0904 ET- Alberta's new data-center and power market frameworks create meaningful upside for TransAlta and Capital Power, with TransAlta positioned to benefit the most. CIBC's Mark Jarvi notes the Alberta Electric System Operator Phase 2a rules and new "bridging options," which enable data centers to come online faster and allow underused assets to serve demand. The analyst notes this shift "accelerates timelines and shifts part of the opportunity toward earlier, capital-light monetization," especially for TransAlta given the scale of its coal-to-gas fleet. He points to TransAlta's identified capacity that could be repositioned and says tightening Alberta power pricing supports both companies. Jarvi sees "material upside" for both TransAlta and Capital Power as data center commitments develop. (adriano.marchese@wsj.com)