Company: TSLTF
Filing Date: 2025-12-12
Form Type: SUPPL
Source: 0001193125-25-317786
Chunk: 361

Company: TRANSALTA CORP
Filing Date: 2025-12-12
Form: SUPPL
Chunk 361
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. Our strategic priorities include optimizing our Alberta portfolio, executing our growth plan, realizing the value of our legacy generating facilities, maintaining financial strength and capital discipline, defining the next generation of power solutions and leading in ESG and market policy development. We are primarily focused on opportunities within our core markets of Canada, the United States and Western Australia. Portfolio of Assets Our asset portfolio is geographically diversified with operations across our core markets. Our Hydro, Wind and Solar, Gas and Energy Transition segments are responsible for operating and maintaining our generation facilities. Our Energy Marketing segment is responsible for marketing and scheduling our merchant asset fleet in North America (excluding Alberta) along with the procurement, transport and storage of natural gas, providing knowledge to support our growth team, and generating a stand-alone gross margin separate from our asset business through a leading North American energy marketing and trading platform. Our highly diversified portfolio consists of both merchant and high-quality contracted assets. Our merchant assets include our unique hydro portfolio, legacy thermal portfolio and a portion of our wind assets. Our merchant exposure is primarily in Alberta, where 58 per cent of our capacity is located with 77 per cent of the capacity available to participate in the merchant market. Our high-quality contracted assets balance the merchant fleet by providing stable long-term earnings and cash flow. In Alberta, the Company manages its merchant exposure by executing hedging strategies that include a significant base of commercial and industrial (C&I) customers, supplemented with financial hedges. A major portion of our thermal and hydro generation capacity in Alberta may be hedged to provide greater cash flow certainty while also capturing higher shareholder returns through the optimization of our merchant generation portfolio. Refer to the 2025 Outlook section and the Optimization of the Alberta Portfolio section of this MD&A for further details.

| M4 |     | TransAlta Corporation |

Management’s Discussion and Analysis The following table provides our consolidated ownership by segment of our facilities across the regions in which we operate as of Sept. 30, 2025:

|                      |     | Hydro     |     |     |            |    |     | Wind & Solar |       |     |            |    |     | Gas        |       |     |               |    |     | Energy Transition |     |     |               |   |     | Total     |       |     |            |    |
| As at Sept. 30, 2025 |     | Gross     
 Installed 
 Capacity  
 (MW)      |     |     | Number of  
 facilities |    |     | Gross        
 Installed