Company: TSLTF
Filing Date: 2025-12-12
Form Type: SUPPL
Source: 0001193125-25-317786
Chunk: 333

Company: TRANSALTA CORP
Filing Date: 2025-12-12
Form: SUPPL
Chunk 333
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 original contracting party has failed to perform, could result in the abandonment of the construction of such project, while we could remain obligated under other agreements associated with the project, including, but not limited to, offtake PPA’s. We manage project risks by:

| • |     | Ensuring all projects follow established corporate processes and policies; |

| • |     | Identifying key risks during every stage of project development and ensuring mitigation plans are 
 factored into capital estimates and contingencies;                                                |

| • |     | Reviewing project plans, key assumptions and returns with senior management prior to Board of 
 Director approvals;                                                                           |

| • |     | Consistently applying project management methodologies and processes; |

| • |     | Determining contracting strategies that are consistent with the project scope and scale to ensure 
 key risks, such as labour and technology, are managed by contractors and equipment suppliers;     |

| • |     | Ensuring contracts for construction and major equipment include key terms for performance, delays 
 and quality backed by appropriate levels of liquidated damages;                                   |

| • |     | Reviewing projects after achieving commercial operation to ensure learnings are incorporated into 
 the next project;                                                                                 |

| • |     | Negotiating contracts for construction and major equipment to lock in key terms such as price,                                                         
 availability of long lead equipment, foreign currency rates and warranties as much as is economically feasible before proceeding with the project; and |

| • |     | Entering into labour agreements to provide security around labour cost, supply and productivity. |

| TransAlta Corporation |     | 2024 Integrated Report |     | M153 |

Management’s Discussion and Analysis New technology and artificial intelligence may present emerging risks that could have a material adverse effect on the Company. We are introducing artificial intelligence and robotics at some of our facilities. The use of artificial intelligence and robotics at our facilities may not yield materially better results, higher outputs or increased productivity and there is no certainty that we will realize benefits from investments in these technologies. Additionally, the use of artificial intelligence is subject to the risk that privacy concerns relating to such technology could deter current and potential customers. The global energy transition may have an adverse effect on the Company. The decarbonization of the global energy system in order to achieve net-zeroemissions and minimize a global temperature rise poses several risks to TransAlta’s business, including but not limited to, changing regulations and policies, market risks from the volatility of and uncertainty of the energy supply and demand, and operational risks