Company: TSLTF
Filing Date: 2025-12-12
Form Type: SUPPL
Source: 0001193125-25-317786
Chunk: 253

Company: TRANSALTA CORP
Filing Date: 2025-12-12
Form: SUPPL
Chunk 253
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2025 following the inauguration. Currently, the Inflation Reduction Act of 2022 remains in force and aims to reduce U.S. carbon emissions by 40 per cent by 2030 from 2005 levels. The U.S. does not have a national carbon pricing regime but does offer federal incentives for renewable generation and energy storage. State and regional renewable and climate policies have a significant impact on the pace of energy transition in the country, with several jurisdictions maintaining renewable portfolio standards and/or carbon pricing regimes. Similar to Canada, independent estimates suggest that the U.S. will require substantial growth in zero-emissionsgeneration to meet its national, state and regional climate targets. Risks

| • |     | TransAlta operates two thermal generating facilities in the U.S. that could be subject to policy                                                                      
 changes, but we believe that our risk exposure is low due to existing agreements and contracts associated with these facilities (refer to Management Response below). |

| • |     | Potential changes to federal wind permitting could pose risks for new wind development projects. |

| M102 |     | TransAlta Corporation |     | 2024 Integrated Report |

Management’s Discussion and Analysis

| • |     | Federal incentives for clean energy that are available today are expected to maintain competition 
 in renewables and energy storage.                                                                 |

Opportunities

| • |     | Achieving government and private sector sustainability commitments will require sustained growth in                                                                                                         
 zero-emissions electricity generation over the coming decades. TransAlta remains focused on providing renewable electricity as a core component of a balanced energy portfolio to contracted customers in a 
 manner that is aligned with federal, state and private sector goals.                                                                                                                                        |

| • |     | Strong customer demand to meet low-carbon energy and   
 reliability needs present opportunities for TransAlta. |

| • |     | U.S. tax incentive programs offer significant support for new renewable and energy storage 
 projects, making the U.S. an attractive growth market.                                     |

Management Response

| • |     | TransAlta’s single coal unit in Washington State is subject to a retirement agreement with                                                                                                                                   
 the state government that exempts the facility from any carbon regulation before its end of life in 2025. TransAlta’s cogeneration unit at Ada operates under a contract that reduces the Company’s exposure to policy risk. |

| • |     | The Company remains focused on developing and acquiring contracted assets that provide long-term 
 certainty with respect to revenue.                                                               |

| • |     | TransAlta