Company: TSLTF
Filing Date: 2025-12-12
Form Type: SUPPL
Source: 0001193125-25-317786
Chunk: 410

Company: TRANSALTA CORP
Filing Date: 2025-12-12
Form: SUPPL
Chunk 410
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 rules over the remainder of 2025 and it is expected that Ministerial approval of those rules will be required by the first quarter of 2026. TransAlta continues to be actively involved in all AESO consultation processes regarding the REM and associated initiatives. At this time, the AESO plans to carry

| TransAlta Corporation |     | M69 |

Management’s Discussion and Analysis out information technology system development work over 2026 and 2027 with the intent to implement REM in 2027 or 2028. On June 4, 2025, the AESO advised that 1,200 MW of large load hosting capacity will be made available for Phase I data centre development with in-servicedates in 2027 and 2028. The AESO will complete the finalization of the allocation process during the fourth quarter of 2025. In tandem, the Government of Alberta and AESO are proceeding with the design requirements for Phase II of data centre developments; this will apply to data centre projects that have in-servicedates in 2028 and beyond. Finalization of the Phase II design is expected to occur in 2025. TransAlta is actively engaged with the AESO and stakeholders on large load connection and data centre development in the province. Ontario On Aug. 14, 2025, the Ontario Ministry of the Environment, Conservation and Parks finalized amendments to the Emissions Performance Standard regulation under the Environmental Protection Act, R.S.O. 1990. The amendments, introduced in response to federal changes, provide increased flexibility for voluntary participants to exit the Emissions Performance Standard program. United States During the nine months ended Sept. 30, 2025, President Trump signed a number of executive orders seeking to enable or continue the development and operation of thermal generation in the country, as well as limiting the development of renewable electricity generation. Related to existing thermal generation, the U.S. Department of Energy has issued emergency orders requiring a number of thermal generating facilities to stay online, citing reliability concerns. In terms of renewable energy development, federal agency actions have continued. In the first quarter of 2025, the Department of the Interior took action related to delaying wind permits for both offshore and land-based developments. Starting in the third quarter of 2025, actions have expanded to include both solar and wind energy permits and approvals, involving orders or directives from multiple federal agencies, including the U.S. Departments of Interior, Transportation and Treasury and U.S. Army Corps of Engineers. On