Company: TSLTF
Filing Date: 2025-12-12
Form Type: SUPPL
Source: 0001193125-25-317786
Chunk: 393

Company: TRANSALTA CORP
Filing Date: 2025-12-12
Form: SUPPL
Chunk 393
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98 |

In the three and nine months ended Sept. 30, 2025, growth and development capital expenditures were lower compared to the same period in 2024, as many of the growth projects achieved commercial operation in the first half of 2024. Growth Over the course of 2024 and first half of 2025, we refined our development pipeline to align with evolving regulatory and interconnection dynamics, while progressing opportunities at our legacy assets. The pipeline now includes 840 MW of mid-stageprojects and 3,109 MW of early-stage projects. We remain focused on the redevelopment of existing thermal sites and pursuing greenfield and M&A opportunities in our core markets. Early-Stage Development Project feasibility is evaluated through initial assessments including market, technical, land and permitting evaluations. Milestones include securing key landowner control, establishment of interconnection access, transmission capacity, on-siteresource measurement and initial stakeholder consultations. Projects are advanced to mid-stagedevelopment if a viable economic development path is identified. The following table shows the pipeline of future growth projects currently under early-stage development:

| Early-Stage Projects (MW) |     | Thermal    
 Generation |       |     | Wind |     |     | Solar |     |     | Storage |     |     | Total |       |
| Various                   |     |            | 1,970 |     |      | 609 |     |       | 190 |     |         | 340 |     |       | 3,109 |

| M52 |     | TransAlta Corporation |

Management’s Discussion and Analysis Mid-StageDevelopment Project scope and commercial structure are matured at mid-stagedevelopment. Key milestones include finalizing core technologies and location, securing full land control, progressing through the interconnection process, initiating offtake negotiations, advancing environmental and regulatory applications, and preparing a Class 4 capital cost estimate. Successful mid-stagecompletion positions projects for detailed definition to support a final investment decision. The following table shows the pipeline of future growth projects currently under mid-stagedevelopment:

| Mid-Stage Projects (MW) |     | Thermal    
 Generation |     |     | Wind |     |     | Solar |    |     | Storage |   |     | Total |     |
| Canada                  |     |            |   — |     |      | 100 |     |       |  — |     |         | — |     |       | 100 |
| United States           |     |            | 700 |     |