Company: TSLTF
Filing Date: 2025-12-12
Form Type: SUPPL
Source: 0001193125-25-317786
Chunk: 205

Company: TRANSALTA CORP
Filing Date: 2025-12-12
Form: SUPPL
Chunk 205
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 and Solar facilities and 
 higher wind resources during the fourth quarter of 2023; and                                   |

| • |     | Lower natural gas prices. |

Realized merchant power price per MWh of production for the Alberta portfolio for the year ended Dec. 31, 2023, increased by $10 per MWh, compared to 2022, primarily due to:

| • |     | Optimization of our available capacity across all fuel types; and |

| • |     | Higher hedge prices compared to the prior year. |

| M32 |     | TransAlta Corporation |     | 2024 Integrated Report |

Management’s Discussion and Analysis

Fuel cost per MWh for the Alberta portfolio for the year ended Dec. 31, 2023, decreased by $16 per MWh, compared to 2022, primarily due to lower natural gas prices. Carbon compliance cost per MWh of production for the Alberta portfolio for the year ended Dec. 31, 2023, increased by $4 per MWh, compared to 2022 primarily due to:

| • |     | The increase in carbon pricing from $50 per tonne in 2022 to $65 per tonne in 2023; and |

| • |     | No utilization of emission credits to settle the GHG obligation during the year. In 2022 the                                    
 Company used emission credits to settle a portion of the carbon compliance obligation resulting in a lower carbon cost per MWh. |

| TransAlta Corporation |     | 2024 Integrated Report |     | M33 |

Management’s Discussion and Analysis Fourth Quarter Highlights For the quarter ended Dec. 31, 2024, the Company’s performance was impacted by lower power prices in the Alberta and Mid-Columbiamarkets. The results were in line with management’s expectations due to active management of the Company’s merchant portfolio and hedging strategies. During the fourth quarter of 2024, the Company settled a higher volume of hedges that were significantly above average spot prices. The acquisition of Heartland on Dec. 4, 2024 positively contributed to the production in the Gas segment and further diversifies TransAlta’s competitive portfolio in the highly dynamic and shifting electricity landscape in Alberta by adding 1,747 MW to gross installed capacity. Consolidated Financial Highlights

| Three months ended Dec. 31                           |     | 2024 |       |   |     | 2023 |       |   |
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