TransAlta Corp. reported its third-quarter profit rose compared with a year ago as its power production and revenue also came in higher.

TransAlta chief executive John Kousinioris says the third-quarter results demonstrate the value of the company's strategically diversified fleet, which benefited from its asset optimization and hedging activities. 

The power utility says its profit attributable to common shareholders totalled $372 million or $1.41 per diluted share for the quarter ended Sept. 30, up from $61 million or 23 cents per share a year earlier.

Revenue for the quarter totalled $1.02 billion, up from $929 million in the same quarter last year.

Production amounted to 5,678 gigawatt hours for the quarter, up from 5,432 gigawatt hours in the third quarter of 2022.

Last week, TransAlta announced a deal to buy Heartland Generation Ltd. and its power generation business in Alberta and B.C., in a deal valued at $658 million, including assumed debt.

This report by The Canadian Press was first published Nov. 7, 2023.