Company: TSLTF
Filing Date: 2025-12-12
Form Type: SUPPL
Source: 0001193125-25-317786
Chunk: 22

Company: TRANSALTA CORP
Filing Date: 2025-12-12
Form: SUPPL
Chunk 22
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 Upgrade |     | Transmission |     | Western Australia |     | N/A      |     | Q4 2025           |     | AU$6 – AU$7  |

Our Business Strategy We remain focused on investing in electricity solutions that meet the evolving needs of customers and communities. We take a balanced, prudent and disciplined approach to capital allocation, ensuring long-term value creation. Our strategy prioritizes generating meaningful, risk-adjusted returns by optimizing our legacy thermal assets, operating our diverse fleet of renewable facilities, our established marketing and trading capabilities, and expanding our generating portfolio through the addition of contracted clean energy assets and selective gas assets. Given our skill set, competitive advantages and market positioning, we believe we are well-positioned to capture significant opportunities in our core markets of Canada, the United States and Western Australia. We continue to make strong progress on key strategic priorities, ensuring the business remains resilient, growth-focused and aligned with the evolving energy landscape. Optimize Alberta Portfolio In Alberta, we continue to proactively deploy hedging strategies to mitigate the impact of lower merchant power prices, along with optimization activities. The acquisition of Heartland Generation has significantly strengthened our Alberta portfolio, adding 1,747 MW of flexible capacity, including contracted cogeneration, peaking generation and transmission capacity. Of note, the acquisition added 290 MW of peaking gas capacity, which will be optimized within our larger portfolio to address increasing intermittency in Alberta. We are maximizing the value of our hydro fleet by enhancing its operational capabilities and flexibility. We are also advancing initiatives to maximize the value of our existing thermal assets and meet the growing demand for affordable and reliable power. Execute Growth Plan In 2024, significant progress was made on growth initiatives, including our successful completion of our two Oklahoma wind facilities: the 302 MW White Rock wind facilities and the 202 MW Horizon Hill wind facility. We also achieved commercial operations for our Mount Keith Transmission Expansion project. These additions, along with the fully rehabilitated Kent Hills, facilities are expected to contribute over $125 million in adjusted EBITDA annually. Our growth plan is guided by a technology-agnostic approach, focusing on our core operating jurisdictions and clear target customer segments within them. Realize the Value of Legacy Generating Facilities We are seeing considerable opportunities to support the energy transition with sophisticated, reliable and affordable power solutions in our core operating jurisdictions. Particularly, at our legacy thermal sites in Alberta and Washington State, where we are actively pursuing accretive opportunities with existing and prospective customers. We believe that these sites hold significant value and provide