Slide 1: Q1 2023 Results
Q1 2023 Results May 5, 2023
Slide 2: Disclaimer and Forward-Looking Statements
Disclaimer and Forward-Looking Statements This presentation 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 Securitie
Slide 3: John Kousinioris, President and Chief Executive Officer
John Kousinioris President and Chief Executive Officer 3
Slide 4: Q1 2023 At A Glance
Q1 2023 At Transaction Achievements A Glance Q1 2023 Results and Strategic Financial Position Initiatives Adjusted EBITDA1 of Returned to of advanced stage development projects shareholders through NCIB FCF1 of or per share Entered into Added to renewables Operational availability of development pip
Slide 5: Clean Electricity Growth Plan Execution
Clean Electricity Growth Plan Execution Capital EBITDA MW Location PPA Term Customer COD ($millions) ($millions) North Carolina Solar 122 North Carolina US$99 11 years Duke US$9 In service Pembina and Garden Plain Wind 130 Hanna, AB $190 - $200 17 years1 investment-grade $14 - $15 H1 2023 customer N
Slide 6: Advanced-Stage Projects
Advanced-Stage Projects Target Estimated Spend EBITDA MW Location Type Completion ($millions) ($millions) Date Tempest 100 Warner County, AB Wind $210 – $230 $20 - $23 2025 SCE Capacity Expansion 94 Western Australia Gas AU$180 – AU$200 $14 - $15 2025 Battery WaterCharger 180 Cochrane, AB AU$150 – $
Slide 7: Development Pipeline ~4.3 GW
Development Pipeline Changes to Development Pipeline (MW) ~4.3 GW Currently in development in our 3 core geographies 1 Development pipeline expansion on track to meet 2025 target 7 1 Net of projects removed from pipeline in 2021.
Slide 8: 2023 Outlook Update
2023 Outlook Update Revised Outlook Previous Outlook as of Change from Previous ($ millions) Q1 2023 Q4 2022 Midpoint Adjusted EBITDA1 $1,450 to $1,550 $1,200 to $1,320 + 19% FCF1 $650 to $750 $560 to $660 + 15% Energy Marketing $130 to $150 $90 to $110 + 40% Gross Margin Power and Gas Prices Power
Slide 9: Todd Stack
Todd Stack Executive Vice President, Finance and Chief Financial Officer President, TransAlta Renewables Inc.
Slide 10: Alberta Electricity Portfolio
Alberta Electricity Portfolio 2023 Balance of Year Hedging Q1 2023 Realized Prices Average Volume 182% 118% 110% Hedge Price AB Hydro average AB Hydro average Gas average Energy 4,768 GWh ~$86 / MWh real i z ed en ergy pri ce real i z ed merch an t real i z ed merch an t t o spot i n Q1 2023 en ergy
Slide 11: TransAlta Segmented Results
TransAlta Segmented Results 3 Months Ended March 31, 2023 ($millions) Q1 2023 Adjusted EBITDA1 Q1 2022 106 Hydro 61 88 Wind and Solar 89 240 Gas 105 54 Energy Transition 5 39 Energy Marketing 17 (24) Corporate (18) 503 Total 259 Strong performance across entire company 1 Adjusted EBITDA and FCF are
Slide 12: Alberta Hydro Exceeds Expectations
Alberta Hydro Exceeds Expectations Hydro Adjusted EBITDA 1 ($millions) Hydro Volumes (GWh) 900 120 800 100 700 Volume (GWh) 600 80 $ millions 500 60 400 300 40 200 20 100 - 0 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q1 2021 Q1 2022 Q1 2023 Ancillary Service Energy TA E
Slide 13: TransAlta Renewables Q1 2023 Highlights
TransAlta Renewables Q1 2023 Highlights 3 Months Ended March 31, 2023 Q1 2023 Q1 2022 128 Adjusted EBITDA1 139 71 CAFD1 90 0.27 CAFD per share1 0.34 0.23 Dividends per share 0.23 1 Adjusted EBITDA, CAFD, and CAFD per share are non-IFRS measures. Certain additional disclosure for these specified fina
Slide 14: 2023 Priorities
2023 Priorities Safety, Reliability Strategic Initiatives and Availability Secure 500 MW of growth Accelerate CO2 emissions reduction to Achieve strong safety performance 75% from 2015 levels by 2026 Complete Garden Plain, Northern Achieve strong fleet availability of Goldfields Solar, White Rock, H
Slide 15: Our Value Proposition
Diversified and Clean electricity Our resilient fleet leader with ESG focus Value Proposition 4.3+ GW Strong growth pipeline financial position
Slide 16: Questions and Answers
Questions and Answers Visit us at: www.transalta.com Investor_relations@transalta.com
Slide 17: TAC Development Pipeline: United States
TAC Development Pipeline: United States Total All Stages: 2,054 MW – 2,304 MW Project MW Type Location Stage COD Range White Rock West 100 Wind OK 2023 White Rock East 200 Wind OK 2023 Horizon Hill 200 Wind OK 2023 Prairie Violet 130 Wind IL 2027 Old Town 185 Wind IL 2025 Monument Road 152 Wind NE 2
Slide 18: TAC Development Pipeline: Canada
TAC Development Pipeline: Canada Total All Stages: 2,062 MW – 2,912 MW COD Project MW Type Location Stage Range Garden Plain 130 Wind AB 2023 Tempest 100 Wind AB 2025 WaterCharger 180 Battery AB 2024 Riplinger 300 Wind AB 2026 Red Rock 100 Wind AB 2028 SunHills Solar 115 Solar AB 2025 McNeil Solar 5
Slide 19: RNW Development Pipeline
RNW Development Pipeline Total All Stages: 827 MW COD Project MW Type Location Stage Range Canada Willow Creek 1 70 Wind AB 2027 Willow Creek 2 70 Wind AB 2027 Canadian Battery 10 Battery NB 2025 United States Big Timber 50 Wind PA 2027 Trapper Valley 225 Wind WY 2028 Other US Wind Prospects 40 Wind