Company: TSLTF
Filing Date: 2025-12-12
Form Type: SUPPL
Source: 0001193125-25-317786
Chunk: 132

Company: TRANSALTA CORP
Filing Date: 2025-12-12
Form: SUPPL
Chunk 132
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 and accrued          |     |                  |   (760 | ) |     |         |    646 |   |     |               | (114 | ) |     |                 |  11 |   |     |            | -103 |
| liabilities(2)                        |     |                  |        |   |     |         |        |   |     |               |      |   |     |                 |     |   |     |            |      |

| (1) | Amounts not set off in the Consolidated Statements of Financial Position. |

| (2) | The trade and other receivables and accounts payable and accrued liabilities include amounts related 
 to collateral provided and held. Refer to Note 15(F) below for further details.                      |

| F57 |     | TransAlta Corporation |     | 2024 Integrated Report |

Notes to the Consolidated Financial Statements

C. Nature and Extent of Risks Arising from Financial Instruments I. Market Risk a. Commodity Price Risk Management The Company has exposure to movements in certain commodity prices in both its electricity generation and proprietary trading businesses, including the market price of electricity and fuels used to produce electricity. Most of the Company’s electricity generation and related fuel supply contracts are considered to be contracts for delivery or receipt of a non-financialitem in accordance with the Company’s expected own use requirements and are not considered to be financial instruments. As such, the discussion related to commodity price risk is limited to the Company’s proprietary trading business, VPPAs and other long-term contracts that are derivatives and commodity derivatives used in hedging relationships associated with the Company’s electricity generating activities. To mitigate the risk of adverse commodity price changes, the Company uses three tools:

| • |     | A framework of risk controls; |

| • |     | A predefined hedging plan, including fixed price financial power swaps and long-term physical power 
 sale contracts to hedge commodity price for electricity generation; and                             |

| • |     | A committee dedicated to overseeing the risk and compliance program in trading and ensuring the           
 existence of appropriate controls, processes, systems and procedures to monitor adherence to the program. |

The Company has executed commodity price hedges for its Centralia thermal facility, including a long-term physical power sale contract, and may, at times, execute hedges for its electricity price exposure in Alberta using fixed price financial swaps or other similar instruments. Both hedging strategies fall under the Company’s risk management strategy used to hedge commodity price risk. Market risk exposures are