                    0.06

Adjusted      diluted earnings per share

 $                     1.30

 $                      1.70

**I. FUTURE SITE RESTORATION COSTS**

Futuresite restoration costs for coal plants are included in fuel and purchased powerexpense on a straight-line basis over the life of the asset.  Estimatedcosts to reclaim mining properties are amortized primarily on aunit-of-production basis.  

Noprovision for future site restoration for gas generation plants is recorded asmanagement estimates the costs of restoration will be offset by the salvagevalues of the related plant.

Thecorporation does not provide for the removal costs associated with itshydroelectric generating structures as the costs are not reasonably estimatedbecause of the long service life of these assets.  With either maintenanceefforts or rebuilding, the water control structures are assumed to be requiredfor the foreseeable future and therefore, no amounts have been provided for siterestoration costs for these facilities. Provisions are made for removal of hydrogenerating equipment.  

**J. INVESTMENTS**

Investmentsin shares of companies over which the corporation exercises significantinfluence are accounted for using the equity method.  Other investments arecarried at cost.  If there is other than a temporary decline in value ofthe investment, it is written down to net realizable value.

**K. OTHER ASSETS**Deferred license fees and deferred contract costs are amortized on astraight-line basis over the useful life of the related assets or long-termcontracts.  

Financingcosts for the issuance of long-term debt, preferred shares and preferredsecurities are amortized to earnings on a straight-line basis over the term ofthe related issue.

 

Othercosts capitalized on the balance sheet include business development costs, whichincludes external, direct and incremental costs which are necessary forcompletion of a potential acquisition or construction project.  Businessdevelopment costs are included in operating expenses until construction of aplant or acquisition of an investment is likely to occur, there is reason tobelieve that future costs are recoverable and that efforts will result in futurevalue to the corporation, at which time the future costs are included inPP&E or investments.  The appropriateness of the carrying value ofthese costs is evaluated each reporting period, and unrecoverable amounts ofcapitalized costs for projects no longer probable of occurring are charged toexpense in the current period.  

 

 

 

 

**L. INCOME TAXES**

Thecorporation uses the liability method of accounting for income taxes for itsoperations.  Under the liability method, income taxes are recognized forthe differences between financial statement carrying values and the respectiveincome tax basis of assets and liabilities (temporary differences), the carryforward of unused tax losses and income tax reductions.  Future income taxassets and liabilities are measured using income tax rates expected to apply inthe years in which temporary differences are expected to be recovered orsettled.  The effect on future income tax assets and liabilities of achange in tax rates is included in income in the period the change issubstantively enacted.  Future income tax assets are evaluated and ifrealization is not considered 'more likely than not', a valuation allowance isprovided.  

UnderU.S. GAAP, a difference arises as a result of the requirement for income taxbalances to reflect currently legislated tax rates rather than substantivelyenacted tax rates.

**M. EMPLOYEE FUTURE BENEFITS**The corporation accrues its obligations under employee benefit plans and therelated costs, net of plan assets. The cost of pensions and otherpost-employment and post-retirement benefits earned by employees is actuariallydetermined using the projected benefit method pro-rated on services andmanagement's best estimate of expected plan investment performance, salaryescalation, retirement ages of employees and expected health care costs. For thepurpose of calculating the expected return on plan assets, those assets arevalued at market value. The discount rate used to calculate the interest cost onthe accrued benefit obligation is the long-term market rate at the balance sheetdate. Past service costs from plan amendments are amortized on a straight-linebasis over the average remaining service period of employees active at the dateof amendment (EARSL). The excess of the net cumulative unamortized actuarialgain or loss over 10 per cent of the greater of the accrued benefit obligationand the market value of plan assets is amortized over the average remainingservice period of the active employees. When the restructuring of a benefit plangives rise to both a curtailment and settlement of obligations, the curtailmentis accounted for prior to the settlement.  Transition obligations andassets arising from the prospective adoption of new accounting standards areamortized over EARSL.

**N. FOREIGN CURRENCY TRANSLATION**The corporation's self-sustaining foreign operations are translated usingthe current rate method. Translation gains and losses are deferred and includedin the cumulative translation adjustment (CTA) account in shareholders' equity.

TheCICA amended its standard on foreign currency translation effective Jan. 1,2002.  The changes require that translation gains and losses arising onlong-term foreign currency denominated monetary items be included in income inthe current period.  Previously, these gains and losses were to beamortized over the life of the related item.  As TransAlta designateslong-term foreign currency denominated items as hedges of net investments inforeign operations, all gains and losses arising on the translation of theseitems are deferred and included in CTA, a separate component of shareholders'equity, therefore this amendment has no impact on TransAlta.

Transactionsdenominated in foreign currencies are translated at the exchange rate on thetransaction date. Foreign currency denominated monetary and non-monetary assetsand liabilities are translated at exchange rates in effect on the balance sheetdate. The resulting exchange gains and losses on these items are included in netearnings. Gains and losses arising on translation of long-term debt designatedas a hedge of self-sustaining foreign operations are deferred and included inCTA in shareholders' equity on a net of tax basis.

**O. DERIVATIVES AND FINANCIAL INSTRUMENTS**In November 2001, the CICA released an accounting guideline on hedgingrelationships, which specifies the circumstances in which hedge accounting isappropriate, including the identification, documentation, designation andeffectiveness of hedges.  The guideline also identifies situations wherehedge accounting is to be discontinued.  The guideline is effective foryears beginning on or after July 1, 2003.  TransAlta has early adopted theguideline effective Jan. 1, 2002 and met the criteria for all hedgingrelationships with the exception of written swaptions, which are ineffectiveunder the guideline.  Hedge accounting was discontinued for the writtenswaptions in accordance with the guideline.  The impact on earnings for theyear ended Dec. 31, 2002 was a decrease of $2.0 million after-tax.

Derivativesused in trading activities are described in Note 1(D).  

 

Physicaland financial swaps, forward sales contracts, futures contracts and options areused to hedge the corporation's exposure to fluctuations in electricity andnatural gas prices.  Under Canadian GAAP, if hedging criteria are met(described below), gains and losses on these derivatives are deferred andrecognized in earnings in the same period and financial statement caption as thehedged exposure (settlement accounting).  The derivatives are not recordedon the balance sheet.

 

 

68 **TransAlta**2002 AnnualReport

 

 

 

Cross-currencyinterest rate swaps, foreign currency forward sales contracts and foreigncurrency long-term debt are used to hedge exposure to changes in the carryingvalues of the corporation's net investments in foreign operations as a result ofchanges in foreign exchange rates.  Under Canadian GAAP, gains and losseson the principal component of the cross-currency interest rate swaps as well asgains and losses on the forward sales contracts and foreign currency long-termdebt are deferred and included in CTA, a separate component of shareholders'equity, on a net of tax basis.  The principal component of thecross-currency interest rate swaps is deferred and recorded in other assets(Note 9) or deferred credits and other long-term liabilities (Note 12) asappropriate.  The forward sales contracts are not recognized on the balancesheet in accordance with Canadian GAAP.

Foreignexchange forward contracts are used to hedge the foreign exchange exposuresresulting from anticipated contracts and firm commitments denominated in foreigncurrencies.  Under Canadian GAAP, if hedge criteria are met, thesederivatives are not recognized on the balance sheet.  Upon settlement ofthe derivative, any gain or loss on the forward contracts are deferred andincluded in other assets (Note 9) or deferred credits and other long-termliabilities (Note 12), and is included in the cost of the asset when the assetis purchased and depreciated over the asset's estimated useful life (settlementaccounting).  

Interestrate swaps are used to manage the impact of fluctuating interest rates onexisting debt and forward starting interest rate swaps, spread locks andtreasury locks are used to hedge the interest payments of anticipated futuredebt issuances.  These instruments are not recognized on the balance sheetunder Canadian GAAP.  Interest rate swaps require the periodic exchange ofpayments without the exchange of the notional principal amount on which thepayments are based.  If hedge criteria are met, interest expense on thedebt is adjusted to include the payments made or received under the interestrate swaps (settlement accounting).  

UnderU.S. GAAP, trading and non-trading activities are accounted for in accordancewith Statement 133, which requires that derivative instruments be recorded inthe consolidated balance sheets at fair value as either assets or liabilities,and that changes in fair value be recognized currently in earnings, unlessspecific hedge accounting criteria are met.  If the derivative isdesignated as a fair value hedge, the changes in the fair value of thederivative and of the hedged item attributable to the hedged risk are recognizedcurrently in earnings.  If the derivative is designated as a cash flowhedge, the changes in the fair value of the derivative are recorded in othercomprehensive income, and the gains and losses related to these derivatives arerecognized in earnings in the same period as the settlement of the underlyinghedged transaction.  Any ineffectiveness relating to these hedges isrecognized currently in earnings.  The assets and liabilities related toderivative instruments for which hedge accounting criteria are met are reflectedas derivative hedging instruments in the consolidated balance sheets.  Manyof the corporation's electricity sales and fuel supply agreements that otherwisewould be required to follow derivative accounting qualify as normal purchasesand normal sales under Statement 133 and are therefore exempt from fair valueaccounting treatment.  This exemption is available for the electricityindustry as electricity cannot be stored in significant quantities andgenerators may be required to maintain sufficient capacity to meet customerdemands.  This exemption is also available for some physically settledcommodity contracts if certain criteria are met.  Non-derivatives used intrading activities are accounted for using the accrual method under U.S. GAAP.

Tobe accounted for as a hedge under both Canadian and U.S. GAAP, a derivative mustbe designated and documented as a hedge, and must be effective at inception andon an ongoing basis.  The documentation defines all relationships betweenhedging instruments and hedged items, as well as the corporation's riskmanagement objective and strategy for undertaking various hedge transactions. The process includes linking derivatives to specific assets andliabilities on the balance sheet or to specific firm commitments or anticipatedtransactions.  The corporation also formally assesses, both at the hedge'sinception and on an ongoing basis, whether the derivatives used are highlyeffective in offsetting changes in fair values or cash flows of hedged items. Hedge effectiveness of cash flows is achieved if the derivative's cashflows substantially offset the cash flows of the hedged item and the timing ofthe cash flows is similar.  Hedge effectiveness of fair values is achievedif changes in the fair value of the derivative substantially offset changes inthe fair value of the item hedged.  In a highly effective hedgingrelationship, any hedge ineffectiveness is recognized in earnings in the currentperiod.  If the above hedge criteria are not met, the derivative isaccounted for on the balance sheet at fair value, with the initial fair valueand subsequent changes in fair value recorded in earnings in the period ofchange.  

Ifa derivative that has been accorded hedge accounting matures, expires, is sold,terminated or cancelled, and is not replaced as part of the corporation'shedging strategy, the termination gain or loss is deferred and recognized whenthe gain or loss on the item hedged is recognized.  If a designated hedgeditem matures, expires, is sold, extinguished or terminated, and the hedged itemis no longer probable of occurring, any previously deferred amounts associatedwith the hedging item are recognized in current earnings along with thecorresponding gains or losses recognized on the hedged item.  If a hedgingrelationship is terminated or ceases to be effective, hedge accounting is notapplied to subsequent gains or losses.  Any previously deferred amounts arecarried forward and recognized in earnings in the same period as the hedgeditem.

 

**P. STOCK-BASED COMPENSATION PLANS**The corporation has three types of stock-based compensation plans comprised oftwo stock option-based plans, and a Performance Share Ownership Plan (PSOP),described in Note 16.  On Jan. 1, 2002, the corporation retroactivelyadopted the new CICA standard for stock-based compensation.  The newstandard requires that stock-based payments to non-employees, direct awards ofstock and awards that call for settlement in cash or other assets be accountedfor using the fair value method of accounting.  The fair value method isencouraged for other stock-based compensation plans, but other methods ofaccounting, such as the intrinsic value method, are permitted.  Under thefair value method, compensation expense is measured at the grant date andrecognized over the service period.  Under the intrinsic value method,compensation expense is determined as the difference between the market price ofthe underlying stock and the exercise price of the equity instrument granted. If the intrinsic value method is used, disclosure is made of earnings andper share amounts as if the fair value method had been used.  Thecorporation has elected to use the intrinsic value method of accounting for itsfixed stock option plans and its performance stock option plan. Accordingly, no compensation cost has been recognized for these plans. Had the fair value method been used, the impact would be as disclosed inNote 16(E).  Effective Jan. 1, 2003, the corporation will prospectivelyadopt the fair value method of accounting for stock-based compensation, and willtherefore recognize stock-based compensation as an expense in respect of itsstock option plans.

Stockgrants under PSOP are accrued in corporate operations, maintenance andadministration expense as earned to the balance sheet date, based upon thepercentile ranking of the total shareholder return of the corporation's commonshares in comparison to the total shareholder returns of a selected group ofpublicly traded companies.  Compensation expense under the phantom stockoption plan is recognized in operations, maintenance and administration expensefor the amount by which the quoted market price of TransAlta's shares exceed theoption price, and adjusted for changes in each period for changes in the excessover the option price.  If stock options or stock are repurchased fromemployees, the excess of the consideration paid over the carrying amount of thestock option or stock cancelled is charged to retained earnings.

**Q. EARNINGS PER SHARE**Effective Jan. 1, 2001, the corporation retroactively adopted the CICAstandard requiring the use of the treasury stock method rather than the imputedearnings method in calculating diluted earnings per share (EPS).  Theimpact of this change on current and prior period diluted earnings per share wasnot material. Prior period amounts have been restated to comply with the newstandard.  Supplemental diluted earnings per share information disclosed inNote 14 is calculated assuming settlement of the equity component of thepreferred securities by issuance of the corporation's common shares.

**R. CHANGES IN ACCOUNTING STANDARDS  **

TheCICA amended its standard on the recognition, measurement, and disclosure of theimpairment of long-lived assets.  This standard is effective April 1, 2003,however TransAlta adopted the standard in the fourth quarter of 2002.  Theimpact of the adoption is described in Note 1(G).  

EffectiveJan. 1, 2002, the corporation prospectively adopted the new CICA standard forgoodwill and other intangibles.  The impact of adoption of this standard isdescribed in Note 1(H).

TheCICA amended its standard on foreign currency translation effective Jan. 1,2002.  The effect of this change is described in Note 1(N).  

InNovember 2001, the CICA released an accounting guideline on hedgingrelationship, which was adopted by TransAlta on Jan. 1, 2002.  The impactof adoption is described in Note 1(O).  

OnJan. 1, 2002, the corporation retroactively adopted the new CICA standard forstock-based compensation.  The impact of adoption of this standard isdescribed in Note 1(P).  

 

70 **TransAlta**2002Annual Report

 

Inthe third quarter of 2002, in response to changes in accounting standards in theU.S. with respect to energy trading activities, the corporation adopted a policythat all gains and losses on energy trading contracts be shown net in thestatements of earnings.  Consistent with these recommendations, thecorporation has chosen to disclose the gross transaction volumes for thoseenergy contracts that are physically settled.  

TheCICA established a new standard on the disposal of long-lived assets anddiscontinued operations effective May 1, 2003.  The standard requires thata long-lived asset to be disposed of other than by sale shall continue to beclassified as held and used until it is disposed of.  Certain criteria mustbe met before a long-lived asset can be classified as held for sale.  Thestandard also defines discontinued operations more broadly than previously andprohibits the inclusion of future operating losses in a loss recognized uponclassification of a long-lived asset as held for sale.  TransAlta willearly adopt this standard effective Jan. 1, 2003.

 

 

TheCICA has proposed a new standard for asset retirement obligations, effectiveJan. 1, 2004, with earlier adoption encouraged.  The new rules require therecognition of an asset retirement obligation at fair value when incurred,unless the fair value cannot be reasonably determined.  When the liabilityis recognized, a corresponding asset retirement cost is added to the carryingamount of the related asset, and is depreciated over the estimated useful lifeof the related asset.  Accretion of the liability due to the passage oftime is an operating expense.  The expected impact of the adoption of thestandard has not been finalized.

**2. Segment DisclosuresA.  DESCRIPTION OF REPORTABLE SEGMENTS**The corporation has two reportable segments, each supported by the corporategroup: Generation and Energy Marketing.  A third business segment,Independent Power Projects (IPP), was combined with the Generation segmenteffective Jan. 1, 2002, following changes to TransAlta's operational structure. A fourth business segment, Transmission, was reclassified as adiscontinued operation following the announcement of the agreement to dispose of the segment on July 4, 2001.  The operation was sold onApril 29, 2002 (Note 3).  The Alberta Distribution and Retail operation(D&R) and the New Zealand operations were reclassified as discontinuedoperations on Dec. 31, 1999.  The Alberta D&R operation was sold onAug. 31, 2000 and the New Zealand operation was sold on March 31, 2000. Prior period amounts have been reclassified to reflect these changes. The business segments are strategic business units that offer differentproducts and services, and each is managed separately.  The corporate groupincludes investments in renewables and provides finance, treasury, legal, humanresources and other administrative support to the business segments. Corporate overheads are allocated to the business segments to the extentthey are not directly attributable to discontinued operations.

Eachbusiness segment assumes responsibility for its operating results measured asearnings before interest, taxes and non-controlling interests (EBIT).  EBITshould not be considered an alternative to, or more meaningful than, net incomeor cash flow as determined in accordance with Canadian GAAP as an indicator ofthe corporation's performance or liquidity.  TransAlta's EBIT is notnecessarily comparable to a similarly titled measure of another company.  EBITcan be determined from the consolidated statements of earnings by deductingearnings and gains from discontinued operations, other income (expense) andforeign exchange gains (losses) and adding net interest expense, prior periodregulatory decisions, income taxes and non-controlling interests to net earningsapplicable to common shareholders.  

TheGeneration segment owns coal, gas and hydro power plants in the Canada, theU.S., Mexico and Australia, and generates its revenue from the sale ofelectricity, steam and ancillary services.  Generation expenses includeEnergy Marketing's intersegment charge for energy marketing and financial riskmanagement services in the amount of $8.7 million (2001 - $7.4 million; 2000 -$7.1 million).  The Energy Marketing segment derives revenue from the wholesale trading ofelectricity and other energy-related commodities and physical and financialcontracts in Canada and the U.S. Expenses are net of intersegment charges to theGeneration segment for the provision of energy marketing and financial riskmanagement services as stated in the previous paragraph and to the discontinuedAlberta D&R operation in the amount of $nil (2001 - $nil; 2000 - $1.0million).

Theaccounting policies of the segments are the same as those described in Note 1.Intersegment transactions are accounted for on a cost recovery basis whichapproximates market rates.  Segment revenues are net of intersegmenttransactions.

 

**B. REPORTED SEGMENT PROFIT OR LOSS AND SEGMENT ASSETS**

**I.      Earnings information**
      
**Energy**

**Corporate        **

**Year      ended Dec. 31, 2002**

**Generation**

**Marketing**

**and      other**

**Total**

**Revenues**

** $      1,673.9**

** $        3,703.8**

** $             1.0**

** $       5,378.7**

Trading      purchases

**             -        **

**   (3,654.8)**

**             -        **

**  (3,654.8)**

Net      segment revenues

**    1,673.9**

**           49.0**

**           1.0**

**     1,723.9**

Fuel      and purchased power

**    (703.6)**

**              -        **

**             -        **

**     (703.6)**

**Gross      margin**

**       970.3**

**           49.0**

**           1.0**

**     1,020.3**

Operations,      maintenance and administration

**       346.3**

**           15.1**

**         59.1**

**        420.5**

Depreciation      and amortization

**       196.3**

**             2.5**

**         20.2**

**        219.0**

Asset      impairment and equipment cancellation charges (Note 8)

**       152.5**

**              -        **

**             -        **

**        152.5**

Taxes,      other than income taxes

**         27.3**

**             0.1**

**             -        **

**          27.4**

Prior      period regulatory decisions (Note 17)

**           3.3**

**              -        **

**             -        **

**            3.3**

**EBIT      before corporate allocations**

**       244.6**

**           31.3**

**      (78.3)**

**        197.6**

Corporate      allocations

**      (70.6)**

**          (8.3)**

**         78.9**

**              -        **

**EBIT       **

** $         174.0**

** $             23.0**

** $             0.6**

**        197.6**

Other      income
   
**            0.1**

Foreign      exchange gain
   
**            1.2**

Net      interest expense
   
**       (82.7)**

**Earnings      from continuing operations before income taxes and non-controlling      interests**

** $          116.2**
 
72 **TransAlta**2002Annual Report  
**Energy**

**Corporate**
 
**Year      ended Dec. 31, 2001**

**Generation**

**Marketing**

**and      other**

**Total**

**Revenues**

 $        2,158.4

 $         2,694.7

 $               -   

 $        4,853.1

Trading      purchases

             -        

    (2,533.7)

             -        

   (2,533.7)

Net      segment revenues

     2,158.4

          161.0

             -        

     2,319.4

Fuel      and purchased power

   (1,230.6)

              -        

             -        

   (1,230.6)

**Gross      margin**

        927.8

          161.0

             -        

     1,088.8

Operations,      maintenance and administration

        290.6

           36.2

          65.4

        392.2

Depreciation      and amortization

        156.5

           11.0

          23.7

        191.2

Asset      impairment and equipment cancellation charge (Note 8)

        118.8

              -        

             -        

        118.8

Taxes,      other than income taxes

          18.7

              -        

             -        

          18.7

Prior      period regulatory decisions (Note 17)

       (11.0)

              -        

             -        

       (11.0)

**EBIT      before corporate allocations**

        354.2

          113.8

       (89.1)

        378.9

Corporate      allocations

       (82.5)

           (6.6)

          89.1

             -        

**EBIT       **

 $          271.7

 $            107.2

 $               -   

        378.9

Other      income
   
            1.5

Foreign      exchange gain
   
            0.8

Net      interest expense
   
       (88.1)

**Earnings      from continuing operations before income taxes and non-controlling      interests**

 $          293.1
  
**Energy**

**Corporate**
 
**Year      ended Dec. 31, 2000**

**Generation**

**Marketing**

**and      other**

**Total**

**Revenues**

 $        1,593.3

 $           1,280.3

 $               -   

 $        2,873.6

Trading      purchases

             -        

      (1,202.5)

             -        

   (1,202.5)

Net      segment revenues

     1,593.3

             77.8

             -        

     1,671.1

Fuel      and purchased power

      (741.2)

                -        

             -        

      (741.2)

**Gross      margin**

        852.1

             77.8

             -        

        929.9

Operations,      maintenance and administration

        260.1

             19.0

          70.8

        349.9

Depreciation      and amortization

        167.7

               9.4

          14.2

        191.3

Taxes,      other than income taxes

          23.9

                -        

             -        

          23.9

Prior      period regulatory decisions (Note 17)

       (44.1)

                -        

             -        

       (44.1)

**EBIT      before corporate allocations**

        444.5

             49.4

       (85.0)

        408.9

Corporate      allocations

       (77.9)

            (7.1)

          85.0

             -        

**EBIT**

 $          366.6

 $               42.3

 $               -   

        408.9

Other      expense
   
         (1.1)

Foreign      exchange gain
   
            0.1

Net      interest expense
   
       (91.4)

**Earnings      from continuing operations before income taxes and non-controlling      interests**

 $          316.5

**II. Selected**B**alance Sheet Information**
  
**Energy**
 
**Discontinued**

**Dec.      31, 2002**

**Generation**

**Marketing**

**Corporate**

**Operations**

**Total**

Goodwill

**$                 -        **

** $              29.3**

** $          27.2**

** $              -   **

** $          56.5**

Total      segment assets

**$        6,353.4**

** $            344.6**

** $        721.6**

** $              -   **

** $7,419.6**
      
Dec.      31, 2001
     
Goodwill

 $                  -        

 $               29.3

   $                  

   $             -   

   $            29.3

Total      segment assets

 $          5,873.2

 $             413.3

 $          643.0

 $         676.9

$       7,606.4

**III.       Selected Cash Flow Information**
           
**Year      ended Dec. 31, 2002**

**Generation**

**Energy      Marketing**

**Corporate**

**Discontinued      Operations**

**Total**

**Capital      expenditures**

** $        909.1**

** $               4.2**

** $          10.7**

** $              21.8**

** $        945.8**
      
Year      ended Dec. 31, 2001
     
Capital      expenditures

 $       1,147.6

 $              43.8

 $           15.1

 $                40.0

 $      1,246.5
      
Year      ended Dec. 31, 2000
     
Capital      expenditures

 $          628.8

 $              27.2

 $           14.7

 $              124.3

 $        795.0

**lV.Reconciliations**

**Depreciationand Amortization (D&A) Expense per Statements of Cash Flows**

Year      ended Dec. 31

** **

 
 
**2002**

2001

2000

D&A      expense for reportable segments
   
** $        219.0**

 $        191.2

 $         191.3

Discontinued      operations
   
**         15.6**

        46.5

       108.6

Mining      equipment depreciation, included in fuel and purchased power

**         37.1**

        31.8

         14.3

Site      restoration accrual, included in fuel and purchased power

**         38.9**

        37.3

         31.3

Other
   
**           4.2**

          5.5

           7.5
    
** $        314.8**

 $        312.3

 $         353.0
****C. GEOGRAPHIC INFORMATION**

**I.       Revenues**
   
Year      ended Dec. 31

**2002**

2001

2000
    
Canada

** $       1,207.6**

 $       2,069.2

 $       1,348.5

U.S.

**        441.9**

       188.7

        267.7

Australia

**          74.4**

         61.5

          54.9
 
** $       1,723.9**

 $       2,319.4

 $       1,671.1

Revenuesare attributed to countries based on the location of customers. The Mexicanplants have not yet commenced commercial operations and therefore no revenueshave been generated.

**II.       Property, plant and equipment and goodwill**
     
                  **PP&E**

**              Goodwill** 
 
**2002**

2001

**2002**

2001
     
Canada

** $       3,428.5**

 $      4,004.8

** $            56.5**

 $          29.3

U.S.

**     1,873.7**

    1,665.3

**               -        **

          -        

Mexico

**        545.8**

      246.5

**               -        **

          -        

Australia

**        187.1**

      178.2

**               -        **

          -        
 
** $       6,035.1**

 $      6,094.8

** $            56.5**

 $          29.3

**3. Discontinued Operations**

**A. TRANSMISSION**

OnApril 29, 2002, TransAlta's Transmission operation was sold for proceeds of$820.7 million, of which $818.0 million has been collected.  The proceedsexcluded $31.7 million in accounts receivable, which were retained andsubsequently collected, and $4.4 million in accounts payable.  The disposalresulted in a gain on sale of $120.0 million ($0.71 per common share), net ofincome taxes of $36.2 million. The previously reported gain included a number ofestimates, therefore the gain was adjusted in the fourth quarter of 2002 toreflect agreed working capital adjustments and actual amounts paid and received.

**B.EDMONTON COMPOSTER**Effective Dec. 31, 2000, the corporation adopted a plan to divest itscomposter facility in Edmonton, Alberta, Canada, which commenced commercialoperations in August 2000. In the fourth quarter of 2000, the corporationrecorded a write-down of the carrying value of the assets of $17.9 million netof income tax recoveries of $13.8 million.  On June 29, 2001, the facilitywas sold for cash proceeds of $97.0 million.  No gain or loss resulted fromthe disposal.

**C. ALBERTA DISTRIBUTION AND RETAIL (D&R) OPERATION**

****Effective Dec. 31, 1999, the corporation adopted a plan to divest itsAlberta D&R operation.  This operation was sold on Aug. 31, 2000 forproceeds of $857.3 million and an after-tax gain on disposal of $262.4 million($1.55 per common share) net of income tax recoveries of $137.9 million. By Dec. 31, 2002, all proceeds had been received.  

Asper the terms of the disposition agreement, TransAlta will share the benefit orburden of future regulatory decisions affecting the Alberta D&Rpre-disposition operation.  No amount has been accrued in the consolidatedfinancial statements as no amount was reasonably determinable at the reportingdate.

**D. NEW ZEALAND**Effective Dec. 31, 1999, the corporation adopted a plan to divest its NewZealand operations.  On March 31, 2000, TransAlta sold its interest in itsdiscontinued New Zealand operations for total proceeds of NZ$832.5 million(approximately Cdn$605 million) resulting in an after-tax gain on disposal of$22.3 million ($0.13 per common share) net of income taxes of $43.1 million.

**E. STATEMENTS OF EARNINGS**Interest is allocated to discontinued operations based on the ratio ofassets to be discontinued, net of directly attributable debt, to the totalassets of the entity, net of debt that can be directly attributed to thediscontinued operation or to particular continuing operations of thecorporation.  The statements of earnings amounts applicable to discontinuedoperations are as follows:  

**Year      ended Dec. 31, 2002**
    
**Transmission**
      
Revenues
    
** $              55.8**

Operating      expenses
    
**            30.8**

Operating      income
    
**            25.0**

Net      interest expense
    
**             (2.4)**

Earnings      before income taxes
    
**            22.6**

Income      taxes
    
**             (9.8)**

Earnings      before gain on disposal
    
**             12.8**

Gain      on disposal (net of tax)
    
**           120.0**

Earnings      from discontinued operations
    
** $             132.8**

 

74 **TransAlta**2002Annual Report
               
 

Edmonton
 
Year      ended Dec. 31, 2001
  
Transmission

Composter

Total
      
Revenues
  
$                  171.1

 $                  6.6

 $                 177.7

Operating      expenses
  
                84.6

               5.4

               90.0

Operating      income
  
          86.5

               1.2

                87.7

Net      interest expense
  
                (9.7)

                  -        

                (9.7)

Earnings      before income taxes
  
                 76.8

                1.2

               78.0

Income      taxes
  
               (32.4)

            (0.5)

              (32.9)

Earnings      from discontinued operations 1
  
 $                   44.4

 $                  0.7

 $                  45.1

1      Transmission earnings include $23.4 million of earnings prior to the      measurement date, net of taxes of $16.8 million.  
         
Edmonton

 
  
Year      ended Dec. 31, 2000

Transmission

Composter

D&R

New      Zealand

Total
      
Revenues

 $               178.2

 $                   6.3

 $                 180.2

 $              148.8

 $                 513.5

Operating      expenses

             83.6

                4.1

             103.3

       125.8

            316.8

Operating      income

          94.6

               2.2

                76.9

              23.0

              196.7

Net      interest expense

              (9.4)

              (1.0)

             (10.2)

             (4.4)

            (25.0)

Earnings      before income taxes and non-controlling interests

                      85.2

                                     1.2

                                 66.7

                                18.6

                     171.7

Income      taxes

            (40.9)

              (0.5)

              (33.4)

            (4.7)

             (79.5)

Non-controlling      interests

                  -        

                   -        

                  -        

            (3.1)

               (3.1)

Earnings      subsequent to (Transmission & Edmonton Composter - prior to)      measurement date

                      44.3

                                    0.7

                                 33.3

                                10.8

                       89.1

Gain      on disposal (write-down of carrying value) (net of tax)

                           -        

                                (17.9)

                               262.4

                               22.3

                   266.8

Earnings      from discontinued operations

 $                44.3

 $              (17.2)

 $                 295.7

 $                33.1

 $                 355.9

 

 

**F. BALANCE SHEETS**At Dec. 31, 2002, all of the corporation's discontinued operations had beensold.  Balance sheet amounts at Dec. 31, 2001 were as follows:
   
Transmission

Current      assets
  
 $                   36.1

Property,      plant and equipment
  
637.5

Other      assets
  
3.3

Current      liabilities
  
(15.5)
   
 $                 661.4

**4.  Extraordinary Iitem**

InDecember 2000, the corporation discontinued regulatory accounting and commencedthe application of Canadian GAAP for non-regulated entities for its AlbertaGeneration operations, consistent with deregulation of the electricitygeneration industry in Alberta beginning on Jan. 1, 2001.  

Asa result of the discontinuance of regulatory accounting, the corporationrecorded an extraordinary non-cash after-tax charge of $209.7 million ($1.24 percommon share) comprised of the following:

Write-off      of regulatory accounts

 $               2.5

Write-down      of net carrying values of property, plant and equipment

           17.3

Recognition      of previously unrecognized future income tax liabilities

         189.9
 
 $            209.7

** **

**5.Acquisitions and DisposalsA.  Acquistions**On Dec. 6, 2002, the corporation completed a step acquisition of VisionQuest Windelectric Inc. (Vision Quest).  The initial acquisitions between2000 and 2002 resulted in 41 per cent ownership of Vision Quest for $13.5million, accounted for using the equity method.  Book values of thecorporation's proportionate interest at the time of the initial acquisitionsapproximated fair values.  The final step of the acquisition broughtTransAlta's ownership to 100 per cent and TransAlta's total investment in VisionQuest to $68.8 million.  The results of Vision Quest's operations have beenincluded in the corporate segment of the consolidated financial statements sincethe date of acquisition.  Vision Quest owns and operates 67 wind powerturbine power plants with a total capacity of 44 MW with a further 50 per centinterest in the 75 MW McBride Lake joint venture currently under construction.

Theaggregate purchase price includes the previous investments of $13.5 million,plus $21.3 million of cash and 745,791 common shares valued at $14.2 million. In addition, a loan of $19.8 million was previously advanced to VisionQuest.  The value of the common shares issued was determined based on theaverage market price of TransAlta's common shares for the five days before andafter the terms of the acquisition were agreed to and announced.  136,287of the shares will be issued over the next three years.

Thetransaction has been accounted for using the purchase method.  Thefollowing table summarizes the estimated fair value of the assets acquired andliabilities assumed at the date of acquisition.  Due to the timing of thepurchase, it was impractical to complete the allocation process satisfactorilywithout causing undue delay in issuing the financial statements for the periodin which the combination occurred. Therefore, the purchase price allocation wasprepared based on the best allocations that could be made in the time availableand, if necessary, the allocations in the purchase equation may be adjusted whenthe process is completed in the first quarter of 2003.

**Net      assets acquired at assigned values:**
  
Working      capital, including cash of $8.2 million
 
 $                 6.5

Property,      plant and equipment
  
             70.1

Goodwill
   
             27.2

Power      purchase arrangement
  
               2.5

Short-term      debt
   
          (32.2)

Future      income tax liability
  
            (4.7)

Interest      rate swaps
  
            (0.6)

Total
   
 $               68.8

 
      
**Consideration:**
    
Initial      investments
   
 $               13.5

Cash,      including previous advances of $19.8 million
 
             41.1

Common      shares
   
             14.2

Total
   
 $               68.8

 

OnDec. 6, 2002, the corporation purchased the remaining 15 per cent interest inthe Southern Cross Energy Partnership, located in Western Australia, for AUD$8.5million (Cdn$7.2 million).  At the time of acquisition, book valuesapproximated fair values.  The partnership is included in the Generationsegment.

InMay 2000, TransAlta purchased a power plant and the adjacent mining operationsin Centralia, Washington, for cash consideration of US$582.7 million (Cdn$868.7million). This acquisition was accounted for using the purchase method. This purchase included plant assets of $847.1 million, mine assets of$145.1 million, working capital of $65.7 million, estimated fair value of futuresite restoration liabilities of $168.8 million, future income tax liabilities of$5.8 million, accrued employee future liabilities of $7.5 million and otherliabilities totalling $7.1 million.  The plant is included in theGeneration segment.

InJune 2000, the corporation purchased a 50 per cent interest in Merchant EnergyGroup of the Americas (MEGA) for cash consideration of US$12.5 million (Cdn$18.6million). In June 2001, the corporation purchased the remaining 50 per cent ofMEGA for cash consideration of US$0.3 million (Cdn$0.4 million).  MEGA specialized in the commercial management of power generationassets in the U.S. and will provide additional market knowledge and capabilityto enable the acquisition and development of power facilities in the U.S. andwill serve as a platform on which to expand trading activities into the easternU.S. regions.  As such, the results of MEGA's operations have been includedin the Energy Marketing segment.  Previously they had been recorded in theIPP business segment.  Prior period amounts have been reclassified toreflect this change.  In September 2001, the MEGA operations wereamalgamated with TransAlta Energy Marketing (U.S.) Inc., a subsidiary ofTransAlta Energy.  

76 **TransAlta**2002Annual Report

Thepurchase of the initial 50 per cent in 2000 included cash of $7.2 million, anegative working capital balance of $8.8 million, capital and intangible assetsof $33.6 million, and future income tax liabilities of $13.4 million.  Thepurchase of the remaining 50 per cent in June 2001 was comprised of negativeworking capital of $7.7 million, capital and intangible assets of $14.2 millionand a future tax liability of $6.1 million.  

**B. Disposals**

InJanuary 2001, the corporation sold its 265 MW Mildred Lake plant to Syncrude'sjoint venture owners for cash proceeds of $60.3 million plus a receivable in theamount of $4.7 million, which approximated its book value.  Of  thereceivable amount, $0.2 million remains outstanding at Dec. 31, 2002, and isexpected to be collected in full by March 2003.   

InAugust 2001, the corporation sold its 45 MW Fort Nelson gas-fired facility forcash proceeds of $44.1 million.  The gain on disposition was $1.3 millionafter-tax.  The book value of the assets was $42.8 million.

InSeptember 2001, the corporation sold its 60 per cent interest in the FortSaskatchewan cogeneration facility to TransAlta Cogeneration, L.P. (TA Cogen), alimited partnership owned 50.01 per cent by the corporation and 49.99 per centby TransAlta Power, L.P. (TransAlta Power), a publicly owned entity.  Totalcash consideration to the corporation was $35.0 million in respect of the 30 percent interest effectively sold to the minority interest in TA Cogen.  Thecorporation recorded a pre-tax gain of $6.2 million.  The effective bookvalue of the assets transferred to TA Cogen was $57.6 million, with $28.8million representing TransAlta Power's 49.99 per cent interest in the assets.

 

**6. Investments**
 
**2002**
 
2001

Investment      in Australian gas transmission pipeline

** $              21.2**
 
 $                      19.2

Investment      in distributed generation companies

**            10.3**
 
                       7.9

Investment      in wind power generation

**               -        **
 
                     10.0

Other

**             0.7**
 
                       0.2
 
** $             32.2**
 
 $                     37.3

OnDec. 6, 2002, the corporation purchased the remaining portion of Vision Quest, awind power generation company (Note 5).  

**7.  Long-Term Receivables**

 
 
**2002**

2001

Sulphur      tax abatement

** $           60.9**

 $          45.0 

California      receivables

**           37.6**

          -       

Due      from Aquila Networks Canada

**-**

      173.3

Due      from Syncrude Canada Ltd.

**              - **

         2.3

Other

**           2.3**

         0.8
 
**       100.8**

      221.4

Less      current portion included in accounts receivable

**         60.9**

          -        
 
** $           39.9**

 $         221.4

The sulphur tax abatement represents an incentive to coal-fired thermal electricgenerators in Washington State, U.S., to construct air pollution controlfacilities.  Final certification of meeting the initial rolling 12-monthemission requirements is required by Feb. 28, 2004.  These requirementshave been met, and the abatement is expected to be received in 2003.  

Thenet California accounts receivables of US$24.2 million have been reclassified tolong-term receivables, as collection is no longer expected in 2003, althoughultimate collection of the net receivable is expected (Note 20).

OnDec. 12, 2002, a U.S. Federal Energy Regulatory Commission (FERC) AdministrativeLaw Judge issued proposed findings of fact that TransAlta be entitled to receiveapproximately US$44.0 million for electricity sales to California. However, FERC has proposed further adjustments in respect of power and gasprices, which could result in further adjustments to the amount to be receivedby TransAlta.  Until a final ruling is made with respect to these issues,TransAlta will maintain the provision for these receivables.  Thereceivables do not bear interest.

 

 

InAugust 2002, the remaining $180.3 million due from Aquila Networks Canada(formerly UtiliCorp Networks Canada) that arose from the August 2000 sale of thediscontinued Alberta D&R operation was collected in full (Note 3).

 

**8. Property, Plant and Equipment**
   
**2002**

2001
 
Depreciation

rates
 
**Cost**
 
**Accumulated**

**depreciation**

**and      amortization**

**Net      book**

**value**

Cost

Accumulated

depreciation

and      amortization

Net      book

value
             
Mining      property & equipment

3%      - 50%
 
**$         882.7**
 
** $               330.6**

**$       552.1**

 $         850.6

 $              294.5

 $        556.1

Thermal      generation

3%      - 33%
 
**  3,439.7**
 
**          1,095.0**

**2,344.7**

    3,235.4

             934.5

   2,300.9

Thermal      environmental equipment

4%      - 13%
 
**       411.3**
 
**             229.9**

**      181.4**

        425.2

              223.7

    201.5

Gas      generation

2%      - 33%
 
**1,577.7**
 
**             181.1**

**1,396.6**

    1,241.7

             185.1

    1,056.6

Hydro      generation

2%      - 5%
 
**332.9**
 
**174.4**

**158.5**

321.3

162.7

158.6

Wind      generation

2%      - 3%
 
**      54.6**
 
**                     -        **

**      54.6**

               -        

                    -        

              -        

Transmission      systems

2%      - 7%
 
**    43.6**
 
**                8.9**

**      34.7**

     1,401.8

             778.4

       623.4

Other

2%      - 33%
 
**      175.6**
 
**               69.9**

**    105.7**

        203.0

               93.0

       110.0

Assets      under construction

-
 
**             1,206.8**
 
**                           -        **

**        1,206.8**

   1,087.7

            - 

          1,087.7
   
**$      8,124.9**
 
** $            2,089.8**

** $6,035.1**

 $       8,766.7

 $           2,671.9

 $6,094.8

Year      ended Dec. 31

**2002**

2001

2000

Capitalized      interest

** $            79.1**

 $             47.3

 $             36.2

Capitalized      allowance for funds used during construction

**              -        **

             1.0

             3.6

** $            79.1**         $       48.3        $       39.8
Aftera detailed engineering assessment, a review of environmental issues and a reviewof short- and long-term market forecasts, the corporation implemented a phaseddecommissioning of its 537 MW coal-fired Wabamun facility in November 2002. As a result of this decision, the corporation recorded a pre-taximpairment charge of $110.0 million during the year, included in thermalgeneration equipment.  The impairment charge was calculated as the excessof carrying value over fair value.  The fair value of the facility wasdetermined by estimating the present value of future cash flows.

 

 

InNovember 2002, the corporation cancelled orders for four natural gas turbinesand as a result recorded a pre-tax impairment charge of $42.5 million forcontract termination costs, included in assets under construction.  Thecosts consisted of progress payments made to date.

InSeptember 2001, the corporation reassessed its investment in the 154 MW PiercePower plant as a result of weak economic conditions.  Revenue hedges thatwere no longer expected to be effective were unwound and realized, resulting inthe recognition of $121.8 million of revenue, an impairment charge of $66.5million, included in gas generation equipment, and $52.3 million in anticipatedfuture operating costs.  The plant remained available for production untilit was decommissioned in September 2002.  

Inthe fourth quarter of 2000, the corporation recorded a pre-tax impairment chargeof $31.7 million ($17.9 million after-tax) related to its discontinued composterfacility in Edmonton, Alberta, included in other assets.  The composterfacility was recorded as a discontinued operation effective Dec. 31, 2000. 

**9. Other Assets**
 
**2002**
 
2001

Deferred      license fees

** $            26.6**
 
 $           23.9

Deferred      financing costs

**          24.7**
 
         10.6

Deferred      contract costs

**          24.9**
 
           -        

Cross-currency      interest rate swaps (Note 20)

**          14.1**
 
         34.0

Foreign      currency forward contracts and interest rate swaps (Note 20)

**          10.0**
 
           6.4

Deferred      project development costs and other

**          10.3**
 
           6.2
 
** $          110.6**
 
 $           81.1

 

Deferredlicense fees consist primarily of an Australian license which is being amortizedon a straight-line basis over the useful life of the power station assets towhich the license relates.  

Deferredcontract costs consist of prepayments related to long-term contracts, which arebeing amortized on a straight-line basis over the term of the related contract.

 

78 **TransAlta**2002Annual Report

**10. Short-Term Debt**
  
**2002**

2001
 
**Outstanding**

**Interest      (1)**

Outstanding

Interest      (1)

Commercial      paper

** $             290.0**

**2.7%**

 $            207.2

2.4%

Bank      debt

**                  -        **

-

330.0

3.5%
 
** $             290.0**
 
 $            537.2
  
1Interest is an average rate weighted by principal amounts outstanding before theeffect of hedging.

**11.Long-Term Debt**

**A. Amounts Outstanding**
 
**2002**

2001
 
**Outstanding**

**Interest1**

Outstanding

Interest1
     
Debentures,      due 2003 to 2033 2

** $          1,863.4**

**6.8%**

 $          1,963.4

7.0%

Senior      notes, US$300.0 million 3

**           465.6**

**6.8%**

              -        

-

Bank      credit facility - Campeche, US$133.6 million 4

**           207.3**

**3.1%**

          200.5

2.9%

Commercial      paper 5

**            84.8**

**1.4%**

          257.2

2.3%

Notes      payable - Windsor plant, due 2003 to 2014 6

**             62.1**

**7.4%**

            65.3

7.4%

Preferred      securities, due 2048 to 2050 7

**             14.9**

**7.8%**

            13.8

7.8%

Capital      lease obligation, due 2004 8

**               8.5**

**9.4%**

            10.9

9.4%
 
**        2,706.6**
 
       2,511.1
 
Less      current portion

**           355.4**
 
          104.3
  
** $          2,351.2**
 
 $          2,406.8
 
*1Interest is an average rate weighted by principalamounts outstanding before the effect of hedging.*

*2Debentures: The debentures bear interest at fixed rates rangingfrom 5.49 per cent to 8.6 per cent . A floating charge on the property andassets of TransAlta Utilities has been provided as collateral for $798.4 millionof the debentures as at Dec. 31, 2002. The interest rate on $375.0 million ofthe 2002 amount has been converted to floating rates based on bankers'acceptance rates using receive fixed interest rate swaps maturing in 2003 to2011 (Note 20). Debentures of $100.0 million maturing in 2023 and $50.0 millionmaturing in 2033 are redeemable at the option of the holder in 2008 and 2009,respectively.  Another debenture of $150.0 million maturing in 2005 isextendable until 2030 at the option of the holder.*

*3Senior notes: In June 2002, the corporation issued debt ofUS$300.0 million under a US$1.0 billion shelf prospectus filed May 14, 2002. The notes bear interest at 6.75 per cent and mature on July 15, 2012. This debt has been designated as a hedge of the corporation's netinvestment in U.S. and Mexican operations (Note 20).*

*4Bank credit facility - CAMPECHE: In December 2000, thecorporation established a US$133.6 million 16-year credit facility for thefinancing of the construction of a gas-fired power plant in Campeche, Mexico. The outstanding borrowing totals US$133.6 million with an interest rate ofLIBOR plus 0.875 per cent during construction and LIBOR plus 2.25 per cent uponcompletion of the construction, increasing to LIBOR plus 3.25 per cent by 2016. Upon completion of construction in March 2003, 70 per cent of the facilitywill be converted to a fixed rate of 7.4 per cent with a forward starting swap(Note 20).  During construction, the corporation has provided a guaranteeto the lenders for the completion of the plant.  Upon completion, theCampeche plant will be pledged as collateral.*

*5Commercial Paper: Amounts outstanding at Dec. 31, 2002 includeUS$54.6 million of commercial paper.  Under the terms of TransAlta's creditfacility, the corporation has the ability and intent to maintain thesecommercial paper borrowings beyond one year.  The corporation hasdesignated this commercial paper as a long-term hedge of a portion of its netinvestment in U.S. and Mexican operations (Note 20).*

*6Notes payable - Windsor Plant: The Windsor plant notes payablebear interest at fixed rates and are recourse to the corporation through astandby letter of credit.*

*7Preferred securities: The debt component amount of the preferredsecurities (Note 14) represents the present value of the principal amount of$475.0 million due in 2048 and 2050. Interest accretion at the coupon rate isincluded in interest expense.8 Capital lease obligation: Certain coal mining assets of TransAltaUtilities have been provided as collateral. The obligation bears interest at afixed rate.*** 
**B. Principal Repayments**Principal repayments over each of the next five years and thereafter are asfollows:
  
2003

 $         355.4

2004

      146.9

2005

      247.4

2006

      364.4

2007

        15.7

2008      and thereafter

    1,576.8
 
 $      2,706.6

**C. Interest Expense**

Interestexpense on long-term debt was $161.9 million (2001 - $150.3 million; 2000 -$165.7 million), of which $159.5 million (2001 - $140.6 million; 2000 - $140.7million) relates to continuing operations.

 

**D. Guarantees**

Inthe normal course of operations, TransAlta and certain of its subsidiaries enterinto agreements to provide financial or performance assurances to third parties. This includes guarantees, letters of credit and surety bonds which areentered into to support or enhance creditworthiness in order to facilitate theextension of sufficient credit for Energy Marketing trading, treasury hedgingand Generation construction projects and equipment purchases.

AtDec. 31, 2002, the corporation had $161.7 million, US$144.4 million and 35.2million pesos in letters of credit outstanding.  The letters of credit wereissued to counterparties that have credit exposure to certain subsidiaries. If a subsidiary does not pay amounts due under the covered contract, thecounterparty may present its claim for payment to the financial institution,which in turn will request payment from the corporation. Any amounts owed by thecorporation's subsidiaries are reflected in the consolidated balance sheet. All letters of credit expire in 2003.

Thecorporation had a surety bond in the amount of US$156.7 million in support offuture site reclamation liabilities at the Centralia mine outstanding at Dec.31, 2002.  A provision for reclamation liabilities is included in thedeferred credits and other long-term liabilities (Note 12).  The suretybond expires in 2005.

TransAltahas also guaranteed payments for its subsidiaries involved in hedging andtrading activities.  These guarantees are provided to counterparties inorder to facilitate physical and financial transactions in various derivatives. To the extent liabilities exist for trading activities, they are includedin the consolidated balance sheet.  To the extent liabilities exist forhedging activities, they are disclosed in Note 20.  The limit under theseguarantees at Dec. 31, 2002 for trading and hedging activities was $1.9 billion. In addition, the corporation has a number of unlimited guarantees. The exposure at Dec. 31, 2002 under these guarantees was approximately$475 million.  Certain contracts contain provisions that require collateralto be provided if certain triggers in the contract are met such as fluctuationsin commodity prices or creditworthiness.  In the absence of any creditlimits granted by TransAlta's counterparties, TransAlta's maximum collateralrequirements would have been $492.0 million at Dec. 31, 2002 if thecorporation's credit ratings were below investment grade.  Collateralavailable was approximately $1 billion.  

TransAltahas provided guarantees to counterparties for obligations of varioussubsidiaries for performance and payment of obligations.  In the event ofthe subsidiaries' inability to meet the obligations, TransAlta would beobligated to make such payments.  To the extent obligations exist underthese guarantees at Dec. 31, 2002, they are included in accounts payable andaccrued liabilities.  The limit under these guarantees at Dec. 31, 2002 was$693.8 million.  

TransAltahas guaranteed the debt of $269.4 million at Dec. 31, 2002 for the Windsor andCampeche plants.  The debt is recorded on TransAlta's consolidated balancesheets.  The subsidiaries are required to comply with certain financialcovenants as specified in the debt agreements.  In the event of default,TransAlta would be obligated to pay the principal and any related interest. Currently, the subsidiaries are in compliance with all covenants, andmanagement does not estimate any difficulties in continuing to maintaincompliance.  The US$133.6 million of debt related to the Campeche plantwill become non-recourse to the corporation upon commencement of commercialoperations which is expected to occur in the first quarter of 2003, and theachievement of certain performance tests, which is expected to occur in thesecond half of 2003.

 

**12.Deferred Credits and Other Long-term Liabilities**
 
**2002**
 
2001

Future      site restoration costs

** $         359.8**
 
 $         339.8

Unamortized      gain on sale of assets to limited partnership

**       123.7**
 
      131.3

Cross-currency      interest rate swaps (Note 20)

**         34.3**
 
        70.9

Fair      value of swap transaction with limited partnership (Note 22)

**           9.7**
 
        13.3

Deferred      revenues and other

**         12.7**
 
         5.2
 
**$         540.2**
 
 $         560.5

 

Theunamortized gain on sale of property, plant and equipment to the limitedpartnership relates to the gain on disposal of a 49.99 per cent interest inOntario cogeneration assets held by TA Cogen to TransAlta Power, a publiclyowned entity, in 1998. The corporation is obligated to purchase all of TransAltaPower's interest in TA Cogen on Dec. 31, 2018, at the fair market value at thatdate.  Accordingly, the gain of $160.3 million is being deferred andamortized on a straight-line basis over the period to Dec. 31, 2018. Amortization of the gain in the amount of $7.6 million (2001 - $7.7million; 2000 - $7.7 million) is included in depreciation and amortizationexpense in the statements of earnings.  
80 **TransAlta**2002Annual Report
 

**13.Non-Controlling InterestsA.  Statements of Earnings**
 
**2002**
 
2001

2000

TransAlta      Power's limited partnership interest in TA Cogen (Note 22)

** $           19.0**
 
 $            14.7

 $            29.4

Dividend      requirements on preferred shares of a subsidiary

**             -        **
 
            6.1

          11.7

Other      common shareholders' interests

**           1.1**
 
           (0.2)

            0.5
 
** $           20.1**
 
 $            20.6

 $            41.6

 

OnSept. 10, 2001, the remaining series of preferred shares were redeemed for$121.6 million plus a premium of $0.5 million.  **B.  Balance Sheets - Other Non-Controlling Interests**
 
**2002**
 
2001

TransAlta      Power's limited partnership interest in TA Cogen

** $        263.0**
 
 $         271.9

Other      common shareholders' interests

**             -        **
 
         9.1
 
** $        263.0**
 
 $         281.0

**14.Preferred Securities**
 
Maturity

Call      date

Coupon

**2002**

2001
 
2048

2004

7.50%

** $        165.4**

 $         165.8
 
2048

2004

8.15%

**       119.4**

      119.5
 
2050

2006

7.75%

**       166.9**

      167.3
    
** $        451.7**

 $         452.6

InNovember 2001, the corporation issued preferred securities for net proceeds of$171.9 million (net of issue costs and related tax benefits).   Thecorporation may redeem the preferred securities in whole or in part on or after2006 at a redemption price equal to 100 per cent of the principal amount of thepreferred securities plus accrued and unpaid distributions thereon to the dateof such redemption.

In1999, the corporation issued preferred securities for net proceeds of $294.8million (net of issue costs and related tax benefits).  The corporation mayredeem the preferred securities in whole or in part on or after 2004 at aredemption price equal to 100 per cent of the principal amount of the preferredsecurities plus accrued and unpaid distributions thereon to the date of suchredemption.  In 1999, the corporation monetized a portion of thisredemption feature by writing pay fixed swaptions exercisable in 2004, having anotional amount of $75.0 million and a weighted average interest rate of 6.1 percent. At Dec. 31, 2002, the swaptions had a fair value liability of $4.6 million(2001 - $1.3 million).

Thepreferred securities are subordinated and unsecured. The corporation may electto defer coupon payments on the preferred securities and settle deferred couponpayments in either cash or common shares of the corporation. As a result, thepreferred securities are classified into their respective debt (Note 11) andequity components. The above equity component amounts represent the presentvalue of future coupon payments.Historically, the coupon payments have been settled in cash, and the intent isto continue to do so; therefore, the preferred securities have no dilutiveeffect on earnings per share.  Supplemental diluted earnings per share for2002 from continuing operations and net earnings as though the coupon paymentswere settled with shares were $0.34 (2001 - $0.94; 2000 - $0.77) and $1.07 (2001- $1.18; 2000 - $1.58), respectively (Note 15(D)).
 
**15.Common SharesA.   Issued and Outstanding**The corporation is authorized to issue an unlimited number of voting commonshares without nominal or par value.
 
**2002**

2001

2000
 
**Common      shares (millions)**

**Amount**

Common      shares (millions)

Amount

Common      shares (millions)

Amount

Issued      and outstanding, beginning of year

**       168.3**

** $      1,170.9**

       168.6

 $1,150.3

     169.2

 $      1,145.9

Repurchased      by the corporation

**        (2.0)**

**      (13.4)**

        (2.0)

     (14.1)

      (1.6)

     (10.6)

Issued      under dividend reinvestment and share purchase plan

**           2.7**

**         53.4**

          0.9

        19.1

        0.7

         10.4

Issued      for cash under stock option plans

**           0.1**

**          1.8**

          0.7

        13.8

        0.2

           2.9

Issued      under Performance Share Ownership Plan

**           0.1**

**           1.9**

          0.1

          1.8

        0.1

          1.7

Issued      on purchase of Vision Quest

**           0.6**

**         11.6**

              -        

             -        

            -        

             -        

Issued      and outstanding, end of year

**       169.8**

** $      1,226.2**

       168.3

 $1,170.9

      168.6

 $      1,150.3

In2002, the corporation purchased for cancellation, under its normal course issuerbid, 1,979,700 common shares (2001 - 2,043,100; 2000 - 1,567,100) in the amountof $40.4 million (2001 - $48.9 million; 2000 - $23.9 million). The $27.0 million(2001 - $34.8 million; 2000 - $7.5 million) excess of the repurchase price overthe average net book value was charged to retained earnings. In 2000, the excessof the repurchase price over the average net book value was charged first tocontributed surplus and the remainder was charged to retained earnings. Under the terms of the normal course issuer bid program, which expires inFebruary 2003, the corporation is allowed to purchase for cancellation up to 3.0million of its common shares.  

**B.  Shareholder Rights Plan**The primary objective of the shareholder rights plan is to provide thecorporation's Board of Directors sufficient time to explore and developalternatives for maximizing shareholder value if a takeover bid is made for thecorporation and to provide every shareholder with an equal opportunity toparticipate in such a bid.When an acquiring shareholder acquires 20 per cent or more of the outstandingcommon shares of the corporation and that shareholder does not make a bid forall of the common shares outstanding, each shareholder other than the acquiringshareholder may receive one right for each common share owned. Each right willentitle the holder to acquire an additional $160 worth of common shares for $80.

**C. Dividend Reinvestment and Share Purchase Plan**

Underthe terms of the dividend reinvestment and share purchase plan, participants areable to purchase additional common shares by reinvesting dividends. Commonshares will be issued from treasury.  In 2002, 2.7 million (2001 - 0.9million; 2000 - 0.7 million) common shares were purchased under this program for$53.4 million (2001 - $19.1 million; 2000 - $10.4 million).

**D.  Diluted Earnings Per Share**
 
**2002**

2001

2000
 
**Numerator**

**Denominator**

Numerator

Denominator

Numerator

Denominator

Basic      EPS from continuing operations

** $             57.1**

**169.6**

 $          169.5

168.9

 $           133.6

168.8

Impact      of PSOP

**-**

**0.1**

(2.7)

0.4

(3.9)

0.3

Diluted      EPS from continuing operations

**57.1**

**169.7**

166.8

169.3

129.7

169.1

Impact      of preferred securities coupon payment

**-**

**-**

13.1

21.4

-

-

Diluted      supplemental EPS from continuing operations

** $             57.1**

**169.7**

 $          179.9

190.7

 $           129.7

169.1

Optionsto purchase common shares were not included in the computation of diluted EPS asthe exercise price of the options was greater than the average market price ofthe common shares during the periods.  The impact of settling preferredsecurities' coupon payments in shares did not have a dilutive effect on EPS fromcontinuing operations in 2002 or 2000.  

82 **TransAlta**2002Annual Report
 
**16.Stock-Based Compensation Plans**

AtDec. 31, 2002, the corporation had three types of stock-based compensation plansand an employee share purchase plan.

Thecorporation is authorized to grant employees options to purchase up to anaggregate of 13.0 million common shares at prices based on the market price ofthe shares as determined on the grant date. The corporation has reserved 13.0million common shares for issue.

**A. Fixed Stock Option Plans**I.  Management Plan:  The granting of options under this fixedstock option plan was discontinued in 1997.  Options were granted underthis plan to certain eligible employees.  The options could not beexercised until one year after grant and thereafter at an amount not exceeding20 per cent of the grant per year on a cumulative basis until the sixth year,after which the entire grant may be exercised until the tenth year, which is theexpiry date.

II. Canadian Employee Plan:  This plan came into effect in 2000 and wasoffered to all full-time and part-time employees in Canada at or below the levelof manager.  Options granted under this plan may not be exercised until oneyear after grant and thereafter at an amount not exceeding 25 per cent of thegrant per year on a cumulative basis until the fifth year, after which theentire grant may be exercised until the tenth year, which is the expiry date.** **

III. Alberta D&R Plan:  This plan came into effect in 2000 and wasoffered to all full-time and part-time employees of the Alberta D&R businesssegment.  Options granted under this plan could not be exercised until thedate of the closing of the Alberta D&R sale, after which the entire grantcould be exercised until the third year, which is the expiry date.

IV. U.S.  Plan:  This plan came into effect in 2001 and was offeredto all full-time and part-time employees in the U.S. at or below the level ofmanager.  Options granted under this plan may not be exercised until oneyear after grant and thereafter at an amount not exceeding 25 per cent of thegrant per year on a cumulative basis until the fifth year, after which theentire grant may be exercised until the tenth year, which is the expiry date.

V. Australian Phantom Plan:  This plan came into effect in 2001 and wasoffered to all full-time and part-time employees in Australia, excludingdirectors and officers.  Options under this plan are not physicallygranted, rather employees receive the equivalent value of shares in cash whenexercised.  Options granted under this plan may not be exercised until oneyear after grant and thereafter at an amount not exceeding 25 per cent of thegrant per year on a cumulative basis until the fifth year, after which theentire grant may be exercised until the tenth year, which is the expiry date.
  
**Management      plan**

**Canadian      employee plan**

**Alberta      D&R plan**

**U.S.      employee plan**

**Australian      phantom plan**
 
Number      of share options (millions)

Weighted      average exercise price

Number      of share options (millions)

Weighted      average exercise price

Number      of share options (millions)

Weighted      average exercise price

Number      of share options (millions)

Weighted      average exercise price (US$)

Number      of share options (millions)

Weighted      average exercise price

Outstanding,      Jan. 1, 2000

         0.8

 $        14.13

            -        

 $               -   

             -        

 $               -   

             -        

 $               -   

             -        

 $               -   

Granted

             -        

            -        

         0.7

      14.20

         0.1

      14.20

             -        

             -        

             -        

            -        

Exercised

      (0.2)

     13.37

             -        

            -        

             -        

             -        

             -        

             -        

             -        

            -        

Cancelled      or expired

             -        

             -        

       (0.1)

      14.20

             -        

             -        

             -        

             -        

             -        

            -        

Outstanding,      Dec. 31, 2000

        0.6

 $        14.37

         0.6

 $        14.20

         0.1

 $        14.20

            -        

 $               -   

            -        

 $               -   

Granted

             -        

             -        

         0.9

      26.96

             -        

             -        

         0.8

      14.19

             -        

            -        

Exercised

       (0.4)

     14.08

       (0.1)

      14.22

             -        

             -        

             -        

             -        

             -        

            -        

Cancelled      or expired

             -        

             -        

       (0.1)

      21.32

             -        

             -        

             -        

             -        

             -        

            -        

Outstanding,      Dec. 31, 2001

         0.2

$        14.84

        1.3

 $        22.27

        0.1

 $        14.20

         0.8

$        14.19

             -        

 $               -   

Granted

             -        

             -        

         0.7

     20.92

             -        

             -        

         0.4

      12.51

         0.1

     22.00

Exercised

       (0.1)

      14.57

       (0.1)

      14.23

             -        

             -        

             -        

             -        

             -        

            -        

Cancelled      or expired

            -        

             -        

       (0.3)

      22.98

             -        

             -        

       (0.1)

     13.53

             -        

            -        

**Outstanding,      Dec. 31, 2002**

         0.1

 $        14.91

         1.6

 $        21.89

        0.1

 $        14.20

         1.1

 $        13.61

         0.1

 $       22.00
 
**Options      outstanding**
 
**Options      exercisable**

Range      of exercise prices

**Number      outstanding at Dec. 31, 2002 (millions)**

**Weighted      average remaining contractual life (years)**

**Weighted      average exercise price**

**Number      exercisable at Dec. 31, 2002 (millions)**

**Weighted      average exercise price**

$13.12      - $18.00

**           0.5**

**5.6**

** $        14.42**

**               0.3**

** $        14.57**

$18.01      - $23.00

**           1.9**

**8.7**

**       21.11**

**               0.2**

**       22.02**

$27.70

**           0.6**

**8.3**

**       27.70**

**               0.1**

**       27.70**

$13.12      - $27.70

**           3.0**

**8.1**

** $        21.20**

**               0.6**

** $        19.79**

**B. Performance Stock Option Plan**In 1999, the corporation expanded enrolment in the share option program toinclude all Canadian employees of the corporation, excluding the level ofdirector and above, by issuing stock options with an expiry date of 2009 andvesting dependent upon achieving certain earnings per share targets.
 
**2002**

2001

2000
 
Number      of share options (millions)

Weighted      average exercise price

Number      of share options (millions)

Weighted      average exercise price

Number      of share options (millions)

Weighted      average exercise price

Outstanding,      beginning of year

**           0.4**

** $       22.31**

           0.6

 $         21.87

           0.9

 $         23.05

Granted

**             -        **

**            -        **

             -        

             -        

           0.1

       14.15

Exercised

**         (0.1)**

**      15.16**

         (0.2)

       21.27

             -        

             -        

Cancelled      or expired

**         (0.1)**

**      22.99**

             -        

             -        

         (0.4)

       22.29

Outstanding,      end of year

**           0.2**

** $       22.44**

           0.4

 $         22.31

           0.6

 $         21.87

AtDec. 31, 2002, the corporation had 16,508 options with an exercise price of$14.15 and a weighted average remaining contractual life of 7.0 years and223,425 options with an exercise price of $23.05 and a weighted averageremaining contractual life of 6.1 years outstanding.  At Dec. 31, 2002, alloutstanding options had vested.

**C. Performance Share Ownership Plan (PSOP)**Under the terms of the PSOP, which commenced in 1997, the corporation wasauthorized to grant to employees and directors up to an aggregate of 2.0 millioncommon shares. The number of common shares which could be issued under both thePSOP and the share option plans, however, could not exceed 6.0 million commonshares. Participants in the PSOP receive awards which, after three years, makethem eligible to receive a set number of common shares or cash equivalent up tothe maximum of the award amount plus any accrued dividends thereon. The actualnumber of common shares or cash equivalent a participant may receive isdetermined by the percentile ranking of the total shareholder return over threeyears of the corporation's common shares amongst a selected group of publiclytraded companies. Until Dec. 31, 2001, where common shares were awarded, suchshares were then held in trust and therefore could not be disposed of for aperiod of two additional years.

OnDec. 31, 2001, the plan was modified so that after three years, once the PSOPeligibility has been determined, 50 per cent of the shares may be released tothe participant, while the remaining 50 per cent will be held in trust for oneadditional year.  In addition, the number of common shares the corporationis authorized to grant under the terms of the PSOP was increased to 4.0 millioncommon shares and the maximum number of common shares which may be issued underboth the PSOP and share option plans was increased to 13.0 million commonshares.
 
**2002**

2001

2000

Number      of awards outstanding, beginning of year

**             1.0**

1.0

         0.9

Granted

**             0.6**

0.4

         0.5

Awarded

**           (0.1)**

(0.1)

        (0.1)

Cancelled      or expired

**           (0.1)**

(0.3)

        (0.3)

Number      of awards outstanding, end of year

**             1.4**

1.0

         1.0

 

84 **TransAlta**2002Annual Report

In2002, PSOP compensation expense was $5.3 million (2001 - $4.8 million; 2000 -$5.1 million), which is included in operations, maintenance and administrationexpense in the statements of earnings.  The first PSOP award maturityoccurred in 2000 and 120,101 common shares were issued at $14.15 per share. In 2001, 83,077 common shares were issued at $22.00 per share.  In2002, 84,578 common shares were issued at $21.60 per share.
 
**D. Employee Share Purchase Plan**Under the terms of the employee share purchase plan implemented in 2000, thecorporation will extend an interest-free loan (up to 30 per cent of employee'sbase salary) to employees below executive level and allow for payroll deductionsover a three-year period to repay these loans.  Executives are no longereligible for this program in accordance with Sarbanes-Oxley legislation. The corporation will purchase these common shares on the open market onbehalf of employees at prices based on the market price of the shares asdetermined on the date of purchase.  Employee sales of these shares arehandled in the same manner.    At Dec. 31, 2002, accountsreceivable from employees under the plan totalled $1.5 million (2001 - $1.7million).The old employee share purchase plan was terminated in 2000 and involved theissuance of up to an aggregate of 200,000 common shares at prices based on themarket price of the shares as determined on the date of issue.  Employeeswere able to obtain an interest-free loan, up to 10 per cent of their grosssalary, which was repayable over a 12-month period.  In 2000, 19,535 commonshares were purchased under the old plan and were fully repaid in 2001.**E.  Stock-Based Compensation**

Asdisclosed in Note 1(P), the corporation adopted the intrinsic value method ofaccounting for stock-based compensation effective Jan. 1, 2002.  Thefollowing table provides pro forma measures of net earnings and earnings pershare had compensation expense been recognized based on the estimated fair valueof the options on the grant date in accordance with the fair value method ofaccounting for stock-based compensation:
 
**2002**

2001

2000

Reported      net earnings applicable to common shareholders

**$               189.9**

$               214.6

$               279.8

Compensation      expense

**                3.7**

               2.0

                0.3

Pro      forma net earnings applicable to common shareholders

**$               186.2**

$               212.6

$               279.5

Reported      basic earnings per share

**$                 1.12**

$                1.27

$                 1.66

Compensation      expense per share

**              0.02**

              0.01

                 -

Pro      forma basic earnings per share

**$                 1.10**

$                 1.26

$                 1.66
    
Reported      diluted earnings per share

**$                 1.12**

$                1.25

$                1.64

Compensation      expense per share

**              0.02**

              0.01

                 -

Pro      forma diluted earnings per share

**$                 1.10**

$                1.24

$                1.64

Theestimated fair value of these stock options was determined using the binomialmodel using the following assumptions, resulting in a weighted-average fairvalue of $4.25 per option (2001 - $4.35; 2000 - $1.86):
 
**2002**

2001

2000

Risk-free      interest rate (%)

**5.9**

5.4

5.4

Expected      hold period to exercise (years)

**7.0**

7.0

7.0

Volatility      in the price of the corporation's shares (%)

**28.3**

28.2

19.6

**17.Prior Period Regulatory Decisions**

**A. 2002 EUB Decision**

OnApril 16, 2002, the EUB rendered a negative decision of $3.3 million pre-taxwith respect to TransAlta's hydro bidding strategy in 2000.

**B. 2001 TSR Settlement**

InDecember 2001, the EUB ruled the Wabamun unit four outage qualified for reliefunder the TSR and ordered that TransAlta receive $11.0 million ($7.0 millionafter-tax) to compensate the corporation for obligation payments incurred as aresult of the outage.

**C. 2000 TSR Settlement**In September 2000, TransAlta negotiated a settlement resulting in thereceipt of $17.8 million ($9.9 million after-tax) under the TSR to compensatethe corporation for obligation payments incurred as a result of AlbertaGeneration production outages which occurred in 1999 and 2000. Approximately $13.5 million ($7.4 million after-tax) related to outages in1999 and $4.3 million ($2.5 million after-tax) related to outages in 2000.

**D. Final 1999 Decision Recorded in 2000**On Feb. 1, 2000, the EUB announced an amendment to its 1999 Phase I decision(1999 Final Decision) concerning a 1999 revenue requirement issue that partiallyoffset the effect of its original decision rendered in 1999.  The positiveimpact of the 1999 Final Decision increased pre-tax earnings by $30.6 million($16.4 million after-tax) and was recorded in 2000.  Included in thisamount was a reduction in earnings of approximately $0.8 million related to thediscontinued Alberta D&R operation.**18. Income TaxesA.****Statements of Earnings**

I. Rate Reconciliations
 
**2002**
 
2001

2000

Earnings      from continuing operations before income taxes & non-controlling      interests

** $         116.2**
 
 $         293.1

 $         316.5

Statutory      Canadian federal and provincial income tax rate

**39.3%**
 
43.3%

44.6%

Expected      taxes on income

** $           45.6**
 
 $         126.9

 $         141.2

Increase      (decrease) in income taxes resulting from:
    
   Lower      effective foreign tax rates

**      (19.9)**
 
      (19.0)

      (23.4)

   Utilization      of previously unrecognized tax losses

**      (11.2)**
 
            -       

            -       

   Resource      allowance net of non-deductible royalties

**        (3.1)**
 
       (2.6)

       (2.6)

   TransAlta      Power's share of TA Cogen's partnership income

**        (7.7)**
 
       (6.2)

       (4.4)

   Manufacturing      and processing rate reduction

**        (3.5)**
 
       (7.9)

       (3.0)

   Non-deductible      costs and other

**            4.6**
 
       (0.1)

          8.3

   Large      corporations tax (net of surtax)

**            8.0**
 
          7.1

          8.3

   Asset      impairment and equipment cancellation recognized at lower rate

**            6.3**
 
            -       

            -       

   Effect      of tax rate changes

**        (1.0)**
 
      (11.4)

          2.6

   Unrecognized      future income tax assets

**               -       **
 
          3.1

          1.5

**Income      tax expense**

** $           18.1**
 
 $           89.9

 $         128.5

Effective      tax rate

**15.6%**
 
30.7%

40.6%

 

Thecorporation's operations are complex, and the computation and provision forincome taxes involves tax interpretations, regulations and legislation that arecontinually changing.  The corporation's tax filings are subject to auditby taxation authorities.  The outcome of some audits may change the taxliability of the corporation.  Management believes it has adequatelyprovided for income taxes based on all information currently available.

II. Components of Income Tax Expense
 
**2002**

2001

2000
    
Current      tax expense

** $          77.8**

 $            47.2

 $          109.3

Future      income tax (benefit) expense related to the origination and reversal of      temporary differences

**(47.5)**

          54.1

          16.6

Future      income tax (benefit) expense resulting from changes in tax rates or laws

**(1.0)**

(11.4)

            2.6

Utilization      of previously unrecognized tax losses

**(11.2)**

               -       

               -       

**Income      tax expense**

** $          18.1**

 $            89.9

 $          128.5

86 **TransAlta**2002Annual Report

 

**B.  Balance Sheets**

Significantcomponents of the corporation's future income tax assets and liabilities are asfollows:
 
**2002**

2001

Net      operating and capital loss carry forwards

** $         207.6**

 $             69.3

Future      site restoration costs

**        125.0**

118.4

Unrealized      losses on electricity trading contracts

**          74.0**

148.8

Property,      plant and equipment

**(661.9)**

(584.0)

Unrealized      gains on electricity trading contracts

**(82.4)**

(185.7)

Other      deductible temporary differences

**          39.6**

44.8
 
** $      (298.1)**

 $         (388.4)

Futureincome taxes are presented on the balance sheet as follows:
  
**2002**

2001

Assets

-      current

** $           18.7**

 $          16.9
 
-      long-term

**72.2**

15.6

Liabilities

-      current

**(17.1)**

(11.8)

 

-      long-term

**(371.9)**

(409.1)
  
** $(298.1)**

 $      (388.4)

Futureincome tax assets have not been recognized for the following items:
 
Expiry      date

**2002**

2001

Unused      tax losses

-

** $               -   **

 $          11.0

Thebenefits of current and future income taxes credited to equity in the period areas follows:
 
**2002**

2001

Balance      sheet - preferred securities issue costs

**  $               -   **

 $            2.4

Statement      of earnings and retained earnings - preferred securities distributions

** $           14.0**

 $          11.3

**C.  Regulated Operations**

Thefollowing unrecognized amounts relating to the corporation's rate-regulatedoperations would have been recorded had these operations been non-regulated:
  
**2002**

2001
    
Balance      sheet - unrecognized future income tax assets

** $                -  **

 $            8.7
         
**2002**

2001

2000

Net      earnings - unrecognized future income tax recovery

** $             0.3**

 $            0.8

 $         110.1

**19.Employee Future BenefitsA.   Description**The corporation has registered pension plans in Canada and the U.S. coveringsubstantially all employees of the corporation in these countries and specificnamed employees working internationally. These plans have defined benefit anddefined contribution options and in Canada, there is an additional supplementaldefined benefit plan for certain employees. The defined benefit option of theregistered pension plans have been closed for new employees for all periodspresented.  

Thelatest actuarial valuations of the registered and supplemental pension planswere as at Dec. 31, 2002.  As the Canadian registered plan has a fundedsurplus, there is no requirement for the corporation to fund the registered planin 2003.  The supplemental pension plan is solely the obligation of thecorporation.  The corporation is not obligated to fund the supplementalplan but is obligated to pay benefits under the terms of the plan as they comedue.  The corporation has posted a letter of credit in the amount of $34.5million to secure the obligations under the supplemental plan.  The corporation provides other health and dental benefits to the age of 65 forboth disabled members (other post-employment benefits) and retired members(other post-retirement benefits). The latest actuarial valuation of these otherplans was as at April 30, 2002.

**B.  Expense**
 
**Dec.      31, 2002**

**Registered**

**Supplemental**

**Other**

**Total**
      
Current      service cost

** $             4.0**

** $                1.0**

** $       0.6**

** $        5.6**

Interest      cost

**         21.7**

**              1.9**

**      1.0**

**    24.6**

Expected      return on plan assets

**       (26.8)**

**                 -        **

**        -        **

**(26.8)**

Experience      loss

**            0.2**

**              0.2**

**      0.5**

**       0.9**

Settlement      upon sale of Transmission operation (Note 3)

**            3.8**

**                 -        **

**  (0.5)**

**       3.3**

Amortization      of net transition obligation (asset)

**        (9.2)**

**              0.3**

**        -        **

**   (8.9)**

Defined      benefit expense (income)

**        (6.3)**

**             3.4**

**      1.6**

**   (1.3)**

Defined      contribution option expense of registered pension plan

**            9.2**

** -**

** -**

**       9.2**

Net      expense

** $             2.9**

** $                3.4**

** $       1.6**

** $        7.9**
      
Dec.      31, 2001

Registered

Supplemental

Other

Total
      
Current      service cost

 $              3.9

 $                0.8

 $        0.4

 $         5.1

Interest      cost

           22.1

                1.7

       0.9

      24.7

Expected      return on plan assets

       (28.8)

                 -        

         -        

  (28.8)

Amortization      of net transition obligation (asset)

          (9.3)

              0.3

     0.3

    (8.7)

Defined      benefit expense (income)

        (12.1)

              2.8

      1.6

    (7.7)

Defined      contribution option expense of registered pension plan

           9.3

                 -        

         -        

       9.3

(Income)      expense before capitalization

          (2.8)

              2.8

      1.6

       1.6

Regulatory      capitalization to plant and equipment

          (0.1)

                 -        

         -        

    (0.1)

Net      (income) expense

 $            (2.9)

 $                2.8

 $        1.6

 $         1.5
      
Dec.      31, 2000

Registered

Supplemental

Other

Total
      
Current      service cost

 $              3.2

 $                0.7

 $        0.4

 $         4.3

Interest      cost

          21.3

              1.5

      0.7

     23.5

Expected      return on plan assets

        (29.0)

                 -        

         -        

  (29.0)

Curtailment      as a result of other post-employment plan changes

              -        

                 -        

   (2.1)

    (2.1)

Settlement      upon sale of Alberta D&R operation (Note 3)

          13.9

                 -        

   (1.2)

     12.7

Amortization      of net transition (asset) obligation

          (9.5)

              0.3

         -        

    (9.2)

Defined      benefit (income) expense

         (0.1)

              2.5

   (2.2)

      0.2

Defined      contribution option expense of registered pension plan

          10.2

                 -        

         -        

     10.2

Expense      (income) before capitalization

          10.1

              2.5

   (2.2)

     10.4

Regulatory      capitalization to plant and equipment

            0.5

                 -        

         -        

       0.5

Net      expense (income)

 $            10.6

 $                2.5

 $(2.2)

 $       10.9
      
Netamount related to continuing operations for 2002 was an expense of $4.3 million (2001 - expense of $ 1.7 million, 2000 - income of $1.9 million).
88 **TransAlta**2002Annual Report
**C.  Status of Plans**

**Dec.      31, 2002**

**Registered**

**Supplemental**

**Other**
    
Market      value of plan assets

** $               353.3**

** $                   0.4**

** $                      -        **

Accrued      benefit obligation

**             349.8**

**               35.5**

**               18.2**

Funded      status - plan surplus (deficit) 1

**                 3.5**

**            (35.1)**

**            (18.2)**

Amounts      not yet recognized in statements of earnings:
   
Unamortized      transition obligation (asset)

**            (73.3)**

**                 3.6**

**                    -        **

Unamortized      net actuarial loss

**               50.4**

**                 9.0**

**                 7.4**

Total      recognized in balance sheets:
   
Accrued      liability

** $              (19.4)**

** $              (22.5)**

** $              (10.8)**

Amortization      period in years (EARSL)

**9**

**9**

**11**
    
Dec.      31, 2001

Registered

Supplemental

Other
    
Market      value of plan assets

 $                403.4

 $                       -        

 $                       -        

Accrued      benefit obligation

              345.5

             27.5

                13.6

Funded      status - plan surplus (deficit) 1

                57.9

             (27.5)

            (13.6)

Amounts      not yet recognized in statements of earnings:
   
Unamortized      transition obligation (asset)

             (84.1)

                4.0

                     -        

Unamortized      net actuarial loss

               5.9

                 2.6

                 4.4

Total      recognized in balance sheets:
   
Accrued      liability

 $               (20.3)

 $               (20.9)

 $                 (9.2)

Amortization      period in years (EARSL)

11

11

15

1****Management intends to use the surplus in the Canadian registered definedbenefit option to pay contributions to the registered defined contributionoption and the supplemental defined benefit plan.

**D.  Reconciliation of Plan Assets**
  
**Registered**

**Supplemental**

**Other**

Market      value of plan assets at Dec. 31, 2000

 $             423.5

 $                 -        

 $                 -        

Contributions

              0.9

               -        

               -        

Transfers      to defined contribution option

             (9.3)

               -        

               -        

Experience      adjustment

              2.6

               -        

               -        

Benefits      paid

           (25.2)

               -        

               -        

Effect      of translation on U.S. plans

              1.0

               -        

               -        

Actual      return on plan assets 1

              9.9

               -        

               -        

Market      value of plan assets at Dec.  31, 2001

 $             403.4

 $                 -        

 $                 -        

Contributions

              3.3

              0.4

               -        

Transfers      to defined contribution option

             (9.2)

               -        

               -        

Experience      adjustment

              0.2

               -        

               -        

Transfer      to Altalink on sale of Transmission

           (11.1)

               -        

               -        

Benefits      paid

           (26.4)

               -        

               -        

Effect      of translation on U.S. plans

             (0.2)

               -        

               -        

Actual      return on plan assets 1

             (6.7)

               -        

               -        

**Market      value of plan assets at Dec.  31, 2002**

** $              353.3**

** $                   0.4**

** $                     -        **

 1Net of expensesPlan assets include common shares of the corporation having a fair value of $0.6million at Dec. 31, 2002 (2001 - $0.9 million). The corporation charged theregistered plan $0.1 million for administrative services provided for the yearended Dec. 31, 2002 (2001 - $0.1 million).

**E.  Reconciliation of Accrued Benefit Obligation**
  
**Registered**

**Supplemental**

**Other**

Accrued      benefit obligation as at Dec. 31, 2000

 $          323.8

 $               24.6

 $          9.1

Current      service cost

          3.9

              0.8

        0.4

Interest      cost

         22.1

              1.7

        0.9

Benefits      paid

       (24.0)

            (1.2)

      (1.0)

Effects      of translation on U.S. plans

          1.5

               -        

        0.2

Actuarial      loss

         18.2

              1.6

        4.0

Accrued      benefit obligation as at Dec. 31, 2001

 $          345.5

 $               27.5

 $         13.6

Current      service cost

          4.0

              1.0

        0.6

Interest      cost

         21.7

              1.9

        1.0

Benefits      paid

       (25.1)

            (1.3)

      (0.9)

Transfer      to Altalink on sale of Transmission

         (5.6)

               -        

      (0.8)

Effects      of translation on U.S. plans

         (0.6)

               -        

      (0.1)

Actuarial      loss

          9.9

              6.4

        4.8

**Accrued      benefit obligation as at Dec. 31, 2002**

** $          349.8**

** $                35.5**

** $         18.2**

Thesignificant actuarial assumptions adopted in measuring the corporation's accruedbenefit obligations were as follows:

**Dec.      31, 2002**

**Registered**

**Supplemental**

**Other**
     
Liability      discount rate

** 6.25%      - 6.5%**

**        6.25%      **

**6.25%      - 6.5%**

Expected      long-term rate of return on plan assets

** 7.0%      - 8.5%**

**                    -        **

**                     -        **

Rate      of compensation increase (exclusive of promotion increases)

**3.5%      - 5.0%**

**3.5%     **

**                     -        **

Health      care cost escalation

**                   -        **

**                    -        **

**6.6%      - 7.0%1**

Dental      care cost escalation

**                   -        **

**                    -        **

**3.5%        **

Provincial      health care premium escalation

**                   -        **

**                    -        **

**2.5%        **
          
Dec.      31, 2001

Registered

Supplemental

Other
     
Liability      discount rate

 6.5%      - 7.0%

6.5%        

 6.5%      - 7.0%

Expected      long-term rate of return on plan assets

 7.0%      - 8.5%

                -        

                -        

Rate      of compensation increase (exclusive of promotion increases)

3.5%      - 5.0%

3.5%       

                -        

Health      care cost escalation

               -        

                -        

6.6%      - 7.0%1

Dental      care cost escalation

               -        

                -        

3.5%       

Provincial      health care premium escalation

               -        

                -        

2.5%       

1      For five years and 5 per cent thereafter for Canadian plans.  For      U.S. plans, decreasing gradually to 4.5 per centfor      2016 and remaining at that level thereafter.  

**20.Financial Risk ManagementA.   Foreign Exchange Rate Risk Management**

****I . **Hedges of Foreign Operations**   The corporation hasexposure to changes in the carrying values of its foreign operations as a resultof changes in foreign exchange rates. The corporation uses cross-currencyinterest rate swaps at fixed and floating rate terms, forward sales contractsand direct foreign currency debt to hedge these exposures. The principalcomponent of the cross-currency interest rate swaps and direct foreign currencydebt hedge a portion of the carrying value of foreign operations. Translationgains and losses related to these components are deferred and included in CTA inshareholders' equity on a net of tax basis.

Theinterest component of the cross-currency interest rate swaps and interest ondirect foreign currency debt hedge a portion of the future earnings of theforeign operations. Settlement gains and losses are included in earnings asrealized.

 

Detailsof the notional amounts of cross-currency interest rate swaps were as follows:
 
**2002**

2001
 
**Amount**

**Fair      value**

**Maturities**

Amount

Fair      value

Maturities

Australian      dollars

**AUD$296.0**

**$       7.9**

**2005      - 2010**

AUD$300.0

$         31.2

2002      - 2010

U.S.      dollars

**US$634.0**

**$****(70.1)**

**2003      - 2012**

US$749.0

$        (76.2)

2002      - 2006
 
90 **TransAlta**2002Annual Report

AtDec. 31, 2002, a $14.1 million asset (2001 - $34.0 million) and a $34.3 millionliability (2001 - $70.9 million) related to the principal component of the swapswere deferred and recorded in other assets (Note 9) and deferred credits andother long-term liabilities (Note 12), respectively.

Inaddition, the corporation has designated U.S. dollar denominated long-term debt(Note 11) in the amount of US$488.2 million (2001 - US$289.8 million) as a hedgeof its net investment in U.S. and Mexico operations with $11.8 million (2001 -$1.2 million) of related foreign currency losses deferred and included in CTA.

Thecorporation has also hedged a portion of its net investment in self-sustainingsubsidiaries with foreign currency forward sales contracts as shown below:
 
**2002**

2001
 
**Amount**

**Fair      value**

**Maturities**

Amount

Fair      value

Maturities

New      Zealand dollars

**NZ$10.5**

**($0.1)**

**2003**

NZ$12.5

($0.1)

2002

U.S.      dollars

**US$328.3**

**$3.3**

**2003**

US$43.3

($0.2)

2002

Inaddition, the corporation has hedged foreign currency denominated long-termintercompany loans to a self-sustaining foreign subsidiary using forwardcontracts with a notional amount of US$257.9 million (2001 - US$122.9 million)and a fair value liability of US$6.5 million (2001 - US$1.6 million).

**II.Hedges of Future Foreign Currency Obligations**The corporation has hedgedfuture foreign currency obligations through forward purchase contracts asfollows:
  
**2002**

2001

Currency      sold

Currency      purchased

**Amount**

**Fair      value asset (liability)**

**Maturities**

Amount

Fair      value

asset      (liability)

Maturities

U.S.      dollars

Swiss      francs

**8.4      Swiss francs**

**$0.1**

**2003**

22.6      Swiss francs

($0.1)

2002

Canadian      dollars

U.S.      dollars

**US$36.1**

**($0.2)**

**2003      - 2004**

US$196.6

$3.6

2002      - 2004

Canadian      dollars

Swiss      francs

**4.1      Swiss francs**

**$0.1**

**2003**

 -

 -

-

Canadian      dollars

British      pounds

**                      -        **

**                 -        **

** -**

1.8      British Pounds

$0.1

2002

AtDec. 31, 2002, deferred foreign exchange losses of $0.4 million (2001 - $0.2million) related to these hedges were included in other assets (Note 9).

**B.  Interest Rate Rick ManagementI . Existing Debt** The corporation has converted the fixed interest rate debtto floating rates through receive fixed interest rate swaps (Note 11) as shownbelow:
 
**2002**

2001
 
**Notional      amount**

**Fair      value of swaps**

**Maturities**

Notional      amount

Fair      value of swaps

Maturities

Fixed      rate debt

** $                375.0**

** $             35.1**

** 2006      - 2011**

 $          425.0

 $           20.9

2003      - 2011

Includingthe fixed for floating rate swaps above, 25.1 per cent of the corporation's debtis subject to floating interest rates.

 

Thefair value of the corporation's fixed interest long-term debt changes asinterest rates change, with details as follows:
 
**2002**

2001
 
**Carrying      amount**

**Fair      value**

Carrying      amount

Fair      value

Long-term      debt, including current portion

** $                2,706.6**

** $                2,729.1**

 $                  2,511.1

 $                  2,527.7

**II.Anticipated Future Debt Issuances** The corporation uses forward startinginterest rate swaps, treasury locks and spread locks to hedge its interestpayments on anticipated future debt issuances as shown below:
 
**2002**

2001
 
**Amount**

**Fair      value**

**Maturities**
Amount

Fair      value

**Maturities**

Forward      starting interest rate swaps, treasury locks and spread locks

** US$209.1**

** ($58.2)**

** 2006      - 2011**

 US$338.5

 ($8.3)

2002      - 2016

Maturitiesof these instruments have resulted in net deferred losses of $5.2 million (2001- $6.2 million) included in other assets (Note 9).

**C. Energy Commodities Price Risk ManagementI . Trading Activities**The corporation markets energy derivatives, includingphysical and financial swaps, forwards and options, to optimize returns fromassets, to earn trading revenues and to gain market information. At Dec. 31,2002, details of the corporation's trading positions were as follows:
  
Fixed      price payor notional amounts

Fixed      price receiver notional amounts

Maximum      term in months
 
Units      (000s)

Electricity

**MWh**

**          22,763.6**

**             22,164.8**

**45**

Natural      gas

**GJ**

**          71,719.4**

**             76,815.5**

**36**

Electrical      transmission rights

**MWh**

**          16,177.8**

**                1,914.0**

**12**

Thegross physical and financial volumes traded are as follows:

**Electricity      (GWh)**
 
**Year      ended Dec. 31**

**2002**

2001

2000

Physical

**           63,015**

           18,504

6,365

Financial

**           40,061**

             9,115

3,135
 
**         103,076**

           27,619

9,500
    
**Gas      (million GJ)**

 

**Year      ended Dec. 31**

**2002**

2001

2000

Physical

**               96.2**

               30.6

42.1

Financial

**               63.6**

               68.7

93.6
 
**             159.8**

               99.3

135.7

Thecarrying and fair value of energy commodity trading assets and liabilitiesincluded on the balance sheet are as follows:
     
**2002**

2001

Price      risk management assets
    
-      current
   
** $            157.8**

 $            137.6
 
-      long-term
   
**           60.7**

           71.3

Price      risk management liabilities
    
-      current
   
**       (173.8)**

       (114.1)
 
-      long-term
   
**         (50.6)**

         (69.0)
     
** $             (5.9)**

 $             25.8

Thechange in fair value of contracts outstanding at Dec. 31, 2001 compared to 2002is attributed to the following:

Fair      value of contracts outstanding at Dec. 31, 2001
 
 $             25.8

Fair      value of contracts entered into during the period
  
(2.7)

Contracts      realized or settled during the period
  
(36.6)

Changes      in fair values attributable to changes in valuation techniques

-

Changes      in fair values attributable to market price changes
 
7.6

**Fair      value of contracts outstanding at Dec. 31, 2002**
  
 $             (5.9)

**II.Hedging Activites** The corporation uses energy derivatives, includingphysical and financial swaps, forwards and options, to manage its exposure tochanges in electricity and natural gas prices. At Dec. 31, 2002, details of thecorporation's hedging position were as follows:
 
Fixed      price payor notional amount

Fixed      price receiver notional amount

Maximum      term in months

Heat      rate swaps (000s)

** 1,296.6      MWh**

** 7,520.3      GJ**

**                     70**

Commodity      hedges (000s)

** 2,164.8      MWh**

** 13,119.7      GJ**

**                     12**

Thefair value of these swaps total a liability of $12.8 million (2001 - $2.2million asset).

Inaddition, the corporation has entered into a number of long-term gas purchaseand transportation agreements in the normal course of business to hedge itslong-term electricity sales contracts.  The maximum term of these contractsis five years.

 

92 **TransAlta**2002Annual Report

**D.   Credit Risk Management**The corporation actively manages its exposure to credit risk by assessingthe ability of counterparties to fulfill their obligations under the relatedcontracts prior to entering into such contracts, and continually monitors theseexposures.  For Energy Marketing, the corporation sets strict credit limitsfor each counterparty and halts trading activities with the counterparty if thelimits are exceeded.   The corporation makes detailed assessments ofthe credit quality of all counterparties and, where appropriate, obtainscorporate guarantees and/or letters of credit to support the ultimate collectionof these receivables.  TransAlta is exposed to minimal credit risk forAlberta Generation PPAs as all receivables are guaranteed by the Albertagovernment.

AtDec. 31, 2000, the corporation had made a provision of US$28.8 million againstUS$58.0 million of receivables outstanding related to sales to the Californiamarket.  US$5.0 million of this amount was received during 2001, however,ultimate collection of the remaining balance remains uncertain.  As aresult, the provision of established in 2000 remains in place.  

Themaximum credit exposure to any one customer, excluding the California marketreceivables discussed above and including the fair value of open tradingpositions, is $26.1 million.

**21.Joint Ventures**Joint ventures at Dec. 31, 2002 included the following:

Joint      venture

Ownership      interest

Description

Sheerness      joint venture

50%

Coal-fired      plant in Alberta, operated by ATCO

Meridian      Joint Venture

50%

Cogeneration      plant in Alberta, operated by TransAlta

Fort      Saskatchewan joint venture

60%

Cogeneration      plant in Alberta, of which TA Cogen has a 49.99 per cent interest, to be      operated by TransAlta

McBride      Lake joint venture

50%

Wind      generation facilities currently under construction in Alberta, operated by      TransAlta

Goldfields      Power joint venture

50%

Gas-fired      plant in Australia, operated by TransAlta

Goldfields      Gas Transmission joint venture

8.8%

Australian      pipeline

 

Summarizedinformation on the results of operations, financial position and cash flowsrelating to the corporation's pro-rata interests in its jointly controlledcorporations was as follows:  
  
**2002**

2001

2000

**Results      of operations**
   
Revenues

** $            194.8**

 $           215.9

 $         229.5

Expenses

**        (113.6)**

        (130.4)

     (158.8)

Proportionate      share of net earnings

** $              81.2**

 $             85.5

 $          70.7
     
**Cash      flows**
   
Cash      flow from operations

** $            118.2**

 $             84.2

 $          18.0

Cash      flow from (used in) investing activities

**            36.5**

         (13.9)

      (17.8)

Cash      flow from (used in) financing activities

**          (16.7)**

           (8.3)

      (35.0)

Proportionate      share of increase in cash and cash equivalents

** $            138.0**

 $             62.0

 $        (34.8)
     
**Financial      position**
   
Current      assets

** $              35.2**

 $           175.8
 
Long-term      assets

**          643.3**

         631.3
 
Current      liabilities

**          (18.6)**

        (155.7)
 
Long-term      liabilities

**          (18.7)**

         (17.9)
 
Proportionate      share of net assets

** $            641.2**

 $           633.5
 
 

 

**22.Related Party Transactions**

Forthe period November 2002 to November 2007, TA Cogen entered into atransportation swap transaction with a wholly owned subsidiary of TransAlta. As described in Note 12, TA Cogen is owned 49.99 per cent by TransAltaPower, a publicly owned limited partnership with the remaining 50.01 per centowned by TransAlta Energy, which also operates and maintains TA Cogen's threecombined-cycle power plants in Ontario and a plant in Fort Saskatchewan,Alberta.  The business purpose of the transportation swap was to provide TACogen with the delivery of fixed price gas, without being exposed to escalatingcosts of pipeline transportation for two of its plants, over the period of theswap in order to stabilize cash distributions in TA Cogen.  This preservesthe value of the limited partnership as a financing vehicle for TransAlta. The notional gas volume in the transaction was the total delivered fuelfor both facilities.  Exchange amounts are based on the market value of thecontract.  TransAlta entered into an offsetting contract with an externalthird party.

InSeptember 2001, the corporation sold its 60 per cent interest in its FortSaskatchewan plant to TA Cogen for an after-tax gain of $5.0 million (Note 5).

InNovember 2000, TA Cogen entered into a fixed-for-floating gas swap transactionwith TransAlta Energy for a 61-month****period starting Dec. 1, 2000. The swap transaction provides TA Cogen with fixed price gas for both theMississauga and Ottawa plants over the period.  The floating pricesassociated with the Mississauga and Ottawa cogen plants' long-term fuel supplyagreements were transferred to TransAlta Energy's account.  The notionalgas volume in the transaction was the total delivered fuel for both facilities. As consideration and in negotiation, TA Cogen transferred the right toincremental revenues associated with curtailed electrical production andsubsequent higher revenue gas sales.** **At Dec. 31, 2002, the portionof the contract related to the minority interest had a fair value liability of$9.7 million (2001 - $13.3 million liability).

**23.Commitments**

Asignificant portion of the corporation's electricity and thermal sales revenuesare subject to long-term contracts and arrangements.  Commencing Jan. 1,2001, Alberta Generation assets became subject to long-term PPAs for a periodapproximating the remaining life of each plant or unit.  These PPAs set aproduction requirement and availability target to be supplied by each plant orunit and the price at which each megawatt-hour will be supplied to the customer. A significant portion of production from the  Centralia plant issubject to short- to medium-term energy sales contracts.  In addition, aportion of the corporation's energy sales from its gas plants are subject tomedium- to long-term energy sales contracts.

Thecorporation has entered into a number of long-term gas purchase agreements,transportation and transmission agreements, royalty and right-of-way agreementsin the normal course of operations.  In addition, the corporation hascommitted to purchase turbines for a total purchase price of $53.4 million, andhas entered into a number of operating lease agreements and commitments undermining agreements.  During the year, the corporation cancelled orders onseveral turbines, and incurred a pre-tax impairment charge of $42.5 million(Note 8).  Approximate future payments under the turbine commitments,operating lease and mining agreements are as follows:

 

 
 
**Operating      leases**

**Turbines**

**Mining      agreements**

**Total**

2003

 $               6.7

 $            6.2

 $              20.0

 $          32.9

2004

             5.7

        46.0

           20.0

        71.7

2005

             5.5

         1.2

           20.0

        26.7

2006

             4.4

          -        

           20.0

        24.4

2007

             3.2

          -        

           20.0

        23.2

2008      and thereafter

           26.7

          -        

          357.5

      384.2
 
 $             52.2

 $          53.4

 $            457.5

 $         563.1

**24.Other Contingencies**

InAugust 2000, a single thermal generating unit at the Wabamun plant was shut downdue to safety concerns related to possible corrosion fatigue cracks within thewaterwall tubing of its boiler.  Repairs were completed late in the secondquarter of 2001 and the unit returned to service in June 2001.  Since Jan.1, 2001, the unit has been subject to the terms of a PPA.  Under the PPA'sforce majeure article, the corporation is not obligated to supply electricityduring the period of repair, subject to confirmation by the administrator of thePPAs. Had such confirmation not occurred, the corporation would have beenobligated to pay a penalty equal to the cost of obtaining an alternate source ofelectricity to fulfill its PPA supply obligations during the affected period. The force majeure decision went to arbitration in July 2001.  On May23, 2002, the arbitrators confirmed in their ruling that the outage qualified asa force majeure event, but also ruled that the corporation should have

 

94 **TransAlta**2002Annual Report

returnedthe unit to service more quickly.  As a result of the decision, thecorporation was required to pay $38.9 million plus interest of $2.7 million, allpre-tax.  The payment was recorded as an offset to revenues. OnMay 8, 2002, FERC requested that 150 sellers of wholesale electricity andancillary services to the California electricity market, including TransAlta,respond to questions regarding their trading strategies in California during2000 and 2001.  TransAlta has responded to the FERC request and believes itoperated in accordance with all applicable laws, rules, regulations and tariffs. 
OnMay 21 and 22, 2002, FERC issued two additional requests for informationregarding 'round-trip' trading activities, to which TransAlta responded, statingthat the corporation does not believe it participated in any round-trip tradesduring 2000 and 2001.  In addition, Reliant Energy Inc. issued a statementthat it engaged in round-trip trades in 1999 with MEGA.   TransAltaacquired an initial 50 per cent interest in MEGA in June 2000, and acquired theremaining 50 per cent in June 2001.  TransAlta contends that no round-triptrading occurred between Reliant Energy Inc. and MEGA during any period in whichTransAlta had an ownership interest in MEGA.  TransAlta will continue tocooperate with the regulators and supply all information requested.

OnMay 30, 2002, the California Attorney General's Office (CAGO) filed civilcomplaints in the state court of California against eight additional wholesalepower companies, including TransAlta.  The complaint alleges violations ofCalifornia's unfair business practices law in connection with rates charged forwholesale electricity sales.  TransAlta believes that it has complied withapplicable laws in regard to this complaint.  In particular, the company isof the view that the basis of the complaint is a matter of federal rather thanstate jurisdiction.  FERC has previously rejected allegations made by CAGOthat TransAlta's subsidiaries violated rate filing requirements.  On June26, 2002, TransAlta filed a Notice of Motion to dismiss the complaint.  

OnSept. 9, 2002, the Commodities Futures Trading Commission requested informationon similar issues.  TransAlta has provided the requested information.

OnDec. 16 and 20, 2002, two class action lawsuits on behalf of all persons andbusinesses in the states of Oregon and Washington were initiated in respect ofalleged unlawful practices in the purchase and sale of wholesale energy. TransAlta believes these are without merit and will vigorously defend itsactions.  No amount has been accrued in these financial statements asneither the amount of the claim nor the outcome was determinable at thereporting date.

OnDec. 16, 2002, the Canadian government ratified the Kyoto Protocol.  TheKyoto Protocol is not expected to have an impact on TransAlta's U.S., Mexican orAustralian operations.  TransAlta is not able to estimate the full impactthe Protocol will have on its Canadian operations, as the Canadian governmenthas not yet established an implementation plan.  However, the PPAs forTransAlta's coal-fired plants in Alberta contain 'Change of Law' provisions thatmay provide an opportunity to recover compliance costs from the PPA customers. 

 

**25.Comparative ****Figures**
 
Certainof the comparative figures have been reclassified to conform with the currentyear's presentation.

**26.Subsequent****Events**

OnJan. 13, 2003, TransAlta and EPCOR Utilities Inc. (EPCOR) announced an agreementwhereby TransAlta will acquire a 50 per cent interest in EPCOR's Genesee 3project for $395.0 million.  On the same date, TransAlta made a $157.0million payment to EPCOR for TransAlta's share of project costs incurred todate.  The 450 MW addition to the existing Genesee Generating station iscurrently under construction and expected to commence commercial operations inearly 2005.  Included in the arrangement is an option for EPCOR to puchasea 50 per cent interest in TransAlta's Centennial 1 project, formerly referred toas Keephills 3. The option expires Dec. 31, 2005.  EPCOR also has theoption to purchase a 50 per cent interest in TransAlta's Sarnia plant, which maybe exercised between January 2003 and March 2004.  TransAlta's interestwill be proportionately consolidated.

 

 

OnJan. 24, 2003, the corporation announced the acquisition of a 50 per centinterest in CE Generation LLC (CE Gen) for US$205.0 million (approximatelyCdn$312 million) plus approximately US$35 million of working capital(approximately Cdn$53 million) and the assumption of non-recourse debt ofapproximately US$500 million (approximately Cdn$762 million).  Theacquisition will be accounted for using the purchase method of accounting. CE Gen is controlled jointly by TransAlta and MidAmerican Energy HoldingsCompany.  As such, the financial results of CE Gen will be proportionatelyconsolidated with those of TransAlta.  The transaction closed on Jan. 29,2003.  CE Gen holds 816 MW of operating capacity, including 326 MW ofgeothermal generation in California and 490 MW of gas-fired cogeneration in NewYork, Texas and Arizona.  Due to the timing of the purchase, it wasimpractical to complete the allocation prior to issuance of the financialstatements. The purchase equation will be finalized and disclosed with the firstquarter of 2003 results.

 

 

OnMarch 14, 2003, the corporation filed a short-form prospectus for the issuanceof 12.0 million common shares for gross proceeds of $192.0 million.  Theunderwriters also exercised an option for an additional 3.0 million commonshares for gross proceeds of $48.0 million.  The offering includes a secondoption for the underwriters to purchase a further 2.25 million common shares for$36.0 million, exercisable until April 18, 2003.  The transaction isexpected to close on March 21, 2003.

**27.U.S. G****enerallyAccepted Accounting Principles**

Theseconsolidated financial statements have been prepared in accordance with CanadianGAAP, which, in most respects, conform to accounting principles generallyaccepted in the U.S. (U.S. GAAP).  Significant differences between Canadianand U.S. GAAP are as follows:

**A. E****arningsand EPS**
 
Reconciling      items

**2002**
 
2001
 
 2000

Earnings      from continuing operations - Canadian GAAP
 
** $        78.0**
 
 $      182.6
 
 $        146.4

Derivatives      and hedging activities, net of tax

 (I)

**      (3.8)**
 
      20.0
 
       (4.2)

Start-up      costs, net of tax

 (II)

**      (4.5)**
 
        3.6
 
        10.5

Preferred      securities distributions, net of tax

 (III)

**    (20.9)**
 
    (13.1)
 
     (12.8)

Amortization      of debt extinguishment, net of tax

 (IV)

**        0.8**
 
        0.8
 
          0.8

Income      taxes - rate change adjustment

 (V)

**            -       **
 
      20.0
 
          2.6

Amortization      of pension transition adjustment

 (VI)

**      (5.8)**
 
      (4.5)
 
             -       

**Earnings      from continuing operations - U.S. GAAP**
 
**43.8**
 
209.4
 
143.3

Earnings      from discontinued operations - Canadian and U.S. GAAP

**12.8**
 
45.1
 
89.1

Net      gain on disposal of discontinued operations - Canadian and U.S. GAAP

**120.0**
 
-
 
266.8

**Net      earnings before extraordinary items and change in accounting principle -      U.S. GAAP**

**176.6**
 
254.5
 
499.2

Extraordinary      loss - Canadian GAAP
 
**            -        **
 
            -        
 
      209.7

Income      taxes - rate change adjustment

 (V)

**            -        **
 
            -        
 
        22.6

Employee      future benefits

 (VI)

**            -        **
 
            -        
 
      (30.3)

**Extraordinary      loss - U.S. GAAP**
 
**            -        **
 
            -        
 
      202.0

**Net      earnings before change in accounting principle - U.S. GAAP**
 
**    176.6**
 
    254.5
 
      297.2

Cumulative      effect of change in accounting principle, net of tax

 (I)

**            -        **
 
        0.2
 
             -        

**Net      income - U.S. GAAP**
 
** $      176.6**
 
 $      254.7
 
** $        297.2**

Cumulative      effect of change in accounting principle, net of tax

 (I),      (VIII)

**           -       **
 
    (38.5)
 
**             -       **

Foreign      currency cumulative translation adjustment

 (I),      (VIII)

**    (16.8)**
 
      (5.4)
 
        19.6

Net      gain (loss) on derivative instruments

 (I),      (VIII)

**    (51.5)**
 
      10.0
 
             -       

Registered      pension alternate minimum liability

 (VI)

**      (1.7)**
 
-
 
-

**Comprehensive      income - U.S. GAAP**
 
** $      106.6**
 
 $      220.8
 
** $        316.8**

 
       
**Basic      EPS - U.S. GAAP**
      
Earnings      from continuing operations
 
** $        0.26**
 
 $        1.24
 
 $          0.85

Earnings      from discontinued operations
 
**      0.07**
 
      0.27
 
        0.53

Gain      on disposal of discontinued operations
 
**      0.71**
 
            -       
 
        1.58

Extraordinary      loss
 
**            -       **
 
            -       
 
     (1.20)

**Net      earnings**
 
** $        1.04**
 
 $        1.51
 
 $          1.76
       
**Diluted      EPS - U.S. GAAP**
      
Earnings      from continuing operations
 
** $        0.26**
 
 $        1.22
 
 $          0.83

Earnings      from discontinued operations
 
**      0.07**
 
      0.27
 
        0.53

Gain      on disposal of discontinued operations
 
**      0.71**
 
            -       
 
        1.58

Extraordinary      loss
 
**            -       **
 
            -       
 
     (1.20)

**Net      earnings**
 
** $        1.04**
 
 $        1.49
 
 $          1.74

 

96 **TransAlta**2002Annual Report

**B.**

**B****alanceSheet Information**
 
Reconciling      items

**2002**

2001

**Cdn      GAAP**

**U.S.      GAAP**

Cdn      GAAP

U.S.      GAAP

**Assets**
      
Current      derivative assets
 
 (I)

** $                -  **

** $            8.3**

 $                -  

 $           58.5

Accounts      receivable
 
 (IX)

**       626.2**

**       624.7**

      625.3

       623.6

Future      or deferred income tax assets - current

 (V)

**         18.7**

**         18.7**

        16.9

         25.6

Income      taxes receivable
 
 (I),      (II), (IV)

**           111.5**

**            120.7**

           128.3

           136.9

Investments
 
 (X)

**         32.2**

**       271.9**

        37.3

       227.8

Property,      plant and equipment, net

 (II)

**        6,035.1**

**         6,043.5**

        6,094.8

        6,110.9

Regulatory      rate-making liability
 
 (V)

**              -        **

**               -        **

              -        

         (8.7)

Long-term      derivative asset
 
 (I)

**              -        **

**         53.3**

              -        

         54.1

Other      assets
 
 (I),      (II), (III)

**       110.6**

**         57.4**

        81.1

         52.3

**Liabilities**
      
Accounts      payable and accrued liabilities

 (VI)

**       646.0**

**       610.5**

       472.2

       425.4

Current      derivative liability
 
 (I)

**              -        **

**         27.6**

              -        

         21.5

Long-term      debt
 
 (I),      (III), (X)

**   2,351.2**

**    3,087.6**

    2,406.8

    3,080.2

Deferred      credits and other long-term liabilities

 (I),      (IV)

**      540.2**

**       526.9**

       560.5

       532.7

Firm      commitments
 
 (I)

**             -        **

**               -        **

              -        

           3.6

Long-term      derivative liabilities
 
 (I)

**              -        **

**       133.1**

              -        

       134.3

Future      or deferred income tax liability

(I),      (II), (III), (IV), (V), (VI)

**       371.9**

**       339.1**

409.1

416.6

**Equity**
      
Preferred      securities
 
(III)

**       451.7**

**               -        **

       452.6

               -        

Common      shares
 
(IX)

**    1,226.2**

**    1,224.7**

    1,170.9

    1,169.2

Retained      earnings

(I),      (II), (IV), (V), (VI)

**       832.2**

**       839.0**

838.3

858.4

Cumulative      translation adjustment

(I),      (VIII)

**      (18.8)**

**               -       **

      (19.5)

               -       

Accumulated      other comprehensive income

(I),      (VIII)

**              -       **

**     (123.7)**

              -       

       (53.7)

 

**C.**

**R****econcilingItems**

**I. Derivatives and****HedgingActivities**

OnJan. 1, 2001, the corporation adopted Statement 133, Accounting for DerivativeInstruments and Hedging Activities.  The new statement requires allderivative instruments to be recorded on the balance sheet at fair value, withchanges in fair value recognized in earnings in the period of change.  Ifthe derivative is designated and qualifies as a fair value hedge, the changes infair value of the derivative and the hedged item attributable to the hedged riskare recognized in earnings in the period the change occurs.  If thederivative is designated and qualifies as a cash flow hedge, the effectiveportion of changes in the fair value of the derivative are recorded in othercomprehensive income (OCI) and are recognized in earnings as the hedged itemaffects earnings.  The ineffective portion of changes in fair value of cashflow hedges is recognized in earnings.  If the derivative is designated andqualifies as a hedge of a net investment in a foreign currency, the effectiveportion of changes in fair value are recorded in OCI as part of CTA and theineffective portion is recognized in earnings.  

Theadoption of Statement 133 on Jan. 1, 2001 resulted in the recognition ofadditional derivative assets with a fair value of $1.6 million, firm commitmentassets with a fair value of $0.6 million, additional derivative liabilities witha fair value of $88.6 million, a $0.3 million ($0.2 million after-tax) credit toincome as the cumulative effect of a change in accounting principle and a chargeof $64.4 million ($38.5 million after-tax) to OCI as the cumulative effect of achange in accounting principle.

**(i)  F****airValue Hedging Strategy**The corporationenters into forward exchange contracts to hedge certain firm commitmentsdenominated in foreign currencies to protect against adverse changes in exchangerates and uses interest rate swaps to manage interest rate exposure.  Theswaps modify exposure to interest rate risk by converting a portion of thecorporation's fixed-rate debt to a floating rate.
Thecorporation's fair value hedges resulted in a net gain of $nil related to theineffective portion of its hedging instruments (inclusive of the time value ofmoney) as well as the portion of the hedging instrument excluded from theassessment of hedge effectiveness.

 

 

**(ii)  Cash Flow Hedging Strategy**Thecorporation uses forward-starting swaps, treasury locks and spread locks tohedge the interest rates of anticipated issuances of debt to protect thecorporation against increases in interest rates prior to the date of issuance,and uses forward sales contracts and futures contracts to hedge generationproduction to protect the corporation against fluctuations in commodity prices.The maximum term of cash flow hedges of anticipated transactions is 11 years.

Thecorporation's cash flow hedges resulted in a net gain of $nil related to theineffective portion of its hedging instruments as well as the portion of thehedging instrument excluded from the assessment of hedge effectiveness.  

InJune 2002, forward starting swaps with a notional amount of US$125.0 millionwere settled and debt was issued, resulting in a loss of $11.2 million. The loss will be reclassified from OCI over 10 years, the term of thehedged debt.

Overthe next 12 months, the corporation estimates that $0.7 million of net lossesthat arose from cash flow hedges will be reclassified from OCI to net earnings. The corporation also estimates that $4.3 million of net losses on cashflow hedging instruments that arose on adoption of Statement 133 will bereclassified from accumulated other comprehensive income (AOCI) to earnings. These estimates assume constant gas and power prices, interest rates andexchange rates over time; however, the actual amounts that will be reclassifiedwill vary based on changes in these factors.  Therefore, management isunable to predict what the actual reclassification from OCI to earnings(positive or negative) will be for the next 12 months.

**(iii) Net Investment Hedges**Thecompany uses cross-currency interest rate swaps, forward sales contracts anddirect foreign currency debt to hedge its exposure to changes in the carryingvalue of its investments in its foreign subsidiaries in the U.S., Australia andMexico.  Realized and unrealized gains and losses from these hedges areincluded in OCI, with the related amounts due to or from counterparties includedin other assets, long-term debt and other liabilities.

 

Thecorporation recognized a net after-tax loss of $16.8 million (2001 - $5.4million gain) on its net investment hedges, included in OCI.

Thecorporation recognized income of $nil (2001 - $nil), related to ineffectivenessof net investment hedges.

**(iv)****TradingActivities**  As disclosed in Note 20, the corporation markets energyderivatives to optimize returns from assets, to earn trading revenues and togain market information.  Derivatives, as defined under Statement 133, arerecorded on the balance sheet at fair value under both Canadian and U.S. GAAP. Non-derivative contracts entered into subsequent to the rescission of EITF98-10 are accounted for using the accrual method.  Prior to the rescissionof EITF 98-10, non-derivative contracts were accounted for using mark-to-modelaccounting.  

**(v)Other hedging Activity**Thecorporation recognized pre-tax income of $1.1 million  (2001 - $39.4million) related to hedging activities that do not qualify for hedge accountingunder Statement 133.

 

**II. Start-Up Costs**

UnderU.S. GAAP, certain start-up costs, including revenues and expenses in thepre-operating period, are expensed rather than capitalized to deferred chargesand property, plant and equipment as under Canadian GAAP, which also results indecreased depreciation and amortization expense under U.S. GAAP.

**III. Preferred Securities**

UnderU.S. GAAP, the corporation's preferred securities are considered to be entirelydebt with no equity component, whereas under Canadian GAAP, these preferredsecurities have both a debt and equity component.  Accordingly, thepreferred securities distributions are classified as an expense under U.S. GAAPrather than a direct charge to retained earnings.  Under U.S. GAAP, thecosts associated with the issuance of the preferred securities are recorded asan asset whereas under Canadian GAAP, these costs, net of tax, are charged topreferred securities.  The fair value of the preferred securities at Dec.31, 2002 was $504.5 million  (2001 - $485.5 million).

**IV. Debt Extinguishment**

UnderU.S. GAAP, the premium on redemption of long-term debt related to the limitedpartnership transaction was recorded as an extraordinary loss when incurred,whereas for Canadian GAAP the loss is amortized to earnings over the period ofthe limited partnership to 2018.

 

98 **TransAlta**2002Annual Report

 

**V. Income T taxes**

Futureincome taxes under Canadian GAAP are referred to as deferred income taxes underU.S. GAAP.  Canadian and U.S. GAAP require accounting for income taxesusing the liability method of tax allocation; however, two significantdifferences remain between Canadian and U.S. GAAP:

**(i)**  Canadian GAAP requires that future income tax balances be adjustedto reflect substantively enacted rates rather than currently legislated taxrates under U.S. GAAP.  As a result of this difference, a $nil (2001 -$20.0 million; 2000 - $2.6 million) adjustment to earnings from continuingoperations was required; and

**(ii)**   Under Canadian GAAP, rate-regulated operations need not recognize future incometaxes to the extent that future income taxes are expected to be included in therates charged to and recovered from customers.  For these operations, U.S.GAAP requires that the corporation record deferred income tax assets orliabilities for its rate-regulated operations.  As these amounts arerecoverable or payable through future revenues, a corresponding regulatoryrate-making asset or liability is recorded for U.S. GAAP purposes.

Deferredincome taxes under U.S. GAAP would be as follows:
 
**2002**
 
2001

Future      income tax liability (net) under Canadian GAAP

** $          (298.1)**
 
 $         (388.4)

Rate-regulated      operations deferred income taxes

**                 -        **
 
              8.7

Derivatives

**            48.8**
 
            15.6

Start-up      costs

**             (2.3)**
 
            (2.3)

Preferred      securities

**             (6.2)**
 
            (6.2)

Debt      extinguishment

**              9.7**
 
              9.7

Employee      future benefits

**          (17.2)**
 
          (24.3)

Difference      related to rate change adjustment

**                  -       **
 
                 -       
 
** $          (265.3)**
 
 $         (387.2)
    
Comprised      of the following:
    
**2002**
 
2001

Current      deferred income tax assets

** $              18.7**
 
 $             25.6

Long-term      deferred income tax assets

**            72.2**
 
            15.6

Current      deferred income tax liabilities

**          (17.1)**
 
          (11.8)

Long-term      deferred income tax liabilities

**        (339.1)**
 
        (416.6)
 
** $          (265.3)**
 
 $         (387.2)

 

**VI. Employee Future Benefits**

U.S.GAAP requires that the cost of employee pension benefits be determined using theaccrual method with application from 1989.   It was not feasible toapply this standard using this effective date.  The transition asset as atJan. 1, 1998 was determined in accordance with elected practice prescribed bythe Securities and Exchange Commission (SEC) and is amortized over 10 years. The difference between U.S. GAAP and Canadian GAAP for the corporation'sregulated operations has no effect on net earnings and retained earnings, as anydifference from the allowed method of recovery is recognized as a regulatoryrate-making liability refundable through regulation.  As indicated in Note4, the corporation discontinued regulatory accounting and commenced theapplication of Canadian GAAP for non-regulated entities consistent with thederegulation of the electricity generation industry in Alberta beginning Jan. 1,2001.  

Sensitivityto changes in assumed health care cost trend rates are as follows:
 
One      percentage

One      percentage

point      increase

point      decrease

Effect      on total service and interest costs
 
 $                  0.3
 
 $                      (0.4)

Effect      on post-retirement benefit obligation
 
 $                  2.8
 
 $                      (4.5)

Asa result of the corporation's plan asset return experience for its U.S.registered pension plan, at Dec. 31, 2002, the corporation was required underU.S. GAAP to recognize an additional minimum liability.  The liability wasrecorded as a reduction in common equity through a charge to OCI, and did notaffect net income for 2002.  The charge to OCI will be restored throughcommon equity in future periods to the extent fair value of trust assets exceedthe accumulated benefit obligation.

 

 

**VII. Joint Ventures**

Inaccordance with Canadian GAAP, joint ventures are required to be proportionatelyconsolidated regardless of the legal form of the entity.  Under U.S. GAAP,incorporated joint ventures are required to be accounted for by the equitymethod.  However, in accordance with practices prescribed by the SEC, thecorporation, as a Foreign Private Issuer, has elected for the purpose of thisreconciliation to account for incorporated joint ventures by the proportionateconsolidation method.

**VIII. Other Comprehensive Income**

Thechanges in the components of OCI were as follows:
 
**2002**

2001

2000
    
Cumulative      effect of accounting change, net of tax

** $                 -        **

 $           (38.5)

 $                 -        

Net      gain (loss) on derivative instruments:
   
Unrealized      gains (losses), net of taxes of $24.2 million

**         (55.5)**

             0.5

              -        

Reclassification      adjustment for losses included in net income, net of taxes of $2.2 million

**             4.0**

             9.5

              -        

Net      gain (loss) on derivative instruments

**         (51.5)**

           10.0

              -        

Registered      pension alternate minimum liability

**           (1.7)**

              -        

              -        

Translation      adjustments

**         (16.8)**

           (5.4)

           19.6
    
Other      comprehensive income (loss)

** $           (70.0)**

 $           (33.9)

 $             19.6
    
The      components of AOCI were:
        
**2002**

2001
 
Net      loss on derivative instruments

** $           (80.0)**

 $           (28.5)
 
Registered      pension alternate minimum liability

**           (1.7)**

                -
 
Translation      adjustments

**         (42.0)**

         (25.2)
 
Accumulated      other comprehensive loss

** $          (123.7)**

 $           (53.7)
 
 

 

**IX. Share Capital**

UnderU.S. GAAP, amounts receivable for share capital should be recorded as adeduction from shareholders' equity.  Under the corporation's employeeshare purchase plan, accounts receivable for share purchases at Dec. 31, 2002was $1.5 million (2001 - $1.7 million).

**X. Right Offset Agreement**

Thecorporation has a New Zealand bank deposit that has been offset with a NewZealand bank facility under a right of offset agreement.  The arrangementdoes not qualify for offsetting under U.S. GAAP.

**D.FutureChanges in Accounting Standards**

InAugust 2001, the Financial Accounting Standards Board (FASB) issued Statement143, Asset Retirement Obligations, which requires asset retirement obligationsto be measured at fair value and recognized when the obligation is incurred. A corresponding amount is capitalized as part of the asset's carryingamount and depreciated over the asset's useful life.  Statement 143 iseffective for fiscal years beginning after June 15, 2002, with earlierapplication encouraged.  TransAlta will adopt the provisions of Statement143 effective Jan. 1, 2003.  The expected impact of the adoption ofStatement 143 on TransAlta's financial statements has not been finalized.

InJanuary 2003, the FASB issued Interpretation No. 46, Consolidation of VariableInterest Entities, which requires the consolidation of entities if certaincriteria are met.  The Interpretation is effective for fiscal yearsbeginning on or after June 15, 2003.  The corporation is currentlyreviewing the Interpretation to determine whether it will have any impact on theconsolidated financial statements of TransAlta Corporation.

 

100 **TransAlta**2002Annual Report
**S      e l e c t e d  Q u a r t e r l y  F i n a n c i a l  I n f      o r m a t i o n**          (Unaudited;      in millions of Canadian dollars except per share amounts)          
2002      Quarters
 **First** **Second** **Third** **Fourth** **Annual**           Total      revenues**$****419.7****$****336.3****$****450.3****$****517.6****$****1,723.9**Earnings      from continuing operations **45.7** **18.5** **73.4** **(59.6)** **78.0**Net      earnings applicable to common shareholders **51.4** **124.9** **67.9** **(54.3)** **189.9**Basic      earnings (loss) per common share:                   Continuing operations **0.24** **0.08** **0.40** **(0.38)** **0.34**         Net earnings **0.30** **0.74** **0.40** **(0.32)** **1.12**Diluted      earnings (loss) per common share:                   Continuing operations **0.22** **0.07** **0.40** **(0.38)** **0.34**         Net earnings **0.28** **0.73** **0.40** **(0.32)** **1.12**                      
2001      Quarters
 First Second Third Fourth Annual           Total      revenues$706.5$605.2$573.3$434.4$2,319.4Earnings      from continuing operations 59.0 50.2 36.7 36.7 182.6Net      earnings applicable to common shareholders 67.6 59.1 41.4 46.5 214.6Basic      earnings per common share:                   Continuing operations 0.33 0.28 0.20 0.19 1.00         Net earnings 0.40 0.35 0.25 0.27 1.27Diluted      earnings per common share:                   Continuing operations 0.32 0.27 0.20 0.19 0.98         Net earnings 0.39 0.34 0.25 0.27 1.25     
co n s o l i d a t e d  f i n a n c i a l  s t a t e m e n t s 101

elevenyear financial & statistical summary*
(      M I L L I O N S  O F  D O L L A R S  EX      C E P T  W H E R E  N      O T E D ) **2002**  2001  2000                 **F      i n a n c i a l  S u m m a r y**                         **Earnings      statement**            Revenues   **$****1,723.9** $2,319.41 $1,587.0 Earnings      before interest, income taxes and non-controlling interests (EBIT)2**$****223.92** $468.92 $604.62 Net      earnings applicable to common shareholders**$****189.9** $214.6 $279.8    **Balance      sheet**            Total      assets   **$****7,419.6** $7,877.9 $7,627.1    Short-term      debt, net of cash and interest-earning investments**$****146.7** $475.2 $220.5 Long-term      debt   **2,706.6**  2,511.1  2,201.4 Preferred      shares of a subsidiary   **-**  -  121.6 Other      non-controlling interests   **263.0**  281.0  253.4 Preferred      securities   **451.7**  452.6  292.0 Common      shareholders' equity   **2,039.6**  1,989.7  1,957.4 Total      invested capital   **$****5,607.6** $5,709.6 $5,046.3    **Cash      flow**           Cash      flow from operating activities  **$****437.7** $715.6 $188.7 Cash      used in investing activities  **$****(36.2)** $(1,076.9) $(205.0) **Common      share information**(per      share)          Net      earnings   **$****1.12** $1.27 $1.66 Dividends      declared   **$****1.00** $1.00 $1.00 Book      value (at year-end)   **$****12.01** $11.82 $11.61 Market      price:            High   **$****23.95** $30.13 $22.55 Low   **$****16.69** $19.15 $13.20 **Close**(TSX      at Dec. 31)   **$****17.11** $21.60 $22.00    **Ratios**(percentage      except where noted)          Debt/invested      capital    **50.88**  52.30  47.99 Return      on common shareholders'equity  **3.47**  10.87  11.74 Return      on invested capital    **3.96**  8.72  12.32 Interest      coverage (times)    **1.36**  3.21  2.90 Dividend      payout    **241.77**  78.47  75.75 Dividend      yield    **5.84**  4.63  4.55 Dividend      coverage (times)    **2.47**  4.12  0.96 Price/earnings      multiple    **41.73**  17.32  16.67 Weighted      average common shares for year (in millions) **169.6**  168.9  168.8 Common      shares outstanding at Dec. 31 (in millions) **169.8**  168.3  168.6    **S      t a t i s t i c a l  S u m m a r y**            Number      of employees    **2,573**  2,656  2,363 **Generating      capacity**(net      MW):           Hydro   **801**  800  800 Coal   **4,966**  5,090  5,016 Gas   **1,3333**  1,1083  1,0543 Renewables   **44**       Total      generating capacity   **7,144**  6,998  6,870 Total      generation production (GWh) 4  **46,877**  44,136  40,644        *******Prior      years have not been restated to conform with the current year's      presentation.***1* *2001      Energy Marketing revenues restated to be presented on a net basis.**2* *Includes      discontinued operations.**3* *Represents      TransAlta's ownership.**4* *Statistics      include discontinued operations.*
**Ratio      Formulas**

**Debt/invested      capital***=      (short-term debt + long-term debt -cash and interest-earning      investments)/(debt + preferred shares + non-controlling interests + common      equity)*

 

**Return      on common shareholders' equity***=      net earnings excluding gain on discontinued operations/average of opening      and closing common equity*

102 **TransAlta**2002Annual Report
 1999  1998  1997  1996  1995  1994  1993  1992                                 $1,029.4 $1,089.9 $1,656.4 $1,515.6 $1,330.5 $1,261.0 $1,208.3 $1,101.6 $442.02 $660.12 $586.6 $570.6 $591.4 $588.7 $573.5 $560.5 $170.1 $211.4 $182.6 $181.0 $181.7 $186.9 $183.8 $182.5                                                         $6,038.4 $5,392.6 $4,882.2 $4,804.4 $4,346.9 $3,969.7 $4,060.8 $3,990.9         $(173.6) $(149.4) $(20.3) $13.3 $1.3 $84.8 $37.1 $-  2,177.4  1,903.6  2,198.0  2,364.0  2,009.0  1,584.5  1,748.8  1,502.4  268.3  268.4  267.6  270.5  371.9  462.8  549.0  754.4  377.4  503.3  162.9  164.4  73.3  -  -  -  287.1  -  -  -  -  -  -  -  1,835.6  1,855.0  1,594.3  1,582.3  1,542.7  1,515.0  1,477.6  1,445.0 $4,772.2 $4,380.9 $4,202.5 $4,394.5 $3,998.2 $3,647.1 $3,812.5 $3,701.8                                                         $422.0 $470.7 $666.4 $563.2 $430.7 $422.9 $363.9 $426.8 $(988.8) $(137.2) $(319.7) $(459.9) $(361.3) $(152.7) $(295.8) $(408.3)                                                 $1.00 $1.31 $1.14 $1.14 $1.14 $1.18 $1.16 $1.18 $1.00 $0.99 $0.98 $0.98 $0.98 $0.98 $0.98 $0.98 $10.85 $10.94 $9.96 $9.92 $9.71 $9.54 $9.31 $9.12                                                 $25.15 $25.40 $22.75 $18.20 $14.88 $16.25 $15.50 $14.50 $12.25 $18.20 $15.10 $14.25 $13.00 $13.13 $12.63 $12.00 $14.15 $22.60 $22.55 $17.25 $14.63 $14.50 $15.25 $13.75                                                          45.56  40.04  51.82  54.10  50.28  45.77  46.84  40.59  9.22  12.26  11.50  11.58  11.88  12.49  12.58  13.52  9.73  15.38  13.65  13.60  15.47  15.78  15.26  15.45  2.90  3.30  3.32  3.09  3.01  3.09  3.45  2.99  99.65  75.83  85.71  86.19  85.69  83.25  84.60  83.29  7.07  4.40  4.35  5.68  6.70  6.76  6.43  7.13  2.24  2.79  4.04  3.38  2.51  2.42  1.98  2.37  14.15  17.25  19.78  15.13  12.83  12.29  13.15  11.65  169.5  161.3  159.7  159.2  158.9  158.8  158.7  155.0  169.2  169.6  160.0  159.5  158.9  158.8  158.7  158.5                                                          2,679  2,455  2,667  3,099  2,128  2,213  2,435  2,612                                                  800  800  800  800  800  800  800  800  3,676  3,676  3,676  3,676  3,676  3,676  3,676  3,676  1,4643  1,0083  832  815  485  485  375  265                                                  5,940  5,484  5,308  5,291  4,961  4,961  4,851  4,741  37,771  39,001  36,401  34,264  33,373  32,171  30,295  28,506                 
**Return      on invested capital***=      EBIT/average annual invested capital*

 

**Interest      coverage***=      EBIT/total interest expense (including interest on discontinued operations      and capitalized interest)*

 

**Dividend      payout***=      dividends/net earnings excluding gain on discontinued operations*

 

**Dividend      yield***=      common share dividends/current year's close price*

 

**Dividend      coverage***=      cash flow from operations, less preferred securities distributions and      preferred share dividends/dividends per common share*

 

**Price/earnings      multiple***=      current year's close/earnings per share from continuing operations*

el e v e n - y e a r  f i n a n c i a l & s t a t i s t i c a l  su m m a r y 103

shareholderinformation

**A      n n u a l M e e t i n g**

The      Annual Meeting will be held at 1:30 p.m. on Wednesday, April 30, 2003 at      the Le Royal Meridien King Edward Hotel,37 King      Street East, Toronto, Ontario

 

**T      r a n s f e r A g e n t**

CIBC      Mellon Trust Company 

P.O.      Box 7010 

Adelaide      Street Station 

Toronto,      Ontario M5C 2W9

 

**Phone**

North      America:

1.800.      387.0825 toll-free

Toronto/outside      North America:

416.643.      5500

 

**Fax**

416.643.      5501

 

**Web      site**

www.cibcmellon.com

 

**E      x c h a n g e s**

Toronto      Stock Exchange (TSX)

 New      York Stock Exchange (NYSE)

 

**T      i c k e r S y m b o l s**

TransAlta      Corporation common shares:

 TSX:      TA

NYSE:      TAC

TransAlta      Corporation

preferred      securities:

TSX:      TA.Pr.A, TA.Pr.B, TA.Pr.C

 

**Vo      t i n g R i g h t s**

Common      shareholders receive one vote for each common share held

 

**A      d d i t i o n a l  I n f o r m a t i o n**

Requests      can be directed to:

Investor      Relations

TransAlta      Corporation

P.O.      Box 1900, Station "M" 

110      - 12th Avenue S.W. 

Calgary,      Alberta T2P 2M1

 

**Phone**

North      America:

1.800.      387. 3598 toll-free Calgary/outside North America: 403.267.2520

 

**Fax**

403.267.2590

 

**E-mail**

investor_relations@transalta.com

 

**Web      site**

www.transalta.com

 
**S      p e c i a l  S e r v i c e s  f o r  R e****g      i s t e re d  S h a re h o l d e r s**
 S      E R V I C      E                                     D E S C R I P T I O N

Dividend      reinvestment                   Conveniently      reinvest your TransAlta dividends and

and      share purchase      plan*                  purchase common shares without brokerage costs 

Direct      deposit for                         Automatically      have dividend payments deposited to 

dividend      payments                       your      bank account 

Account      consolidations                 Eliminate      costly duplicate mailings by consolidating 

                                                           account registrations 

Address      changes                        Receive      tax slips and dividends without the delays 

and      share transfers                      resulting      from address and ownership changes 

 *To      use these services please contact our transfer agent.* 

****Also      available to non-registered shareholders.*

 

 

**S      t o c k  S p l i t s  a n d****S      h a re****C      o n s o l i d a t i o n s**

 

D      A T E                                     E      V E N T      S                                                                                    R A T I O

May      8,      1980                                        Stock split                                                                     3:1

Feb.      1, 1988                               Stock      split1                                                                   2:1

Dec.      31, 1992                       Reorganization      - TransAlta Utilities shares                                1:1

                                              exchanged      for TransAlta Corporation shares2

*The      valuation date value of common shares owned on Dec. 31, 1971, adjusted for      stock splits, is $4.54 per share.*

*1* *The      adjusted cost base for shares held on Jan. 31, 1988 was reduced by $0.75      per share following the Feb. 1, 1988 share split.*

*2* *TransAlta      Utilities Corporation became a wholly owned subsidiary of TransAlta      Corporation as a result of this reorganization.*

 

 **D      i v i d e n d  P o l i c y**

 

In      declaring dividends, the directors consider several factors, including the      corporation's earnings, cash flow, capital requirements and the      expectations of shareholders.

 

 

**I      m p o r t a n t****D      i v i d e n d****D      a t e s**

 

 

P      A Y M E N T   D AT      E                                   R      E C O R D D A T E                      E      X - D I V I D E N DD      A T E

April      1,      2003                                                                      March 1, 2003                                 Feb.      26, 2003 

July      1, 2003                                                     June      1, 2003                                   May      28, 2003

Oct.      1, 2003                                                     Sept.      1, 2003                                   Aug.      27, 2003 

Jan.      1, 2004                                                     Dec.      1, 2003                                    Nov.      27, 2003 

April      1, 2004                                                    March      1, 2004                                  Feb.      26, 2004

*Dividends      are paid on the first of the month in January, April, July and October.      When a dividend payment date falls on a weekend or holiday, the payment is      made on the following business day.*

 

**S      u b m i s s i o n  o f  C o n c e r n s  R e g a rd i n      g  A c c o u n t i n g  o r  A u d i t i n g  M a t t      e r s**

 

In      2002, TransAlta adopted a procedure for employees, shareholders or others      to report concerns or complaints regarding accounting or auditing matters      on an anonymous, confidential basis to the Audit and Environment Committee      of the Board of Directors. Such submissions may be directed to the Audit      and Environment Committee c/o the Corporate Secretary of the corporation.

 

104 **TransAlta**2002Annual Report

See full colour copy of the Annual Report filed on SEDAR forthis page

sh a r e h o l d e r i n f o r m a t i o n 105

glossary

**Alberta      PPA**Alberta      power purchase arrangement borne through legislation to separate generator      from the market.

**Ancillary      Services**Services      provided by a generation facility that support the electricity      infrastructure (e.g. automatic generation control and spinning reserves).

**Availability**A      measure of time, expressed as a percentage of continuous operation 24      hours a day, 365 days a year, that a generating unit is capable of      generating electricity, whether or not it is actually generating      electricity.

**Baseload**The      minimum amount of electric power delivered or required over a given period      of time at a steady rate.

**Boiler**A      device for generating steam for power, processing, or heating purposes or      for producing hot water for heating purposes or hot water supply. Heat      from an external combustion source is transmitted to a fluid contained      within the tubes in the boiler shell.

**Btu      (British Thermal Unit)**A      measure of energy. The amount of energy required to raise the temperature      of one pound of water one degree Fahrenheit, when the water is near 39.2      degrees Fahrenheit.

**Capacity**The      rated continuous load-carrying ability, expressed in megawatts of      generation equipment.

**CO2      Emissions Intensity**Amount      of carbondioxide      emitted per MWh produced.

**Cogeneration**A      generating facility that produces electricity and another form of useful      thermal energy (such as heat or steam), used for industrial, commercial,      heating or cooling purposes.

**Combined      Cycle**An      electric generating technology in which electricity is produced from      otherwise lost waste heat exiting from one or more gas (combustion)      turbines. The exiting heat is routed to a conventional boiler or to a heat      recovery steam generator for use by a steam turbine in the production of      electricity. This process increases the efficiency of the electric      generating unit.

**Contract      Price**Price      of fuels marketed on a contract basis covering a period of one or more      years. Contract prices reflect market conditions at the time the contract

was      negotiated and therefore remain constant throughout the life of the      contract or are adjusted through escalation clauses.

**Economic      Dispatch**The      decision to purchase electricity from the spot market (rather than produce      it) to fulfill contractual obligations.

**Flue      Gas Desulfurization Unit (Scrubber)**Equipment      used to remove sulfur oxides from the combustion gases of a boiler plant      before discharge to the atmosphere. Chemicals, such as lime, are used as      the scrubbing media.

**Force      Majeure**Literally      means "greater force". These clauses excuse a party from      liability if some unforeseen event beyond the control of that party      prevents it from performing its obligations under the contract.

**Forced      or Unplanned Outage**The      shutdown of a generating unit due to unanticipated breakdown.

**Generating      Unit**Any      combination of physically connected generator(s), reactor(s), boiler(s),      combustion turbine(s) or other prime mover(s) operated together to produce      electric power.

**Geothermal      Plant**A      plant in which the prime mover is a steam turbine. The turbine is driven      either by steam produced from hot water or by natural steam that derives      its energy from heat found in rocks or fluids at various depths beneath      the surface of the earth. The energy is extracted by drilling and/or      pumping.

**Gigajoule      (GJ)**A      metric unit of energy commonly used in the energy industry. One GJ equals      947,817 Btu.

**Gigawatt**A      measure of electric energy equal to 1,000 megawatts.

**Gigawatt      Hour (GWh)**A      measure of electricity consumption equivalent to the use of 1,000      megawatts of power over a period of one hour.

**Greenfield      Development**A      new electric power generating facility built from the ground up on a new      site.

**Heat      Rate**A      measure of conversion, expressed as Btu/MW, of the amount of thermal      energy required to generate electrical energy.

**Hydroelectric      Plant**A      plant in which the turbine generators are driven by falling water.

**Megawatt      (MW)**A      measure of electric energy equal to 1,000,000 watts.

**Megawatt      Hour (MWh)**A      measure of electricity consumption equivalent to the use of 1,000,000      watts of power over a period of one hour.

**Nameplate      Capacity**The      maximum sustainable output of a generating unit upon completion of      construction/installation under ideal operating conditions.

**Net      Maximum Capacity**The      maximum capacity or effective rating, modified for ambient limitations      that a generating unit or power plant can sustain over a specific period,      less the capacity used to supply the demand of station service or      auxiliary needs.

**Peaking      Plant**A      plant usually housing old, low-efficiency steam units; gas turbines;      diesels; or pumped-storage hydroelectric equipment normally used during      the peak-load periods.

**Production**The      number of MW produced over a specified time period excluding ancillary      services.

**Spark      Spread**A      measure of gross margin per MW (sales price less cost of fuel).

**Spot      Purchases**A      single shipment of fuel or volumes of fuel, purchased for delivery within      one year. Spot purchases are often made by a user to fulfill a certain      portion of energy requirements, to meet unanticipated energy needs or to      take advantage of low-fuel prices.

**Turbine**A      machine for generating rotary mechanical power from the energy of a stream      of fluid (such as water, steam, or hot gas). Turbines convert the kinetic      energy of fluids to mechanical energy through the principles of impulse      and reaction or a mixture of the two.

**Turnaround**Periodic      planned shutdown of a generating unit for maintenance and repairs.      Duration is normally in weeks. The time is measured from unit shutdown to      putting the unit back online.

**Value      At Risk (VAR)**A      measure to manage earnings exposure from trading activities.

106 **TransAlta**2002Annual Report

transaltacorporation officers

Stephen      G. Snyder

P      R E S I D E N T &

C      H I E F E X E C U T I V E O F F I C E R

 

Ian      A. Bourne

E      X E C U T I V E  V I C E - P R E S I D E N T

&       C H I E F F I N A N C I A L O F F I C E R

 

James      F. Dinning

E      X E C U T I V E  V I C E - P R E S I D E N T

 

Dawn      L. Farrell

E      X E C U T I V E  V I C E - P R E S I D E N T

 

James      W. Kemp

E      X E C U T I V E  V I C E - P R E S I D E N T

&       C H I E F  T E C H N O L O G Y  O F F I C E R

 

Thomas      M. Rainwater

E      X E C U T I V E  V I C E - P R E S I D E N T,

C      O R P O R AT E D E V E L O P M E N T

&       M A R K E T I N G

 

Robert      M. Soeldner

E      X E C U T I V E  V I C E - P R E S I D E N T,

O      P E R AT I O N S

 

Ken      Stickland

E      X E C U T I V E  V I C E - P R E S I D E N T,

L      E G A L

 

Michael      Williams

S      E N I O R  V I C E - P R E S I D E N T,

H      U M A N R E S O U R C E S

 

Gregory      Wilson

S      E N I O R  V I C E - P R E S I D E N T &

C      H I E F I N F O R M AT I O N O F F I C E R

 

Robert      D. Boguski

V      I C E - P R E S I D E N T,

S      U P P LY C H A I N  M A N A G E M E N T

 

William      D.A. Bridge

V      I C E - P R E S I D E N T,

D      E V E L O P M E N T

 

Alister      Cowan

V      I C E - P R E S I D E N T

&       C O M P T R O L L E R

 

Lonnie      S. Enns

V      I C E - P R E S I D E N T,

E      N E R G Y T R A D I N G & M A R K E T I N G

 

Richard      P. Langhammer

V      I C E - P R E S I D E N T,

A      L B E R TA  T H E R M A L  P L A N T  O P E R AT I O N S

Matthew      J. Moorman

V      I C E - P R E S I D E N T,

C      O M M E R C I A L  M A N A G E M E N T

 

Robert      J.D. Page

V      I C E - P R E S I D E N T,

S      U S TA I N A B L E  D E V E L O P M E N T

 

Gregory      P. Reinhart

V      I C E - P R E S I D E N T,

G      E N E R AT I O N H U M A N R E S O U R C E S

 

Marvin      J. Waiand

V      I C E - P R E S I D E N T & T R E A S U R E R

 

Brian      Walls

V      I C E - P R E S I D E N T,

L      I F E  C Y C L E  M A N A G E M E N T

 

Richard      W. Way

V      I C E - P R E S I D E N T,

R      E G U L AT O R Y  A F F A I R S

 

Alison      T. Love

C      O R P O R AT E  S E C R E TA R Y

 

Frank      Hawkins

A      S S I S TA N T  T R E A S U R E R

transaltasubsidiaries

JoAnne      C. Butler

P      R E S I D E N T,

T      R A N S A L T A   M E X I C O , S . A . D E C . V.

 

Linda      K. Chambers*

P      R E S I D E N T,

T      R A N S A L T A C E N T R A L I A G E N E R AT I O N L L C

&       M I N I N G L L C

Frederick      M. Gallagher*

M      A N A G I N G D I R E C T O R & C E O ,

V      I S I O N Q U E S T W I N D E L E C T R I C I N C .

 

Mark      A. Manderson

G      E N E R A L M A N A G E R , T R A N S A L T A E N E R G Y

(      A U S T R A L I A ) P T Y LT D .

*** *TransAltaCorporation officer equivalent*

**2** **00 3 / 2 0 0 2 C h a n g e s**

ThomasM. Rainwater, Robert M. Soeldner, Michael Williams, Gregory Wilson and Alison T.Love were appointed as officers of TransAlta Corporation in 2002. Murray A.Nelson and Rodger D. Conner, officers of TransAlta Corporation, left in 2002.Cynthia Johnston, an officer of TransAlta Corporation, left in 2003.

Fora full colour view of this document visit www.transalta.com or www.sedar.com 

In aneffort to be environmentally responsible, please notify your financialinstitution to avoid duplicate mailings of this annual report.

**TransAltaCorporation**

Box1900, Station "M" 110 - 12th Avenue S.W., Calgary, Alberta, Canada T2P2M1 Ph. 403.267.7110 Web site: www.transalta.com** |