TransCanada Power Deal Must Be Honored, Panel Rules

Law360, New York (July 23, 2012, 6:04 PM EDT) -- An arbitration panel has refused to scrap a power purchase agreement between TransCanada Corp. and generator TransAlta Corp. after TransAlta shut down a 560-megawatt power plant at its Alberta generating station in 2010 amid safety concerns, the companies announced Monday.

The panel ordered TransAlta to repair the two malfunctioning units of its Sundance A generating facility and limited its claims of force majeure — that the shutdown was due to an uncontrolled or unforeseen event — to a period from November 2011 until the facility is...
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