The Globe and Mail reports in its Thursday, Dec. 11, edition that with Wednesday's announcement of a long-term tolling agreement with Puget Sound Energy, National Bank Financial analyst Patrick Kenny sees TransAlta "breathing new life into legacy thermal assets." The Globe's David Leeder writes that Mr. Kenny continues to rate TransAlta "sector perform." Analysts on average target the shares at $24.15. The deal centres on the conversion of the Centralia Unit 2 facility from coal to natural gas-fired generation and includes a fixed-price capacity payment that provides PSE the exclusive right to the capacity, energy and ancillary service attributes as well as the dispatch rights. Mr. Kenny says in a note: "TransAlta expects the conversion to cost $600-million (U.S.) at a build multiple of 5.5 times with an anticipated FID [final investment decision] following receipt of all required approvals in early 2027, targeting an ISD in late 2028. Elsewhere, the company has been active in enhancing its gas-fired portfolio, including entering into a definitive agreement with Hut 8 Corp. and Macquarie Equipment Finance Ltd. in November to acquire Far North and its entire business operations in Ontario for $95-million."