Company: TSLTF
Filing Date: 2025-12-12
Form Type: SUPPL
Source: 0001193125-25-317786
Chunk: 254

Company: TRANSALTA CORP
Filing Date: 2025-12-12
Form: SUPPL
Chunk 254
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 will continue to assess government policy changes related to our business under the new 
 U.S. administration.                                                                              |

Australia The Australian Government has a 43 per cent national emissions reduction target over 2005 levels by 2030 and a goal to achieve a net-zeronational economy by 2050. Decarbonization efforts have been centered on funding clean technologies, upgrading the electricity grid to support more renewables, regulating and reporting of GHG emissions, and incentivizing zero-emissionsvehicle adoption. Large GHG emitters are required to reduce their scope 1 emissions under the Australian Government’s National Safeguard Mechanism (SGM). While the government has made recent changes to the SGM, these changes are not expected to have a material impact on TransAlta’s assets. Australian state governments have all adopted net-zerogoals and a number of states have interim targets for 2030 and 2040. These state policies are driving demand for zero-emissionselectricity and energy storage. Risks

| • |     | TransAlta’s Western Australian natural gas facilities may face policy risk related to changes 
 in government policies                                                                        |

| but we believe that we remain well positioned to mitigate those risks (refer to Management Response below). |

Opportunities

| • |     | The Company remains focused on maintaining renewable and dispatchable electricity generation in                                                                           
 Western Australia and other markets. Government policies and funding programs are generally supportive of the types of projects contemplated within TransAlta’s strategy. |

| • |     | Strong corporate demand for renewable electricity solutions in Australia’s natural resource                                                                               
 sectors present opportunities for TransAlta to leverage its existing expertise to help customers meet regulatory requirements and reach their decarbonization objectives. |

Management Response

| • |     | TransAlta’s assets are predominantly contracted with an ability to pass through carbon                 
 compliance costs and serve remote industrial load. As a result, the Company faces reduced policy risk. |

| • |     | The Company continues to deliver renewable electricity solutions to natural resource customers in                                                                                                                 
 Western Australia. Our growing suite of technologies, including renewables and energy storage, positions us to provide contracted solutions to customers focused on the need for reliable and sustainable energy. |

| • |     | TransAlta also continues to assess opportunities to grow our renewable energy generation in 
 alignment with Australia’s national and state climate goals.                                |

Technology Risks Technological changes to support the low-carbontransition present both risks and opportunities for TransAlta. We evaluate existing and emerging impacts