Page 9 – TransAlta

TransAlta Announces Pricing of US$400 Million Senior Green Bond Offering

Posted on November 14, 2022November 14, 2022 by kevin_wick

TransAlta Corporation (TransAlta) (TSX: TA; NYSE: TAC) is pleased to announce that it priced a public offering (the Offering) of US$400 million aggregate principal amount of its 7.750% senior notes due November 15, 2029, at an issue price equal to 100% of the principal amount of the notes, in an underwritten U.S. public offering. Including the gain on the corresponding interest rate hedges, the issuance equates to an effective yield of approximately 5.982%. Closing of the Offering is expected to occur on or about November 17, 2022.

TransAlta intends to use the net proceeds from the sale of the notes to repay C$100 million drawn on its credit facility and replace balance sheet cash used to fund the repayment in full of TransAlta’s 4.500% unsecured senior notes on November 15, 2022 and pay any related fees and expenses. We intend to allocate an amount equal to the net proceeds from this offering to finance or refinance, in part or in full, new and/or existing eligible green projects in accordance with our Green Bond Framework.

The Offering is made pursuant to a preliminary prospectus supplement dated November 14, 2022 to a short form base shelf prospectus of TransAlta dated June 28, 2021, which forms a part of and is included in TransAlta’s registration statement on Form F-10, filed in the United States with the U.S. Securities and Exchange Commission (SEC). A final prospectus supplement in respect of the offering of the notes will be filed with the SEC. The short form base shelf prospectus and the prospectus supplements contain important detailed information about the notes. Copies of these documents may be obtained without charge by visiting the SEC’s EDGAR website at www.sec.gov or from Attention: RBC Capital Markets, 200 Vesey Street, 8th Floor, New York, New York 10281-8098, Telephone: 212-428-6200.

This press release shall not constitute an offer to sell or the solicitation to buy, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration under the securities laws of any such state or jurisdiction. The notes being offered have not been approved or disapproved by the SEC or any Canadian securities regulatory authority, nor has any authority passed upon the accuracy or adequacy of the short form base shelf prospectus or the prospectus supplement.

About TransAlta:
TransAlta owns, operates and develops a diverse fleet of electrical power generation assets in Canada, the United States and Australia with a focus on long-term shareholder value. TransAlta provides municipalities, medium and large industries, businesses and utility customers with clean, affordable, energy efficient and reliable power. Today, TransAlta is one of Canada’s largest producers of wind power and Alberta’s largest producer of hydro-electric power. For over 111 years, TransAlta has been a responsible operator and a proud member of the communities where we operate and where our employees work and live. TransAlta aligns its corporate goals with the UN Sustainable Development Goals and its climate change strategy with CDP (formerly Climate Disclosure Project) and the Task Force on Climate-related Financial Disclosures (TCFD) recommendations. TransAlta has achieved a 61 per cent reduction in GHG emissions since 2015.

Forward Looking Information:
This news release contains “forward-looking information”, within the meaning of applicable Canadian securities laws, and “forward-looking statements”, within the meaning of applicable United States securities laws, including the United States Private Securities Litigation Reform Act of 1995 (collectively referred to herein as “forward-looking statements). In some cases, forward-looking statements can be identified by terminology such as “plans”, “expects”, “proposed”, “will”, “anticipates”, “develop”, “continue”, and similar expressions suggesting future events or future performance. In particular, this news release contains, without limitation, statements pertaining to: TransAlta’s intention to use the net proceeds from the Offering to replace balance sheet cash and any indebtedness drawn to fund the repayment in full of TransAlta’s 4.500% unsecured senior notes on November 15th, 2022, and pay any related fees and expenses; TransAlta’s intention to allocate an equivalent amount to the net proceeds of the Offering to finance or refinance, in part or in full, new and/or existing eligible green projects in accordance with TransAlta’s Green Bond Framework; and the completion and expected closing date of the Offering. These forward-looking statements are not historical facts but are based on TransAlta’s belief and assumptions based on information available at the time the assumptions were made, including, but not limited to, the current political and regulatory environment, the price of power in Alberta and the condition of the financial markets. These statements are subject to a number of risks and uncertainties that may cause actual results to differ materially from those contemplated by the forward-looking statements. Some of the factors that could cause such differences include: operational risks involving our facilities; changes in market prices where we operate; unplanned outages at generating facilities and the capital investments required; equipment failure and our ability to carry out repairs in a cost effective and timely manner, including the Kent Hills remediation; the effects of weather, catastrophes and public health crises; global supply chain disruptions impacting major maintenance and growth projects; disruptions in the source of thermal fuels, water, solar or wind required to operate our facilities, including the necessary natural gas supply; energy trading risks; failure to obtain necessary regulatory approvals in a timely fashion, or at all; inability to satisfy all conditions and requirements associated with announced growth projects; negative impact to our credit ratings; legislative or regulatory developments and their impacts; increasingly stringent environmental requirements and their impacts; increased competition; global capital markets activity (including our ability to access financing at a reasonable cost); changes in prevailing interest rates; currency exchange rates; inflation levels and commodity prices; armed hostilities, including an escalation of the war in Ukraine; general economic conditions in the geographic areas where TransAlta operates; disputes or claims involving TransAlta or TransAlta Renewables; and other risks and uncertainties discussed in TransAlta’s materials filed with the securities regulatory authorities from time to time and as also set forth in TransAlta’s MD&A and Annual Information Form for the year ended Dec. 31, 2021. Readers are cautioned not to place undue reliance on these forward-looking statements, which reflect TransAlta’s expectations only as of the date of this news release. The purpose of the financial outlooks contained in this news release are to give the reader information about management’s current expectations and plans and readers are cautioned that such information may not be appropriate for other purposes and is given as of the date of this news release. TransAlta disclaims any intention or obligation to update or revise these forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

For more information:

Investor Inquiries:
Phone: 1-800-387-3598 in Canada and U.S. Email: [email protected]

Media Inquiries: Phone: 1-855-255-9184 Email: [email protected]

TransAlta Announces Public Offering of U.S. Senior Green Bonds and releases inaugural Green Bond Framework

Posted on November 14, 2022November 14, 2022 by Ben Harris

TransAlta Corporation (TransAlta) (TSX: TA; NYSE: TAC) is pleased to announce it has commenced a U.S. public offering of its senior notes. TransAlta intends to use the net proceeds from the sale of the notes to repay C$100 million drawn on its credit facility and replace balance sheet cash used to fund the repayment in full of TransAlta’s 4.500% unsecured senior notes on November 15, 2022 and pay any related fees and expenses. TransAlta also intends to allocate an amount equal to the net proceeds from this offering to finance or refinance, in part or in full, new and/or existing eligible green projects in accordance with our Green Bond Framework (the Framework). The Framework received a second-party opinion from Sustainalytics which verified that it aligned with the Green Bond Principles from the International Capital Markets Association. The precise timing, size and terms of the offering are subject to market conditions and other factors.

RBC Capital Markets LLC, BofA Securities Inc. and CIBC Capital Markets LLC are joint book runners for the offering which is being made pursuant to a preliminary prospectus supplement dated November 14, 2022, to a short form base shelf prospectus of TransAlta dated June 28, 2021, which forms a part of and is included in TransAlta’s registration statement on Form F-10, filed in the United States with the U.S. Securities and Exchange Commission (SEC). A final prospectus supplement in respect of the offering of the notes will be filed with the SEC. The short form base shelf prospectus and prospectus supplements contain important detailed information about the notes. Copies of these documents may be obtained without charge by visiting the SEC’s EDGAR website at www.sec.gov or from Attention: RBC Capital Markets, 200 Vesey Street, 8th Floor, New York, New York 10281-8098, Telephone: 212-428-6200.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or other jurisdiction. The notes being offered have not been approved or disapproved by the SEC or any Canadian securities regulatory authority, nor has any authority passed upon the accuracy or adequacy of the short form base shelf prospectus or the prospectus supplement.

About TransAlta:

TransAlta owns, operates and develops a diverse fleet of electrical power generation assets in Canada, the United States and Australia with a focus on long-term shareholder value. TransAlta provides municipalities, medium and large industries, businesses and utility customers with clean, affordable, energy efficient and reliable power. Today, TransAlta is one of Canada’s largest producers of wind power and Alberta’s largest producer of hydro-electric power. For over 111 years, TransAlta has been a responsible operator and a proud member of the communities where we operate and where our employees work and live. TransAlta aligns its corporate goals with the UN Sustainable Development Goals and its climate change strategy with CDP (formerly Climate Disclosure Project) and the Task Force on Climate-related Financial Disclosures (TCFD) recommendations. TransAlta has achieved a 61 per cent reduction in GHG emissions since 2015.

Cautionary Statement Regarding Forward-Looking Information

This news release contains “forward-looking information”, within the meaning of applicable Canadian securities laws, and “forward-looking statements”, within the meaning of applicable United States securities laws, including the United States Private Securities Litigation Reform Act of 1995 (collectively referred to herein as “forward-looking statements). In some cases, forward-looking statements can be identified by terminology such as “plans”, “expects”, “proposed”, “will”, “anticipates”, “develop”, “continue”, and similar expressions suggesting future events or future performance. In particular, this news release contains, without limitation, statements pertaining to: the completion and timing of the offering, TransAlta’s intention to use the net proceeds from the sale of the notes to replace balance sheet cash and any indebtedness drawn to fund the repayment in full of

TransAlta’s 4.500% unsecured senior notes on November 15th, 2022, and pay any related fees and expenses; TransAlta’s intention to allocate an equivalent amount to the net proceeds of the offering to finance or refinance, in part or in full, new and/or existing eligible green projects in accordance with TransAlta’s Green Bond Framework; and TransAlta’s expectations that its Green Bond Framework, and any future Green Bond issuances, will enable TransAlta to further expand its commitment to accelerate the deployment of renewable energy and other environmentally beneficial projects . These forward-looking statements are not historical facts but are based on TransAlta’s belief and assumptions based on information available at the time the assumptions were made, including, but not limited to, the current political and regulatory environment, the price of power in Alberta and the condition of the financial markets. These statements are subject to a number of risks and uncertainties that may cause actual results to differ materially from those contemplated by the forward-looking statements. Some of the factors that could cause such differences include: operational risks involving our facilities; changes in market prices where we operate; unplanned outages at generating facilities and the capital investments required; equipment failure and our ability to carry out repairs in a cost effective and timely manner, including the Kent Hills remediation; the effects of weather, catastrophes and public health crises; global supply chain disruptions impacting major maintenance and growth projects; disruptions in the source of thermal fuels, water, solar or wind required to operate our facilities, including the necessary natural gas supply; energy trading risks; failure to obtain necessary regulatory approvals in a timely fashion, or at all; inability to satisfy all conditions and requirements associated with announced growth projects; negative impact to our credit ratings; legislative or regulatory developments and their impacts; increasingly stringent environmental requirements and their impacts; increased competition; global capital markets activity (including our ability to access financing at a reasonable cost); changes in prevailing interest rates; currency exchange rates; inflation levels and commodity prices; armed hostilities, including an escalation of the war in Ukraine; general economic conditions in the geographic areas where TransAlta operates; disputes or claims involving TransAlta or TransAlta Renewables; and other risks and uncertainties discussed in TransAlta’s materials filed with the securities regulatory authorities from time to time and as also set forth in TransAlta’s MD&A and Annual Information Form for the year ended Dec. 31, 2021. Readers are cautioned not to place undue reliance on these forward-looking statements, which reflect TransAlta’s expectations only as of the date of this news release. The purpose of the financial outlooks contained in this news release are to give the reader information about management’s current expectations and plans and readers are cautioned that such information may not be appropriate for other purposes and is given as of the date of this news release. TransAlta disclaims any intention or obligation to update or revise these forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

For more information:

*Investor Inquiries:*	*Media Inquiries:*
Phone: 1-800-387-3598 in Canada and U.S.	Phone: 1-855-255-9184
Email: [email protected]	Email: [email protected]

TransAlta Reports Third Quarter 2022 Results, Increases 2022 Financial Guidance, and Announces a 10% Common Share Dividend Increase

Posted on November 8, 2022June 24, 2025 by kevin_wick

Third Quarter 2022 Financial Highlights

Adjusted EBITDA^(1),(2) of $555 million, an increase of 38% over the same period in 2021
Free Cash Flow⁽¹⁾of $393 million, or $1.45 per share, an increase of $0.68 or 88% on a per-share basis compared to the same period in 2021
Earnings before income taxes of $126 million, compared to a loss before income taxes of $441 in the same period in 2021
Net earnings attributable to common shareholders of $61 million or $0.23 per share, compared to a loss of $1.68 per share for the same period in 2021
Cash flow from operating activities of $204 million, a decrease of $406 million for the same period in 2021
Increased annual common share dividend by 10% to $0.22 per year effective Jan. 1, 2023, representing the fourth consecutive annual increase
Returned $34 million of capital to common shareholders during the nine months ended Sept. 30, 2022, through share buybacks of 2.7 million common shares

Other Business Highlights

Executed contract renewals for five additional years for the Sarnia cogeneration and Melancthon 1 wind facilities with the Ontario Independent Electricity System Operator (“IESO”)
Expanded TransAlta’s development pipeline by 553 MW across Canada and the United States
Announced Ms. Beverlee Park’s retirement from the Board of Directors

2022 Revised Outlook

Increased 2022 annual financial guidance as set out below:
Adjusted EBITDA range of $1,380 to $1,460 million (original guidance of $1,065 to $1,185 million)
FCF range of $725 to $775 million (original guidance of $455 to $555 million)

TransAlta Corporation (TransAlta or the Company) (TSX: TA) (NYSE: TAC) today reported its financial results for the three and nine months ended Sept. 30, 2022.

“Our third quarter results demonstrated the value of our strategically diversified fleet in Alberta. Our Alberta Electricity Portfolio, comprising our Alberta hydro, gas and wind facilities, led our results with exceptional operational availability and a portfolio position that benefited from the strong pricing environment,” said John Kousinioris, President and Chief Executive Officer. “With this exceptional performance across the fleet and our continuing positive outlook on market expectations for the balance of the year, we have revised our 2022 financial guidance upwards for both adjusted EBITDA and free cash flow, with revised ranges now exceeding the top end of our original targets. I am also pleased to announce that the Board of Directors has approved a 10% increase to the common share dividend effective for the first quarter 2023 dividend payment.”

“We continue to execute on our strategy of developing contracted renewables and are progressing several advanced-stage projects on multiple fronts. Our focus is to also expand our development pipeline and I am pleased to share that this quarter we have added 553 MW of development opportunities to our pipeline,” added Mr. Kousinioris.

Set out below are additional highlights of TransAlta’s business activities from the quarter, including the Company’s progress on advancing its Clean Electricity Growth Plan as well as details regarding the Company’s financial performance and liquidity.

Key Business Developments

Executed Contract Renewals with the IESO at Sarnia Cogeneration and Melancthon 1 Wind Facilities

On Aug. 23, 2022, TransAlta Renewables Inc., a subsidiary of the Company (“TransAlta Renewables”) announced that it was awarded capacity contracts for the Sarnia cogeneration facility and the Melancthon 1 wind facility from the IESO as part of the IESO’s Medium-Term Capacity Procurement Request for Proposals. The new capacity contracts run from May 1, 2026 to April 30, 2031 and will extend the period of contracted revenues of the Sarnia cogeneration facility to April 30, 2031. The Company expects the gross margin from the Sarnia cogeneration facility to step down by approximately thirty per cent as a result of the IESO price cap under the new contract.

New Term Facility

During the third quarter of 2022, the Company closed a two-year $400 million floating rate Term Facility with its banking syndicate with a maturity date of Sept. 7, 2024.

Changes to Board of Directors

On Sept. 30, 2022, Ms. Beverlee Park retired from TransAlta’s Board of Directors. Ms. Park served on the Board of Directors since 2015 and as Chair of the Audit, Finance and Risk Committee from April 2018 to April 2022. The Company recognizes her for the many contributions made by Ms. Park to TransAlta and thanks her for the many years of service.

Conversion Results for Series E and F Preferred Shares

On Sept. 21, 2022, there were 89,945 Cumulative Redeemable Rate Reset First Preferred Shares, Series E (Series E Shares) tendered for conversion, which was less than the one million shares required to give effect to conversions into Cumulative Redeemable Rate Reset First Preferred Shares, Series F (Series F Shares). As a result, the Series E Shares were not converted into Series F Shares.

Liquidity and Financial Position

The Company continues to maintain a strong financial position in part due to long-term contracts and hedged positions. At the end of the third quarter of 2022, TransAlta had access to $2.3 billion in liquidity, including $0.8 billion in cash and cash equivalents.

Accelerated Clean Electricity Growth Plan

On Sept. 28, 2021, the Company announced the strategic targets associated with its Clean Electricity Growth Plan.

During the third quarter, the Company added 553 MW to its renewable development pipeline across Canada and the United States, bringing its development pipeline to between 3.6 GW and 4.7 GW.

As of Nov. 7, 2022, the Company has made significant progress in achieving the targets of the Clean Electricity Growth Plan. Refer to Strategy and Capability to Deliver Results in the Company’s Management’s Discussion and Analysis (MD&A) for further details.

Clean Electricity Growth Plan Targets	Target	% of Target Achieved
Renewable Energy Capacity	2 GW	40%
Capital Investment	$3 Billion	49%
Incremental EBITDA	$250 Million	59%

Normal Course Issuer Bid

During the nine months ended Sept. 30, 2022, the Company purchased and cancelled a total of 2.7 million common shares at an average price of $12.50 per common share, for a total cost of $34 million.

Third Quarter 2022 Highlights

*$ millions, unless otherwise stated*	3 months ended		9 months ended
*$ millions, unless otherwise stated*	Sept. 30, 2022	Sept. 30, 2021	Sept. 30, 2022	Sept. 30, 2021
Adjusted availability (%)	93.8	89.2	90.1	87.5
Production (GWh)	5,432	6,053	15,253	16,282
Revenues	929	850	2,122	2,111
Adjusted EBITDA⁽¹⁾	555	402	1,093	1,043
Earnings (loss) before income taxes	126	(441)	346	(348)
Net earnings (loss) attributable to common shareholders	61	(456)	167	(498)
Cash flow from operating activities	204	610	526	947
FFO⁽¹⁾	488	318	887	808
FCF⁽¹⁾	393	210	646	506
Net earnings (loss) per share attributable to common shareholders, basic and diluted	0.23	(1.68)	0.62	(1.84)
FFO per share^(1),(2)	1.80	1.17	3.27	2.98
FCF per share^(1),(2)	1.45	0.77	2.38	1.87

Download the full news release

TransAlta Declares Dividends

Posted on November 8, 2022January 7, 2025 by kevin_wick

The Board of Directors of TransAlta Corporation (TSX: TA) (NYSE: TAC) declared a quarterly dividend of $0.055 per common share payable on January 1, 2023 to shareholders of record at the close of business on December 1, 2022.

The Board of Directors also declared the following quarterly dividend on its Cumulative Redeemable Rate Reset First Preferred Shares for the period starting from and including September 30, 2022 up to but excluding December 31, 2022:

Preferred Shares	TSX Stock Symbol	Dividend Rate	Dividend Per Share	Record Date	Payment Date
Series A	TA.PR.D	2.877%	$0.17981	December 1, 2022	December 31, 2022
Series B*	TA.PR.E	5.348%	$0.33700	December 1, 2022	December 31, 2022
Series C	TA.PR.F	5.854%	$0.36588	December 1, 2022	December 31, 2022
Series D*	TA.PR.G	6.418%	$0.40442	December 1, 2022	December 31, 2022
Series E	TA.PR.H	6.894%	$0.43088	December 1, 2022	December 31, 2022
Series G	TA.PR.J	4.988%	$0.31175	December 1, 2022	December 31, 2022

*Please note the quarterly floating rate on the Series B and Series D Preferred Shares will be reset every quarter.

All currency is expressed in Canadian dollars except where noted. When the dividend payment date falls on a weekend or holiday, the payment is made the following business day.

About TransAlta Corporation:

For more information about TransAlta, visit its website at transalta.com.

For more information:

*Investor Inquiries:*	*Media Inquiries:*
Phone: 1-800-387-3598 in Canada and U.S.	Phone: 1-855-255-9184
Email: [email protected]	Email: [email protected]

Media Advisory: TransAlta and TransAlta Renewables Third Quarter 2022 Results and Conference Call

Posted on October 11, 2022January 7, 2025 by kevin_wick

TransAlta Corporation (TransAlta) (TSX: TA) (NYSE: TAC) will release its third quarter 2022 results before markets open on Tuesday, November 8, 2022. A conference call and webcast to discuss the results will be held for investors, analysts, members of the media and other interested parties the same day beginning at 9:00 a.m. Mountain Time (11:00 a.m. ET). The media will be invited to ask questions following analysts.

TransAlta Renewables Inc. (TransAlta Renewables) (TSX:RNW) will release its third quarter 2022 results before markets on Friday, November 4, 2022. Any questions regarding TransAlta Renewables may be asked on the TransAlta conference call.

Third Quarter 2022 Conference Call:
Toll-free North American participants call: 1-888-664-6392
Webcast link: https://app.webinar.net/nr859wn1RkL

Related materials will be available on the Investor Centre section of TransAlta’s website at https://transalta.com/investors/presentations-and-events/. If you are unable to participate in the call, the instant replay is accessible at 1-888-390-0541 (Canada and USA toll free) with TransAlta pass code 828706 followed by the # sign. A transcript of the broadcast will be posted on TransAlta’s website once it becomes available.

About TransAlta:

For more information about TransAlta, visit its website at transalta.com.

About TransAlta Renewables Inc.:

TransAlta Renewables is among the largest of any publicly traded renewable independent power producers (IPP) in Canada. Our asset platform and economic interests are diversified in terms of geography, generation and counterparties and consist of interests in 26 wind facilities, 13 hydroelectric facilities, eight natural gas generation facilities, two solar facilities, one natural gas pipeline, and one battery storage project, representing an ownership interest of 2,968 megawatts of owned generating capacity, located in the provinces of British Columbia, Alberta, Ontario, QuÃ©bec, New Brunswick, the States of Pennsylvania, New Hampshire, Wyoming, Massachusetts, Michigan, Minnesota, North Carolina, Washington and the State of Western Australia.

For more information about TransAlta Renewables, visit its web site at transaltarenewables.com.

For more information:

*Investor Inquiries:*	*Media Inquiries:*
Phone: 1-800-387-3598 in Canada and U.S.	Phone: 1-855-255-9184
Email: [email protected]	Email: [email protected]

TransAlta Corporation Announces Conversion Results for Series E and F Preferred SharesÂ

Posted on September 21, 2022September 21, 2022 by kevin_wick

Further to TransAlta Corporation’s (“TransAlta” or the “Company”) (TSX: TA)(NYSE: TAC) press release dated August 31, 2022, the Company announced today that after taking into account all election notices received for the conversion of the Cumulative Redeemable Rate Reset Preferred Shares, Series E (the Series E Shares) into Cumulative Redeemable Floating Rate Preferred Shares, Series F (the Series F Shares), there were only 89,945 Series E Shares tendered for conversion, which is less than the one million shares required to give effect to conversions into Series F Shares. As a result, none of the Series E Shares will be converted into Series F Shares on September 30, 2022.

About TransAlta:

For more information about TransAlta, visit its website at transalta.com.

For more information:

*Investor Inquiries:*	*Media Inquiries:*
Phone: 1-800-387-3598 in Canada and U.S.	Phone: 1-855-255-9184
Email: [email protected]	Email: [email protected]

TransAlta Corporation Provides Notice of Series E Preferred Shares Conversion Right and Announces Reset Dividend Rates

Posted on August 31, 2022January 7, 2025 by kevin_wick

TransAlta Corporation (TransAlta or the Company) (TSX: TA; NYSE: TAC) announced today that it does not intend to exercise its right to redeem all or any part of the currently outstanding cumulative redeemable rate reset first preferred shares Series E (Series E Shares) (TSX: TA.PR.H) on September 30, 2022 (the Conversion Date).

As a result and subject to certain conditions set out in the prospectus supplement dated August 3, 2012 relating to the issuance of the Series E Shares, the holders of the Series E Shares will have the right to convert all or any of their Series E Shares into cumulative redeemable floating rate first preferred shares Series F of the Company (Series F Shares) on the basis of one Series F Share for each Series E Share on the Conversion Date.

With respect to any Series E Shares that remain outstanding after September 30, 2022, holders thereof will be entitled to receive quarterly fixed cumulative preferential cash dividends, if, as and when declared by the Board of Directors of TransAlta. The annual dividend rate for the Series E Shares for the five-year period from and including September 30, 2022 to but excluding September 30, 2027, will be 6.89400%, being equal to the five-year Government of Canada bond yield of 3.24400% determined as of today plus 3.65000%, in accordance with the terms of the Series E Shares.

With respect to any Series F Shares that may be issued on September 30, 2022, holders thereof will be entitled to receive quarterly floating rate cumulative preferential cash dividends, if, as and when declared by the Board of Directors of TransAlta. The annual dividend rate for the 3-month floating rate period from and including September 30, 2022 to but excluding December 31, 2022 will be 6.96800%, being equal to the annual rate for the most recent auction of 90-day Government of Canada Treasury Bills of 3.31800% plus 3.65000%, in accordance with the terms of the Series E Shares (the Floating Quarterly Dividend Rate). The Floating Quarterly Dividend Rate will be reset every quarter.

As provided in the terms of the Series E Shares, if TransAlta determines after reviewing all Series E Shares tendered for conversion into Series F Shares that: (i) there would remain outstanding on September 30, 2022, less than 1,000,000 Series E Shares, all remaining Series E Shares shall be converted automatically into Series F Shares on a one-for one basis effective September 30, 2022; or (ii) there would remain outstanding after September 30, 2022, less than 1,000,000 Series F Shares, the holders of Series E Shares shall not be entitled to convert their shares into Series F Shares effective September 30, 2022. There are currently 9,000,000 Series E Shares outstanding.

The Series E Shares are issued in book entry only form and must be purchased or transferred through a participant in the CDS depository service (CDS Participant). All rights of holders of Series E Shares must be exercised through CDS or the CDS Participant through which the Series E Shares are held. The deadline for the registered shareholder to provide notice of exercise of the right to convert Series E Shares into Series F Shares is 3:00 p.m. (MST) / 5:00 p.m. (EST) on September 15, 2022. Any notices received after this deadline will not be valid. As such, holders of Series E Shares who wish to exercise their right to convert their shares should contact their broker or other intermediary for more information and it is recommended that this be done well in advance of the deadline in order to provide the broker or other intermediary with time to complete the necessary steps.

If TransAlta does not receive an election notice from a holder of Series E Shares during the time fixed therefor, then the Series E Shares shall be deemed not to have been converted (except in the case of an automatic conversion). Holders of the Series E Shares and the Series F Shares will have the opportunity to convert their shares again on September 30, 2027, and every five years thereafter as long as the shares remain outstanding.

As previously announced on July 27, 2022, holders of Series E shares as of the record date of September 1, 2022 will receive a dividend of $0.32463 payable on September 30, 2022, in respect of the period starting from and including June 30, 2022 up to but excluding September 30, 2022, regardless of whether the holder elects to convert their Series E Shares into Series F Shares on the Conversion Date.

The Toronto Stock Exchange (TSX) has conditionally approved the listing of the Series F Shares effective upon conversion. Listing of the Series F Shares is subject to TransAlta fulfilling all the listing requirements of the TSX.

About TransAlta:

For more information about TransAlta, visit its website at transalta.com.

Forward Looking Information:

This news release contains certain information that is forward-looking and is subject to important risks and uncertainties (such statements are usually accompanied by words such as may, will, should, estimate, intend or other similar words). Specifically, this news release contains forward-looking information with respect to the Company, the Series E Shares and the Series F Shares, including but not limited to future conversions, redemptions and dividends. All forward-looking information reflect the Company’s beliefs and assumptions based on information available at the time the statements were made and as such are not guarantees of future performance. Readers are cautioned not to place undue reliance on this forward-looking information, which is given as of the date it is expressed in this press release. TransAlta undertakes no obligation to update or revise any forward-looking information except as required by law. For additional information on the assumptions made, and the risks and uncertainties which could cause actual results to differ from those in the forward-looking information, refer to the Company’s Annual Report and Management’s Discussion and Analysis, and the risks set out in the prospectus supplement dated August 3, 2012 relating to the issuance of the Series E Shares, filed under the Company’s profile on SEDAR at www.sedar.com and with the U.S. Securities and Exchange Commission at www.sec.gov.

For more information:

*Investor Inquiries:*	*Media Inquiries:*
Phone: 1-800-387-3598 in Canada and U.S.	Phone: 1-855-255-9184
Email: [email protected]	Email: [email protected]

TransAlta Reports Second Quarter 2022 Results

Posted on August 5, 2022July 14, 2025 by kevin_wick

Second Quarter 2022 Financial Highlights

Adjusted EBITDA^(1),(2) of $279 million, in line with expectations, a decrease of 13% over the same period in 2021
Free Cash Flow (“FCF”)⁽¹⁾of $145 million, or $0.54 per share, a decrease of $0.03 on a per-share basis compared to the same period in 2021
Loss before income taxes of $22 million, a decrease of $94 million from the same period in 2021
Net loss attributable to common shareholders of $80 million or $0.30 per share, compared to a loss of $0.04 per share for the same period in 2021
Cash flow used in operating activities of $129 million, an increase of $209 million from same period in 2021

Other Business Highlights

Announced a 10-year contract extension, receipt of waiver from bondholders and commencement of rehabilitation plan at Kent Hills wind facilities
Announced the 200 MW Horizon Hill wind project supplying Meta with renewable power under a long-term Power Purchase Agreement (PPA)
Secured capacity commitment extensions for three of the large industrial customers at the Sarnia cogeneration facility (one to 2031 and two to 2032)
Reached agreement with BHP Nickel West to expand the Mount Keith 132kV transmission system in Western Australia
Executed a long-term PPA for the remaining 30 MW of capacity at the Garden Plain wind project
Added 325 MW to our renewable development pipeline in Canada and the United States
Received an upgraded MSCI ESG Rating of ‘A’ from ‘BBB’
Announced a US$25 million investment in Energy Impact Partners Deep Decarbonization Frontier Fund 1
Received a decision from the Court of Appeal upholding TransAlta’s favourable force majeure arbitration decision
In the year-to-date returned $18 million of capital to common shareholders through share buybacks of 1.4 million common shares
Launched our new visual identity and “Energizing the Future” campaign
Completed the conversion of elected Series C to Series D Preferred Shares which began trading on the TSX on June 30, 2022 under the symbol TA.PR.G

TransAlta Corporation (TransAlta or the Company) (TSX: TA) (NYSE: TAC) today reported its financial results for the three and six months ended June 30, 2022.

“TransAlta delivered solid second quarter results for 2022. Our Alberta Electricity Portfolio performed as anticipated, despite higher natural gas prices and compressed market heat rates, demonstrating the value of our strategically diversified fleet in Alberta and its ability to generate cash flow under dynamic market conditions. Our Alberta Wind and Hydro segments led our results, benefiting from the higher pricing environment and stronger production. Our Alberta Gas segment had limited opportunity to benefit from higher power prices realized in the market as it was highly hedged during the quarter,” said John Kousinioris, President and Chief Executive Officer. “The contributions from our new contracted assets at Windrise and North Carolina Solar and the exceptional results in our Energy Marketing segment further supported our financial results for the quarter as we continue to track towards the midpoint of our 2022 guidance.”

Set out below are additional highlights from the quarter on TransAlta’s business activities, including the Company’s progress on advancing its Clean Electricity Growth Plan as well as details regarding the Company’s financial performance and liquidity.

Key Business Developments

Kent Hills Wind Facility Outage Update

On June 2, 2022, TransAlta Renewables announced its rehabilitation plan for the Kent Hills wind facilities together with the execution of amended and extended contracts with New Brunswick Power Corporation (“NB Power”) in respect of each of the Kent Hills 1, 2 and 3 wind facilities providing for an additional 10-year period to December 2045 and an effective 10 per cent reduction to the original contract prices from January 2023 through December 2033. In addition, both parties have agreed to work in good faith to evaluate the installation of a battery energy storage system at Kent Hills and to consider a potential repowering of Kent Hills at the end of life in 2045. The Company also obtained a waiver for the Kent Hills wind non-recourse bonds (“KH Bonds”) from the project bond holders and entered into a supplemental indenture with the bond holders that facilitates the rehabilitation of the Kent Hills 1 and 2 wind facilities.

Horizon Hill Wind Project and Fully Executed Corporate PPA with Meta

On April 5, 2022, TransAlta executed a long-term renewable energy PPA with a subsidiary of Meta Platforms Inc. (“Meta”), formerly known as Facebook, Inc., for 100 per cent of the generation from its 200 MW Horizon Hill wind project to be located in Logan County, Oklahoma. Under this agreement, Meta will receive both renewable electricity and environmental attributes from the Horizon Hill facility. The facility will consist of a total of 34 Vestas turbines with construction expected to begin in late 2022 and a target commercial operation date in the second half of 2023. TransAlta will construct, operate and own the facility. Total construction capital is estimated between US$290 million and US$310 million and is expected to be financed with a combination of existing liquidity and tax equity financing. Over 90 per cent of project costs are fixed under executed turbine supply agreements and engineering, procurement and construction agreements. The project is expected to generate average annual EBITDA between US$27 million and US$30 million, inclusive of production tax credits.

Sarnia Cogeneration Facility Contract Extensions

During the second quarter of 2022, the Company executed contract extensions for the supply of electricity and/or steam with the remaining three of its industrial customers at the Sarnia cogeneration facility. These agreements will extend the delivery term for electricity and/or steam from Dec. 31, 2022 to April 30, 2031, in one case, and to Dec. 31, 2032, for the other two, with all agreements being subject to certain conditions, including the Company entering into a new contract with the Ontario Independent Electricity System Operator (the IESO). The current contract with the IESO, in respect of the Sarnia cogeneration facility expires on Dec. 31, 2025. On July 19, 2021, the IESO released its Annual Acquisition Report, which included draft details for medium- and long-term procurement mechanisms for capacity for 2026 and beyond for existing and new generation. The Company has bid into the procurement process developed by the IESO and is seeking to secure a contract extension for the Sarnia cogeneration facility following the end of the current contract term. The Company expects the IESO to announce the successful bids in the third quarter of 2022.

Mount Keith 132kV Transmission Expansion

On May 3, 2022, TransAlta Renewables exercised its option to acquire an economic interest in the expansion of the Mount Keith 132kV transmission system in Western Australia, to support the Northern Goldfields-based operations of BHP Nickel West (“BHP”). Total construction capital is estimated at between AU$50 million and AU$53 million. Southern Cross Energy, a subsidiary of the Company, has entered into an engineering, procurement and construction agreement for the expansion. The project is being developed under the existing PPA with BHP, which has a term of 15 years. It is expected to be completed in the second half of 2023 and will generate annual EBITDA in the range of AU$6 million to AU$7 million. The project will facilitate the connection of additional generating capacity to our network to support BHP’s operations and increase their competitiveness as a supplier of low-carbon nickel.

Executed Long Term PPA for Remaining 30 MW at Garden Plain

During the second quarter of 2022, the Company entered into a long-term PPA for the remaining 30 MW of renewable electricity and environmental attributes at the Garden Plain wind project in Alberta with a new investment-grade globally recognized customer. The 130 MW Garden Plain wind project, which was announced in May 2021 with a 100 MW PPA contracted to Pembina Pipeline Corporation (“Pembina”), is now fully contracted with a weighted average contract life of approximately 17 years. Construction is underway with a target commercial operation date in the second half of 2022.

Customer Update at White Rock Wind Facilities

During the second quarter of 2022, TransAlta identified Amazon Energy LLC (Amazon) as the customer for the 300 MW White Rock Wind projects, to be located in Caddo County, Oklahoma. On Dec. 22, 2021, Amazon and TransAlta entered into two long-term PPAs for the supply of 100 per cent of the generation from the projects. Construction is expected to begin in the second half of 2022 with a target commercial operation date in the second half of 2023.

Energy Impact Partners (“EIP”) Investment

During the second quarter of 2022, The Company has entered into a commitment to invest US$25 million over the next four years in EIP’s Deep Decarbonization Frontier Fund 1 (the “Frontier Fund”) that will invest in early-stage, innovative technology companies that will accelerate the transition to net-zero greenhouse gas emissions. TransAlta’s investment in the Frontier Fund provides the Company with the opportunity to identify, pilot, commercialize and bring to market emerging technologies that will support its decarbonization goals.

MSCI Environmental, Social and Governance (“ESG”) Rating Upgrade

During the second quarter of 2022, TransAlta’s MSCI ESG Rating was upgraded to ‘A’ from ‘BBB’. The upgrade reflects the Company’s strong renewable energy growth compared to peers. In 2021, the Company grew its installed renewable energy capacity by 15 per cent through acquisition and construction of solar and wind facilities and secured 600 MW in additional renewable energy projects. In line with its goal to reduce carbon emissions by 75 per cent from 2015 emissions levels by 2026, TransAlta also completed coal-to-gas conversions of its Canadian coal-fired facilities in 2021, nine years ahead of Alberta’s coal phase-out plan.

Court of Appeal Upholds TransAlta’s Favourable Force Majeure Arbitration Decision

On June 9, 2022, the Alberta Court of Appeal released a unanimous decision dismissing ENMAX Energy Corporation’s and the Balancing Pool’s application seeking to set aside an arbitration decision in favour of the Company. The Court of Appeal upheld the Company’s claim of force majeure that arose when its Keephills 1 generating unit tripped offline in 2013. As a result of the decision, the Company’s claim of force majeure remains valid and the associated costs of the force majeure event will not be reassessed against TransAlta.

TSX Acceptance of Normal Course Issuer Bid

On May 24, 2022, the Toronto Stock Exchange (TSX) accepted the notice filed by the Company to renew its normal course issuer bid (NCIB) for a portion of its common shares. Pursuant to the NCIB, TransAlta may repurchase up to a maximum of 14,000,000 common shares, representing approximately 7.16 per cent of its public float of common shares as at May 17, 2022. Purchases under the NCIB may be made through open market transactions on the TSX and any alternative Canadian trading platforms on which the common shares are traded, based on the prevailing market price. Any common shares purchased under the NCIB will be cancelled. The period during which TransAlta is authorized to make purchases under the NCIB commenced on May 31, 2022 and ends on May 30, 2023, or such earlier date on which the maximum number of common shares are purchased under the NCIB or the NCIB is terminated at the Company’s election.

The NCIB provides the Company with a capital allocation alternative with a view to ensuring long-term shareholder value. TransAlta’s Board of Directors and Management believe that, from time to time, the market price of the common shares does not reflect their underlying value and purchases of common shares for cancellation under the NCIB may provide an opportunity to enhance shareholder value.

During the six months ended June 30, 2022, the Company purchased and cancelled a total of 1.4 million common shares at an average price of $12.50 per common share, for a total cost of $18 million.

Conversion Results for Series C and D Preferred Shares

On June 16, 2022, the Company announced that 1,044,299 of its 11,000,000 currently outstanding Cumulative Redeemable Rate Reset First Preferred Shares, Series C (Series C Shares) were tendered for conversion, on a one-for-one basis, into Cumulative Redeemable Floating Rate First Preferred Shares, Series D (Series D Shares) after having taken into account all election notices following the June 15, 2022 conversion deadline.

TransAlta Debuts New Brand Reiterating Commitment to a Clean Energy Future

On June 20, 2022, the Company announced a new visual identity including logo and tagline “Energizing the Future”. The new visual identity encapsulates the TransAlta of today while reinforcing the Company’s focus as a leader in creating a carbon-neutral future for our customers.

Liquidity and Financial Position

The Company continues to maintain a strong financial position in part due to long-term contracts and hedged positions. At the end of the second quarter, TransAlta had access to $1.9 billion in liquidity, including $0.9 billion in cash and cash equivalents.

Accelerated Clean Electricity Growth Plan

On Sept 28, 2021, the Company announced the strategic targets associated with its Clean Electricity Growth Plan.

As of August 4, 2022, the Company has made significant progress in achieving the targets of the Clean Electricity Growth Plan. Refer to Strategy and Capability to Deliver Results in the Company’s Management’s Discussion and Analysis (MD&A) for further details.

Clean Electricity Growth Plan Targets	Target	% of Target Achieved
Renewable Energy Capacity	2 GW	40%
Capital Investment	$3 Billion	48%
Incremental EBITDA	$250 Million	54%

During the second quarter, the Company added 325 MW to its renewable development pipeline across Canada and the United States.

Second Quarter 2022 Highlights

*$ millions, unless otherwise stated*	3 months ended		6 months ended
*$ millions, unless otherwise stated*	June 30, 2022	June 30, 2021	June 30, 2022	June 30, 2021
Adjusted availability (%)	87.3	84.8	88.2	86.7
Production (GWh)	4,461	4,688	9,820	10,229
Revenues	458	619	1,193	1,261
Adjusted EBITDA⁽¹⁾	279	319	538	641
Earnings (loss) before income taxes	(22)	72	220	93
Net earnings (loss) attributable to common shareholders	(80)	(12)	106	(42)
Cash flow (used in) from operating activities	(129)	80	322	337
FFO⁽¹⁾	220	267	399	490
FCF⁽¹⁾	145	155	253	296
Net earnings (loss) per share attributable to common shareholders, basic and diluted	(0.30)	(0.04)	0.39	(0.16)
FFO per share^(1),(2)	0.81	0.99	1.47	1.81
FCF per share^(1),(2)	0.54	0.57	0.93	1.09

Download the full news release

TransAlta Declares Dividends

Posted on July 27, 2022January 7, 2025 by kevin_wick

The Board of Directors of TransAlta Corporation (TSX: TA) (NYSE: TAC) declared a quarterly dividend of $0.05 per common share payable on October 1, 2022 to shareholders of record at the close of business on September 1, 2022.

The Board of Directors also declared the following quarterly dividend on its Cumulative Redeemable Rate Reset First Preferred Shares for the period starting from and including June 30, 2022 up to but excluding September 30, 2022:

Preferred Shares	TSX Stock Symbol	Dividend Rate	Dividend Per Share	Record Date	Payment Date
Series A	TA.PR.D	2.877%	$0.17981	September 1, 2022	September 30, 2022
Series B*	TA.PR.E	3.507%	$0.22099	September 1, 2022	September 30, 2022
Series C	TA.PR.F	5.854%	$0.36588	September 1, 2022	September 30, 2022
Series D*	TA.PR.G	4.577%	$0.28841	September 1, 2022	September 30, 2022
Series E	TA.PR.H	5.194%	$0.32463	September 1, 2022	September 30, 2022
Series G	TA.PR.J	4.988%	$0.31175	September 1, 2022	September 30, 2022

*Please note the quarterly floating rate on the Series B and Series D Preferred Shares will be reset every quarter.

All currency is expressed in Canadian dollars except where noted. When the dividend payment date falls on a weekend or holiday, the payment is made the following business day.

About TransAlta Corporation:

For more information about TransAlta, visit its website at transalta.com.

For more information:

*Investor Inquiries:*	*Media Inquiries:*
Phone: 1-800-387-3598 in Canada and U.S.	Phone: 1-855-255-9184
Email: [email protected]	Email: [email protected]

Correction Notice to Media Advisory Regarding Release Date of TransAlta Renewables Second Quarter 2022 Results

Posted on July 12, 2022January 7, 2025 by kevin_wick

TransAlta Corporation (TransAlta) (TSX: TA) (NYSE: TAC) announced today a correction to its media advisory issued July 6, 2022 in respect to the release date of TransAlta Renewables Inc. (TransAlta Renewables) (TSX:RNW) second quarter 2022 results. The correct date for the release of TransAlta Renewables second quarter 2022 results is before markets open on Thursday, August 4, 2022. TransAlta’s second quarter 2022 results will be released before markets open on Friday, August 5, 2022.

Any questions regarding TransAlta Renewables may be asked on the TransAlta conference call beginning at 9:00 a.m. Mountain Time (11:00 a.m. ET) on Friday, August 5, 2022. Details for the TransAlta second quarter 2022 conference call are available on the Investor Centre section of TransAlta’s website at https://transalta.com/investors/presentations-and-events/.

About TransAlta:

For more information about TransAlta, visit its website at transalta.com.

About TransAlta Renewables Inc.:

For more information about TransAlta Renewables, visit its web site at transaltarenewables.com.

For more information:

*Investor Inquiries:*	*Media Inquiries:*
Phone: 1-800-387-3598 in Canada and U.S.	Phone: 1-855-255-9184
Email: [email protected]	Email: [email protected]