Company: TSLTF
Filing Date: 2025-12-12
Form Type: SUPPL
Source: 0001193125-25-317786
Chunk: 385

Company: TRANSALTA CORP
Filing Date: 2025-12-12
Form: SUPPL
Chunk 385
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66 |     |      |    84 |
| Hedged power price average per           
 MWh(2)                                   |     |                         |    66 |     |      |    85 |     |                         |    69 |     |      |    86 |
| Hedged volume (GWh)                      |     |                         | 2,516 |     |      | 2,365 |     |                         | 6,764 |     |      | 6,441 |
| Fuel cost per                            
 MWh(3)                                   |     |                         |    30 |     |      |    34 |     |                         |    39 |     |      |    36 |
| Carbon compliance cost per MWh(4)        |     |                         |    11 |     |      |    17 |     |                         |     8 |     |      |    15 |

| (1) | Realized merchant power price per MWh for the Alberta electricity portfolio is a supplementary                                                                                                                                                      
 financial measure and represents the average price realized as a result of the Company’s merchant power sales and portfolio optimization activities. It is calculated as merchant revenues (excluding assets under long-term contract and ancillary 
 revenues) for the reporting period divided by total merchant GWh produced during the reporting period.                                                                                                                                              |

| (2) | Hedged power price average per MWh is a supplementary financial measure and is calculated as the 
 average sales price for all hedges and direct customer sales during the reporting period.        |

| (3) | Fuel cost per MWh is a supplementary financial measure and is calculated as total fuel costs for                           
 the facilities in Alberta divided by production from carbon-emitting generation in the Gas and Energy Transition segments. |

| (4) | Carbon compliance per MWh is a supplementary financial measure and is calculated as total carbon                                                                        
 compliance costs for the Gas and Energy Transition segments in Alberta divided by production from carbon-emitting generation in the Gas and Energy Transition segments. |

| TransAlta Corporation |     | M39 |

Management’s Discussion and Analysis

The average spot power price per MWh for the Alberta portfolio for the three and nine months ended Sept. 30, 2025 decreased from $55 and $67 per MWh, respectively, in 2024, to $51 and $44 per MWh, primarily due to the addition of increased supply from renewables and combined-cycle gas facilities into the market compared to the same periods in 2024