Company: TSLTF
Filing Date: 2025-12-12
Form Type: SUPPL
Source: 0001193125-25-317786
Chunk: 182

Company: TRANSALTA CORP
Filing Date: 2025-12-12
Form: SUPPL
Chunk 182
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        |     |      |   32 |     |   28 |     |   47 |
| Natural gas price (AECO) per GJ ($)     |     |      | 1.29 |     | 2.54 |     | 5.08 |

For the year ended Dec. 31, 2024, spot electricity prices in Alberta were 53 per cent lower compared to 2023, driven by lower natural gas prices and the anticipated increased supply from new renewable and combined-cycle gas facilities. Spot electricity prices in the Pacific Northwest were 26 per cent lower compared to 2023 due to lower natural gas prices. AECO natural gas prices for the year ended Dec. 31, 2024, were 49 per cent lower compared to 2023, mainly due to higher gas production and higher storage levels in Alberta and throughout North America. For the year ended Dec. 31, 2023, spot electricity prices in Alberta and the Pacific Northwest were lower compared to 2022. Lower prices in both regions resulted from lower natural gas prices and overall weaker weather-driven demand in the second half of 2023, with notably lower prices due to above normal weather patterns in the fourth quarter of 2023. For Alberta specifically, warm weather in the fourth quarter of 2023 resulted in a strong wind resource pattern, which, combined with new installed capacity, added supply in the market compared to the prior year. AECO natural gas prices for the year ended Dec. 31, 2023, were lower compared to 2022, mainly due to increased production and storage levels in Alberta and North America. Financial Performance Review of Consolidated Information

| Year ended Dec. 31                                     |     | 2024 |       |     |  2023 |     |  2022 |
|:-------------------------------------------------------|:----|:-----|------:|:----|------:|:----|------:|
| Revenues                                               |     |      | 2,845 |     | 3,355 |     | 2,976 |
| Fuel and purchased power                               |     |      |   939 |     | 1,060 |     | 1,263 |
| Carbon compliance                                      |     |      |   112 |     |   112 |     |    78 |
| Operations, maintenance and administration             |     |      |   655 |     |   539 |     |