Financial Highlights - Adjusted EBITDA increased by 36% from $927 million in 2020 to $1,263 million in 2021[8] - Free Cash Flow increased by 57% from $358 million in 2020 to $562 million in 2021[8] - Free Cash Flow per share increased by 59% from $130 in 2020 to $207 in 2021[8,9] Growth and Strategic Initiatives - 600 MW of growth was announced in 2021, expanding across all 3 operating regions[10] - Renewables and storage accounted for 43% of generation EBITDA in 2021, compared to 35% in 2020[10] - The company has secured 30% of its 5-year Clean Electricity Growth Plan target[13] - The company expects to deliver EBITDA of $1065 - $1185 billion and FCF of $455 - $555 million in 2022[38] Alberta Portfolio and Hedging - The company has hedged 6278 GWh of energy at an average hedge price of $75/MWh for the full year 2022, representing approximately 75% of expected Alberta Gas and Energy Transition production[29] - The company has hedged 50 million GJ of natural gas at $275/GJ, representing approximately 55% of expected Alberta Gas and Energy Transition requirements[29] TransAlta Renewables - TransAlta Renewables reported Adjusted EBITDA of $463 million in 2021, consistent with $462 million in 2020[35] - CAFD was $275 million in 2021, a 10% decrease from $304 million in 2020[35] - The payout ratio was 91% in 2021, compared to 82% in 2020[35]

Financial Data and Key Metrics Changes - TransAlta reported a record adjusted EBITDA of CAD 1.26 billion for 2021, a 36% increase from 2020 [5][21] - Free cash flow reached CAD 562 million or CAD 2.07 per share, marking a 59% increase on a per share basis compared to 2020 [5][21] - The company ended the year with CAD 2.2 billion in liquidity, including CAD 947 million in cash [22] Business Line Data and Key Metrics Changes - The Alberta hydro fleet delivered a threefold increase in adjusted EBITDA from CAD 105 million in 2020 to CAD 322 million in 2021 [20] - Adjusted EBITDA from the new gas segment increased by 35% year-over-year from CAD 367 million in 2020 to CAD 494 million in 2021 [20] - Energy marketing delivered CAD 137 million in adjusted EBITDA, a 21% increase from 2020 [20] Market Data and Key Metrics Changes - The average pool price for Q4 2021 settled at CAD 107 per megawatt hour, significantly higher than the average price of CAD 47 [17] - The hydro fleet captured peak pricing with average realized prices of CAD 122 per megawatt hour, representing a 19% premium over the average spot price [18] Company Strategy and Development Direction - The company aims to achieve a 75% reduction in CO2 emissions by 2026 from 2015 levels, having already reduced annual CO2 emissions by 3.9 million tons in 2021 [8][27] - TransAlta secured 600 megawatts of renewable growth in 2021, representing 30% of its five-year growth target [9][10] - The company is focusing on maximizing the value of its hydro and wind fleets while exploring battery storage opportunities [13] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving the 2 gigawatts clean electricity growth plan by 2025, with a target to reach investment decisions on another 400 megawatts in 2022 [9][26] - The company noted strong demand for renewables in the US and plans to expand its development pipeline [12][26] - Management highlighted the importance of securing long-term contracts to support the Alberta merchant fleet [39] Other Important Information - TransAlta completed its transition from coal to gas in Canada, achieving this milestone nine years ahead of the government target [8] - The company is committed to equity, diversity, and inclusion, aiming for at least 40% female employees by 2030 [27][29] Q&A Session Summary Question: Discussion on US development pipeline changes - Management clarified that changes in the US development pipeline were driven by continuous evaluation of project potential rather than supply chain or inflationary pressures [32][33] Question: Confirmation of the 2 gigawatts target by 2025 - The target remains unchanged, with ongoing development efforts to meet this goal [34] Question: Factors affecting the clean energy growth plan - Management emphasized the importance of matching development projects with power purchase agreements (PPAs) and noted robust demand for renewable energy [36][38] Question: Relationship between TransAlta and TransAlta Renewables - TransAlta Renewables remains a key vehicle for funding growth, with ongoing evaluations of strategic positioning [42] Question: Impact of FMG settlements on EBITDA - Specific terms of the FMG settlement were confidential, but management expressed satisfaction with the resolution [44] Question: Long-term outlook for the Pacific Northwest market - Management is exploring renewable opportunities and alternative technologies for future projects in the region [46][48] Question: Cost pressures on projects - Management acknowledged inflationary pressures but emphasized that PPAs help maintain project economics [58][59] Question: Clarity on contracting for industrial customers - Management expects to finalize contracts with major industrial customers in the first half of the year [62] Question: Strategy for refinancing capital commitments - The company plans to refinance capital commitments for new facilities, leveraging its strong cash position [66]

A c c e l e r a t i n g C l e a n 2 0 2 1 I n t e g r a t e d R e p o r t About This Report Welcome to TransAlta's seventh consecutive Integrated Report, which combines our financial and sustainability goals and results. This is an industry-leading practice and Trans Alta is one of only a few companies to do this in North America. We believe sustainability performance should be evaluated, managed and communicated alongside our financial performance to demonstrate the impact on financial, environmental and s ...

TransAlta Corporation (NYSE:TAC) Q3 2021 Results Conference Call November 9, 2021 11:00 AM ET Company Participants Chiara Valentini - Managing Director-Strategic Finance and Investor Relations John Kousinioris - President, Chief Executive Officer and Corporate Director Todd Stack - Executive Vice President-Finance and Chief Financial Officer Kerry O'Reilly Wilks - Executive Vice President-Legal, Commercial and External Affairs Conference Call Participants Rob Hope - Scotiabank Ben Pham - BMO Maurice Choy - ...

TransAlta Q3 2021 Results NOVEMBER 9, 2021 TransAlta 1 Forward-Looking Statements In particular, this presentation contains forward-looking statements including, but not limited to, statements relating to: our Clean Electricity Growth Plan and ability to achieve the target of 2 GW of incremental renewables capacity with an investment of $3 billion by 2025; the Windrise project and that the project will reach commercial operation later this month; the Northern Goldfields Solar and Storage project, and that c ...

Financial Performance - Comparable EBITDA increased by 39% from $217 million to $302 million[10, 36, 37] - Free Cash Flow (FCF) increased by 52% from $91 million to $138 million[12, 36] - FCF per share increased by 55% from $0.33 to $0.51[12, 36] - TransAlta Renewables Q2 2021 Comparable EBITDA was $97 million, compared to $115 million in Q2 2020[41] - TransAlta Renewables Q2 2021 AFFO was $64 million, compared to $90 million in Q2 2020[41] - TransAlta Renewables Q2 2021 CAFD was $40 million, compared to $67 million in Q2 2020[41] Growth Initiatives - Launched the 48 MW Northern Goldfields Solar & Storage Project in Australia, with an expected EBITDA of $8 - $9 million[11, 22, 23] - Launched the Garden Plain 130 MW Wind Project in Alberta, with an expected EBITDA of ~$14 – $18 million[13, 25] - Added 500 MW of renewables to the growth pipeline[19] - The company has access to $2 billion in liquidity, including approximately $650 million in cash[19] Portfolio and Strategy - The company has an advanced stage development sites of 500 MW and early/mid-stage prospects of 2.3GW – 2.9GW[17, 29] - Updated 2021 Comparable EBITDA guidance to $1,100 - $1,200 million, up ~13% from the original guidance[14, 43] - Updated 2021 FCF guidance to $440 - $515 million, up ~22% on a per share basis[14, 43]

TransAlta Corporation (NYSE:TAC) Q2 2021 Earnings Conference Call August 10, 2021 11:00 AM ET Company Participants Chiara Valentini – Managing Director-Strategic Finance and Investor Relations John Kousinioris – President, Chief Executive Officer and Corporate Director Todd Stack – Chief Financial Officer, Executive Vice President-Finance and President-TransAlta Renewables Kerry Wilks – Executive Vice President-Legal, Commercial and External Affairs Conference Call Participants Mark Jarvi – CIBC Capital Mar ...

Trans/Alta" 1 Q1 2021 Results May 13, 2021 TransAlta Corporation Forward-Looking Statements This presentation includes forward-looking statements or information (collectively referred to herein as "forward-looking statements") within the meaning of applicable securities legislation. All forward-looking statements are based on our beliefs as well as assumptions based on available information and on management's experience and perception of historical trends, current conditions, and expected future developmen ...

Financial Data and Key Metrics Changes - The company reported a 41% increase in comparable EBITDA, reaching CAD 310 million, and a 23% increase in free cash flow per share, amounting to CAD 0.48, compared to Q1 2020 [10][26][27] - Cash flow from the hydro fleet increased significantly from CAD 23 million to CAD 72 million due to the elimination of PPA obligation payments [28] - Free cash flow for the quarter was CAD 129 million, approximately 20% higher than the previous year [27] Business Line Data and Key Metrics Changes - The Alberta Hydro segment benefited from strong pricing, achieving an average realized price of CAD 122 per megawatt hour, a 28% premium over the average spot price [41] - The Energy Marketing segment delivered CAD 45 million in cash flow, capitalizing on favorable trading conditions [31] - The Wind and Solar segment's cash flow was down modestly due to line loss provisions, but higher realized pricing and the addition of the Skookumchuck facility partially offset this [29] Market Data and Key Metrics Changes - The average pool price for Q1 settled at CAD 95 per megawatt hour, influenced by extreme cold weather in February [40] - Power prices in Alberta are expected to settle at the higher end of the guidance range, around CAD 65 to CAD 70 per megawatt hour for the remainder of the year [42] Company Strategy and Development Direction - The company aims to be the supplier of choice for customers focused on sustainable growth and decarbonization, with a focus on advancing its three core operating pillars: TransAlta Renewables, Alberta Hydro, and Thermal Generation [19][20] - The company is actively pursuing growth opportunities, including the Garden Plain wind project and additional wind projects in its U.S. portfolio [23][24] - The company is committed to maintaining liquidity in excess of CAD 2 billion to support its growth initiatives and coal-to-gas conversion projects [17] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the Alberta power market, expecting pricing to remain stable and supportive of the company's financial performance [65] - The company anticipates strong cash flow performance for the remainder of the year, with EBITDA and free cash flow expected to be at the upper end of guidance [44] - Management highlighted the importance of flexibility in operations, particularly in light of increasing renewable energy in the market [68] Other Important Information - The company announced it would not proceed with the Kaybob cogeneration facility and has initiated arbitration against Energy Transfer Canada for wrongful termination of the agreement [18] - The company is exploring carbon capture and storage solutions for future adoption [16][100] Q&A Session Summary Question: Discussion on the Garden Plain wind project and contracting plans - Management is actively marketing the remaining 30 megawatts of the Garden Plain project and is optimistic about contracting opportunities [58] - The estimated CAD 17 million EBITDA is based on the current contract and various scenarios, including potential contracting of the remaining capacity [60] Question: Alberta power market pricing outlook - Management expects current pricing levels to continue, with a forecast of CAD 65 to CAD 70 per megawatt hour for the balance of the year [65] Question: Updates on Sundance Unit 5 and cost changes - The increase in costs is due to more precise estimates and the need for greater operational flexibility, which is seen as beneficial for the project [66][68] Question: Hydro segment performance and ancillary revenue - The hydro segment's performance was in line with expectations, and ancillary revenue was competitive despite some market challenges [73][75] Question: Future growth opportunities in Australia - The company is assessing renewable opportunities in Australia, focusing on solar and wind projects [88] Question: CCS and hydrogen integration into Sundance 5 - Management is considering CCS strategies for Sundance 5 but acknowledges the high costs associated with such technologies [99][100]

TransAlta Q4 and Annual 2020 Results March 3, 2021 TransAlta Corporation Forward Looking Statements This presentation includes forward-looking statements or information (collectively referred to herein as "forward-looking statements") within the meaning of applicable securities legislation. All forward-looking statements are based on our beliefs as well as assumptions based on available information and on management's experience and perception of historical trends, current conditions, and expected future de ...