Company: TSLTF
Filing Date: 2025-12-12
Form Type: SUPPL
Source: 0001193125-25-317786
Chunk: 18

Company: TRANSALTA CORP
Filing Date: 2025-12-12
Form: SUPPL
Chunk 18
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MW) |     |    88 |     |        2,159 |     |  2,071 |     |               301 |     | 4,619 |
| Contracted capacity as a       
 % of total capacity (%)        |     |   10% |     |          83% |     |    43% |     |               45% |     |   51% |

| (1) | Includes contracted capacity of 436 MW from facilities acquired from Heartland Generation: 376 MW in Alberta and                                                                      
 60 MW in Canada, excluding Alberta. The figures exclude the contracted capacity of planned divestitures. Refer to the “Significant and Subsequent Events” section of the Annual MD&A. |

Leading Market Share in Alberta Power Market with World-Class Portfolio Optimization We believe portfolio diversification and operational expertise have us well-positioned to perform in an Alberta energy-only market. We believe active portfolio management involving fleet-wide optimization of hydro facilities, wind facilities, a battery storage facility and co-firedand converted natural gas-firedthermal facilities will allow us to remain a significant participant in the Alberta market. Further, we believe our integrated analytics, electricity trading, structuring and origination capability, commercial and industrial sales business, along with natural gas and environmental product trading desks, allow us to take full advantage of both the evolving market and our changing fleet. We have the largest hydro fleet in Alberta; an asset class that we believe is well-positioned to support the grid through an oversupply of intermittent generating sources. We are currently the largest provider of ancillary services, a product that we expect will have increasing value as the continued build-outof renewables increases

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power price volatility. Our converted natural gas facilities run as pseudo peaking plants, making us the largest provider of peaking capacity in Alberta. We have a strong customer and commercial
contracting team, which supplements our commercial and industrial retail business. Our marketing platform allows us to further optimize our portfolio with dedicated natural gas trading and scheduling desks, as well as an environmental products desk
and a team of power traders, optimizers and analysts.

On December 4, 2024, we completed our acquisition of Heartland Generation,
which further expands our portfolio capabilities adding 1,747 MW of complementary capacity and approximately $100 million of adjusted EBITDA. The fast-ramping nature of certain of the Heartland Generation units are well positioned to
respond to price volatility and deliver peaking capacity in periods of higher demand in