Company: TSLTF
Filing Date: 2025-12-12
Form Type: SUPPL
Source: 0001193125-25-317786
Chunk: 79

Company: TRANSALTA CORP
Filing Date: 2025-12-12
Form: SUPPL
Chunk 79
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the “COSO criteria”). In our opinion, TransAlta Corporation (the “Company”) maintained, in all material respects, effective internal control over financial reporting as of December 31, 2024, based on the COSO criteria. As indicated in the accompanying Management’s Annual Report on Internal Control over Financial Reporting, management’s assessment of and conclusion on the effectiveness of internal control over financial reporting did not include the internal controls of Heartland Generation Ltd. and Alberta Power (2000) Ltd. which are included in the 2024 consolidated financial statements of the Company and constituted 8% and 20% of total and net assets, respectively, as of December 31, 2024, and 1% and (5)% of revenues and net earnings, respectively, for the year then ended, and the equity accounted joint venture of SP Skookumchuck Investment, LLC which are included in the 2024 consolidated financial statements of the Company and constituted 1% and 6% of total and net assets, respectively, as of December 31, 2024, and 0% and 3% of revenues and net earnings, respectively, for the year then ended. Our audit of internal control over financial reporting of the Company also did not include an evaluation of the internal control over financial reporting of Heartland Generation Ltd. and Alberta Power (2000) Ltd. and the equity accounted joint venture of SP Skookumchuck Investment, LLC. We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (“PCAOB”), the consolidated statements of financial position of TransAlta Corporation as of December 31, 2024 and 2023, the related consolidated statements of earnings, comprehensive income (loss), changes in equity and cash flows for each of the three years in the period ended December 31, 2024, and the related notes and our report dated February 19, 2025 expressed an unqualified opinion thereon. Basis for Opinion The Company’s management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting included in the accompanying Management’s Annual Report on Internal Control over Financial Reporting. Our responsibility is to express an opinion on the Company’s internal control over financial reporting based on our audit. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable