Company: TSLTF
Filing Date: 2025-12-12
Form Type: SUPPL
Source: 0001193125-25-317786
Chunk: 131

Company: TRANSALTA CORP
Filing Date: 2025-12-12
Form: SUPPL
Chunk 131
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 unrealized gains or

losses from changes in the fair value of these derivatives are reported in net earnings in the period the change occurs. The Company designates certain derivatives as hedging instruments to hedge commodity price risk, foreign currency exchange risk in cash flow hedges and hedges of net investments in foreign operations. Hedges of foreign exchange risk on firm commitments are accounted for as cash flow hedges. At the inception of the hedge relationship, the Company documents the relationship between the hedging instrument and the hedged item, along with its risk management objectives and its strategy for undertaking various hedge transactions. At the inception of the hedge and on an ongoing basis, the Company also documents whether the hedging instrument is effective in offsetting changes in fair values or cash flows of the hedged item attributable to the hedged risk, which is when the hedging relationships meet all of the following hedge effectiveness requirements:

| • |     | There is an economic relationship between the hedged item and the hedging instrument; |

| • |     | The effect of credit risk does not dominate the value changes that result from that economic 
 relationship; and                                                                            |

| • |     | The hedge ratio of the hedging relationship is the same as that resulting from the quantity of the                                                           
 hedged item that the Company actually hedges and the quantity of the hedging instrument that the entity actually uses to hedge that quantity of hedged item. |

If a hedging relationship ceases to meet the hedge effectiveness requirement relating to the hedge ratio, but the risk management objective for that designated hedging relationship remains the same, the Company adjusts the hedge ratio of the hedging relationship so that it continues to meet the qualifying criteria.

| F55 |     | TransAlta Corporation |     | 2024 Integrated Report |

Notes to the Consolidated Financial Statements B. Net Risk Management Assets and Liabilities Aggregate net risk management assets (liabilities) are as follows:

| As at Dec. 31, 2024                  |     |                  |      |   |     |                       |      |   |     |       |      |
|:-------------------------------------|:----|:-----------------|-----:|:--|:----|:----------------------|-----:|:--|:----|:------|-----:|
|                                      |     | Cash flow hedges |      |   |     | Not                   
 designated as a hedge |      |   |     | Total |      |
| Commodity risk management            |     |                  |      |