CALGARY, AB, Dec. 23, 2020 /PRNewswire/ - TransAlta Renewables Inc. ("TransAlta Renewables" or the "Company") (TSX: RNW) announced that it had entered into definitive agreements for the acquisition of three assets from TransAlta Corporation ("TransAlta") (TSX: TA) consisting of:

• a 100 per cent direct interest in the 207 MW Windrise wind project located in the Municipal District of Willow Creek, Alberta;
• a 49 per cent economic interest in the 137 MW Skookumchuck wind facility in operation located across Thurston and Lewis Counties in Washington State; and
• a 100 per cent economic interest in the 29 MW Ada cogeneration facility in operation located in Ada, Michigan.

"We are pleased to announce our acquisition of Windrise and economic interests in the Skookumchuck wind and Ada cogeneration assets.  This enhances our position in the renewables sector in both Canada and the US, launches on-site generation in the US and further extends the contracted duration of our cashflows for ongoing distributions to our shareholders as we continue to target an 80 to 85 per cent payout ratio for our common share dividends," said John Kousinioris, President of TransAlta Renewables.

The total acquisition price for the portfolio of assets is $439 million, which includes the remaining construction costs for the Windrise wind project. The Company will fund the cash consideration for the acquisition and remaining construction costs with the proceeds from the South Hedland project financing completed earlier this year.  The transaction will close in separate tranches early in 2021 subject to the satisfaction of certain closing conditions; however, the economic benefit of the transaction will be deemed effective as at January 1, 2021.

Investment Highlights

• Total acquisition value of $359 million payable as of December 31, 2020 along with the obligation to fund the balance of remaining construction costs for the Windrise wind project;
• Adds 303 MW of net power to installed capacity;
• Long-term contracted portfolio with an average remaining contract life of 19 years with high investment-grade counterparties;
• Increases the average contracted life of the fleet from 10 years to 12 years; and
• Annual EBITDA contribution of the assets to the Company is estimated at approximately $45 million, inclusive of production tax credits.

All figures quoted are in Canadian dollars.

Portfolio Overview

Windrise is a 207 MW wind project under construction located in Municipal District of Willow Creek, Alberta.  The wind facility has an executed Renewable Support Agreement with the Alberta Electric System Operator to provide wind electricity to the province for a 20-year term.  The project is on track to reach commercial operation during the second half of 2021. 

Skookumchuck is a 137 MW wind facility in operation located across Thurston and Lewis Counties in Washington State. The wind facility began commercial operations on November 7, 2020 and has a 20-year power purchase agreement with Puget Sound Energy Inc.  TransAlta Renewables will acquire an economic interest in the 49 per cent ownership of TransAlta Corporation (net of tax equity) through a tracking share structure.  Income distributions to the Company will be net of cash and tax attributes provided to the tax equity investor. 

Ada is a 29 MW cogeneration facility in operation located in Ada, Michigan. The cogeneration facility began commercial operations in 1991 and has a power purchase agreement and steam sale agreement for a remaining five-year period with Consumers Energy and Amway.  TransAlta Renewables will acquire the economic interest from TransAlta Corporation in the asset through a tracking share structure.

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 23 wind facilities, 13 hydroelectric facilities, seven natural gas generation facilities, one solar facility, one natural gas pipeline, and one battery storage project, representing an ownership interest of 2,537 megawatts of owned generating capacity, located in the provinces of British Columbia, Alberta, Ontario, Québec, New Brunswick, the States of Wyoming, Massachusetts, Minnesota and the State of Western Australia. Our objectives are to (i) provide stable, consistent returns for investors through the ownership of, and investment in, highly contracted renewable and natural gas power generation and other infrastructure assets that provide stable cash flow primarily through long-term contracts with strong counterparties; (ii) pursue and capitalize on strategic growth opportunities in the renewable and natural gas power generation and other infrastructure sectors; (iii) maintain diversity in terms of geography, generation and counterparties; and (iv) pay out 80 to 85 per cent of cash available for distribution to the shareholders of the Company on an annual basis.

Cautionary Statement Regarding Forward-Looking Information
This news release contains forward-looking statements within the meaning of applicable securities laws. The use of any of the words "expect", "anticipate", "continue", "estimate", "may", "will", "project", "should", "propose", "plans", "intends" and similar expressions are intended to identify forward-looking information or statements. More particularly, and without limitation, this news release contains forward-looking statements and information relating to: the Company's acquisition of the Windrise wind project and economic interests in the Ada cogeneration facility and the 49% interest in the Skookumchuck facility; the timing of closing the acquisition and satisfaction of closing conditions; the benefits of the transaction, including the extension of the contracted duration of cashflows; and the annual EBITDA contribution to TransAlta Renewables' results. These forward-looking statements are based on a number of assumptions considered by the Company to be reasonable as of the date of this news release, and are subject to a number of risks and uncertainties that may cause actual performance, events or results to differ materially from those contemplated by the forward-looking statements, which include: construction risks at Windrise, including cost overruns or project delays, including those that may be caused by force majeure or related to COVID-19; competitive factors in the renewable power industry; technology risks; changes in economic and market conditions; changes in laws and regulations; and other risks and uncertainties discussed in the Company's Annual Information Form and Management's Discussion and Analysis, filed under the Company's profile with the Canadian securities regulators on www.sedar.com. 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 news release. The Company undertakes no obligation to update or revise any forward-looking information except as required by law.

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SOURCE TransAlta Renewables Inc

CALGARY, AB, Dec. 23, 2020 /PRNewswire/ - TransAlta Corporation (TSX: TA) (NYSE: TAC) ("TransAlta" or the "Company") is pleased to announce that its Board of Directors approved a 6 per cent increase on its common share ("Common Share") dividend for the quarter ending March 31, 2021.  The quarterly dividend of $0.045 per Common Share represents an annualized dividend of $0.18 per Common Share, an increase of $0.01 per Common Share.

The Company also announced that it had entered into definitive agreements for the acquisition by TransAlta Renewables Inc. ("TransAlta Renewables") (TSX: RNW) of: 

• a 100 per cent direct interest in the 207 MW Windrise wind project located in the Municipal District of Willow Creek, Alberta;
• a 49 per cent economic interest in the 137 MW Skookumchuck wind facility located across Thurston and Lewis Counties in Washington State; and
• a 100 per cent economic interest in the 29 MW Ada cogeneration facility located in Ada, Michigan.

The portfolio has an average weighted contract life of approximately 19 years.

"TransAlta's overall business continues to perform firmly against our strategy.  We are pleased to announce the transfer of our latest renewables and cogeneration investments to TransAlta Renewables to deliver our Clean Energy Investment Plan and our overall commitment to an E²SG framework.  TransAlta shareholders are in a position to benefit by our ongoing growth of TransAlta Renewables and the ability to increase TransAlta's common share dividend for a second year in a row", commented Dawn Farrell, President and Chief Executive Officer of TransAlta.

"As we look towards 2021, this dividend increase for common shareholders demonstrates our confidence in our strategy along with our strengthened cash flows resulting from our ownership in TransAlta Renewables, our increasing cash flows from our post-PPA hydro fleet and the anticipated benefits from our conversion investments that are underway.  This furthers our commitment of returning 10 to 15 per cent of deconsolidated funds from operations to common shareholders," added Dawn Farrell, President and Chief Executive Officer of TransAlta.

The total acquisition value for the portfolio of assets is expected to be $439 million, which includes the remaining construction costs for the Windrise wind project. TransAlta Renewables will fund the acquisition and remaining construction costs with the proceeds from the South Hedland financing completed earlier this year. Closing of the transaction is subject to satisfaction of closing conditions and is expected to be completed early in 2021.

Dividend Declaration
The Board declared a quarterly dividend of $0.045 per Common Share payable on April 1, 2021 to shareholders of record at the close of business on March 1, 2021, which represents a 6 per cent increase to the current dividend of $0.0425 per Common Share.

The Board also declared the following quarterly dividend on its Cumulative Redeemable Rate Reset First Preferred Shares for the period starting from and including December 31, 2020 up to but excluding March 31, 2021:

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

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 100 years, TransAlta has been a responsible operator and a proud community-member where its employees work and live. TransAlta aligns its corporate goals with the UN Sustainable Development Goals and has been recognized by CDP (formerly Climate Disclosure Project) as an industry leader on Climate Change Management, having recently achieved an A- score from CDP.

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

Forward-Looking Statements:

This news release contains forward-looking statements within the meaning of applicable securities laws. The use of any of the words "continue", "may", "will", "propose", and similar expressions are intended to identify forward-looking information or statements. More particularly, and without limitation, this news release contains forward-looking statements and information relating to: the sale to TransAlta Renewables of the Windrise wind project and economic interests in the Skookumchuck wind project and the Ada cogeneration facility, including the total acquisition cost and remaining construction cost for Windrise; the closing of the transaction with TransAlta Renewables and timing thereof; TransAlta's strengthened cash flows resulting from its ownership in TransAlta Renewables; the increasing cash flows from post-PPA hydro fleet; and the anticipated benefits from our coal-to-gas conversions.  These forward-looking statements are based on a number of assumptions considered by the Company to be reasonable as of the date of this news release, and are subject to a number of risks and uncertainties that may cause actual performance, events or results to differ materially from those contemplated by the forward-looking statements, which include: construction risks at Windrise, including cost overruns or project delays, including those that may be caused by force majeure; the market price risk, particularly as it pertains to the Alberta hydro assets; the regulatory environment and the impact of climate change legislation on TransAlta's generating fleet; and other risk factors contained in the Company's Annual Information Form and Management's Discussion and Analysis for the year end dated December 31, 2019, filed under the Company's profile with the Canadian securities regulators on www.sedar.com and the U.S. Securities and Exchange Commission on www.sec.gov.

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 news release. The Company 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 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.

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SOURCE TransAlta Corporation

CALGARY, AB, Dec. 14, 2020 /PRNewswire/ - TransAlta Corporation (TSX: TA) (NYSE: TAC) ("TransAlta" or the "Company") announced today that CDP (the global disclosure system for environmental impacts known formerly as Climate Disclosure Project) recently recognized TransAlta with an A- score, ranking the Company among industry leaders on climate change management.

"TransAlta has been a leader in sustainability for decades, whether that's through our one hundred-plus years of hydro power generation in Alberta, our significant wind power holdings across North America, or our more recent entry into battery storage technology. Sustainability is part of our DNA and we are proud to be recognized as a leader by CDP," shared Dawn Farrell, President and CEO of TransAlta.

On December 11, 2020, the Government of Canada released its new climate plan titled A Healthy Environment and a Healthy Economy. Among other measures, the plan proposes an increase in Canada's national carbon price benchmark to $170 per tonne of CO2e by 2030. Like all major energy and industrial companies in Canada, TransAlta will review these proposed measures and will continue to actively engage with federal and provincial governments as they implement new climate policies over the coming years.

The Company continues to execute TransAlta's Clean Energy Investment Plan (the "Plan"). As a part of the Plan, TransAlta affirms its commitment to proceed with its Sundance 5 repowering project, which will convert an existing thermal unit into a highly efficient combined-cycle natural gas generating facility. The highly efficient performance of the unit means that an increased carbon price will have limited impact on the facility economics under Alberta's current Technology Innovation and Emissions Reduction ("TIER") Regulation. TIER has been confirmed by the federal government as compliant with the 2020 federal benchmark for carbon pricing systems. Further, the federal government announced that the proposed Clean Fuel Standard will not apply to gaseous fuels, providing greater regulatory certainty for the Sundance 5 project and the boiler conversions.

In addition, the federal government's new climate plan will provide a supportive regulatory environment for TransAlta's expansion of its already diversified renewable portfolio, including the on-going construction of the 207 MW Windrise wind project in Alberta, and the recent commissioning of the first utility-scale battery storage project in Alberta. TransAlta continues to expand its asset base in the United States as well, including the recent acquisition of its 49 per cent interest in the Skookumchuck wind facility in Washington State. The Plan calls for further investments in clean energy projects as new opportunities emerge.

TransAlta's diversified generating portfolio, including extensive hydro and wind assets, and energy transition investment plans, position it to be responsive and remain highly competitive as new climate policies come into place. The Company is on track to reduce its emissions by more than 70 per cent from 2005 levels by the end of 2022 and will continue to engage with governments to encourage policies delivering consumer affordability, system reliability, emissions reduction, and investor certainty.

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 100 years, TransAlta has been a responsible operator and a proud community-member where its employees work and live. TransAlta aligns its corporate goals with the UN Sustainable Development Goals and has been recognized by CDP (formerly Climate Disclosure Project) as an industry leader on Climate Change Management, having recently achieved an A- score from CDP.

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

Forward-Looking Statements:
This news release contains forward-looking statements within the meaning of applicable securities laws. The use of any of the words "continue", "may", "will", "propose", and similar expressions are intended to identify forward-looking information or statements. More particularly, and without limitation, this news release contains forward-looking statements and information relating to: the increase in Canada's carbon price benchmark to $170 per tonne of CO2e by 2030; the Company's Sundance 5 repowering project, including the timing and characteristics of such project; increased carbon price  will have limited impact on the facility economics; the proposed Clean Fuel Standard will not apply to gaseous fuels; and TransAlta's remaining highly competitive as a result of new climate policies. These forward-looking statements are based on a number of assumptions considered by the Company to be reasonable as of the date of this news release, including, but not limited to, the following: the terms of the new climate policies, including that Alberta's TIER system will remain in place at the current performance factor; and natural gas having role in Canada's generation mix through 2030 and beyond. The forward-looking statements are subject to a number of risks and uncertainties that may cause actual performance, events or results to differ materially from those contemplated by the forward-looking statements, which include: changes to Alberta's TIER system; changes to the performance factor under applicable climate legislation; the competitive environment; changes in the law or political developments; and other risk factors contained in the Company's Annual Information Form and Management's Discussion and Analysis for the year end dated December 31, 2019, filed under the Company's profile with the Canadian securities regulators on www.sedar.com and the U.S. Securities and Exchange Commission on www.sec.gov. 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 news release. The Company 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 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.

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SOURCE TransAlta Corporation

CALGARY, AB, Dec. 8, 2020 /PRNewswire/ - TransAlta Corporation ("TransAlta" or "the Company") (TSX: TA) (NYSE: TAC) announced today that it has acquired a 30 per cent equity interest position in EMG International LLC ("EMG"). TransAlta and EMG have joined forces to leverage their complementary customer bases to grow both businesses and further enhance product offerings to assist customers towards their sustainability goals.

"This investment is an exciting platform to diversify our sustainability offerings to customers while directly supporting our clean energy transition and E²SG goals," said Dawn Farrell, President and Chief Executive Officer of TransAlta. "The wastewater treatment market has tremendous growth potential and reinforces our position as a trusted provider of ESG services to our customers."

"We view TransAlta as an exceptional strategic partner and believe this collaboration will provide significant opportunities to both companies," said Manaf Farhan, President and Chief Executive Officer of EMG International. "EMG has strong growth potential and this partnership will enable us to reach a broader client base and advance our environmentally sustainable solutions."

EMG is an established company with over 25 years of experience in process wastewater treatment and specializes in the design and construction of high-rate anaerobic digester systems. They have developed an innovative proprietary wastewater treatment system ("PurEffluent") that provides breakthrough technological improvement in biological wastewater treatment.

TransAlta's investment in EMG provides a low-risk entry point into the wastewater treatment industry and creates strong synergies with the Company's existing customer service offerings. EMG's services are critical to a customer's on-site production and to the achievement of their ESG objectives. TransAlta's investment is expected to result in US$2 to $3 million of EBITDA annually with projects delivering double digit returns. The Company expects to see strong growth in EMG's business over the next few years, resulting in annual EBITDA in the range of US$8 to $10 million.

EMG's wastewater treatment process converts organic waste into a valuable source of renewable energy. Their proprietary technology produces a biogas stream that can be used as fuel to generate electricity, displacing energy consumed from higher emitting resources. The investment provides a unique opportunity for TransAlta to leverage its vast expertise in on-site generation to support further advancements by EMG in the waste-to-energy space.

Investment Highlights:

• Diversifies TransAlta's ESG service offering into the wastewater treatment space
• Investing in an established business with opportunity to unlock growth potential
• Access to new and diverse set of customers with strong ESG objectives
• Leverages TransAlta's power generation brand and experience to capitalize on on-site generation opportunities
• Option to potentially expand EMG's business into Canada and Australia
• Directly supports our clean energy transition and is aligned with United Nations Sustainable Development Goals

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 100 years, TransAlta has been a responsible operator and a proud community-member where its employees work and live. TransAlta aligns its corporate goals with the UN Sustainable Development Goals and  has been recognized by CDP (formerly Climate Disclosure Project) as an industry leader on Climate Change Management. TransAlta is proud to have achieved the Silver level PAR (Progressive Aboriginal Relations) designation by the Canadian Council for Aboriginal Business.

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

Forward Looking Statements:
This news release contains forward looking statements within the meaning of applicable securities laws. The use of any of the words "expect", "anticipate", "continue", "estimate", "may", "will", "project", "should", "propose", "plans", "intends" and similar expressions are intended to identify forward looking information or statements. More particularly, and without limitation, this news release contains forward looking statements and information relating to: TransAlta's or EMG's ability to grow the business and further enhance product offerings; realize synergies with the Company's existing customer service offerings; TransAlta's investment generating US$2 to $3 million of EBITDA annually, with projects delivering double digit returns; the Company's growth expectations over the next few years; annual EBITDA expected to be in the range of US$8 to $10 million; ability to leverage TransAlta's power generation brand and experience to capitalize on on-site generation opportunities; and expansion of EMG's business into Canada and Australia. These forward looking statements are based on a number of assumptions considered by the Company to be reasonable as of the date of this news release, including, but not limited to, the following: unanticipated impacts relating to novel coronavirus; no significant changes to applicable laws and regulations, including any tax and regulatory changes; no material adverse impacts to the investment and credit markets; and assumptions regarding our current strategy and priorities. The forward looking statements are subject to a number of risks and uncertainties that may cause actual performance, events or results to differ materially from those contemplated by the forward looking statements, which include: changes to the competitive environment for wastewater treatment increasing significantly; inability to fully realize the synergies related to the Company's business; changes in the law or political developments; and other risk factors contained in the Company's Annual Information Form and Management's Discussion and Analysis for the year end dated December 31, 2019, filed under the Company's profile with the Canadian securities regulators on www.sedar.com and the U.S. Securities and Exchange Commission on www.sec.gov. 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 news release. The Company 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 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.

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SOURCE TransAlta Corporation

CALGARY, AB, Dec. 1, 2020 /PRNewswire/ - TransAlta Corporation ("TransAlta" or "the Company") (TSX: TA) (NYSE: TAC) announced today that it has closed its 49 per cent equity investment in the Skookumchuck Wind Project ("Skookumchuck") with Southern Power Company, a subsidiary of Southern Company. Skookumchuck is a 136.8 MW wind project located in Lewis and Thurston Counties, Washington consisting of 38 Vestas V136 wind turbines.

Skookumchuck began commercial operation on November 7, 2020 and has a 20-year power purchase agreement ("PPA") with Puget Sound Energy, Inc.

"Our investment in Skookumchuck furthers our ambitious objectives as outlined in our Clean Energy Investment Plan and is another step towards meeting our, and our customers', E²SG needs," said Dawn Farrell, President and Chief Executive Officer of TransAlta. "We are pleased to participate in a project that continues our relationship with Puget and serves customers in the Pacific Northwest market."

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 100 years, TransAlta has been a responsible operator and a proud community-member where its employees work and live. TransAlta aligns its corporate goals with the UN Sustainable Development Goals and  has been recognized by CDP (formerly Climate Disclosure Project) as an industry leader on Climate Change Management. TransAlta is proud to have achieved the Silver level PAR (Progressive Aboriginal Relations) designation by the Canadian Council for Aboriginal Business.

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

Forward Looking Statements:
This news release contains forward looking statements within the meaning of applicable securities laws. The use of any of the words "expect", "anticipate", "continue", "estimate", "may", "will", "project", "should", "propose", "plans", "intends" and similar expressions are intended to identify forward looking information or statements. More particularly, and without limitation, this news release contains forward looking statements and information relating to: our Clean Energy Investment Plan, and our ability to meet our customers' E²SG needs. The forward looking statements are subject to a number of risks and uncertainties that may cause actual performance, events or results to differ materially from those contemplated by the forward looking statements, which include impact of the novel coronavirus; changes in the law or political developments and other risk factors contained in the Company's Annual Information Form and Management's Discussion and Analysis for the year end dated December 31, 2019, filed under the Company's profile with the Canadian securities regulators on www.sedar.com and the U.S. Securities and Exchange Commission on www.sec.gov. 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 news release. The Company 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 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.

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SOURCE TransAlta Corporation

CALGARY, AB, Nov. 4, 2020 /PRNewswire/ -

Third Quarter 2020 Highlights

• Comparable EBITDA⁽¹⁾⁽²⁾ of $256 million increased by three per cent from $249 million for the same period in 2019
• Free cash flow ("FCF")⁽¹⁾⁽²⁾ of $106 million or $0.39 per share compared to $114 million or $0.40 per share for the same period in 2019
• Adjusted availability was 90.7 per cent compared to 95.2 per cent for the same period in 2019

Year-to-date 2020 Financial Highlights

• FCF⁽¹⁾⁽²⁾ of $306 million or $1.11 per share compared to $258 million or $0.91 per share, an increase of 22 per cent on a per share basis
• Returned $21 million of capital to shareholders in the first nine months through the purchase and cancellation of 2,849,400 common shares at an average price of $7.51 per share through our normal course issuer bid ("NCIB") program

Operating Highlights

• Adjusted the useful life of the Highvale Mine to align with the gas conversion plans of the Company (as defined below) and decision to end mining by Dec. 31, 2021
• Commenced conversion to gas at Sundance Unit 6 and on-track to complete the project by mid-Nov. 2020
• Windrise Wind construction is 45 per cent complete, as of Sept. 30, 2020, and began receiving wind turbine generators on site in mid-Oct. 2020

Subsequent Events & Updates

• The Company announced that it will discontinue all mining operations at the Highvale Mine by Dec. 31, 2021. Effective Jan. 1, 2022, the Company will discontinue firing with coal in Canada
• Sundance Unit 5 repowering received approval of the Company's Board of Directors ("Board") and is on-track to reach commercial operation by fourth quarter 2023
• Announced that the Company's subsidiary, Southern Cross Energy, replaced and extended its existing power purchase agreement with BHP Billiton Nickel West Pty. Ltd. The replacement of this agreement extends the term from Dec. 31, 2023 to Dec. 31, 2038
• Achieved commercial operation of WindCharger, Alberta's first utility-scale battery storage project
• Announced the closing of AU$800 million of secured financing from the South Hedland Power Station
• Announced the closing of the $400 million investment by an affiliate of Brookfield Asset Management ("Brookfield") in preferred shares of the Company pursuant to the investment agreement entered into between the Company and Brookfield on Mar. 22, 2019
• Together with our partner, Tidewater Midstream & Infrastructure Ltd. ("Tidewater"), entered into a purchase and sale agreement with ATCO Gas and Pipelines Ltd. ("ATCO") to sell the Pioneer Pipeline for a purchase price of $255 million ("Pioneer Transaction"). This agreement replaces the Company's previous agreement from second quarter 2020 to sell its interest in the Pioneer Pipeline to NOVA Gas Transmission Ltd. ("NGTL")
• The Board adopted a Diversity and Inclusion Pledge that commits the Company to advance diversity and inclusion in the workplace. By undertaking this pledge, the Company will seek to remove systemic barriers that may prevent diverse employees from thriving, including visible minorities, Indigenous people, members of the LGBTQ+ community, persons with disabilities, and women

TransAlta Corporation ("TransAlta" or the "Company") (TSX: TA) (NYSE: TAC) today reported its financial results for the quarter ended Sept. 30, 2020.

"TransAlta's third quarter delivered excellent results from strategic, operational and financial perspectives. We continued to advance our climate leadership strategy and added Alberta's first utility-scale battery storage project, WindCharger, to our sizable hydro and wind fleet," said Dawn Farrell, President and Chief Executive Officer. "TransAlta has been a leader in emissions reductions in Alberta since 2005 and we will continue to use this expertise to serve customers with low-cost, reliable, green electricity."

"In another major milestone, our Board approved closing the Highvale Mine by Dec. 31, 2021, four years ahead of our original off-coal schedule for this mine. This decision demonstrates how we continue to lead our industry in achieving ESG milestones on an accelerated basis. I would like to express my sincere gratitude to the front-line employees of SunHills Mining who have worked tirelessly to provide exceptional service since the 1950s."

Below are additional highlights from the quarter regarding how TransAlta is advancing its Clean Energy Investment Plan, how it is working toward greater diversity and inclusion, how the Company is managing COVID-19, as well as more details regarding the Company's liquidity and financial position.

Clean Energy Investment Plan

Conversion to Gas
The Company will discontinue all mining operations at Highvale Mine by Dec. 31, 2021. Effective Jan. 1, 2022, the Company will cease coal-fired generation in Canada. TransAlta's Keephills Unit 1 and Sundance Unit 4 will discontinue firing with coal and will only operate on gas, resulting in the maximum capability of these units being reduced to 70 MW and 113 MW, respectively, effective Jan. 1, 2022. The Company continues to evaluate these units as candidates for boiler conversion or full repowering based on market fundamentals.

TransAlta's conversion programs are underway. The Company commenced the conversion outage of Sundance Unit 6 during the quarter and is on-track to complete the project by mid-Nov. 2020. The Company continues to advance the conversions of its Keephills Unit 2 and Unit 3 planned for 2021 and has issued Full Notice to Proceed for both units. During the third quarter of 2020, the Sundance Unit 5 repowering project received Board approval and is on-track to reach commercial operation in the fourth quarter of 2023.

In furtherance of the Company's natural gas fuel supply needs for the converted units, TransAlta has long-term natural gas delivery transportation agreements with NGTL, bringing the cumulative total of new and existing pipeline transportation service to the Company's generating facilities up to 400 terajoules ("TJ") per day by 2023. TransAlta's current commitments, including its 139 TJ/day supply arrangement with Tidewater, will remain in place until the closing of the Pioneer Transaction. The Pioneer Transaction is subject to customary regulatory approvals, which are currently expected to be obtained in the second quarter of 2021.

WindCharger Battery Storage
TransAlta announced that its 10 MW/20 MWh WindCharger Battery Storage project began commercial operation on Oct. 15, 2020. This project has a total capital cost of approximately $14 million, with approximately 50 per cent being funded through the support of Emissions Reduction Alberta. TransAlta will pay TransAlta Renewables Inc. a fixed monthly capacity charge for the right to operate and dispatch the battery in the Alberta market.

Windrise Wind
Construction activities on the Windrise Wind project continues to advance with all appropriate procedures in place to protect the construction team during the COVID-19 pandemic. This project is approximately 45 per cent complete (as at Sept. 30, 2020) and the construction schedule has been modified to reflect a COVID-19-related delay in the delivery of the wind turbine components. The Company plans to complete construction and commissioning in the second half of 2021. This project began receiving wind turbine generators on site in mid-Oct. 2020.

Kaybob Cogeneration
The Company has advanced the Kaybob Cogeneration project, including the purchase of the reciprocating engine generator, generator step-up transformers, electrical building, and switchgear.

Diversity and Inclusion
The Board has adopted a Diversity and Inclusion Pledge that commits the Company to advancing diversity and inclusion in the workplace. By committing to this pledge, the Company will seek to remove systemic barriers that may prevent diverse employees from thriving, including visible minorities, Indigenous people, members of the LGBTQ+ community, persons with disabilities, and women. The persistent inequities around the world underscore the urgent need to address and alleviate racial, ethnic, and other tensions, to remove barriers that perpetuate these inequalities and to promote an inclusive working environment for all employees. TransAlta firmly believes that true diversity is good for the economy, it improves corporate performance, drives growth, and enhances employee engagement. The Diversity and Inclusion Pledge acknowledges these challenges and seeks to: (i) encourage conversations about diversity and inclusion within the workplace; (ii) expand education regarding diversity, equality and inclusion; (iii) create best practices that result in the establishment of programs and initiatives relating to diversity and inclusion within the workplace; and (iv) drive accountability by regularly reporting and evaluating the success of the Company's programs and initiatives.

COVID-19 Response Update
The Company continued to implement its business continuity plan which ensured that: (i) employees who could work remotely did so; and (ii) employees who operate and maintain our facilities, and who were not able to work remotely, were able to work safely and in a manner that ensured they remained healthy. During the third quarter of 2020, the Company successfully brought employees who were working remotely back to the office without sacrificing health and safety standards. The Company's facilities also remain fully operational and capable of meeting its customers' needs. All of the Company's offices and sites follow strict health screening and physical distancing protocols with personal protective equipment readily available. TransAlta maintains travel restrictions aligned to local jurisdictional guidance, enhanced cleaning procedures, revised work schedules, and other measures to protect staff and contractors. The Company continues to work and serve all of its customers and counterparties under the terms of the relevant contracts. TransAlta has not experienced interruptions to service requirements. Electricity and steam supply continue to remain a critical service requirement to all of the Company's customers and have been deemed an essential service in all of the jurisdictions in which TransAlta operates.

Liquidity and Financial Position
The Company continues to maintain a strong financial position in part due to our long-term contracts and hedged positions. At the end of the third quarter 2020, TransAlta had access to $1.6 billion in liquidity, including $270 million of cash and cash equivalents. Subsequent to the quarter, the Company raised approximately $1.1 billion in additional liquidity to support its gas conversions and renewables construction. The Company is currently positioned with approximately $2.7 billion in liquidity.

In October, TransAlta completed an AU$800 million senior secured note offering, which is secured among other things, a first ranking charge over all assets of its South Hedland Power Station. The Company also received $400 million from the second tranche of financing from the Brookfield investment. In addition, TransAlta has access to additional capital through potential project financing of existing assets that are currently unencumbered. The Company expects to utilize existing cash and credit facilities for the debt maturing in 2020 and expects to refinance the debt maturing in 2022.

The Company also has approximately 90 per cent of its Alberta thermal baseload merchant generation hedged at approximately $53 per MWh for the remainder of 2020.

Financial Results
The Company reported its third quarter 2020 financial results with comparable EBITDA⁽²⁾ of $256 million compared to $249 million in the same period of 2019. Comparable EBITDA for the nine months ended Sept. 30, 2020 was $693 million, an increase of one per cent compared to 2019. Funds from operations ("FFO")^(2,3) for the three and nine months ended Sept. 30, 2020 were $193 million for the quarter compared to $188 million in 2019 and $524 million year-to-date as compared to $512 million in 2019. All 2019 figures quoted exclude the impact of the one-time payment of $56 million received in the third quarter of 2019 for the early termination of the Sundance B and C power purchase arrangements (the "PPA Termination Payments").

FCF⁽²⁾, one of the Company's key financial metrics, totaled $106 million and $306 million for the three and nine months ended Sept. 30, 2020, respectively. FCF for the three and nine months ended Sept. 30, 2020 decreased by $8 million and increased by $48 million for the same periods, respectively, after adjusting for the PPA Termination Payments.

Comparable EBITDA, excluding the PPA Termination Payments, for the three and nine months ended Sept. 30, 2020 increased by $7 and $8 million, respectively, compared with the same periods in 2019 largely due to strong performance by TransAlta's Energy Marketing, Centralia, and Wind and Solar segments, partially offset by lower performance at the Alberta Thermal and Hydro segments as well as higher corporate costs due to the impact of a total return swap that hedges share-based compensation.

The Company's operations, maintenance and administration ("OM&A") expenses for the three months ended Sept. 30, 2020 were consistent with the same period in 2019. OM&A for the nine months ended Sept. 30, 2020 increased by $6 million compared to the same period in 2019 as variability caused by the total return swap resulted in an increase of expense of $16 million for the period. In addition, OM&A costs increased by $6 million due to the addition of Ada cogeneration facility, Big Level and Antrim Wind projects and the renegotiation of the Fort Saskatchewan maintenance agreement. Excluding the impact of the total return swap and additional facilities, OM&A decreased by $16 million due to tighter cost controls, units remaining on reserve shutdown during the second quarter of 2020 at Centralia, lower labour costs across multiple segments and lower legal fees.

FCF for the nine months ended Sept. 30, 2020, excluding PPA Termination Payments that were received in third quarter of 2019, was driven primarily by higher segmented cash flows, lower sustaining and productivity capital expenditures and lower distributions paid to subsidiaries' non-controlling interests. Segmented cash flows⁽¹⁾ for the three months ended Sept. 30, 2020 were $4 million lower compared to the same period in 2019 due to lower performance in the Alberta Thermal segment, mostly offset by higher performance in the Company's Centralia, Australian Gas, Wind and Solar and Energy Marketing segments. Segmented cash flows for the nine months ended Sept. 30, 2020, were $43 million higher compared to the same period in 2019. This increase was primarily due to higher performance in the Company's Centralia, North American Gas, Wind and Solar, and Energy Marketing segments, which was partially offset by lower performance in the Company's Alberta Thermal and Hydro segments and impacts of the total return swap in the Corporate segment.

• Alberta Thermal: Comparable EBITDA, excluding the PPA Termination Payments, for the three and nine months ended Sept. 30, 2020, decreased $32 million and $87 million, respectively, compared to the same periods in 2019. This largely reflects the weaker power demand conditions driving lower Alberta wholesale power prices resulting in lower merchant production and lower margins.
• Centralia: Comparable EBITDA returned to normalized levels for the nine months ended Sept. 30, 2020. For the three months ended Sept. 30, 2020, increased by $14 million compared to the same period in 2019, primarily due to purchased power at a lower cost. For the nine months ended Sept. 30, 2020, comparable EBITDA increased by $65 million compared to the same period in 2019, primarily due to the impacts of an isolated and extreme pricing event in Mar. 2019 during which Centralia was unable to commit one of its units to physical production for day-ahead supply due to an unplanned forced outage repair. In addition, comparable EBITDA in 2020 benefited from dispatch optimization and the strengthening of the US dollar relative to the Canadian dollar.
• North American Gas: Comparable EBITDA for the three months ended Sept. 30, 2020 remained consistent compared to the same period in 2019 and for the nine months ended Sept. 30, 2020 decreased by $6 million compared with the same periods in 2019, primarily due to higher OM&A resulting from a change in passthrough provisions of a customer contract.
• Australian Gas: Comparable EBITDA for the three and nine months ended Sept. 30, 2020 increased by $5 million and $3 million, respectively, compared with the same periods in 2019 mainly due to timing of legal fees and the strengthening of the Australian dollar against the Canadian dollar.
• Wind and Solar: Comparable EBITDA for the three months ended Sept. 30, 2020 was consistent with the same period in 2019. Comparable EBITDA for the nine months ended Sept. 30, 2020 increased by $20 million compared with the same period in 2019 primarily due to the addition of the Big Level and Antrim wind facilities and higher production, partially offset by insurance proceeds received in 2019, lower Alberta pricing and the planned expiry of certain Wind power production incentives in 2019.
• Hydro: Comparable EBITDA for the three months ended Sept. 30, 2020 was consistent with the same period in 2019. Comparable EBITDA for the nine months ended Sept. 30, 2020 decreased by $9 million, compared with the same period in 2019, as lower energy and ancillary services revenues resulted from lower Alberta pricing and prior year's true-up to Alberta Electric System Operator ("AESO") transmission line losses, which were partially offset by higher production.
• Energy Marketing: Comparable EBITDA for the three and nine months ended Sept. 30, 2020 increased by $18 million and $27 million, respectively, compared to the same periods in 2019. Results were primarily attained from market volatility arising from extreme weather events in California during the quarter as well as continued strong performance from short-term strategies across various geographic regions in both the power and natural gas markets.
• Corporate: Corporate overhead costs for the three months ended Sept. 30, 2020 were consistent with the same period in 2019. Corporate overhead costs for the nine months ended Sept. 30, 2020 increased by $5 million compared to the same period in 2019. These changes were primarily due to realized gains and losses from the total return swap. A portion of the settlement cost of our employee share-based payment plans is fixed by entering into total return swaps, which are cash settled every quarter.

Consolidated Financial Highlights

Net loss attributable to common shareholders for the three months ended Sept. 30, 2020 was $136 million compared to earnings of $51 million in the same period in 2019. The decrease is largely due to lower revenues, coal inventory write-down, higher depreciation, increase in asset impairments and the PPA Termination Payments, which were partially offset by foreign exchange gains and income tax recoveries. Net loss attributable to common shareholders for the nine months ended Sept. 30, 2020 was $169 million compared to $14 million in the same period in 2019. The decrease is largely due to lower revenues, coal inventory write-down, higher depreciation, increase in asset impairments and the final PPA termination payment, which were partially offset by lower fuel, carbon compliance, purchased power costs, and foreign exchange gains.

Total sustaining capital expenditures⁽³⁾ of $99 million were $12 million lower compared to 2019 primarily due to higher planned major maintenance in our Alberta Thermal segment in 2019.

Third Quarter 2020 Highlights

TransAlta is in the process of filing its unaudited interim Consolidated Financial Statements and accompanying notes, as well as the associated Management's Discussion & Analysis ("MD&A"). These documents will be available Nov. 4, 2020 on the Investor Centre section of TransAlta's website at www.transalta.com or through SEDAR at www.sedar.com and EDGAR at www.sec.gov/edgar.shtml.

Notes
(1) Excluding PPA Termination Payments received in third quarter 2019 of $56 million.
(2) These items are not defined under IFRS. Presenting these items from period to period provides management and investors with the ability to evaluate earnings trends more readily in comparison with prior periods' results. Refer to the Comparable EBITDA, Funds from Operations and Free Cash Flow and Earnings and Discussion of Consolidated Financial Results sections of the MD&A for further discussion of these items, including, where applicable, reconciliations to measures calculated in accordance with IFRS.
(3) Excludes payments associated with finance leases.
(4) Availability and production includes all generating assets under generation operations that the Company operates and finance leases and excludes hydro assets and equity investments. Production includes all generating assets, irrespective of investment vehicle and fuel type.
(5) Weighted average of the Series A, B, C, E, and G preferred share dividends declared. Dividends declared vary year over year due to timing of dividend declarations.

Conference call
TransAlta will hold a conference call and webcast at 8:00 a.m. MT (10:00 a.m. ET) today, Nov. 4, 2020, to discuss our third quarter 2020 results. The call will begin with a short address by Dawn Farrell, President and Chief Executive Officer, and Todd Stack, Chief Financial Officer, followed by a question and answer period for investment analysts and investors. A question and answer period for the media will immediately follow.

Third Quarter 2020 Conference Call:
Toll-free North American participants call: 1-888-231-8191

Webcast link: https://produceredition.webcasts.com/starthere.jsp?ei=1380694&tp_key=51fba21d14

Related materials will be available on the Investor Centre section of TransAlta's website at http://www.transalta.com/investors/events-and-presentations. If you are unable to participate in the call, the instant replay is accessible at 1-855-859-2056 (Canada and USA toll free) with TransAlta pass code 5779326 followed by the # sign. A transcript of the broadcast will be posted on TransAlta's website once it becomes available.

About TransAlta Corporation:

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 100 years, TransAlta has been a responsible operator and a proud community-member where its employees work and live. TransAlta aligns its corporate goals with the UN Sustainable Development Goals and has been recognized by CDP (formerly Climate Disclosure Project) as an industry leader on Climate Change Management. TransAlta is proud to have achieved the Silver level PAR (Progressive Aboriginal Relations) designation by the Canadian Council for Aboriginal Business.

For more information about TransAlta, visit our web site at transalta.com.

Cautionary Statement Regarding Forward-Looking Information

This news release contains forward-looking statements, including statements regarding the business and anticipated financial performance of the Company that are based on the Company's current expectations, estimates, projections and assumptions in light of its experience and its perception of historical trends. 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 forward-looking statements, pertaining to, without limitation, the following: the conversion of Sundance Unit 6 in Nov. 2020; the ceasing of active mining at the Highvale Mine in Alberta by the end of 2021; Keephills Unit 1 and Sundance Unit 4 discontinuing to fire with coal and only operating on gas effective Jan. 1, 2022; the Pioneer Transaction, including the terms and timing thereof; the repowering of Sundance Unit 5 into a combined cycle unit, with commercial operation by the fourth quarter of 2023; the receipt of funds from Emissions Reduction Alberta to support the WindCharger project; the completion of the construction and commissioning of the Windrise project in the second half of 2021; the conversion of Keephills Unit 2 and Unit 3, and the timing thereof; the potential impact of COVID-19 on the Company and the actions to be undertaken by the Company in response to the COVID-19 pandemic; and utilizing existing cash and credit facilities for the debt maturing in 2020 and refinancing the debt maturing in 2022.

The forward-looking statements contained in this news release are based on many assumptions and are subject to a number of significant risks and uncertainties that could cause actual plans, performance, results or outcomes to differ materially from current expectations. Factors that may adversely impact what is expressed or implied by the forward-looking statements contained in this news release include risks relating to the impact of COVID-19 and the associated general economic downturn, the impact of which will largely depend on the overall severity and duration of COVID-19 and the general economic downturn, which cannot currently be predicted, and which present risks including, but not limited to: more restrictive directives of government and public health authorities; reduced labour availability impacting our ability to continue to staff the Company's operations and facilities; impacts on the Company's ability to realize its growth goals; decreased short-term and/or long-term electricity demand and lower power pricing; increased costs resulting from the Company's efforts to mitigate the impact of COVID-19; deterioration of worldwide credit and financial markets; a higher rate of losses on accounts receivables due to credit defaults; further disruptions to the Company's supply chain; impairments and/or write-downs of assets; and adverse impacts on the Company's information technology systems and the Company's internal control systems, including increased cybersecurity threats. Other factors that may adversely impact the Company's forward-looking statements include, but are not limited to, risks relating to: operational risks involving the Company's facilities, including unplanned outages at such facilities; disruptions in the transmission and distribution of electricity; the effects of weather and other climate-related risks; disruptions in the source of water, wind, solar or gas resources required to operate our facilities; ability to secure regulatory approvals for projects under development and construction, including the receipt of the regulatory approvals from the Kaybob Cogeneration project; natural disasters; equipment failure and our ability to carry out repairs in a cost-effective or timely manner; and industry risks and competition. The foregoing risk factors, among others, are described in further detail in the MD&A and the Company's Annual Information Form for the year ended Dec. 31, 2019, which are available on SEDAR at www.sedar.com. Readers are cautioned not to place undue reliance on these forward-looking statements, which reflect the Company's expectations only as of the date of this news release. The Company 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.

Note: All financial figures are in Canadian dollars unless otherwise indicated.

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SOURCE TransAlta Corporation

CALGARY, AB, Nov. 3, 2020 /PRNewswire/ - The Board of Directors of TransAlta Corporation (TSX: TA) (NYSE: TAC) declared a quarterly dividend of $0.0425 per common share payable on January 1, 2021 to shareholders of record at the close of business on December 1, 2020.

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, 2020 up to but excluding December 31, 2020:

*Please note the quarterly floating rate on the Series B 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:
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 100 years, TransAlta has been a responsible operator and a proud community-member where its employees work and live. TransAlta aligns its corporate goals with the UN Sustainable Development Goals and  has been recognized by CDP (formerly Climate Disclosure Project) as an industry leader on Climate Change Management. TransAlta is proud to have achieved the Silver level PAR (Progressive Aboriginal Relations) designation by the Canadian Council for Aboriginal Business.

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

View original content:http://www.prnewswire.com/news-releases/transalta-declares-dividends-301165478.html

SOURCE TransAlta Corporation

CALGARY, AB, Oct. 30, 2020 /PRNewswire/ - TransAlta Corporation ("TransAlta" or "the Company") (TSX: TA) (NYSE: TAC) today announced the closing of the $400 million second tranche of its previously announced strategic investment by an affiliate of Brookfield Asset Management ("Brookfield"). As previously disclosed, Brookfield committed to invest $750 million in TransAlta through the purchase of exchangeable securities, which are exchangeable in the future into an equity ownership interest in TransAlta's Alberta hydro assets at a value based on a multiple of the hydro assets' future adjusted EBITDA. In connection with today's second closing, Brookfield has invested a total of $750 million in exchangeable securities of TransAlta; consisting of $350 million in unsecured, subordinated debentures issued on May 1, 2019 and a further $400 million in exchange for a new series of redeemable, retractable first preferred shares. The Company intends to use the proceeds from the second tranche of the financing to advance the Company's coal-to-gas conversion program, to fund other growth initiatives, to return capital to its shareholders and for general corporate purposes.  

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 100 years, TransAlta has been a responsible operator and a proud community-member where its employees work and live. TransAlta aligns its corporate goals with the UN Sustainable Development Goals and has been recognized by CDP (formerly Climate Disclosure Project) as an industry leader on Climate Change Management. TransAlta is proud to have achieved the Silver level PAR (Progressive Aboriginal Relations) designation by the Canadian Council for Aboriginal Business.

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

Forward-Looking Statements:
This news release contains forward-looking statements and forward-looking information within the meaning of applicable securities laws (collectively referred to as "forwarding-looking statements"). All forward-looking statements are based on our beliefs as well as assumptions based on information available at the time the assumption was made and on management's experience and perception of historical trends, current conditions, results and expected future developments, as well as other factors deemed appropriate in the circumstances. Forward-looking statements are not facts, but only predictions and generally can be identified by the use of statements that include phrases such as "may", "will", "can", "could", "would", "should", "shall", "believe", "expect", "estimate", "anticipate", "intend", "plan", "propose", "project", "forecast", "foresee", "potential", "enable", "continue" and similar expressions. These statements are not guarantees of our future performance, events or results and are subject to a number of significant risks, uncertainties and other important factors that could cause our actual performance, events or results to be materially different from those set out in the forward-looking statements. More particularly, and without limitation, this news release contains forward-looking statements relating to the use of proceeds. The forward-looking statements are subject to a number of risks and uncertainties that may cause actual performance, events or results to differ materially from those contemplated by the forward-looking statements. Some of the factors that could cause such differences include: the outcomes of existing or potential legal actions not being as anticipated, including those pertaining to the Brookfield investment; changes in our relationships with Brookfield and its affiliated entities or our other shareholders; our Alberta hydro assets not achieving their anticipated value, cash flows or adjusted EBITDA; the Brookfield investment not resulting in the expected benefits for the Company and its shareholders; the ability to identify and execute on growth initiatives; and other risks and uncertainties contained in the Company's Management Proxy Circular and its Annual Information Form and Management's Discussion and Analysis for the year ended December 31, 2019, filed under the Company's profile with the Canadian securities regulators on www.sedar.com and the U.S. Securities and Exchange Commission ("SEC") on www.sec.gov. Readers are urged to consider these factors carefully in evaluating the forward-looking statements and 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. In light of these risks, uncertainties and assumptions, the forward-looking statements might occur to a different extent or at a different time than we have described, or might not occur at all. 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. 

View original content:http://www.prnewswire.com/news-releases/transalta-announces-closing-of-second-tranche-of-the-brookfield-strategic-financing-301163881.html

SOURCE TransAlta Corporation

CALGARY, AB, Oct. 9, 2020 /PRNewswire/ - TransAlta Corporation ("TransAlta") (TSX: TA) (NYSE: TAC) will release its third quarter 2020 results before markets open on Wednesday, November 4, 2020. 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 8:00 a.m. Mountain Time (10:00 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 2020 results before markets on Friday, October 30, 2020. Any questions regarding TransAlta Renewables may be asked on the TransAlta conference call.

Please contact the conference operator five minutes prior to the call, noting "TransAlta Corporation" as the company.

Third Quarter 2020 Conference Call:
Toll-free North American participants call: 1-888-231-8191
Webcast link:  https://produceredition.webcasts.com/starthere.jsp?ei=1380694&tp_key=51fba21d14

Related materials will be available on the Investor Centre section of TransAlta's website at http://www.transalta.com/investors/events-and-presentations. If you are unable to participate in the call, the instant replay is accessible at 1-855-859-2056 (Canada and USA toll free) with TransAlta pass code 5779326 followed by the # sign. A transcript of the broadcast will be posted on TransAlta's website once it becomes available.

About TransAlta Corporation:
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 100 years, TransAlta has been a responsible operator and a proud community-member where its employees work and live. TransAlta aligns its corporate goals with the UN Sustainable Development Goals and  has been recognized by CDP (formerly Climate Disclosure Project) as an industry leader on Climate Change Management. TransAlta is proud to have achieved the Silver level PAR (Progressive Aboriginal Relations) designation by the Canadian Council for Aboriginal Business.

For more information about TransAlta, visit its web site 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 23 wind facilities, 13 hydroelectric facilities, seven natural gas generation facilities, one solar facility, one natural gas pipeline, and one battery storage project, representing an ownership interest of 2,537 megawatts of owned generating capacity, located in the provinces of British Columbia, Alberta, Ontario, Québec, New Brunswick, the States of Wyoming, Massachusetts, Minnesota and the State of Western Australia. Our objectives are to (i) provide stable, consistent returns for investors through the ownership of, and investment in, highly contracted renewable and natural gas power generation and other infrastructure assets that provide stable cash flow primarily through long-term contracts with strong counterparties; (ii) pursue and capitalize on strategic growth opportunities in the renewable and natural gas power generation and other infrastructure sectors; (iii) maintain diversity in terms of geography, generation and counterparties; and (iv) pay out 80 to 85 per cent of cash available for distribution to the shareholders of the Company on an annual basis.

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

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SOURCE TransAlta Corporation

CALGARY, AB, Oct. 1, 2020 /PRNewswire/ - TransAlta Corporation ("TransAlta" or the "Company") (TSX: TA) (NYSE: TAC) announced today that the Company, with its partner Tidewater Midstream & Infrastructure Ltd. ("Tidewater"), has entered into a Purchase and Sale Agreement with ATCO Gas and Pipelines Ltd. ("ATCO") to sell the Pioneer Pipeline for a purchase price of CDN $255 million. This agreement replaces the Company's previous agreement to sell its interest in the Pioneer Pipeline to NOVA Gas Transmission Ltd. ("NGTL"). ATCO acquired the right to purchase the Pioneer Pipeline through an option agreement with NGTL.

Following closing of the transaction, Pioneer will be integrated into NGTL's and ATCO's Alberta natural gas transmission systems to provide reliable natural gas supply to the Company's power generation stations at Sundance and Keephills. As part of this transaction, TransAlta has entered into additional long-term gas transportation agreements with NGTL for a total of new and existing transportation service of 400 TJ/day by 2023. TransAlta's current commitments, including the 139 TJ/day with Tidewater, remain in place until closing of the transaction.

"We are excited to work with both ATCO and NGTL to meet our gas supply requirements as we execute our strategy of providing 100% clean, reliable and affordable electricity to Albertans" says Dawn Farrell, President and CEO, TransAlta.

The transaction is subject to customary regulatory approvals which is anticipated by the second quarter of 2021.

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 hydroelectric power. For over 100 years, TransAlta has been a responsible operator and a proud community-member where its employees work and live. TransAlta aligns its corporate goals with the UN Sustainable Development Goals and has been recognized by CDP (formerly Climate Disclosure Project) as an industry leader on Climate Change Management. TransAlta is proud to have achieved the Silver level PAR (Progressive Aboriginal Relations) designation by the Canadian Council for Aboriginal Business.

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

Cautionary Statement Regarding Forward Looking Information

This news release contains forward looking statements within the meaning of applicable securities laws. The use of any of the words "expect", "anticipate", "continue", "estimate", "may", "will", "project", "should", "propose", "plans", "intends" and similar expressions are intended to identify forward looking information or statements. More particularly, and without limitation, this news release contains forward looking statements and information relating to the Pioneer Pipeline; sale of the Pioneer Pipeline to ATCO; regulatory approvals; execution of the definitive agreements; NGTL's intention to integrate the Pioneer Pipeline into its natural gas pipeline infrastructure in Alberta; the potential benefits of the transaction; and estimated natural gas pipeline transportation service with NGTL. These forward looking statements are based on a number of assumptions considered by the Company to be reasonable as of the date of this news release, including, but not limited to, the following: no significant changes to applicable laws and regulations, including any tax and regulatory changes; no significant changes to our relationship with Tidewater; and assumptions regarding our current strategy and priorities, including as it pertains to our natural gas conversion program and the clean energy strategy. The forward looking statements are subject to a number of risks and uncertainties that may cause actual performance, events or results to differ materially from those contemplated by the forward looking statements, which include: disruptions in the source of fuels, including natural gas required for the natural gas conversions and repowering strategies; changes in economic and market conditions; changes in tax, environmental, regulatory and other laws and regulations; and other risks and uncertainties discussed in the Company's materials filed with the Canadian securities regulatory authorities from time to time and as also set forth in the Company's Management's Discussion and Analysis dated December 31, 2019, filed under the Company's profile with the Canadian securities regulators on www.sedar.com. 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 news release. The Company undertakes no obligation to update or revise any forward looking information except as required by law.

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SOURCE TransAlta Corporation

CALGARY, AB, July 31, 2020 /PRNewswire/ -

Second Quarter 2020 Highlights

• Comparable EBITDA of $217 million in line with 2019
• Free cash flow ("FCF") of $91 million or $0.33 per share, a 94% increase on a per share basis compared to $49 million or $0.17 per share of FCF for the same period in 2019
• Adjusted availability was 90.7% compared to 83.8% for the same period in 2019
• Completed the acquisition of a 29 MW contracted cogeneration facility located in Michigan ("Ada") for a purchase price of approximately US$27 million
• Entered into a sale agreement for the sale of the Pioneer Pipeline to Nova Gas Transmission Ltd. ("NGTL") for a net purchase price of approximately $128 million (the "Pioneer Transaction")

Year-to-date 2020 Financial and Operating Highlights

• FCF of $200 million or $0.72 per share compared to $144 million or $0.51 per share, a 41% increase to 2019 on a per
  share basis
• Returned $21 million of capital to shareholders in the first six months through the repurchase and cancellation of 2,849,400 common shares at an average price of $7.51 per share through our normal course issuer bid ("NCIB") program
• Received regulatory approval from the Alberta Utilities Commission ("AUC") for the repowering of Sundance Unit 5 and Keephills Unit 1 into combined cycle units
• Continued construction on the Windrise Wind Project in April and expect to fully commission the project in the second half of 2021
• Completed the second phase of our back-to-office business continuity plan in response to the COVID-19 pandemic, which ensured continued essential services to our customers and communities, while safeguarding the health and safety of
  our employees

Subsequent Events

• Provided notice to retire currently mothballed coal-fired Sundance Unit 3 effective July 31, 2020
• Issued full notice to proceed on Keephills Unit 3 for coal-to-gas boiler conversions to be completed in 2021
• Mr. Robert Flexon to resign from the Board effective August 1, 2020 due to his new role as Chair of PG&E Corporation

TransAlta Corporation ("TransAlta" or the "Company") (TSX: TA) (NYSE: TAC) today reported its second quarter 2020 financial results, with comparable EBITDA⁽¹⁾ of $217 million compared to $215 million in the same period of 2019. EBITDA for the six months ended June, 30, 2020, was $437 million, in line with the same period last year. Funds from operations ("FFO")^(1,2) for the three and six months ended June 30, 2020, increased approximately 3% and 2% to $159 million for the quarter compared to $155 million in 2019 and $331 million year-to-date as compared to $324 million in 2019.

FCF⁽¹⁾, one of the Company's key financial metrics, totaled $91 million and $200 million for the three and six months ended June 30, 2020, an increase of $42 million and $56 million respectively. Year-to-date, the Company has generated FCF of $0.72 per share, a 41% increase compared to 2019.

"Second quarter results are in line with our expectations and continue to show strong EBITDA and free cash flow generation from our diversified fleet. With the support of our back-to-office protocols, we continue to deliver the essential power to meet the demands of our communities and our customers," said Dawn Farrell, President and Chief Executive Officer. "These results demonstrate the strength of our operations, hedging and energy marketing capabilities, as well as our people."

"We also expanded our cogeneration fleet with the acquisition of our Ada cogeneration facility into our portfolio and welcomed Consumers Energy and Amway as new customers. We are excited to mark our first cogeneration facility in the United States and we look forward to building on this U.S. toehold as we further progress our on-site generation strategy into the region."

"I'd like to thank all of our front-line employees, contractors and their families whose exceptional efforts keep up the strong operational performance of the Company in the face of these challenging times," added Mrs. Farrell.

Comparable EBITDA for the three and six months ended June 30, 2020, were consistent with the same periods in 2019. This was driven by full period operations of the Big Level and Antrim facilities in the Company's Wind and Solar segment, superior performance from the Energy Marketing segment, favourable gross margins from the U.S. Coal segment, and favourable gains resulting from equity hedge settlements and lower expenses in the Corporate segment. This favourable performance was offset by anticipated weaker margins in the Canadian Coal, Hydro and North American Gas segments resulting from weaker prices in both the Alberta market and the Ontario power markets due to lower market demand and the impact of COVID-19. The Canadian Coal comparable EBITDA in the quarter and year-to-date also declined due to recognition of a $7 million provision adjustment for out-of-period line losses relating to the Alberta Electric System Operator ("AESO") Line Loss Rule proceeding.

Operations, maintenance and administration ("OM&A") expense for the three and six months ended June 30, 2020, decreased by $18 million and increased by $6 million, respectively, compared to the same periods in 2019. Variability caused by the total return swap resulted in a decrease of $7 million and an increase of $17 million for the three month and six months ended June 30, 2020, respectively. Excluding the impact of the total return swap, OM&A decreased by $11 million in both periods, due to tighter cost controls, lower labour costs across multiple segments and lower legal fees.

FCF totaled $91 million and $200 million for the three and six months ended June 30, 2020, respectively. FCF for the three and six months ended June 30, 2020 increased by $42 million and $56 million, respectively, compared to the same periods in 2019. The increase was driven primarily by strong segmented cash flows, realized foreign exchange gains, lower sustaining capital expenditures and lower distributions paid to subsidiaries' non-controlling interests. Segmented cash flows generated by the business are $47 million and $48 million dollars higher for the second quarter and year-to-date periods in 2020, respectively, compared with 2019, due to higher performance in our U.S. Coal, North American Gas, Wind and Solar and Energy Marketing segments that more than offset lower results in the Canadian Coal and Hydro segments.

Clean Energy Investment Program

Coal-to-Gas
TransAlta's growth construction programs are underway and progressing forward under its business continuity health measures. The Company is on-track to complete the conversion of Sundance Unit 6 during the second half of 2020. The Company continues to advance conversion of its Keephills Unit 2 and Unit 3 planned for 2021 and has issued full notice to proceed for both units. We are on-track to issue full notice to proceed in 2021 for Sundance Unit 5, with an expected commercial operation date in 2023.  

In furtherance of the coal-to-gas fuel supply needs, TransAlta entered into long-term natural gas delivery transportation agreements with NGTL, bringing the cumulative total of new and existing pipeline transportation service to the Company's generating facilities up to 400 terajoules ("TJ") per day by 2023. TransAlta's current commitments, including its 139 TJ/day supply arrangement with Tidewater Midstream and Infrastructure Ltd., will remain in place until the closing of the Pioneer Transaction. The Pioneer Transaction is subject to customary regulatory approvals, which are currently expected in the second half of 2021.

Sundance 3
On July 22, 2020, the Company announced that it gave notice to the AESO of its intention to retire the currently mothballed coal-fired Sundance Unit 3 effective July 31, 2020. The retirement decision was largely driven by TransAlta's assessment of future market conditions, the age and condition of the unit and the ability to supply energy and capacity from our generation portfolio in Alberta. This decision advances our transition to 100 per cent clean electricity by 2025. An asset impairment of approximately $69 million ($52 million after-tax) will be recorded in the third quarter of 2020.

Windcharger Battery Storage
Construction for Windcharger, Alberta's first battery storage project, is in its final stages and will achieve its commercial operations date in August 2020.

Windrise Wind
Construction activities on the Windrise Wind Project continues to advance with all appropriate procedures in place to protect the construction team during the COVID-19 pandemic. The construction schedule has been modified to reflect a COVID-19-related delay in the delivery of the wind turbine components and the Company plans to complete construction and commissioning in second half of 2021.

Kaybob Cogeneration
The Company continues to advance the Kaybob Cogeneration Project with commercial operations scheduled to commence in the second half of 2021; however, the Company continues to monitor COVID-19 and market conditions to determine if any adjustments to plans are necessary. During the first half of 2020, TransAlta executed agreements for the purchase of the reciprocating engine generator, generator step up transformers, electrical building and switchgear. The project secured a municipal development permit in March 2020 and Alberta Energy Regulator permit approval in early April 2020.

Board of Director Changes
On July 30, 2020, Mr. Robert Flexon delivered his resignation from the Board, which is to be effective August 1, 2020. Mr. Flexon recently assumed the role of Chair of the Board of Directors of PG&E Corporation ("PG&E") and is resigning from the Board due only to the potential for perceived conflicts of interests between PG&E and the Company. Mr. Flexon has provided valuable insight during his time on the Board, which included acting as the inaugural chair of the Investment Performance Committee of the Board.

COVID-19 Response Update
The Company formally implemented its business continuity plan on March 9, 2020, which focused on ensuring that: (i) employees that could work remotely did so; and (ii) employees that operate and maintain our facilities, and who were not able to work remotely, were able to work safely and in a manner that ensured they remained healthy. During the second quarter of 2020, the Company began a staggered approach to bring employees that were working remotely back to the office. All of TransAlta's offices and sites follow strict health screening and social distancing protocols with personal protective equipment readily available. Further, TransAlta maintains travel bans aligned to local jurisdictional guidance, enhanced cleaning procedures, revised work schedules, contingent work teams and the reorganization of processes and procedures to limit contact with other employees and contractors on-site.

While the Company's results have been impacted by price and demand as a result of COVID-19, all of the Company's facilities remain fully operational and capable of meeting its customers' needs. The Company has modified its operating procedures and implemented safety protocols that are allowing all office employees to now return to sites across the fleet by end of July.  The Company continues to work and serve all of its customers and counterparties under the terms of the relevant contracts. TransAlta has not experienced interruptions to service requirements. Electricity and steam supply continue to remain a critical service requirement to all of the Company's customers and have been deemed an essential service in all of the jurisdictions in which TransAlta operates.

The Company continues to maintain a strong financial position in part due to its long-term contracts and hedged positions. The Company is scheduled to receive $400 million from the second tranche of financing from the Brookfield investment in the fourth quarter of 2020 and has access to additional capital through potential project financing of existing assets that are currently unencumbered. The Company currently has access to $1.6 billion in liquidity including $257 million in cash and has sufficient liquidity to meet the upcoming debt maturity due November 2020 and growth construction requirements. The next major debt repayment is scheduled for November 2022.

In addition, the Company has approximately 75 per cent of its Alberta thermal baseload merchant generation hedged at approximately $53 per MWh for the remainder of 2020.

• Canadian Coal: Comparable EBITDA for the three and six months ended June 30, 2020, decreased $36 million and $55 million, respectively, compared to the same periods in 2019. This largely reflects the weaker power demand conditions driving lower Alberta wholesale power prices and resulting in lower merchant production as well as the increase to the transmission line loss provision.
• U.S. Coal: Comparable EBITDA returned to normalized levels in 2020 and for the three months ended June 30, 2020, increased by $8 million compared to the same period in 2019, primarily due to low priced power purchases and favourable foreign exchange rates. For the six months ended June 30, 2020, comparable EBITDA increased by $51 million compared to the same period in 2019, primarily due to the impacts of an isolated and extreme pricing event in March 2019 during which Centralia was unable to commit one of its units to physical production for day-ahead supply due to an unplanned forced outage repair. In addition, comparable EBITDA in the first half of 2020 benefited from low-priced power purchases and the strengthening of the U.S. dollar relative to the Canadian dollar.
• North American Gas: Comparable EBITDA for the three and six months ended June 30, 2020, decreased by $4 million and $5 million, respectively, compared with the same periods in 2019, due to lower power prices in Alberta and Ontario.
• Australian Gas: Comparable EBITDA for the three and six months ended June 30, 2020, decreased by $2 million for both periods compared with the same periods in 2019, mainly due to the weakening of the Australian dollar relative to the Canadian dollar.
• Wind and Solar: Comparable EBITDA for the three and six months ended June 30, 2020, increased by $14 million and $19 million, respectively, compared with the same periods in 2019, primarily due to higher production related to the Big Level and Antrim wind facilities, which were commissioned in December of 2019, partially offset by insurance proceeds received in 2019.
• Hydro: Comparable EBITDA for the three and six months ended June 30, 2020, decreased by $8 million and $9 million, respectively, compared with the same periods in 2019, as lower energy and ancillary services revenues were impacted by lower Alberta pricing, which was partially offset by higher production.
• Energy Marketing: Comparable EBITDA for the three and six months ended June 30, 2020, increased by $15 million and $9 million, respectively, compared to the same periods in 2019. Results were primarily attained from short-term strategies across various geographic regions in both the power and natural gas markets.
• Corporate: Corporate overhead costs for the three months ended June 30, 2020, decreased by $15 million and for the six months ended June 30, 2020, increased by $7 million compared to the same periods in 2019. These changes were primarily due to realized gains and losses from the total return swap. A portion of the settlement cost of our share-based payment plans is fixed by entering into total return swaps, which are cash settled every quarter.

Consolidated Financial Highlights

Net loss attributable to common shareholders for the three months ended June 30, 2020, was $60 million compared to nil in the same period in the prior year. The decrease is largely due to lower revenues, higher depreciation, asset impairment and lower income tax recoveries partially offset by lower OM&A and foreign exchange gains. Net loss attributable to common shareholders for the six months ended June 30, 2020, was $33 million, compared to a loss of $65 million in the same period in 2019, an improvement of $32 million. Stronger earnings from our U.S. Coal and Wind and Solar segments, foreign exchange gains and a reduction in the Centralia mine decommissioning provision due to changes in discount rates resulting in an asset impairment reversal were partially offset by higher depreciation, higher interest expense and lower income tax recoveries.

Total sustaining capital expenditures ⁽²⁾ of $55 million were $31 million lower compared to 2019 primarily due to higher planned major maintenance in our coal segments in 2019.

Second Quarter 2020 Highlights

TransAlta is in the process of filing its unaudited interim Consolidated Financial Statements and accompanying notes, as well as the associated Management's Discussion & Analysis ("MD&A"). These documents will be available July 31, 2020, on the Investors section of TransAlta's website at www.transalta.com or through SEDAR at www.sedar.com and EDGAR at www.sec.gov/edgar.shtml.

Notes

Conference call
TransAlta will hold a conference call and webcast at 9:00 a.m. MT (11:00 a.m. ET) today, July 31, 2020, to discuss our second quarter 2020 results. The call will begin with a short address by Dawn Farrell, President and CEO, and Todd Stack, Chief Financial Officer, followed by a question and answer period for investment analysts and investors. A question and answer period for the media will immediately follow.

Second Quarter 2020 Conference Call:
Toll-free North American participants call: 1-888-231-8191

Webcast link: https://produceredition.webcasts.com/starthere.jsp?ei=1345059&tp_key=3994b82c94
Related materials will be available on the Investor Centre section of TransAlta's website at http://www.transalta.com/investors/events-and-presentations. If you are unable to participate in the call, the instant replay is accessible at 1-855-859-2056 (Canada and USA toll free) with TransAlta pass code 3287982 followed by the # sign. A transcript of the broadcast will be posted on TransAlta's website once it becomes available.

About TransAlta Corporation:

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 100 years, TransAlta has been a responsible operator and a proud community-member where its employees work and live. TransAlta aligns its corporate goals with the UN Sustainable Development Goals and has been recognized by CDP (formerly Climate Disclosure Project) as an industry leader on Climate Change Management. TransAlta is proud to have achieved the Silver level PAR (Progressive Aboriginal Relations) designation by the Canadian Council for Aboriginal Business.

For more information about TransAlta, visit our web site at transalta.com.

Cautionary Statement Regarding Forward Looking Information

This news release contains forward looking statements, including statements regarding the business and anticipated financial performance of the Company that are based on the Company's current expectations, estimates, projections and assumptions in light of its experience and its perception of historical trends. 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 forward-looking statements, pertaining to, without limitation, the following:  the potential impact of COVID-19 on the Company and the actions to be undertaken by the Company in response to the COVID-19 pandemic; the sale of the Pioneer Pipeline, including the terms and timing thereof; the commercial operation date for the WindCharger Battery Project; the potential repowering of Sundance Unit 5 and Keephills Unit 1 into combined cycle units; the conversion of Sundance Unit 6 by the second half of 2020; the conversion of Keephills Unit 2 and Unit 3, and the timing thereof; the closing of the $400 million investment from Brookfield; the asset impairment to be recorded for Sundance Unit 3;  losses relating to the  AESO Line Loss Rule proceeding; and sufficient liquidity to meet the upcoming debt maturity due November 2020 and growth construction requirements. The forward-looking statements contained in this news release are based on many assumptions and are subject to a number of significant risks and uncertainties that could cause actual plans, performance, results or outcomes to differ materially from current expectations. Factors that may adversely impact what is expressed or implied by the forward-looking statements contained in this news release include risks relating to the impact of COVID-19 and the associated general economic downturn, the impact of which will largely depend on the overall severity and duration of COVID-19 and the general economic downturn, which cannot currently be predicted, and which present risks including, but not limited to: more restrictive directives of government and public health authorities; reduced labour availability impacting our ability to continue to staff the Company's operations and facilities; impacts on the Company's ability to realize its growth goals; decreases in short-term and/or long-term electricity demand and lower power pricing; increased costs resulting from the Company's efforts to mitigate the impact of COVID-19; deterioration of worldwide credit and financial markets that could limit the Company's ability to obtain external financing to fund its operations and growth expenditures; a higher rate of losses on accounts receivables due to credit defaults; further disruptions to the Company's supply chain; impairments and/or write-downs of assets; and adverse impacts on the Company's information technology systems and the Company's internal control systems as a result of the need to increase remote work arrangements, including increased cybersecurity threats. Other factors that may adversely impact the Company's forward-looking statements include, but are not limited to, risks relating to:  operational risks involving the Company's facilities, including unplanned outages at such facilities; disruptions in the transmission and distribution of electricity; the effects of weather and other climate-related risks; disruptions in the source of water, wind, solar or gas resources required to operate our facilities; natural disasters; equipment failure and our ability to carry out repairs in a cost-effective or timely manner; and industry risks and competition. The foregoing risk factors, among others, are described in further detail in the Company's Management's Discussion and Analysis and Annual Information Form for the year ended December 31, 2019, which are available on SEDAR at www.sedar.com. Readers are cautioned not to place undue reliance on these forward-looking statements, which reflect the Company's expectations only as of the date of this news release. The Company 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.

Note: All financial figures are in Canadian dollars unless otherwise indicated.

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SOURCE TransAlta Corporation

CALGARY, AB, July 22, 2020 /PRNewswire/ - The Board of Directors of TransAlta Corporation (TSX: TA) (NYSE: TAC) today declared a quarterly dividend of $0.0425 per common share payable on October 1, 2020 to shareholders of record at the close of business on September 1, 2020.

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, 2020 up to but excluding September 30, 2020:

*Please note the quarterly floating rate on the Series B 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:
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 100 years, TransAlta has been a responsible operator and a proud community-member where its employees work and live. TransAlta aligns its corporate goals with the UN Sustainable Development Goals and  has been recognized by CDP (formerly Climate Disclosure Project) as an industry leader on Climate Change Management. TransAlta is proud to have achieved the Silver level PAR (Progressive Aboriginal Relations) designation by the Canadian Council for Aboriginal Business.

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

View original content:http://www.prnewswire.com/news-releases/transalta-declares-dividends-301098422.html

SOURCE TransAlta Corporation

CALGARY, AB, July 22, 2020 /PRNewswire/ - TransAlta Corporation ("TransAlta" or the "Company") (TSX: TA) (NYSE: TAC) announced that it gave notice today to the Alberta Electric System Operator ("AESO") of its intention to retire the currently mothballed coal-fired Sundance Unit 3 effective July 31, 2020.  The retirement decision was largely driven by TransAlta's assessment of future market conditions, the age and condition of the unit, and our ability to supply energy and capacity from our generation portfolio in Alberta. 

This decision advances the Company's transition to 100 per cent clean electricity by 2025. TransAlta continues to operate a highly diversified and low-cost fleet of generation assets that is well-positioned to service the electricity demands of Albertans. 

About TransAlta Corporation: 

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 hydroelectric power. For over 100 years, TransAlta has been a responsible operator and a proud community-member where its employees work and live. TransAlta aligns its corporate goals with the UN Sustainable Development Goals and has been recognized by CDP (formerly Climate Disclosure Project) as an industry leader on Climate Change Management. TransAlta is proud to have achieved the Silver level PAR (Progressive Aboriginal Relations) designation by the Canadian Council for Aboriginal Business.  

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

Forward-Looking Statements

This News Release includes "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 particular, this News Release contains forward-looking statements including, but not limited to, statements relating to: TransAlta becoming a 100 per cent clean electricity company by 2025; TransAlta continuing to operate a highly diversified and low cost fleet of generation assets; the Company being well positioned to service the electricity demands of Albertans; and the fleet being positioned to generate strong cash flows and be competitive in Alberta's energy-only market over the long term. The material factors and assumptions used in the preparation of the forward-looking statements contained herein, which may prove to be incorrect, include, but are not limited to, assumptions pertaining to the future market conditions in Alberta and competitive environment.  Factors that may adversely impact what is expressed or implied by forward-looking statements contained in this News Release include, but are not limited to, risks relating to the supply and demand for electricity within Alberta and other risk factors contained in the Company's Annual Information Form and Management's Discussion and Analysis for the year end dated December 31, 2019. Readers are cautioned not to place undue reliance on the forward-looking statements, which reflect the Company's expectations only as of the date hereof.  TransAlta disclaims any intention or obligation to publicly update these forward-looking statements to reflect new information, future events or otherwise, except as required by applicable laws.

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SOURCE TransAlta Corporation

CALGARY, AB, July 10, 2020 /PRNewswire/ - TransAlta Corporation ("TransAlta") (TSX: TA) (NYSE: TAC) will release its second quarter 2020 results before markets open on Friday, July 31, 2020. 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.

Please contact the conference operator five minutes prior to the call, noting "TransAlta Corporation" as the company.

Second Quarter 2020 Conference Call:
Toll-free North American participants call: 1-888-231-8191 
Webcast link:  https://produceredition.webcasts.com/starthere.jsp?ei=1345059&tp_key=3994b82c94

Related materials will be available on the Investor Centre section of TransAlta's website at http://www.transalta.com/investors/events-and-presentations. If you are unable to participate in the call, the instant replay is accessible at 1-855-859-2056 (Canada and USA toll free) with TransAlta pass code 3287982 followed by the # sign. A transcript of the broadcast will be posted on TransAlta's website once it becomes available.

About TransAlta Corporation:
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 100 years, TransAlta has been a responsible operator and a proud community-member where its employees work and live. TransAlta aligns its corporate goals with the UN Sustainable Development Goals and  has been recognized by CDP (formerly Climate Disclosure Project) as an industry leader on Climate Change Management. TransAlta is proud to have achieved the Silver level PAR (Progressive Aboriginal Relations) designation by the Canadian Council for Aboriginal Business.

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

View original content:http://www.prnewswire.com/news-releases/media-advisory-transalta-second-quarter-2020-results-and-conference-call-301091794.html

SOURCE TransAlta Corporation

CALGARY, May 26, 2020 /PRNewswire/ - TransAlta Corporation ("TransAlta" or the "Company") (TSX: TA) (NYSE: TAC) today announced that the Toronto Stock Exchange ("TSX") has accepted the notice filed by the Company to implement a normal course issuer bid ("NCIB") for a portion of its common shares ("Common Shares"). 

Pursuant to the NCIB, TransAlta may repurchase up to a maximum of 14,000,000 Common Shares, representing approximately 7.02% of its public float of Common Shares as at May 25, 2020. 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.

Transactions under the NCIB will depend on future market conditions. TransAlta will initially retain discretion whether to make purchases under the NCIB, and to determine the timing, amount and acceptable price of any such purchases, subject at all times to applicable TSX and other regulatory requirements. The period during which TransAlta is authorized to make purchases under the NCIB commences on May 29, 2020 and ends on May 28, 2021 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.  

Under TSX rules, not more than 228,157 Common Shares (being 25% of the average daily trading volume on the TSX of 912,630 Common Shares for the six months ended April 30, 2020) can be purchased on the TSX on any single trading day under the NCIB, with the exception that one block purchase in excess of the daily maximum is permitted per calendar week. There are currently 275,778,741 Common Shares of the Company issued and outstanding.  

TransAlta has repurchased and cancelled 9,013,300 million Common Shares on the open market through the facilities of the TSX and/or alternative Canadian trading platforms at a cost of $76.53 million, or an average of $8.49 per share under its prior NCIB approved by the TSX on May 27, 2019 for the twelve-month period commencing May 29, 2019.

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

About TransAlta Corporation: 

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 hydroelectric power. For over 100 years, TransAlta has been a responsible operator and a proud community-member where its employees work and live. TransAlta aligns its corporate goals with the UN Sustainable Development Goals and has been recognized by CDP (formerly Climate Disclosure Project) as an industry leader on Climate Change Management. TransAlta is proud to have achieved the Silver level PAR (Progressive Aboriginal Relations) designation by the Canadian Council for Aboriginal Business.

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

Forward-Looking Statements

This news release contains forward-looking statements and forward-looking information within the meaning of applicable securities laws. The use of any of the words "expect", "anticipate", "continue", "estimate", "may", "will", "project", "should", "propose", "plans", "intends" and similar expressions are intended to identify forward-looking information or statements. More particularly, and without limitation, this news release contains forward-looking statements and information relating to TransAlta's intentions with respect to the NCIB, the effects of repurchases of Common Shares and purchases thereunder, including any enhancement to shareholder value. These statements are based on TransAlta's belief and assumptions based on information available at the time the assumptions were made. 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: the entering into of an automatic securities purchase plan; legislative or regulatory developments; any significant changes to Common Share price or trading volume; continued availability of capital and financing; changes to general economic, market or business conditions; business opportunities that become available to, or are pursued by TransAlta; and other risk factors contained in the Company's annual information form and management's discussion and analysis. Readers are cautioned not to place undue reliance on these forward-looking statements or forward-looking information, which reflect TransAlta's expectations only 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.

Note: All financial figures are in Canadian dollars.

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SOURCE TransAlta Corporation

CALGARY, May 12, 2020 /PRNewswire/ -

First Quarter 2020 Highlights

• Generated $109 million or $0.39 per share of free cash flow ("FCF") in the quarter compared to $95 million or $0.33 per share of FCF for the same period in 2019, an 18 per cent increase per share;
• Adjusted availability was 92.8 per cent compared to 89.4 per cent for the same period in 2019;
• Our partners on the Sheerness joint venture plant completed a planned outage to convert one of the units to have dual-fuel capabilities;
• Entered into a Letter of Intent to sell the Pioneer Pipeline to NOVA Gas Transmission Ltd. ("NGTL"), a wholly-owned subsidiary of TC Energy, for a purchase price of $255 million;
• Announced the acquisition of a 29 MW contracted cogeneration asset located in Michigan from two private companies for a purchase price of approximately US$27 million;
• Advanced our Clean Energy Investment Plan by starting construction on the WindCharger battery project which is expected to reach commercial operation in July 2020;
• Returned $9 million of capital to shareholders in the first quarter through the repurchase and cancellation of 1,297,000 common shares at an average price of $6.73 per share through our normal course issuer bid ("NCIB") program;
• Received regulatory approval from the Alberta Utilities Commission ("AUC") for the repowering of Sundance Unit 5 and Keephills Unit 1 into combined cycle units; and
• Successfully implemented our business continuity plan in response to the COVID-19 pandemic which ensured continued essential services to our customers and communities, and safeguarded the health and safety of our employees and contractors.

Subsequent Events

• Commenced construction on the Windrise wind farm in April. We now expect the project to be fully commissioned for second half of 2021 due to a delay in the manufacturing of turbines from one of our suppliers due to COVID-19 pandemic; and
• Held TransAlta's first virtual Annual and Special Meeting of Shareholders (the "Meeting") in which all Board nominees were elected and all resolutions passed. Upon his re-election, John Dielwart was appointed as Chair of the Board, replacing Ambassador Gordon Giffin who announced his retirement from the Board in January 2019.

TransAlta Corporation ("TransAlta" or the "Company") (TSX: TA) (NYSE: TAC) today reported its first quarter 2020 financial results, with comparable EBITDA⁽¹⁾ of $220 million, in line with the same period last year. Funds from operations ("FFO")^(1,2) increased two percent to $172 million for the quarter compared to $169 million in 2019.  FCF⁽¹⁾ for the first quarter was $109 million, representing a $14 million increase compared to the same period in 2019.

Comparable EBITDA for the three months ended March 31, 2020, was consistent with the same period in 2019. Strong performance at the US Coal and Wind and Solar segments was offset by lower comparable EBITDA at the Canadian Coal and Energy Marketing segments as well as higher Corporate costs.

Operations, maintenance and administration ("OM&A") expense for the three months ended March 31, 2020, increased by $24 million compared to the same period in  2019. This increase in OM&A is largely due to realized gains and losses from the total return swap in our Corporate segment. A portion of the settlement cost of our share-based payment plans is fixed by entering into total return swaps, which are cash settled every quarter.

Free cash flow⁽¹⁾ ("FCF"), one of the Company's key financial metrics, totalled $109 million for the three months ended March 31, 2020, an increase of $14 million compared to the same period last year. This was primarily as a result of continued strong operational results from our segments, realized foreign exchange gains and lower distributions paid to subsidiaries' non-controlling interests.

"First quarter results were strong amidst an unprecedented pandemic in which the company reacted quickly and efficiently to ensure the essential power demands of our communities and customers were uninterrupted and everyone remained healthy," said Dawn Farrell, President and Chief Executive Officer. "Our results demonstrate the strength of our operations, our contractedness and our portfolio diversification, giving us confidence to reaffirm our free cash flow outlook for the year. Although the longer-term effect of the pandemic and global crude oil prices on power prices is uncertain, our cash flow generation is highly diversified across regions outside of Alberta with a majority contracted or hedged. Based on our forecast, we are on-track to be at the mid-point of our free cash flow outlook range."

"Thank you to all employees, contractors and their families whose exceptional efforts ensure the continued strong operational performance of the company," added Mrs. Farrell.

COVID-19 Response
The Company formally implemented its business continuity plan on March 9, 2020, which is focused on ensuring that: (i) employees that can work remotely do so; and (ii) employees operating and maintaining our facilities, and who are not able to work remotely, are able to work safely and in a manner that ensures they remain healthy. This plan includes health screening, enhanced cleaning arrangements, travel bans, revised work schedules, contingent work teams and the reorganization of processes and procedures to limit contact with other employees and contractors on-site.

Currently, all of our facilities remain fully operational and capable of meeting our customers' needs.  We have modified our operating procedures and implemented restrictions to non-essential access to our facilities to support continued operations through the pandemic. The Corporation continues to work and serve all of our customers and counterparties under the terms of their contracts. We have not experienced interruptions to service requirements. Electricity and steam supply continue to remain a critical service requirement to all of our customers and have been deemed an essential service in our jurisdictions.

Our growth construction programs are underway and progressing forward under our business continuity health measures.  We are on-track to complete the conversion of Sundance Unit 6 during the second half of 2020. The Company continues to advance conversion of its Keephills Unit 2 and Unit 3 in 2021, but these projects could be delayed by two to three months due to delays in procuring certain equipment as a result of COVID-19.

The Company continues to maintain a strong financial position in part due to our long-term contracts and hedged positions. The Company is scheduled to receive $400 million from the second tranche of financing from the Brookfield investment in the fourth quarter of 2020 and has access to additional capital through potential project financing of existing assets that are currently unencumbered. We currently have access to $1.7 billion in liquidity including $338 million in cash and have sufficient liquidity to meet the upcoming debt maturity due November 2020 and growth construction requirements. The next major debt repayment is scheduled for November 2022.

In addition, the Company has 74 per cent of its Alberta thermal baseload merchant generation hedged at approximately $52 per MWh for the remainder of 2020.

• Canadian Coal: Comparable EBITDA for the three months ended March 31, 2020, decreased $19 million compared to the same period in 2019. This largely reflects lower merchant production and associated revenue primarily due to the planned dual-fuel conversion outage at Sheerness, lower contract production as a result of curtailments and lower merchant production in the coal fleet resulting from additional wind resources supplying power to the market and lower demand resulting from COVID-19 and reduced oil production in the province in March.
• U.S. Coal: Comparable EBITDA returned to more normalized levels in the three months ended March 31, 2020, increasing by $43 million compared to the same period in 2019, primarily due to the impacts of an isolated and extreme pricing event in March 2019 during which Centralia was unable to commit one of its units to physical production for day-ahead supply due to an unplanned forced outage repair. In addition, comparable EBITDA in the first quarter of 2020 benefited from the strengthening of the US dollar relative to the Canadian dollar.
• Canadian Gas: Comparable EBITDA for the three months ended March 31, 2020, was consistent with the same period in 2019, which was in line with expectations as the impact of lower merchant production and revenue at Sarnia was largely offset by lower fuel costs. Due to the nature of our contracts, changes in production do not have a significant financial impact as our contracts are structured as capacity payments with customer supplied fuel or a passthrough of fuel costs.
• Australian Gas: Comparable EBITDA for the three months ended March 31, 2020, was consistent with the same period in 2019, as the weakening of the Australian dollar relative to the Canadian dollar was offset by lower costs due to cost-saving initiatives.
• Wind and Solar: Comparable EBITDA for the three months ended March 31, 2020, increased by $5 million compared with the same period in 2019, primarily due to the timing of environmental attributes sales, higher production, partially offset by lower pricing in Alberta.
• Hydro: Comparable EBITDA for the three months ended March 31, 2020, was consistent with the same period in 2019, as higher Ancillary Services revenues were offset by lower energy revenues and higher net payments relating to the Alberta Hydro PPA.
• Energy Marketing: Comparable EBITDA for the three months ended March 31, 2020, decreased by $6 million compared to the same period in 2019, which was in line with expectations as we had particularly strong performance from the US Western desk in the first quarter of 2019.
• Corporate: Our Corporate overhead costs for the three months ended March 31, 2020, were $29 million, an increase of $22 million compared to $7 million in the same period in 2019, primarily due to realized gains and losses from the total return swap. A portion of the settlement cost of our share-based payment plans is fixed by entering into total return swaps, which are cash settled every quarter. In the three months ended March 31, 2020, we realized a loss of $11 million from the total return swap on our share-based payment plans, whereas in the same period last year we realized a net gain of $13 million.

Consolidated Financial Highlights
Net earnings attributable to common shareholders for the three months ended March 31, 2020, was $27 million, compared to a loss of $65 million in the same period in the prior year. Strong earnings from our US Coal and Wind and Solar segments and a reduction in the Centralia mine decommissioning provision due to changes in discount rates were partially offset by higher Corporate OM&A costs, foreign exchange losses due to the weakening of the Canadian dollar relative to the US dollar and lower earnings attributable to non-controlling interests.

Total sustaining capital expenditures of $29 million were $4 million higher compared to 2019 primarily due to higher planned major maintenance in our coal segments.

First Quarter 2020 Highlights

TransAlta is in the process of filing its unaudited interim Consolidated Financial Statements and accompanying notes, as well as the associated Management's Discussion & Analysis ("MD&A"). These documents will be available May 12, 2020 on the Investors section of TransAlta's website at www.transalta.com or through SEDAR at www.sedar.com and EDGAR at www.sec.gov/edgar.shtml.

Notes

Conference call
TransAlta will hold a conference call and webcast at 9:00 a.m. MT (11:00 a.m. ET) today, May 12, 2020, to discuss our first quarter 2020 results. The call will begin with a short address by Dawn Farrell, President and CEO, and Todd Stack, Chief Financial Officer, followed by a question and answer period for investment analysts and investors. A question and answer period for the media will immediately follow.

First Quarter 2020 Conference Call:
Toll-free North American participants call: 1-888-231-8191
Webcast link: https://produceredition.webcasts.com/starthere.jsp?ei=1306905&tp_key=62df091f51

Related materials will be available on the Investor Centre section of TransAlta's website at http://www.transalta.com/investors/events-and-presentations. If you are unable to participate in the call, the instant replay is accessible at 1-855-859-2056 (Canada and USA toll free) with TransAlta pass code 1951906 followed by the # sign. A transcript of the broadcast will be posted on TransAlta's website once it becomes available.

About TransAlta Corporation:

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 100 years, TransAlta has been a responsible operator and a proud community-member where its employees work and live. TransAlta aligns its corporate goals with the UN Sustainable Development Goals and has been recognized by CDP (formerly Climate Disclosure Project) as an industry leader on Climate Change Management. TransAlta is proud to have achieved the Silver level PAR (Progressive Aboriginal Relations) designation by the Canadian Council for Aboriginal Business.

For more information about TransAlta, visit our web site at transalta.com.

Cautionary Statement Regarding Forward Looking Information

This news release contains forward looking statements, including statements regarding the business and anticipated financial performance of the Company that are based on the Company's current expectations, estimates, projections and assumptions in light of its experience and its perception of historical trends. 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 forward-looking statements, pertaining to, without limitation, the following:  the potential impact of COVID-19 on the Company and the actions to be undertaken by the Company in response to the COVID-19 pandemic; entering into an agreement with NGTL for the sale of the Pioneer Pipeline, including the terms and timing thereof; the commercial operation date for the WindCharger battery project; the potential repowering of Sundance Unit 5 and Keephills Unit 1 into combined cycle units; the conversion of Sundance Unit 6 by the second half of 2020; the conversion of Keephills Unit 2 and Unit 3, and the timing thereof; the closing of the $400 million investment from Brookfield; access to additional capital through potential project financing of existing assets that are currently unencumbered; and sufficient liquidity to meet the upcoming debt maturity due November 2020 and growth construction requirements.  The forward-looking statements contained in this news release are based on many assumptions and are subject to a number of significant risks and uncertainties that could cause actual plans, performance, results or outcomes to differ materially from current expectations. Factors that may adversely impact what is expressed or implied by the forward-looking statements contained in this news release include risks relating to the impact of COVID-19 and the associated general economic downturn, the impact of which will largely depend on the overall severity and duration of COVID-19 and the general economic downturn, which cannot currently be predicted, and which present risks including, but not limited to: more restrictive directives of government and public health authorities; reduced labour availability impacting our ability to continue to staff the Company's operations and facilities; impacts on the Company's ability to realize its growth goals; decreases in short-term and/or long-term electricity demand and lower power pricing; increased costs resulting from the Company's efforts to mitigate the impact of COVID-19; deterioration of worldwide credit and financial markets that could limit the Company's ability to obtain external financing to fund its operations and growth expenditures; a higher rate of losses on accounts receivables due to credit defaults; further disruptions to the Company's supply chain; impairments and/or write-downs of assets; and adverse impacts on the Company's information technology systems and the Company's internal control systems as a result of the need to increase remote work arrangements, including increased cybersecurity threats.  Other factors that may adversely impact the Company's forward-looking statements include, but are not limited to, risks relating to:  operational risks involving the Company's facilities, including unplanned outages at such facilities; disruptions in the transmission and distribution of electricity; the effects of weather and other climate-related risks; disruptions in the source of water, wind, solar or gas resources required to operate our facilities; natural disasters; equipment failure and our ability to carry out repairs in a cost-effective or timely manner; and industry risks and competition.  The foregoing risk factors, among others, are described in further detail in the Company's Management's Discussion and Analysis and Annual Information Form for the year ended December 31, 2019, which are available on SEDAR at www.sedar.com.  Readers are cautioned not to place undue reliance on these forward-looking statements, which reflect the Company'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.  The Company 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.

Note: All financial figures are in Canadian dollars unless otherwise indicated.

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SOURCE TransAlta Corporation

CALGARY, April 21, 2020 /PRNewswire/ - TransAlta Corporation (TSX: TA) (NYSE: TAC) ("TransAlta" or the "Company") held its virtual Annual and Special Meeting of Shareholders on April 21, 2020.  A total of 170,787,738 common shares, representing 61.64 per cent of the shares outstanding were represented in person and by proxy at the meeting.

The following resolutions were considered by Shareholders:

1. Election of Directors 
   
   The twelve director nominees proposed by management were elected.  The votes by ballot were received as follows:
   
   

Nominee	Votes For	Per cent	Withheld	Per cent
Rona H. Ambrose	161,396,937	99.29	1,149,763	0.71
John P. Dielwart	159,572,935	98.17	2,973,765	1.83
Dawn L. Farrell	161,944,487	99.63	602,213	0.37
Robert C. Flexon	161,999,064	99.66	547,636	0.34
Alan J. Fohrer	161,364,944	99.27	1,181,756	0.73
Harry Goldgut	162,091,002	99.72	455,698	0.28
Richard Legault	162,090,995	99.72	458,705	0.28
Yakout Mansour	161,992,213	99.66	554,487	0.34
Georgia R. Nelson	160,848,072	98.95	1,698,628	1.05
Beverlee F. Park	161,330,347	99.25	1,216,353	0.75
Bryan D. Pinney	160,934,046	99.01	1,612,654	0.99
Sandra R. Sharman	162,016,245	99.67	530,455	0.33



2.  Appointment of Auditors
   
   The appointment of Ernst & Young LLP to serve as the auditors for 2020 was approved.  The votes by ballot were received as follows:
   
   

Votes For	Per cent	Withheld	Per cent
168,957,493	98.93	1,830,247	1.07



3.   Advisory Vote on Executive Compensation
   
   The advisory vote on the Company's approach to executive compensation was approved.  The votes by ballot were received as follows:
   
   

Votes For	Per cent	Votes Against	Per cent
160,519,556	98.75	2,027,143	1.25



4. Amendment and Restatement of By-law No. 1
   
   The resolution authorizing the Corporation to amend and restate its Amended and Restated By-law No. 1 was approved.  The votes by ballot were received as follows:
   
   

Votes For	Per cent	Votes Against	Per cent
161,733,500	99.50	813,198	0.50



5. Amendment and Restatement of By-law No. 2
   
   The resolution authorizing the Corporation to amend and restate its Advance Notice By-law No. 2 was approved.  The votes by ballot were received as follows:
   
   

Votes For	Per cent	Votes Against	Per cent
161,918,877	99.61	627,882	0.39



6. Amendment to Stock Option Plan
   
   The resolution authorizing the Corporation to amend its Stock Option Plan was approved.  The votes by ballot were received as follows:
   
   

Votes For	Per cent	Votes Against	Per cent
154,328,099	94.94	8,218,600	5.06

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 hydroelectric power. For over 100 years, TransAlta has been a responsible operator and a proud community-member where its employees work and live. TransAlta aligns its corporate goals with the UN Sustainable Development Goals and has been recognized by CDP (formerly Climate Disclosure Project) as an industry leader on Climate Change Management. TransAlta is proud to have achieved the Silver level PAR (Progressive Aboriginal Relations) designation by the Canadian Council for Aboriginal Business.

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

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SOURCE TransAlta Corporation

CALGARY, April 20, 2020 /PRNewswire/ - The Board of Directors of TransAlta Corporation (TSX: TA) (NYSE: TAC) today declared a quarterly dividend of $0.0425 per common share payable on July 1, 2020 to shareholders of record at the close of business on June 1, 2020.

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 March 31, 2020 up to but excluding June 30, 2020:

*Please note the quarterly floating rate on the Series B 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:

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 100 years, TransAlta has been a responsible operator and a proud community-member where its employees work and live. TransAlta aligns its corporate goals with the UN Sustainable Development Goals and  has been recognized by CDP (formerly Climate Disclosure Project) as an industry leader on Climate Change Management. TransAlta is proud to have achieved the Silver level PAR (Progressive Aboriginal Relations) designation by the Canadian Council for Aboriginal Business.

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

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SOURCE TransAlta Corporation

CALGARY, April 20, 2020 /PRNewswire/ - TransAlta Corporation ("TransAlta") (TSX: TA) (NYSE: TAC) will release its first quarter 2020 results before markets open on Tuesday, May 12, 2020. 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.

Please contact the conference operator five minutes prior to the call, noting "TransAlta Corporation" as the company.

First Quarter 2020 Conference Call:
Toll-free North American participants call: 1-888-231-8191
Webcast link: https://produceredition.webcasts.com/starthere.jsp?ei=1306905&tp_key=62df091f51

Related materials will be available on the Investor Centre section of TransAlta's website at http://www.transalta.com/investors/events-and-presentations. If you are unable to participate in the call, the instant replay is accessible at 1-855-859-2056 (Canada and USA toll free) with TransAlta pass code 1951906 followed by the # sign. A transcript of the broadcast will be posted on TransAlta's website once it becomes available.

About TransAlta Corporation:
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 100 years, TransAlta has been a responsible operator and a proud community-member where its employees work and live. TransAlta aligns its corporate goals with the UN Sustainable Development Goals and  has been recognized by CDP (formerly Climate Disclosure Project) as an industry leader on Climate Change Management. TransAlta is proud to have achieved the Silver level PAR (Progressive Aboriginal Relations) designation by the Canadian Council for Aboriginal Business.

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

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SOURCE TransAlta Corporation

CALGARY, April 7, 2020 /PRNewswire/ - TransAlta Corporation ("TransAlta" or the "Company") (TSX: TA) (NYSE: TAC) wishes to inform all its stakeholders of the measures that have been implemented to ensure the safety of its employees and to ensure that its facilities remain fully operational to meet the essential power demands of our customers.

"The health and safety of our employees, contractors and communities is paramount during this challenging time prompted by the COVID-19 pandemic," said Dawn Farrell, President and Chief Executive Officer of the Company. "Our focus remains on generating essential electricity across Canada, the United States and Australia to support our customers' needs, including the needs of other essential service providers. Financially, we are in a solid position and have strong visibility to cash flow throughout 2020 due to our contracts and hedges. I want to thank all our employees and their families for adapting quickly during this unprecedented time and ensuring our services continue without interruption."

Safety, health and wellness of employees are a top priority

• As early as March 6, employees who could work remotely from home have been doing so. TransAlta formally implemented its business continuity plan on March 9 which focused on ensuring employees operating and maintaining our facilities, who are not able to work remotely, continue to remain healthy. This plan includes health screening, enhanced cleaning arrangements, travel bans, revised schedules, contingent work teams and the reorganization of processes and procedures to limit contact with other employees and contractors on-site.
• The Company continuously monitors government-recommended health measures to safeguard the health and well-being of its employees and adjusts its continuity plan as needed for the continued delivery of essential services to customers and communities.

Focus on Continued Operations

• Currently, all of our facilities remain fully operational and capable of meeting our customers' needs. We are monitoring recommendations by the public health authorities related to COVID-19 in all our operating regions and are adjusting operational requirements as required. Considering the importance of social distancing and other recommended health practices, we have modified our operating procedures and implemented restrictions to non-essential access to our facilities to support continued operations through the pandemic.

Strong Financial Position and Liquidity Levels

• TransAlta continues to be in a strong financial position with no near-term liquidity issues. At the end of the first quarter, the Company had $1.7 billion of liquidity, including approximately $330 million in cash. The Company is also scheduled to receive the $400 million second tranche of the Brookfield investment in the fourth quarter. We continue to have access to additional capital through potential project financing of existing assets that are currently unlevered.
• The Company has sufficient existing liquidity available to meet the upcoming debt maturity which is due November 2020. The next major debt repayment is scheduled for November 2022.
• The Company has approximately 50 per cent of its baseload merchant generation in Alberta hedged in the $52/MWh range for the remainder of 2020.
• TransAlta remains confident in its ability to fund both the preferred and common dividends with internally generated cash. The Company was active under its share buyback program during the first quarter prior to entering our blackout period which began on April 1. We will continue to monitor the financial markets and assess the timing of further repurchases, subject to blackout periods.
• The Company continues to work with and serve all our customers and counterparties under the terms of their contracts. We have not experienced interruptions to service requirements. Electricity and steam supply continue to remain a critical service requirement to all our customers and has been deemed an essential service in our jurisdictions.
• Our highly diversified asset portfolio, by both fuel type and operating region, provide stability in our cash flows and highlight the strength of our long-term contracted asset base.

Strategic Execution on Track

• The impacts from the COVID-19 pandemic and resulting slowdown in the Alberta economy have not altered the Company's strategy. We remain focused on our natural gas conversion strategy in the province and continue to progress on our growth initiatives.
• At this time, the Company continues to progress each of its construction projects currently underway and further updates in respect to the construction timelines will be provided as more information becomes available.

We continue to assess the financial impacts resulting from the COVID-19 pandemic and the current and future outlook on global oil prices.  There continues to be significant uncertainty due to the COVID-19 pandemic and we will continue to closely monitor developments and will provide updates if material changes to the Company's business, operations or capital are reasonably likely to arise. 

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 hydroelectric power. For over 100 years, TransAlta has been a responsible operator and a proud community-member where its employees work and live. TransAlta aligns its corporate goals with the UN Sustainable Development Goals and has been recognized by CDP (formerly Climate Disclosure Project) as an industry leader on Climate Change Management. TransAlta is proud to have achieved the Silver level PAR (Progressive Aboriginal Relations) designation by the Canadian Council for Aboriginal Business.

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

Cautionary Statement Regarding Forward Looking Information

This News Release includes "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"). All forward-looking statements are based on our beliefs as well as assumptions based on information available at the time the assumption was made and on management's experience and perception of historical trends, current conditions, results and expected future developments, as well as other factors deemed appropriate in the circumstances. Forward-looking statements are not facts, but only predictions and generally can be identified by the use of statements that include phrases such as "will", "expect", "intend", "plan", "potential", "enable", "continue" or other comparable terminology. These statements are not guarantees of our future performance, events or results and are subject to a number of significant risks, uncertainties and other important factors that could cause our actual performance, events or results to be materially different from that set out in the forward-looking statements. In particular, this News Release contains forward-looking statements including, but not limited to, statements relating to: our facilities remaining fully operational; our operating procedures; the continued delivery of essential services to customers and communities; the Company's future financial position and near-term liquidity; the closing of the $400 million second tranche of the Brookfield investment in the fourth quarter; sufficient existing liquidity to meet the debt maturity due November 2020; ability to fund dividends with internally generated cash; stability in cash flows and strength of our long-term contracted asset base; the impacts from the COVID-19 pandemic and resulting slowdown in the Alberta economy not altering the Company's strategy; the natural gas conversion strategy and our growth initiatives; and no material delays in our construction projects currently underway. The material factors and assumptions used in the preparation of the forward-looking statements contained herein, which may prove to be incorrect, include, but are not limited to, the scope of the COVID-19 pandemic and duration thereof; the market conditions and the other assumptions set forth herein and in our Annual Information Form and Management's Discussion and Analysis for the year end dated December 31, 2019, filed under the Company's profile with the Canadian securities regulators on www.sedar.com and the U.S. Securities and Exchange Commission on www.sec.gov. By their nature, forward-looking statements are not guarantees of future performance, events, results or actions and are subject to a number of significant risks, uncertainties, assumptions and factors that could cause our actual plans, performance, results or outcomes to differ materially from the forward-looking statement. Factors that may adversely impact what is expressed or implied by forward-looking statements contained in this News Release include, but are not limited to, risks relating to: a significant expansion in COVID-19 restricting or prohibiting the operation of the Company's facilities or significantly impacting the Company's supply chain; the duration and extent of the relatively low global oil prices, and its impact on the Province of Alberta; the forecasted electricity load in the Province of Alberta being lower than expected resulting in potentially  lower power prices within the Province; the global market and economic conditions and fluctuations in commodity prices; risk relating to general market conditions and the ability to raise capital on economic terms; risks relating to attracting and retaining highly skilled employees; ability to retain key personnel; the potential for and effects of labour disputes or other unanticipated difficulties with or shortages of labour or interruptions in production; the inherent uncertainty of construction projects, including potential for unexpected costs or delays; risk relating to litigation and regulatory developments; and other risk factors contained in the Company's Annual Information Form and Management's Discussion and Analysis for the year end dated December 31, 2019. Readers are urged to consider these factors carefully in evaluating the forward-looking statements and are cautioned not to place undue reliance on them, which reflect the Company's expectations only as of the date hereof. Forward-looking statements do not take into account the effect that transactions or non-recurring or other special items announced or occurring after the statements are made may have on the Company's business. For example, they do not include the effect of business dispositions, acquisitions, other business transactions, asset write-downs, asset impairment losses, or other charges announced or occurring after forward-looking statements are made. The forward-looking statements included in this News Release are made only as of the date hereof and we do not undertake to publicly update these forward-looking statements to reflect new information, future events or otherwise, except as required by applicable laws. In light of these risks, uncertainties and assumptions, the forward-looking statements might occur to a different extent or at a different time than we have described or might not occur at all.

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SOURCE TransAlta Corporation

CALGARY, April 3, 2020 /PRNewswire/ - TransAlta Corporation ("TransAlta" or the "Company") (TSX: TA) (NYSE: TAC) today announced that it has adopted certain changes to its Stock Option Plan.

In TransAlta's management information circular dated March 9, 2020 (the "Information Circular") for its upcoming annual and special meeting of shareholders scheduled to be held on April 21, 2020 (the "Meeting"), the Company disclosed that it is seeking approval by its shareholders at the Meeting to amend its Stock Option Plan solely to increase the number of shares available for issuance pursuant to options granted under the Stock Option Plan. In the meantime, in order to align features of the Stock Option Plan with current best governance and market practices, the Company has adopted certain changes to the Stock Option Plan's amendment provisions to further limit the Board of Director's ability to make amendments without shareholder approval in the future. As a result of these changes, the amendment provisions in the Stock Option Plan require that majority shareholder approval be obtained for any changes to the Stock Option Plan (in addition to those enumerated items already requiring shareholder approval) that would: (i) reduce the exercise price of (or any cancellation and re-grant of an option that would reduce the exercise price of) options or other entitlements held by non-insiders; (ii) extend the term of options held by non-insiders beyond their original expiry date; (iii) expand the Stock Option Plan's eligibility criteria or participation limits (including amendments to the definition of "participant") applicable to non-employee directors; and (iv) permit options to be transferred or assigned other than for normal estate settlement purposes. At the Meeting, shareholders will still be asked to approve an ordinary resolution to increase the number of shares available for issuance under the Stock Option Plan, as described in the Information Circular. TransAlta's Board of Directors continues to unanimously recommend that shareholders vote "FOR" the increased allocation under the Stock Option Plan, which will only become effective if approved by shareholders at the Meeting.

A copy of the updated Stock Option Plan, which reflects the changes described above, will be available under our profile on SEDAR at www.sedar.com and on EDGAR at www.sec.gov. Further details in respect of the Meeting are available in the Information Circular and related proxy materials, which can be found under our profile on SEDAR at www.sedar.com and on EDGAR at www.sec.gov.

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 100 years, TransAlta has been a responsible operator and a proud community-member where its employees work and live. TransAlta aligns its corporate goals with the UN Sustainable Development Goals and  has been recognized by CDP (formerly Climate Disclosure Project) as an industry leader on Climate Change Management. TransAlta is proud to have achieved the Silver level PAR (Progressive Aboriginal Relations) designation by the Canadian Council for Aboriginal Business.

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

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SOURCE TransAlta Corporation

CALGARY, March 20, 2020 /PRNewswire/ - TransAlta Corporation ("TransAlta" or the "Company") (TSX: TA) (NYSE: TAC) today issued a notice (the "Notice") to holders of common shares ("Shareholders") and filed the Notice along with its management information circular (the "Circular") in connection with its annual and special meeting of Shareholders to be held on Tuesday, April 21, 2020 at 10:30 a.m. (Calgary Time) (the "Meeting"). A copy of the Notice and Circular can be downloaded from the Company's SEDAR profile at www.sedar.com and the Company's EDGAR profile at www.sec.gov/edgar.shtml. The Notice and Circular are also available at TransAlta's website. The Notice provides that the Meeting will be held in a virtual-only meeting format.

TransAlta holds safety as a core value. The Company has been carefully monitoring the outbreak of the novel coronavirus ("COVID-19") and is proactively implementing measures to prioritize the health and well-being of its employees, customers, suppliers, partners, shareholders, communities and other stakeholders, while ensuring continuity in the provision of its critical services in each of Canada, the United States and Australia.  In light of the rapidly evolving COVID-19 public health emergency and to mitigate against its risks, the Meeting to be held on Tuesday, April 21, 2020 at 10:30 a.m. (Calgary Time) will be held in a virtual-only meeting format.  Shareholders will not be able to attend the Meeting physically. A virtual-only meeting format is being adopted in response to the COVID-19 situation to enfranchise and give all Shareholders an equal opportunity to participate at the Meeting regardless of their geographic location or the particular constraints, circumstances or risks they may be facing as a result of COVID-19. TransAlta is not aware of any items of business to be brought before the Meeting other than those described in the Circular.   

The Meeting can be accessed by logging in online at https://web.lumiagm.com/223766460. As described in the Circular, registered Shareholders are entitled to participate at the Meeting if they held their common shares as of the close of business on March 5, 2020, the record date. Registered Shareholders who wish to appoint a third-party proxyholder other than the named TransAlta proxy nominees can do so by printing the proxyholder's name in the space provided in the enclosed form of proxy. Non-registered (beneficial) Shareholders who wish to vote at the Meeting will be required to appoint themselves as proxyholder in advance of the Meeting by writing their own name in the space provided on the voting instruction form provided by their intermediary, generally being a bank, trust company, securities broker, trustee or other institution.  

Registered Shareholders and duly appointed proxyholders (including beneficial Shareholders who have duly appointed themselves as proxyholders) who participate at the Meeting online will be able to listen to the Meeting, ask questions and vote, all in real time, provided that they are connected to the internet. Guests, including non-registered Shareholders who have not duly appointed themselves as proxyholder, can log in to the Meeting as set out below. Guests can listen to the Meeting but will not able to communicate or vote. In all cases, Shareholders must follow the instructions set out in their applicable proxy or voting instruction forms and those set out in the Notice, which are also available online at www.transalta.com/financial-and-annual-reports/management-proxy-circulars. If you have questions regarding your ability to participate or vote at the Meeting, please contact Computershare at 1-800-564-6253.

One item of business being put forward to Shareholders for confirmation at this year's Meeting is an amendment and restatement of the Company's Amended and Restated By-law No.1, which sets out the general rules governing the business and affairs of the Company. The changes are intended to modernize the Company's corporate governance practices and align them more closely with other leading Canadian public companies governed by the Canada Business Corporations Act ("CBCA").  As a best governance practice, the Company adopted the amendments to take effect only if and upon receiving Shareholder confirmation at the Meeting. However, in light of the COVID-19 global pandemic and the need to shift to a virtual-only meeting format to address the concerns it has created, the Company's Board of Directors subsequently  approved the immediate adoption of the amendment and restatement of the Company's Amended and Restated By-law No.1 to the extent reasonably necessary to permit the holding of the Meeting in a virtual-only format under the CBCA. The amendments are discussed in the Meeting materials and accessible electronically. The by-law amendments will be effective only for this year's Meeting and will cease to have effect if Shareholders do not confirm the amendments at the Meeting, all as described in the Notice. 

TransAlta's first priority is always the well-being of its employees, customers, suppliers, partners, Shareholders, communities and other stakeholders. The Company's thoughts are with those already impacted by COVID-19 and TransAlta acknowledges, with gratitude, the efforts of those individuals on the front lines confronting this public health crisis.

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 100 years, TransAlta has been a responsible operator and a proud community-member where its employees work and live. TransAlta aligns its corporate goals with the UN Sustainable Development Goals and  has been recognized by CDP (formerly Climate Disclosure Project) as an industry leader on Climate Change Management. TransAlta is proud to have achieved the Silver level PAR (Progressive Aboriginal Relations) designation by the Canadian Council for Aboriginal Business.

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

Forward Looking Statements:
This news release contains forward looking statements within the meaning of applicable securities laws. The use of any of the words "expect", "anticipate", "continue", "estimate", "may", "will", "project", "should", "propose", "plans", "intends" and similar expressions are intended to identify forward looking information or statements. More particularly, and without limitation, this news release contains forward looking statements and information relating to: the Meeting and the items of business to be raised at the Meeting. These forward looking statements are based on a number of assumptions considered by the Company to be reasonable as of the date of this news release, including, but not limited to, the assumption that no new shareholder business will be proposed at the Meeting. The forward looking statements are subject to a number of risks and uncertainties that may cause actual performance, events or results to differ materially from those contemplated by the forward looking statements, which include risks relating to the impact and scope of COVID-19. 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 news release. The Company 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 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.

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SOURCE TransAlta Corporation

CALGARY, March 17, 2020 /PRNewswire/ - TransAlta Corporation ("TransAlta") (TSX: TA) (NYSE: TAC) announced today the acquisition of a contracted cogeneration asset from two private companies for a purchase price of approximately US$27 million, subject to working capital adjustments. The asset is a 29 MW cogeneration facility in Michigan which is contracted under a long-term power purchase agreement and steam sale agreement for approximately six years with high quality counterparties.

"The acquisition marks our first U.S. cogeneration project and aligns with our strategy of growing our on-site generation business, diversifying our cogeneration portfolio, and increasing the pipeline of assets for potential future drop-downs into TransAlta Renewables," said Dawn Farrell, President and Chief Executive Officer of TransAlta. "The expansion into new geographic markets further enhances our position as a leader in behind the fence generation and provides potential for future opportunities in the U.S. cogeneration space."

The cogeneration facility, which comprises a single GE LM2500 gas turbine and an ABB steam turbine, has been operational since 1991. The electricity and steam output of the facility are fully contracted providing consistent, predictable revenues through 2026.  The acquisition will be funded with cash on hand.

Investment Highlights:

• Attractive cash-on-cash yield and project return acquisition metrics;
• Expands TransAlta's platform in the U.S. and is an entry into the U.S cogeneration space;
• Potential drop-down candidate to TransAlta Renewables Inc.;
• Long-term contracted cash flows with high quality counterparties; and
• Provides further geographic, technology and counterparty diversification.

The acquisition is subject to customary regulatory approvals and is expected to close in the second quarter of 2020.

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 100 years, TransAlta has been a responsible operator and a proud community-member where its employees work and live. TransAlta aligns its corporate goals with the UN Sustainable Development Goals and  has been recognized by CDP (formerly Climate Disclosure Project) as an industry leader on Climate Change Management. TransAlta is proud to have achieved the Silver level PAR (Progressive Aboriginal Relations) designation by the Canadian Council for Aboriginal Business.

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

Forward Looking Statements:
This news release contains forward looking statements within the meaning of applicable securities laws. The use of any of the words "expect", "anticipate", "continue", "estimate", "may", "will", "project", "should", "propose", "plans", "intends" and similar expressions are intended to identify forward looking information or statements. More particularly, and without limitation, this news release contains forward looking statements and information relating to: the completion of the acquisition of the cogeneration facility and the associated benefits therefrom; expectations and plans for future growth, including expansion into new markets; and the potential for a drop-down of the assets to TransAlta Renewables Inc. These forward looking statements are based on a number of assumptions considered by the Company to be reasonable as of the date of this news release, including, but not limited to, the following: unanticipated impacts relating to novel coronavirus; no significant changes to applicable laws and regulations, including any tax and regulatory changes; no material adverse impacts to the investment and credit markets; and assumptions regarding our current strategy and priorities, including as it pertains to our growth strategy and relationship with TransAlta Renewables. The forward looking statements are subject to a number of risks and uncertainties that may cause actual performance, events or results to differ materially from those contemplated by the forward looking statements, which include: failure to satisfy the conditions to the closing of the transaction; changes in the market place in which the cogeneration facility is located; failure to proceed with the drop-down to TransAlta Renewables Inc.; changes to the operational characteristics of the off-takers under the long-term power purchase agreement; changes in the law or political developments; and other risk factors contained in the Company's Annual Information Form and Management's Discussion and Analysis for the year end dated December 31, 2019, filed under the Company's profile with the Canadian securities regulators on www.sedar.com and the U.S. Securities and Exchange Commission on www.sec.gov. 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 news release. The Company 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 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.

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SOURCE TransAlta Corporation

CALGARY, March 12, 2020 /PRNewswire/ - TransAlta Corporation ("TransAlta" or the "Company") (TSX: TA) (NYSE: TAC) announced today that the Company, with its partner Tidewater Midstream & Infrastructure Ltd. ("Tidewater"), has entered into a Letter of Intent to sell the Pioneer Pipeline to NOVA Gas Transmission Ltd. ("NGTL"), a wholly-owned subsidiary of TC Energy, for a purchase price of CDN $255 million. As part of the transaction, NGTL intends to integrate the Pioneer Pipeline into its natural gas pipeline infrastructure in Alberta.

The benefits of the transaction to TransAlta include:

• Access to NGTL's highly liquid natural gas network and gas trading hub;
• Additional reliability and flexibility of having two pipelines delivering natural gas to the Company's power stations;
• Access to a broad and diversified group of gas producers and resource basins; and
• Cash proceeds that can be used to fund the Company's natural gas conversion program, or for other purposes.

As part of the transaction, TransAlta will enter into long-term delivery transportation agreements with NGTL, bringing the total of new and existing natural gas pipeline transportation service to 400 TJ/day by 2023.  TransAlta's current commitments, including the 139 TJ/day with Tidewater, will remain in place until the closing of the transaction.

"Tidewater has been an exceptional partner that was able to build the Pioneer Pipeline well ahead of schedule, allowing us to significantly reduce our carbon emissions and costs," said Dawn Farrell, President and Chief Executive Officer of the Company. "Going forward, we are excited to work with TC Energy to meet our transportation requirements as we continue to execute our clean energy strategy, which will support our goals as a leader in clean electricity generation."

The transaction is subject to entering into a Purchase and Sale Agreement, and customary regulatory approvals.

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 hydroelectric power. For over 100 years, TransAlta has been a responsible operator and a proud community-member where its employees work and live. TransAlta aligns its corporate goals with the UN Sustainable Development Goals and has been recognized by CDP (formerly Climate Disclosure Project) as an industry leader on Climate Change Management. TransAlta is proud to have achieved the Silver level PAR (Progressive Aboriginal Relations) designation by the Canadian Council for Aboriginal Business.

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

Cautionary Statement Regarding Forward Looking Information

This news release contains forward looking statements within the meaning of applicable securities laws. The use of any of the words "expect", "anticipate", "continue", "estimate", "may", "will", "project", "should", "propose", "plans", "intends" and similar expressions are intended to identify forward looking information or statements. More particularly, and without limitation, this news release contains forward looking statements and information relating to the Pioneer Pipeline; sale of the Pioneer Pipeline to NGTL; regulatory approvals; execution of the definitive agreements; NGTL's intention to integrate the Pioneer Pipeline into its natural gas pipeline infrastructure in Alberta; the potential benefits of the transaction; and estimated natural gas pipeline transportation service with NGTL. These forward looking statements are based on a number of assumptions considered by the Company to be reasonable as of the date of this news release, including, but not limited to, the following: no significant changes to applicable laws and regulations, including any tax and regulatory changes; no significant changes to our relationship with Tidewater; and assumptions regarding our current strategy and priorities, including as it pertains to our natural gas conversion program and the clean energy strategy. The forward looking statements are subject to a number of risks and uncertainties that may cause actual performance, events or results to differ materially from those contemplated by the forward looking statements, which include: disruptions in the source of fuels, including natural gas required for the natural gas conversions and repowering strategies; changes in economic and market conditions; changes in tax, environmental, regulatory and other laws and regulations; and other risks and uncertainties discussed in the Company's materials filed with the Canadian securities regulatory authorities from time to time and as also set forth in the Company's Management's Discussion and Analysis dated December 31, 2019, filed under the Company's profile with the Canadian securities regulators on www.sedar.com. 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 news release. The Company undertakes no obligation to update or revise any forward looking information except as required by law.

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SOURCE TransAlta Corporation

CALGARY, Dec. 17, 2019 /PRNewswire/ - TransAlta Corporation ("TransAlta" or the "Company") (TSX: TA) (NYSE: TAC) announced today that it has increased Free Cash Flow ("FCF") guidance to $350 million to $380 million from the prior range of $300 million to $340 million.   This expected increase to FCF is primarily attributable to the continued strong performance of the Energy Marketing segment into the fourth quarter.  The gross margin for our Energy Marketing segment is now forecasted to be at the top end of the range of $100 million to $120 million that had been disclosed by the Company in its third quarter Management's Discussion & Analysis, and is significantly above the trailing 3-year comparable gross margin average of approximately $71 million.  This revision to FCF guidance is also supported by continued solid operational and financial performance of the generation business segments.  The Company continues to track within the $875 million to $975 million guidance range of Comparable EBITDA for the year-ended December 31, 2019.  

The factors and assumptions which contribute to TransAlta's assessment of the free cash flow and Comparable EBITDA ranges are consistent with existing Company disclosures, and such guidance ranges are subject to the risks and uncertainties inherent in the Company's business. Readers are directed to the Forward Looking Statements and Non-GAAP Measures disclaimer below and the "Risk Factors" section in the Management's Discussion & Analysis and the Annual Information Form for the year ended December 31, 2018 for a description of such factors, assumptions, risks and uncertainties.

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 hydroelectric power. For over 100 years, TransAlta has been a responsible operator and a proud community-member where its employees work and live. TransAlta aligns its corporate goals with the UN Sustainable Development Goals and has been recognized by CDP (formerly Climate Disclosure Project) as an industry leader on Climate Change Management. TransAlta is proud to have achieved the Silver level PAR (Progressive Aboriginal Relations) designation by the Canadian Council for Aboriginal Business.

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

Forward Looking Statements and Non-GAAP measures:
This news release contains forward looking statements within the meaning of applicable securities laws. The use of any of the words "expect", "anticipate", "continue", "estimate", "may", "will", "project", "should", "propose", "plans", "intends" and similar expressions are intended to identify forward looking information or statements. More particularly, and without limitation, this news release contains forward looking statements and information relating to expected year-end free cash flow, Comparable EBITDA, gross margin expected from the Energy Marketing segment and the annual expected run-rate of Energy Marketing. These forward looking statements are based on a number of assumptions considered by the Company to be reasonable as of the date of this news release, including, but not limited to, the following: the Alberta and Mid-C spot pricing and operational performance and availability remaining consistent through the remainder of 2019.  The forward looking statements are subject to a number of risks and uncertainties that may cause actual performance, events or results to differ materially from those contemplated by the forward looking statements, which include: unplanned outages; lower than expected energy spot pricing in Alberta and Mid-C; economic and competitive conditions, including unusual levels of trading volatility; changes in law, exchange rates or interest rates; and other risk factors contained in the Company's Management Proxy Circular dated March 26, 2019 and its Annual Information Form and Management's Discussion and Analysis for the year ended December 31, 2018, filed under the Company's profile with the Canadian securities regulators on www.sedar.com and the U.S. Securities and Exchange Commission on www.sec.gov. 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. The Company 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 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.

The Company evaluates its performance and the performance of its business segments using a variety of measures. Certain of the financial measures discussed in this press release, include gross margin, Comparable EBITDA and free cash flow, which are not defined under International Financial Reporting Standards (IFRS) and, therefore, should not be considered in isolation or as an alternative to IFRS measures when assessing the financial performance or liquidity of the Company. These non-IFRS measures have no standardized meaning under IFRS, may not be comparable to similar measures presented by other issuers and should not be considered in isolation or as a substitute for measures prepared in accordance with IFRS. Non-IFRS measures are presented to provide management and investors with a proxy for the amount of cash generated from operating and trading activities. Please refer to the Company's MD&A, which is available on the Company's website or under the Company's profile on www.sedar.com for further discussion of these items, including, where applicable, reconciliations to measures calculated in accordance with IFRS.

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SOURCE TransAlta Corporation

Financial and Operating Highlights

• $305 million of comparable EBITDA for the quarter. Excluding PPA Settlements (one-time additional amount of $56 million), comparable EBITDA was $249 million and in line with 2018;
• $741 million of comparable EBITDA for the nine months ended Sept. 30, 2019. Excluding PPA Settlements, comparable EBITDA was $685 million, 7% lower than 2018;
• $170 million of free cash flow ("FCF") for the quarter. FCF from ongoing operations was $114 million, a 21% increase to 2018 FCF;
• $314 million of FCF for the nine months ended Sept. 30, 2019. Excluding the PPA Settlements, FCF was $258 million, 4% lower than 2018;
• $114 million of operations, maintenance, and administration ("OM&A") expense for the quarter, a $6 million decrease, or 5% compared to the same period in 2018;
• $348 million of OM&A expense for the nine months ended Sept. 30, 2019, a $28 million decrease, or 7% compared to the same period in 2018;
• Purchased and cancelled 735,000 common shares under the normal course issuer bid ("NCIB") at an average price of $8.58 per common share, for a total cost of $6 million. For the nine months ended Sept. 30, 2019, we purchased and cancelled 3,133,200 common shares for a total cost of $27 million; and
• Increased full year 2019 FCF outlook range to $300 - $340 million, from the previous range of $270 - $330 million.

Strategic Highlights

• Successful in our arbitration with the Balancing Pool, receiving an additional $56 million in PPA Settlements for the Sundance units which was the full amount we were entitled to under the termination clauses in the PPA;
• Announced our Clean Energy Investment Plan, which includes converting our existing Alberta coal assets to natural gas and advancing our leadership position in on-site generation and renewable energy. We are currently pursuing opportunities of up to approximately $1.9 billion as part of this plan, including approximately $800 million of renewable energy projects already under construction;
• Issued Limited Notice to Proceed for the Keephills Unit 2 boiler conversion;
• Received Alberta Utilities Commission approval for the Windrise project ahead of schedule;
• Entered into an agreement with SemCAMS Midstream ULC to construct and operate a new cogeneration facility at the Kaybob South No. 3 sour gas processing plant with a capital cost of $105 to $115 million. SemCAMS will purchase 50 per cent of the plant at commissioning, subject to the satisfaction of certain conditions;
• Closed the previously announced agreement with Capital Power Corporation to swap TranAlta's 50 per cent ownership interest in the Genesee 3 facility for Capital Power's 50 per cent ownership interest in the Keephills 3 facility; and
• Acquired two 230 MW Siemens F class gas turbines and related equipment for $84 million to be redeployed to our Sundance site as part of the strategy to repower Sundance Unit 5 to a highly efficient combined cycle unit.

CALGARY, Nov. 7, 2019 /PRNewswire/ - TransAlta Corporation ("TransAlta" or the "Company") (TSX: TA) (NYSE: TAC) today reported its third quarter 2019 financial results, which reflect solid operational and financial performance for the quarter. As a result of strong operational performance year-to-date and our expectations for the balance of the year, we have increased our full year 2019 FCF outlook.

Comparable EBITDA for the three and nine months ended Sept. 30, 2019, excluding the PPA Settlements, decreased $1 million and $49 million, respectively, compared to the same periods in 2018. Strong performance at the Canadian Coal and Energy Marketing segments significantly offset reductions in EBITDA at Canadian Gas that were expected as the long-term Mississauga PPA rolled off at the end of 2018 and the Poplar Creek PPA stepped down. At Canadian Coal, comparable EBITDA improved in the nine months ended Sept. 30, 2019 compared to the same period in 2018, due to the combined impact of higher realized prices on greater merchant production, increased co-firing resulting in lower fuel, carbon compliance and purchased power costs as well as lower OM&A costs. In addition, performance from our Energy Marketing segment was stronger than the same periods in 2018, particularly from US Western and Eastern markets due to continued high levels of volatility across North America power markets. Comparable EBITDA for the nine months ended Sept. 30, 2019 was negatively impacted by the unplanned outage at US Coal during the first quarter of 2019.

FCF, after adjusting for the PPA Settlements, was $20 million higher for the three months ended Sept. 30, 2019 compared to the same period in 2018, mainly due to timing of sustaining capital expenditures and strong results, despite significant cash flow declines from the Mississauga and Poplar Creek PPAs. For the nine months ended Sept. 30, 2019, FCF was $11 million lower, excluding the PPA Settlements, compared with the same period in 2018, mainly due to lower comparable EBITDA, partially offset by lower distributions paid to subsidiaries' non-controlling interests.

"Results for the quarter were stronger than expected and demonstrated progress in our business transition," said Dawn Farrell, President and Chief Executive Officer. "We continue to be pleased with the Alberta thermal business which showed stronger margins and availability performance. With the Pioneer Pipeline contract now in place, we see further improvements in that business segment. Our Clean Energy Investment Plan is tracking with two wind farms to come on-line at the end of 2019 and the acceleration of our gas repowering strategy due to the purchase of the Kineticor assets," commented Mrs. Farrell.

• Canadian Coal: Excluding the PPA Settlements, comparable EBITDA for the three and nine months ended Sept. 30, 2019 was $6 million and $24 million higher, respectively, compared with the same periods in 2018. This largely reflects the combined impact of higher prices in the first half of the year, and lower fuel, carbon compliance, purchased power and OM&A costs.
  
  
• U.S. Coal: Comparable EBITDA for the three months ended Sept. 30, 2019, increased by $18 million compared to the same period in 2018, due to strong availability of units. Comparable EBITDA for the nine months ended Sept. 30, 2019, was down $23 million compared to the same period in 2018. During an isolated and extreme pricing event in March, Centralia was unable to commit one of its units to physical production for day ahead supply due to an unplanned forced outage repair. As a result, the Corporation incurred cash losses of $25 million on its day ahead hedging position.
  
  
• Canadian Gas: Comparable EBITDA for the three and nine months ended Sept. 30, 2019 decreased by $28 million and $89 million, respectively, compared to the same periods in 2018, mainly due to the Mississauga contract ending Dec. 31, 2018 and lower scheduled payments from the Poplar Creek finance lease. Additionally, year-to-date results have benefited from lower OM&A costs compared to the prior year, and lower fuel costs at Sarnia due to less steam demand stemming from customer planned outages. In the three and nine months ended Sept. 30, 2018, comparable EBITDA included $31 million and $103 million of EBITDA, respectively, from the Mississauga and Poplar Creek contracts.
  
  
• Australian Gas: Comparable EBITDA for the three and nine months ended Sept. 30, 2019 was consistent with the same periods in 2018, which was expected due to the nature of our contracts.
  
  
• Wind and Solar: Comparable EBITDA for the three and nine months ended Sept. 30, 2019 was consistent with the same periods in 2018. In the third quarter, higher overall production, higher sales of green attributes and lower OM&A costs were offset by lower insurance proceeds. For the nine months ended Sept. 30, 2019, higher sales of green attributes and lower OM&A costs were offset by lower production.
  
  
• Hydro: Total gross revenues decreased by $6 million for the three months ended Sept. 30, 2019 compared to the same period in 2018, due to unfavourable power and ancillary services pricing. Total gross revenues increased by $6 million for the nine months ended Sept. 30, 2019 as favourable energy sales more than offset lower ancillary services revenue. After net payments relating to the Alberta hydro PPA, comparable EBITDA for the three and nine months ended Sept. 30, 2019 was consistent with the same periods in 2018.
  
  
• Energy Marketing: For the three months ended Sept. 30, 2019, comparable EBITDA was consistent with the same period in 2018, due to strong results in both periods. For the nine months ended Sept. 30, 2019, comparable EBITDA was $36 million higher compared to the same period in 2018 due to strong results across all markets with particularly strong performance from US Western and Eastern markets due to continued high levels of volatility across North American power markets. OM&A increased due to higher incentive costs related to stronger performance. The Energy Marketing team was able to capitalize on short term arbitrage opportunities in the markets we trade.
  
  
• Corporate: During the three months ended Sept. 30, 2019, OM&A costs decreased by $2 million, due to cost saving efficiencies, partially offset by higher legal fees. For the nine months ended Sept. 30, 2019, OM&A costs decreased by $8 million, primarily due to the year-to-date realized net gain of $8 million from the total return swap on our share-based payment plans, payments on leases that were capitalized on implementation of IFRS 16 and other cost saving efficiencies, partially offset by higher legal fees. The losses on the total return swap realized during the second and third quarters of 2019 partially offset the gain realized in the first quarter of 2019. A portion of the settlement cost of our share-based payment plans is fixed by entering into total return swaps, which are cash settled every quarter.

2019 Outlook Update
During the first nine months of the year, we have experienced stronger than anticipated results from our Canadian Coal segment. This is due to the combined impact of higher realized prices, lower fuel, carbon compliance and purchased power costs as the Pioneer Pipeline transported first gas four months ahead of schedule, as well as lower OM&A costs. Year-to-date results combined with our forecast provide us with the confidence to revise our FCF outlook.

Consolidated Earnings Review
Net earnings attributable to common shareholders for the three and nine months ended Sept. 30, 2019 were $51 million and a loss of $14 million, respectively. Increased earnings was largely due to the $56 million PPA Settlement received during the third quarter of 2019 as well as the reversal of a previous impairment at the Centralia plant of $151 million, which was partially offset by the $109 million increase for the decommissioning and restoration liability at the Centralia mine and the $18 million write-off of project development costs. Excluding the PPA Settlements and impairment charges and reversals in 2019 and 2018, net loss for the three and nine months ended Sept. 30, 2019 was $18 million and $83 million, respectively, which are improvements over 2018. Stronger earnings are attributable to stronger performance at Canadian Coal and Energy Marketing, strong year-to-date Alberta pricing, the Alberta tax rate reduction, lower OM&A costs, and lower interest expense, partially offset by other gains and losses.

For the nine months ended Sept. 30, 2019, total sustaining capital expenditures of $111 million were $13 million higher compared to 2018 primarily due to higher planned major maintenance in the Canadian Coal segment. There were no planned maintenance outages on operated power plants in Canadian Coal for 2018. Total capital expenditures of $118 million, which includes productivity capital expenditures, were $8 million higher than 2018 and in-line with the Company's guidance for the year.

Significant planned major outages at TransAlta's operated units for the remainder of 2019 include the following:

• Distributed planned maintenance expenditures across the entire Hydro fleet; and
• Distributed expenditures across our Wind fleet, focusing on planned component replacements.

Third Quarter and Nine Months Ended Sept. 30, 2019 and 2018 Financial and Operational Highlights

TransAlta is in the process of filing its Consolidated Financial Statements and accompanying notes, as well as the associated Management's Discussion & Analysis ("MD&A"). These documents will be available November 7, 2019 on the Investors section of TransAlta's website at www.transalta.com or through SEDAR at www.sedar.com and EDGAR at www.sec.gov/edgar.shtml.

Conference call
TransAlta will hold a conference call and webcast at 9:00 a.m. MST (11:00 a.m. EST) today, November 7, 2019, to discuss our third quarter 2019 results. The call will begin with a short address by Dawn Farrell, President and CEO, and Todd Stack, Chief Financial Officer, followed by a question and answer period for investment analysts and investors. A question and answer period for the media will immediately follow. Please contact the conference operator five minutes prior to the call, noting "TransAlta Corporation" as the company and "Chiara Valentini" as moderator.

Dial-in numbers - Third Quarter 2019 Results:
Toll-free North American participants call: 1-888-231-8191
Outside of Canada & USA call: 1-647-427-7450

A link to the live webcast will be available on the Investor Centre section of TransAlta's website at http://www.transalta.com/investors/events-and-presentations. If you are unable to participate in the call, the instant replay is accessible at 1-855-859-2056 (Canada and USA toll free) with TransAlta pass code 5275707 followed by the # sign. A transcript of the broadcast will be posted on TransAlta's website once it becomes available.

Notes

About TransAlta Corporation:

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 100 years, TransAlta has been a responsible operator and a proud community-member where its employees work and live. TransAlta aligns its corporate goals with the UN Sustainable Development Goals and has been recognized by CDP (formerly Climate Disclosure Project) as an industry leader on Climate Change Management. TransAlta is proud to have achieved the Silver level PAR (Progressive Aboriginal Relations) designation by the Canadian Council for Aboriginal Business.

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

Forward Looking Statements

This News Release includes "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"). All forward-looking statements are based on our beliefs as well as assumptions based on information available at the time the assumption was made and on management's experience and perception of historical trends, current conditions, results and expected future developments, as well as other factors deemed appropriate in the circumstances. Forward-looking statements are not facts, but only predictions and generally can be identified by the use of statements that include phrases such as "may", "will", "can"; "could", "would", "shall", "believe", "expect", "estimate", "anticipate", "intend", "plan", "forecast" "foresee", "potential", "enable", "continue" or other comparable terminology.  These statements are not guarantees of our future performance, events or results and are subject to a number of significant risks, uncertainties and other important factors that could cause our actual performance, events or results to be materially different from that set out in the forward-looking statements. More particularly, and without limitation, this news release contains forward-looking statements relating to: Clean Energy Investment Plan and the investment in our Alberta thermal fleet and renewable energy projects already under construction; the construction and operation of a new cogeneration facility at the Kaybob South No. 3 sour gas processing plant with a capital cost of $105 to $115 million; SemCAMS purchase of 50 per cent of the plant at commissioning; redeploying the two 230 MW Siemens F class gas turbines and related equipment to our Sundance site as part of the strategy to repower Sundance Unit 5 to a highly efficient combined cycle unit; achieving our 2019 free cash flow outlook range of $300 - $340 million; the Antrim and Big Level wind farm coming on-line at the end of 2019; statements under the heading "2019 Outlook update", including as it pertains to guidance on Comparable EBITDA and free cash flow; and significant planned major outages at TransAlta's operated units for the remainder of 2019, including distributed planned maintenance expenditures across the entire Hydro fleet and distributed expenditures across our Wind fleet, focusing on planned component replacements.

These statements are based on TransAlta's beliefs and assumptions based on information available at the time the assumptions were made, including assumptions pertaining to: the Company's ability to successfully defend against any existing or potential legal actions or regulatory proceedings; no significant changes to regulatory, securities, credit or market environments; key assumptions pertaining to power prices remaining unchanged; our ownership of or relationship with TransAlta Renewables Inc. not materially changing; and the anticipated benefits and financial results generated on the coal-to-gas conversions, repowerings and the Company's other strategies. The forward-looking statements are subject to a number of risks and uncertainties that may cause actual performance, events or results to differ materially from those contemplated by the forward-looking statements. Some of the factors that could cause such differences include: the outcomes of existing or potential legal actions or regulatory proceedings not being as anticipated, including those pertaining to the Brookfield investment; fluctuations in demand, market prices and the availability of fuel supplies required to generate electricity; changes in the current or anticipated legislative, regulatory and political environments in the jurisdictions in which we operate; environmental requirements and changes in, or liabilities under, these requirements; and other risks and uncertainties contained in the Company's Management Proxy Circular dated March 26, 2019 and its Annual Information Form and Management's Discussion and Analysis for the year ended December 31, 2018, filed under the Company's profile with the Canadian securities regulators on www.sedar.com and the U.S. Securities and Exchange Commission on www.sec.gov. Readers are urged to consider these factors carefully in evaluating the forward-looking statements and 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. In light of these risks, uncertainties and assumptions, the forward-looking statements might occur to a different extent or at a different time than we have described, or might not occur at all. 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.

Note: All financial figures are in Canadian dollars unless otherwise indicated.

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SOURCE TransAlta Corporation

CALGARY, Oct. 30, 2019 /PRNewswire/ - TransAlta Corporation ("TransAlta" or the "Company") (TSX: TA) (NYSE: TAC) announced today that it has entered into an agreement with Kineticor Holdings Limited Partnership #2 to indirectly acquire two 230 MW Siemens F class gas turbines and related equipment for $84 million.  The transaction also results in the Company assuming long-term non-unit contingent power purchase agreements starting in late 2023 with Shell Energy North America (Canada) ("Shell"). TransAlta will redeploy these assets to its Sundance site as part of its strategy to repower Sundance Unit 5 to a highly efficient combined cycle unit by integrating these gas turbines into the existing steam turbine at Sundance Unit 5.     

This transaction has significant benefits, including:

• Advances the Company's strategy of becoming a low cost, low emissions power generation company;
• Significantly reduces TransAlta's post-2020 merchant risk by securing between 210 MW and 420 MW of long-term power contracts with Shell, a strong investment grade company that is committed to providing more and cleaner energy for Alberta;
• Reduces the time to design and construct the repowered combined cycle unit by three to six months;
• Results in a lower capital outlay, by approximately $230 million, for the repowered combined cycle strategy;
• Provides the Company with more operational flexibility by integrating two gas turbines into one steam turbine (rather than two steam turbines); and
• Maintains the option to repower the Keephills 1 unit to a combined cycle unit or to convert the unit to gas via a boiler conversion at a later date, depending in each case on market fundamentals.

The Sundance 5 repowered combined cycle unit will have a capacity of approximately 730 MW and is expected to cost approximately $760 million, well below a greenfield combined cycle project. TransAlta expects to achieve commercial operation in 2023.

"The acquisition advances our repowering strategy in Alberta and increases our contractedness which will help de-risk our business as we move into a fully merchant Alberta market starting in 2021," said Dawn Farrell, President and Chief Executive Officer of TransAlta. "We are very pleased for the opportunity to have Shell as a major customer and look forward to working with them on this opportunity to provide low cost, clean and reliable power for Albertans."

About TransAlta Corporation:
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 100 years, TransAlta has been a responsible operator and a proud community-member where its employees work and live. TransAlta aligns its corporate goals with the UN Sustainable Development Goals and  has been recognized by CDP (formerly Climate Disclosure Project) as an industry leader on Climate Change Management. TransAlta is proud to have achieved the Silver level PAR (Progressive Aboriginal Relations) designation by the Canadian Council for Aboriginal Business.

For more information about TransAlta, visit its web site 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, among other things: the transaction with Kineticor Holdings Limited Partnership #2, including the cost and timing to close; the intention to redeploy the gas turbines to its Sundance site as part of its strategy to repower Sundance Unit 5 to a highly efficient combined cycle unit; integrating the gas turbines into the existing steam turbine; reducing the time to permit, design and construct the repowered combined cycle unit by three to six months; the lower capital outlay of approximately $230 million for the repowered combined cycle strategy, compared to what was discussed during the Company's Investor Day; provides the Company with more operational flexibility; the plans pertaining to repowering the Keephills 1 unit to a combined cycle unit or the potential conversion of the unit to gas via a boiler conversion at a later date; the Sundance 5 repowered combined cycle having a capacity of approximately 730 MW with an expected cost of approximately $760 million; and that commercial  operation will be achieved in 2023.  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. The forward-looking statements are subject to a number of risks and uncertainties that may cause actual performance, events or results to differ materially from those contemplated by the forward-looking statements, which include: fluctuations in demand, market prices and the availability of fuel supplies to support the conversion of Sundance Unit 5 into highly efficient combined cycle natural gas units; changes in the current or anticipated legislative, regulatory and political environments; the construction and permitting of the repowering of Sundance Unit 5;environmental requirements and changes in, or liabilities under, these requirements; and other risks and uncertainties contained in the Company's Management Proxy Circular dated March 26, 2019 and its Annual Information Form and Management's Discussion and Analysis for the year ended December 31, 2018, filed under the Company's profile with the Canadian securities regulators on www.sedar.com and the U.S. Securities and Exchange Commission on www.sec.gov.  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 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.

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SOURCE TransAlta Corporation

CALGARY, Oct. 9, 2019 /PRNewswire/ - The Board of Directors of TransAlta Corporation (TSX: TA) (NYSE: TAC) today declared a quarterly dividend of $0.04 per common share payable on January 1, 2020 to shareholders of record at the close of business on December 2, 2019.

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, 2019 up to but excluding December 31, 2019:

*Please note the quarterly floating rate on the Series B 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:
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 100 years, TransAlta has been a responsible operator and a proud community-member where its employees work and live. TransAlta aligns its corporate goals with the UN Sustainable Development Goals and has been recognized by CDP (formerly Climate Disclosure Project) as an industry leader on Climate Change Management. TransAlta is proud to have achieved the Silver level PAR (Progressive Aboriginal Relations) designation by the Canadian Council for Aboriginal Business.

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

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SOURCE TransAlta Corporation

CALGARY, Oct. 9, 2019 /PRNewswire/ - TransAlta Corporation ("TransAlta") (TSX: TA) (NYSE: TAC) will release its third quarter 2019 results before markets open on Thursday, November 7, 2019. 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.

Please contact the conference operator five minutes prior to the call, noting "TransAlta Corporation" as the company.

Dial-in numbers – Third Quarter 2019 Results:
Toll-free North American participants call: 1-888-231-8191
Outside of Canada & USA call: 1-647-427-7450

A link to the live webcast will be available on the Investor Centre section of TransAlta's website at http://www.transalta.com/investors/events-and-presentations. If you are unable to participate in the call, the instant replay is accessible at 1-855-859-2056 (Canada and USA toll free) with TransAlta pass code 5275707 followed by the # sign. A transcript of the broadcast will be posted on TransAlta's website once it becomes available.

About TransAlta Corporation:
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 100 years, TransAlta has been a responsible operator and a proud community-member where its employees work and live. TransAlta aligns its corporate goals with the UN Sustainable Development Goals and has been recognized by CDP (formerly Climate Disclosure Project) as an industry leader on Climate Change Management. TransAlta is proud to have achieved the Silver level PAR (Progressive Aboriginal Relations) designation by the Canadian Council for Aboriginal Business.

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

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SOURCE TransAlta Corporation

CALGARY, Oct. 1, 2019 /PRNewswire/ - TransAlta Corporation (TransAlta) (TSX: TA)(NYSE: TAC) and SemCAMS Midstream ULC ("SemCAMS"), a subsidiary of SemGroup Corporation (NYSE:SEMG) announce today that they have entered into definitive agreements to develop, construct and operate a new cogeneration facility at the Kaybob South No. 3 sour gas processing plant. The Kaybob facility is strategically located in the Western Canadian Sedimentary Basin and accepts natural gas production out of the Montney and Duvernay formations. TransAlta will construct the cogeneration plant which will be jointly owned, operated and maintained with SemCAMS. The capital cost of the new cogeneration facility is expected to be approximately $105 million and the project is expected to deliver approximately $18 million in annual EBITDA. TransAlta will be responsible for all capital costs during construction and, subject to the satisfaction of certain conditions, SemCAMS will purchase a fifty percent (50%) interest in the new cogeneration facility as of the commercial operation date, which is targeted for late 2021.

The highly efficient cogeneration facility will have an installed capacity of 40 MW. All of the steam production and approximately half of the electricity output will be contracted to SemCAMS under a 13-year fixed price contract. The remaining electricity generation will be sold into the Alberta Power market by TransAlta. The agreement contemplates an automatic 7-year extension subject to certain termination rights. The development of the cogeneration facility at Kaybob South No. 3 will eliminate the need for traditional boilers and reduce annual carbon emissions of the operation by approximately 100,000 tonnes CO2e, which is equivalent to removing 20,000 vehicles off Alberta roads.

"We are very pleased to collaborate with SemCAMS on this project which will enhance their operational and energy efficiency through on-site cogeneration," said Dawn Farrell, President and Chief Executive Officer of TransAlta. "This project represents an important addition to our on-site cogeneration business and we welcome SemCAMS as a valued new customer and partner."

"We are excited to partner with TransAlta on this highly strategic project which will enable SemCAMS to further reduce the annual carbon emissions from its facility while lowering operating expenses for the Kaybob 3 producers" said Dave Gosse, President of SemCAMS. "The cogeneration facility is an important addition to SemCAMS' growing midstream portfolio and furthers SemCAMS' focus on providing reliable, low-cost processing solutions to our customers."

About TransAlta Corporation:
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 100 years, TransAlta has been a responsible operator and a proud community-member where its employees work and live. TransAlta aligns its corporate goals with the UN Sustainable Development Goals and  has been recognized by CDP (formerly Climate Disclosure Project) as an industry leader on Climate Change Management. TransAlta is proud to have achieved the Silver level PAR (Progressive Aboriginal Relations) designation by the Canadian Council for Aboriginal Business.

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

About SemCAMS
SemCAMS Midstream ULC is a gathering and processing business that provides midstream solutions from the wellhead to the wholesale market place in Western Canada. As one of Alberta's largest licensed gas processors, SemCAMS Midstream owns and operates six gas processing plants located in the heart of the Western Canadian Sedimentary Basin with combined licensed capacity of approximately 2 billion cubic feet per day. Strategically positioned to accept production out of the Montney and Duvernay area, the assets include more than 700 miles of natural gas gathering and transportation pipelines as well as oil gathering and emulsion. SemCAMS Midstream is based in Calgary, Alberta and is a joint venture between SemGroup Corporation^® (NYSE: SEMG) and KKR.

Forward-Looking Statements
This news release contains forward-looking statements and forward-looking information within the meaning of applicable securities laws. The use of any of the words "expect", "anticipate", "continue", "estimate", "may", "will", "project", "should", "propose", "plans", "intends" and similar expressions are intended to identify forward-looking information or statements. More particularly, and without limitation, this news release contains forward-looking statements and information relating to: the development and construction of the cogeneration facility at the Kaybob South No. 3 sour gas processing plant; the construction and ownership of the cogeneration plant by TransAlta; construction costs being equal to approximately $105 million the delivery of approximately $18 million in annual EBITDA; the acquisition by SemCAMS of a 50% undivided interest in the cogeneration facility on the commercial operation date; the key terms of the definitive agreement and characteristics of the cogeneration plant, including having electricity generating capacity of 40 MW; a portion of the electricity generation being sold into the Alberta market on a merchant basis; the anticipated reduction in CO2e; the anticipated commercial operation date. These statements are based on TransAlta's and SemCAMS's beliefs and assumptions based on information available at the time the assumptions were made, including assumptions pertaining to: the operation of the Kaybob South No. 3 sour gas processing plant; the Alberta energy-only market design; the current environmental and carbon regulations; and no significant changes to the labour market in Alberta. 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: failure to obtain necessary regulatory approvals; delays in the construction of the generation facility; increased construction costs; legislative or regulatory developments, including as it pertains to carbon pricing; changes in economic and competitive conditions; changes in the demand and price for natural gas and electricity; and other risk factors contained in the TransAlta's annual information form and management's discussion and analysis. Readers are cautioned not to place undue reliance on these forward-looking statements or forward-looking information, which reflect TransAlta's and SemCAMS's expectations only as of the date of this news release. TransAlta and SemCAMS disclaim 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.

Note: All financial figures are in Canadian dollars unless otherwise indicated.

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SOURCE TransAlta Corporation

CALGARY, Sept. 17, 2019 /PRNewswire/ - TransAlta Corporation ("TransAlta" or the "Company") (TSX: TA)(NYSE: TAC) announced today that after taking into account all election notices received for the conversion of the Cumulative Redeemable Rate Reset Preferred Shares, Series G (the "Series G Shares") into Cumulative Redeemable Floating Rate Preferred Shares, Series H (the "Series H Shares"), there were only 140,730 Series G Shares tendered for conversion, which is less than the one million shares required to give effect to conversions into Series H Shares. As a result, none of the Series G Shares will be converted into Series H Shares on September 30, 2019.

About TransAlta Corporation:

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. We provide municipalities, medium and large industries, businesses and utility customers clean, affordable, energy efficient, and reliable power. Today, we are one of Canada's largest producers of wind power and Alberta's largest producer of hydro-electric power. For over 100 years, TransAlta has been a responsible operator and a proud community-member where its employees work and live. TransAlta aligns its corporate goals with the UN Sustainable Development Goals and we have been recognized by CDP (formerly Climate Disclosure Project) as an industry leader on Climate Change Management. We are also proud to have achieved the Silver level PAR (Progressive Aboriginal Relations) designation by the Canadian Council for Aboriginal Business.

For more information about TransAlta, visit our web site at transalta.com.

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SOURCE TransAlta Corporation

CALGARY, Sept. 16, 2019 /PRNewswire/ - TransAlta Corporation ("TransAlta" or the "Company") (TSX: TA) (NYSE: TAC) announces today its Clean Energy Investment Plan, which includes converting its existing Alberta coal assets to natural gas and advancing its leadership position in renewable energy. The total cost of the plan is expected to be approximately $2 billion which includes approximately $800 million of renewable energy projects already under construction.

TransAlta's plan includes converting three of its existing Alberta thermal units to gas in 2020 and 2021 by replacing existing coal burners with natural gas burners. The Company will also convert two of its units to highly efficient combined cycle natural gas units in the late 2023 to late 2024 period. The highlights of these gas conversion investments include:

• Positioning TransAlta's fleet as a low-cost generator in the Alberta energy-only market;
• Generating attractive returns by leveraging the Company's existing infrastructure;
• Significantly extending the life and cash flows of the Alberta thermal assets; and
• Significantly reducing air emissions and costs.

The Company's Clean Energy Investment Plan also consists of the four wind projects in the United States and Alberta that are currently under construction. These projects are underpinned by long-term power purchase agreements with highly creditworthy counterparties.

The Clean Energy Investment Plan will be funded from the cash raised earlier this year through the strategic investment with an affiliate of Brookfield Renewable Partners, cash generated from operations, and through TransAlta Renewables Inc. In addition to funding the plan, the Company remains committed to returning up to $250 million to shareholders over the next three years through share repurchases and reducing its corporate level debt by $400 million in 2020.

The Company has adopted, based on TransAlta level deconsolidated cash flows, a Debt/EBITDA target of 3.0x or less, and a dividend policy of returning between 10% and 15% of TransAlta deconsolidated Funds from Operations to common shareholders. The credit metrics and dividend policy are being presented on a deconsolidated basis, allowing investors to understand how the dividends received from TransAlta Renewables is either being returned or invested for TransAlta shareholders.

Investor Day

TransAlta will be hosting an Investor Day later today at 9:30 am ET during which our executive team will discuss the announcements above in greater detail. A link to the presentation and live webcast will be available on the Investors section of TransAlta's website at http://www.transalta.com/investors/events-and-presentations.

About TransAlta Corporation:
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. We provide municipalities, medium and large industries, businesses and utility customers clean, affordable, energy efficient, and reliable power. Today, we are one of Canada's largest producers of wind power and Alberta's largest producer of hydro-electric power. For over 100 years, TransAlta has been a responsible operator and a proud community-member where its employees work and live. TransAlta aligns its corporate goals with the UN Sustainable Development Goals and we have been recognized by CDP (formerly Climate Disclosure Project) as an industry leader on Climate Change Management. We are also proud to have achieved the Silver level PAR (Progressive Aboriginal Relations) designation by the Canadian Council for Aboriginal Business.

For more information about TransAlta, visit our web site at transalta.com.

Forward Looking Information

This news release contains forward-looking statements and forward-looking information within the meaning of applicable securities laws (collectively referred to as "forwarding-looking statements"). All forward-looking statements are based on our beliefs as well as assumptions based on information available at the time the assumption was made. These statements are not guarantees of our future performance, events or results and are subject to a number of significant risks, uncertainties and other important factors that could cause our actual performance, events or results to be materially different from those set out in the forward-looking statements. More particularly, and without limitation, this news release contains forward-looking statements relating to: the Clean Energy Investment Plan, including the cost and associated timing; the benefits expected to be realized from the Clean Energy Investment Plan; the source of funds for the Clean Energy Investment Plan; the return of capital to shareholders and reduction of corporate debt; satisfying the deconsolidated debt/EBITDA target of 3.0x of less; and implementing or maintaining a dividend policy of returning between 10% and 15% of deconsolidated TransAlta funds from operations. The forward-looking statements are subject to a number of risks and uncertainties that may cause actual performance, events or results to differ materially from those contemplated by the forward-looking statements, which include: fluctuations in demand, market prices and the availability of fuel supplies to support the conversion of two coal units into highly efficient combined cycle natural gas units; the satisfaction of all closing conditions associated with the $400 million preferred share subscription in October 2020; changes in the current or anticipated legislative, regulatory and political environments; environmental requirements and changes in, or liabilities under, these requirements; and other risks and uncertainties contained in the Company's Management Proxy Circular dated March 26, 2019 and its Annual Information Form and Management's Discussion and Analysis for the year ended December 31, 2018, filed under the Company's profile with the Canadian securities regulators on www.sedar.com and the U.S. Securities and Exchange Commission on www.sec.gov. Readers are urged to consider these factors carefully in evaluating the forward-looking statements and 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. 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. 

Non-IFRS Measures

Certain financial measures identified in this news release, including EBITDA and funds from operations (FFO), do not have a standardized meaning under International Financial Reporting Standards ("IFRS") and may not be comparable to similar measures presented by other entities. Presenting these items from period to period provides management and investors with the ability to evaluate earnings and cash flow trends more readily in comparison with prior periods' results and, in the case of the deconsolidated FFO, to allow shareholders to understand how the dividend at TransAlta Renewables is being either returned or invested for TransAlta shareholders.  These measures should not be considered in isolation or as a substitute for measures prepared in accordance with IFRS.  Deconsolidated TransAlta FFO can be reconciled to TransAlta FFO (as defined in the most recently filed Management's Discussion and Analysis of the Company) by subtracting the funds from operations of TransAlta Renewables, subtracting any distributions made in respect of the Company's non-controlling interests (namely, to Canadian Power Holdings Inc.) and adding back the dividends received from TransAlta Renewables.  For further information on non-IFRS financial measures, see our most recently filed Management's Discussion and Analysis, filed with Canadian securities regulators on www.sedar.com and the Securities and Exchange Commission on www.edgar.com and the Investor Day presentation dated September 16, 2019 available on the Company's website investor centre.

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SOURCE TransAlta Corporation

CALGARY, Aug. 30, 2019 /PRNewswire/ - 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 portion of the currently outstanding Cumulative Redeemable Rate Reset First Preferred Shares, Series G ("Series G Shares") (TSX: TA.PR.J) on September 30, 2019 (the "Conversion Date").

As a result, and subject to certain conditions, the holders of the Series G Shares will have the right to elect to convert all or any of their Series G Shares into Cumulative Redeemable Floating Rate First Preferred Shares, Series H of the Company ("Series H Shares") on the basis of one Series H Share for each Series G Share on the Conversion Date. 

As provided in the share terms of the Series G Shares, the foregoing conversion right is subject to the conditions that: (i) if TransAlta determines that there would remain outstanding immediately following the conversion, less than 1,000,000 Series G Shares, all remaining Series G Shares shall be converted automatically into Series H Shares on a one-for one basis effective September 30, 2019; or (ii) if TransAlta determines that there would remain outstanding immediately after the conversion, less than 1,000,000 Series H Shares, holders of Series G Shares shall not be entitled to convert their shares into Series H Shares on the Conversion Date. There are currently 6,000,000 Series G Shares outstanding.

With respect to any Series G Shares that remain outstanding after September 30, 2019, 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 G Shares for the five-year period from and including September 30, 2019 to but excluding September 30, 2024, will be 4.988%, being equal to the five-year Government of Canada bond yield of 1.188% determined as of today plus 3.80%, in accordance with the terms of the Series G Shares.

With respect to any Series H Shares that may be issued on September 30, 2019, 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, 2019 to but excluding December 31, 2019 will be 5.438%, being equal to the annual rate for the most recent auction of 90-day Government of Canada Treasury Bills of 1.638% plus 3.80%, in accordance with the terms of the Series H Shares (the "Floating Quarterly Dividend Rate"). The Floating Quarterly Dividend Rate will be reset every quarter.

The Series G 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 G Shares must be exercised through CDS or the CDS Participant through which the Series G Shares are held. The deadline for the registered shareholder to provide notice of exercise of the right to convert Series G Shares into Series H Shares is 3:00 p.m. (MST) / 5:00 p.m. (EST) on September 15, 2019.  Any notices received after this deadline will not be valid. As such, holders of Series G 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 G Shares during the time fixed therefor, then the Series G Shares shall be deemed not to have been converted (except in the case of an automatic conversion). Holders of the Series G Shares and the Series H Shares will have the opportunity to convert their shares again on September 30, 2024, and every five years thereafter as long as the shares remain outstanding. For more information on the terms of the Series G Shares and the Series H Shares, please see TransAlta's articles of amalgamation, including the share terms and shares in series schedule attached thereto as Schedule "A", which are available on the Company's website under the Investor Centre (Governance).  

About TransAlta Corporation:
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. We provide municipalities, medium and large industries, businesses and utility customers clean, affordable, energy efficient, and reliable power. Today, we are one of Canada's largest producers of wind power and Alberta's largest producer of hydro-electric power. For over 100 years, TransAlta has been a responsible operator and a proud community-member where its employees work and live. TransAlta aligns its corporate goals with the UN Sustainable Development Goals and we have been recognized by CDP (formerly Climate Disclosure Project) as an industry leader on Climate Change Management. We are also proud to have achieved the Silver level PAR (Progressive Aboriginal Relations) designation by the Canadian Council for Aboriginal Business.

For more information about TransAlta, visit our web site 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 G Shares and the Series H 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 8, 2014 relating to the issuance of the Series G 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.

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SOURCE TransAlta Corporation

CALGARY, Aug. 26, 2019 /PRNewswire/ - TransAlta Corporation ("TransAlta" or the "Company") (TSX: TA; NYSE: TAC) announced today that it was successful in its arbitration with the Balancing Pool for the remaining payment related to the termination of the Sundance B and C Power Purchase Arrangements ("PPA").  As a result of the arbitration decision, the Company will receive the full amount it had been seeking to recover, being equal to $58.8 million (including GST payable) from the Balancing Pool, plus interest.  This payment relates to TransAlta's historical investments in certain mining and corporate assets that the Company believed should have been included in the net book value calculation of the PPA's that had been disputed by the Balancing Pool.

About TransAlta Corporation:

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. We provide municipalities, medium and large industries, businesses and utility customers clean, affordable, energy efficient, and reliable power. Today, we are one of Canada's largest producers of wind power and Alberta's largest producer of hydro-electric power. For over 100 years, TransAlta has been a responsible operator and a proud community-member where its employees work and live. TransAlta aligns its corporate goals with the UN Sustainable Development Goals and we have been recognized by CDP (formerly Climate Disclosure Project) as an industry leader on Climate Change Management. We are also proud to have achieved the Silver level PAR (Progressive Aboriginal Relations) designation by the Canadian Council for Aboriginal Business.

For more information about TransAlta, visit our web site 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, among other things, the ability of the Company to recover the $58.8 million from the Balancing Pool.  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 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.

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SOURCE TransAlta Corporation

Transaction will result in TransAlta owning 100% of the Keephills 3 Facility and Capital Power owning 100% of the Genesee 3 Facility 

CALGARY, Aug. 2, 2019 /PRNewswire/ - TransAlta Corporation ("TransAlta" or the "Company") (TSX: TA; NYSE: TAC) announced today that it has entered into definitive agreements with Capital Power Corporation ("Capital Power") providing for the swap of their respective non-operating interests in the Keephills 3 facility and the Genesee 3 facility (the "Transaction").   As a result of the Transaction, TransAlta will own 100% of the Keephills 3 facility and Capital Power will own 100% of the Genesee 3 facility. The purchase prices for each non-operating interest will be largely set-off against each other, resulting in a net payment of approximately $10 million being made from Capital Power to TransAlta, subject to working capital adjustments. 

"Today marks another important step in our transition to becoming Canada's leading clean power company," stated Dawn Farrell, President and Chief Executive Officer of TransAlta. "This transaction consolidates our control and operation of the Keephills 3 facility and allows us greater flexibility in pursuing our strategy of accelerating the coal-to-gas conversions."

The Keephills 3 facility is a 463 MW coal-fired generating facility located approximately 70 kilometers west of Edmonton, Alberta, adjacent to TransAlta's existing Keephills Unit 1 and Unit 2 power plants. TransAlta and Capital Power are currently equal partners in the ownership of the Keephills 3 facility, with TransAlta being responsible for its operations. The Keephills 3 facility achieved commercial operation in 2011 and has been identified as a candidate for TransAlta's intended coal-to-gas conversions.   

The Genesee 3 facility is a 466 MW coal-fired generating facility located approximately 50 kilometers southwest of Edmonton, adjacent to Capital Power's Genesee generating station.  TransAlta and Capital Power are also equal partners in the ownership of the Genesee 3 facility, with Capital Power being responsible for its operations.  

The closing of the Transaction is subject to certain customary closing conditions, including the receipt of all necessary governmental and regulatory approvals and, as it applies to a subsidiary of TransAlta, receipt of bondholder consent. The Transaction is expected to close in the fourth quarter of 2019.  

About TransAlta Corporation:
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. We provide municipalities, medium and large industries, and businesses and utility customers with clean, affordable, energy efficient and reliable power. Today, we are one of Canada's largest producers of wind power and Alberta's largest producer of hydro-electric power. For over 100 years, TransAlta has been a responsible operator and a proud community-member where its employees work and live. TransAlta aligns its corporate goals with the UN Sustainable Development Goals and we have been recognized by CDP (formerly Climate Disclosure Project) as an industry leader on Climate Change Management. We are also proud to have achieved the Silver level PAR (Progressive Aboriginal Relations) designation by the Canadian Council for Aboriginal Business.

For more information about TransAlta, visit our web site at transalta.com.

Forward-Looking Statements
This news release contains forward-looking statements and forward-looking information within the meaning of applicable securities laws. The use of any of the words "expect", "anticipate", "continue", "estimate", "may", "will", "project", "should", "propose", "plans", "intends" and similar expressions are intended to identify forward-looking information or statements. More particularly, and without limitation, this news release contains forward-looking statements and information relating to: the Transaction, including the closing and satisfaction of conditions precedents; the anticipated benefits arising from the Transaction, including as it relates to TransAlta's coal-to-gas strategy; and the potential conversion of the Keephills 3 facility to a gas-fired facility. These statements are based on TransAlta's belief and assumptions based on information available at the time the assumptions were made. 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: failure to receive all necessary regulatory approvals or satisfy other conditions to closing the Transaction; legislative or regulatory developments; market or business conditions; business opportunities that become available to, or are pursued by TransAlta; and other risk factors contained in TransAlta's annual information form and management's discussion and analysis. Readers are cautioned not to place undue reliance on these forward-looking statements or forward-looking information, which reflect TransAlta's expectations only 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.

Note: All financial figures are in Canadian dollars.

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SOURCE TransAlta Corporation

CALGARY, July 25, 2019 /PRNewswire/ - TransAlta Corporation ("TransAlta" or the "Company") (TSX: TA; NYSE: TAC) today commented on the Government of Alberta's announcement that the energy-only market framework in Alberta will be maintained. 

The promise by the Government of Alberta to deliver a decision on market structure within 90 days was fulfilled, thereby reducing significant uncertainty for TransAlta in assessing investment decisions in the Alberta power generation market. The Company has undertaken a review of its future investment decisions on coal-to-gas conversions and repowering through hybrid investments, as well as the impacts on our hydro and wind assets, under an energy-only market. This review has confirmed that our strategy to convert the coal fleet to natural gas remains unchanged. The Company will provide more details of its strategy at its investor day to be held on September 16, 2019.  

The energy-only market has been in place in Alberta since 2000. The structure provides stability and ensures a competitive framework to be able to assess investment opportunities in Alberta. TransAlta is now in a position to make key investment decisions as it transitions to gas and continues to provide affordable and clean power for Alberta consumers for decades to come. The $750 million in capital raised earlier in 2019 can now be put to work in Alberta for the benefit of investors and customers.  

TransAlta is well positioned to continue on the path to become Canada's leading gas and renewables generator by 2025.  

About TransAlta Corporation
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. We provide municipalities, medium and large industries, businesses and utility customers clean, affordable, energy efficient, and reliable power. Today, we are one of Canada's largest producers of wind power and Alberta's largest producer of hydro-electric power. For over 100 years, TransAlta has been a responsible operator and a proud community-member where its employees work and live. TransAlta aligns its corporate goals with the UN Sustainable Development Goals and we have been recognized by CDP (formerly Climate Disclosure Project) as an industry leader on Climate Change Management. We are also proud to have achieved the Silver level PAR (Progressive Aboriginal Relations) designation by the Canadian Council for Aboriginal Business.

For more information about TransAlta, visit our web site at www.transalta.com.

Forward Looking Statement

This news release contains forward-looking statements and forward-looking information within the meaning of applicable securities laws (collectively referred to as "forwarding-looking statements"). All forward-looking statements are based on our beliefs as well as assumptions based on information available at the time the assumption was made. These statements are not guarantees of our future performance, events or results and are subject to a number of significant risks, uncertainties and other important factors that could cause our actual performance, events or results to be materially different from those set out in the forward-looking statements. More particularly, and without limitation, this news release contains forward-looking statements relating to: the Company's investor day; being able to conclude and announce  key investment decisions at the investor day, and that such decisions will ensure affordable and clean power for Alberta consumers; the market will support TransAlta's ability to generate power competitively; the closing of the $750 million capital investment, including the $400 million preferred share subscription scheduled to close in October 2020; and becoming Canada's leading gas and renewables generator by 2025 .  The forward-looking statements are subject to a number of risks and uncertainties that may cause actual performance, events or results to differ materially from those contemplated by the forward-looking statements, which include: fluctuations in demand, market prices and the availability of fuel supplies required to generate electricity; the closing of the $750 million investment and the satisfaction of all closing conditions associated with the $400 million preferred share subscription in October 2020; changes in the current or anticipated legislative, regulatory and political environments; environmental requirements and changes in, or liabilities under, these requirements; and other risks and uncertainties contained in the Company's Management Proxy Circular dated March 26, 2019 and its Annual Information Form and Management's Discussion and Analysis for the year ended December 31, 2018, filed under the Company's profile with the Canadian securities regulators on www.sedar.com and the U.S. Securities and Exchange Commission on www.sec.gov. Readers are urged to consider these factors carefully in evaluating the forward-looking statements and 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. 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. 

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SOURCE TransAlta Corporation

CALGARY, July 16, 2019 /PRNewswire/ - The Board of Directors of TransAlta Corporation (TSX: TA) (NYSE: TAC) today declared a quarterly dividend of $0.04 per common share payable on October 1, 2019 to shareholders of record at the close of business on September 3, 2019.

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, 2019 up to but excluding September 30, 2019: