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Calgary-based TransAlta Corporation manipulated power prices and engaged in insider trading when it shut down its coal-fired power plants during peak periods nearly five years ago, according to a decision handed down by the Alberta Utilities Commission on Monday.

The commission found that TransAlta could have deferred each of the outages to off-peak hours but chose instead to take them during peak or super-peak hours to maximize the benefit to its own portfolio of generating assets.

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“The commission is satisfied that TransAlta’s conduct in this regard was unquestionably deliberate and designed to move market prices away from a competitive market outcome by timing the outages at its coal-fired units … at times of high demand and/or constrained supply,” it said in a 217-page ruling.

AUC spokesman Jim Law said a hearing will be held to determine the administrative penalty.

The commission can levy fines of $1 million per day for each infraction that occurred, and can also order the utility to return the money it made to electricity consumers and competitors, Law said.