Company: TSLTF
Filing Date: 2025-12-12
Form Type: SUPPL
Source: 0001193125-25-317786
Chunk: 202

Company: TRANSALTA CORP
Filing Date: 2025-12-12
Form: SUPPL
Chunk 202
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4 our adjusted EBITDA composition was amended to exclude the impact of Brazeau                                                                                                                    
 penalties and related provisions. Therefore, the Company has applied this composition to all previously reported periods. Refer to the Additional IFRS Measures and Non-IFRS Measures section of this MD&A. |

| M30 |     | TransAlta Corporation |     | 2024 Integrated Report |

Management’s Discussion and Analysis

2024 versus 2023 Total production for the Alberta portfolio for the year ended Dec. 31, 2024, was 11,809 GWh, compared to 11,759 GWh in 2023. The increase of 50 GWh, or 0.4 per cent, was primarily due to:

| • |     | Higher production in the Gas segment due to the addition of gas facilities from the acquisition of 
 Heartland; and                                                                                     |

| • |     | A full-year of production from the addition of the Garden Plain wind facility, which was 
 commissioned in August 2023; partially offset by                                         |

| • |     | Higher dispatch optimization in the Gas segment; and |

| • |     | Lower production from the Alberta Hydro Assets due to lower water resources compared to the prior 
 year.                                                                                             |

Hedged production for the year ended Dec. 31, 2024, increased compared to 2023. In anticipation of the risk of lower prices in 2024, the Company deployed a defensive strategy to increase financial hedges for the merchant portfolio at attractive margins. Realized gains and losses on financial hedges are included in revenues in the table above. Gross margin for the Alberta portfolio for the year ended Dec. 31, 2024, was $856 million, compared to $1,248 million in 2023. The decrease of $392 million, or 31 per cent, was primarily due to:

| • |     | The impact of lower Alberta spot power prices and lower hydro ancillary services prices; |

| • |     | Increased dispatch optimization in the Gas segment driven by lower power prices; |

| • |     | An increase in the carbon price per tonne from $65 in 2023 to $80 in 2024; partially offset by |

| • |     | Higher gains realized on financial hedges settled in the period; |

| • |     | Higher environmental and tax attributes revenues due to the increased sales of emission credits to 
 third parties and intercompany sales from the Hydro segment to the