Company: TSLTF
Filing Date: 2025-12-12
Form Type: SUPPL
Source: 0001193125-25-317786
Chunk: 252

Company: TRANSALTA CORP
Filing Date: 2025-12-12
Form: SUPPL
Chunk 252
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| • |     | Lack of federal/provincial coordination with respect to climate policy and regulation may lead to 
 investment uncertainty.                                                                           |

Opportunities

| • |     | Independent estimates suggest that achieving Canada’s current climate targets will require a                                                                                                                
 minimum of twice Canada’s current non-emitting generation. Further, we continue to see strong private sector demand for contracted renewable electricity generation to meet corporate sustainability goals. |

| • |     | Government funding to support the development of innovative technology to reduce emissions from the                     
 electricity sector offers TransAlta the potential opportunity to gain project support to grow its energy storage fleet. |

| • |     | Government support for industrial electrification will grow the electricity load over time and 
 create new opportunities for electricity generation.                                           |

Management Response

| • |     | We believe that TransAlta’s corporate strategy positions our Company to meet the demand for 
 renewable and dispatchable generation driven by customers and government policy.            |

| • |     | We are focused on developing and acquiring contracted assets that provide long-term certainty with                                                                                                                                               
 respect to revenue and eligibility for government incentive programs as applicable. TransAlta actively assesses available government renewable energy tax legislation and programs to maximize, wherever possible, access to project incentives. |

| • |     | Our diversified portfolio and contracted growth reduces the proportional Company exposure to 
 potential policy and regulatory decisions that negatively impact natural gas generation.     |

| • |     | Our coal-to-gas                                                                                                                        
 facilities fit within government plans to continue providing reliable and competitively priced electricity for consumers and industry. |

| • |     | Our remaining natural gas facilities (non-coal-to-gas) operate under contract, reducing TransAlta’s exposure to changes in carbon pricing. |

| • |     | We engage with the federal and provincial governments in Canada to inform and influence policy 
 development to ensure that our generating fleet continues to serve our customers.              |

| • |     | We actively work, both directly and through industry associations, to encourage governments to                                                                      
 adopt a level playing field within funding and crediting programs so that all new emerging technology projects receive equitable government incentives and funding. |

| • |     | We engage with all relevant Canadian governments to seek policy alignment across carbon pricing and 
 regulatory and funding programs to create the greatest possible degree of investment certainty.     |

United States President Trump was elected on Nov. 4, 2024. It is expected that the U.S. Government will reduce carbon emission reduction objectives in