Slide 1: Q3 2023 Results
Q3 2023 Results November 7, 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: Q3 2023 At A Glance
Q3 2023 At Transaction Achievements A Glance Q3 2023 Results and Strategic Financial Position Initiatives Adjusted EBITDA1 of of advanced-stage development projects adds proportionate capacity of FCF1 of or Garden Plain achieved COD per share Ownership in additional of assets through acquisition of
Slide 5: Projects Under Construction
Projects Under Construction COD COD COD COD Q1 2024 Q4 2023 Q4 2023 Q1 2024 Horizon Hill Mt. Keith Northern White Rock Wind Transmission Goldfields Solar Wind All turbines fully assembled Nearing completion Commercial operations to be 34 turbines assembled achieved by year end Transmission interconn
Slide 6: Advanced-Stage Projects
Advanced-Stage Projects Target Estimated Spend EBITDA MW Location Type Completion ($millions) ($millions) 1 Date Battery WaterCharger 180 Cochrane, AB $150 – $1702 $15 – $17 2025 Storage Australian Transmission n/a Western Australia Transmission AU$70 – AU$75 AU$7 – AU$8 2025 Expansion Pinnacle 1 an
Slide 7: Development Pipeline ~4.8 GW
Development Pipeline Changes to Development Pipeline (MW) ~4.8 GW Currently in development in our 3 core geographies 1 On track to exceed development pipeline 2025 target 7 1 Net of projects removed from pipeline in 2021. TransAlta’s 2021 Investor Day took place on September 28, 2021.
Slide 8: Todd Stack, Executive Vice President, Finance and Chief Financial Officer
Todd Stack Executive Vice President, Finance and Chief Financial Officer
Slide 9: Alberta Electricity Portfolio
Alberta Electricity Portfolio Alberta Hedging Q4 2023 2024 Q3 2023 Realized Prices Price $89 / MWh $84 / MWh Energy Volume 1,697 GWh 6,642 GWh 128% 114% Price $2.34 / GJ $2.73 / GJ Natural AB Hydro average AB Gas average real i z ed merch an t real i z ed merch an t Gas Volume 95%2 85%3 en ergy pri
Slide 10: TransAlta Segmented Results
TransAlta Segmented Results 3 and 9 Months Ended September 30, 2023 ($millions) Q3 2023 Q3 2022 Adjusted EBITDA1 YTD 2023 YTD 2022 150 245 Hydro 403 394 37 42 Wind and Solar 175 219 254 195 Gas 660 365 29 51 Energy Transition 96 67 13 53 Energy Marketing 95 120 (30) (31) Corporate (86) (72) 453 555
Slide 11: Strong Performance from Alberta Hydro
Strong Performance from Alberta Hydro Hydro Adjusted EBITDA 1 ($millions) Hydro Volumes (GWh) 900 300 800 250 700 Volume (GWh) 600 200 $ millions 500 150 400 300 100 200 50 100 - 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q3 2021 Q3 2022 Q3 2023 2021 2021 2021 2021 2022 2022 2022 2022 2023 2023 2023 TA EBIT
Slide 12: Attractive Deal Metrics for Heartland Transaction
Attractive Deal Metrics for Heartland Transaction TEV1/EBITDA2 Contracted Cash Multiple at Closing Flows ~5.5x ~$115 $357 ~55% Multiple Million Per kW Revenue Adds 1,844 MW of complementary flexible capacity 1 TEV is an abbreviation of total enterprise value. 12 2 EBITDA is a non-IFRS measure, certa
Slide 13: Heartland Transaction at a Glance
Heartland Transaction at a Glance November 2023 2024 Purchase price of million Subject to customary Transaction closes plus million of low-cost closing conditions and debt regulatory approvals Financed using available liquidity 13
Slide 14: 2023 Priorities
2023 Priorities Safety, Reliability Strategic Initiatives and Availability Progress 418 MW advanced-staged Accelerate CO2 emissions reduction to Achieve strong safety performance projects 75% from 2015 levels by 2026 Complete Garden Plain, Northern Achieve strong fleet availability Goldfields Solar,
Slide 15: Our Value Proposition
Diversified and Clean electricity Our resilient fleet leader with ESG focus Value Proposition 4.8+ 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: Development Pipeline: United States
Development Pipeline: United States Total All Stages: 2,735 MW – 2,985 MW Project MW Type Location Stage COD Range White Rock West 100 Wind OK 2024 White Rock East 200 Wind OK 2024 Horizon Hill 200 Wind OK 2024 Old Town 185 Wind IL 2026 Trapper Valley 225 Wind WY 2028 Monument Road 152 Wind NE 2025
Slide 18: Development Pipeline: Canada
Development Pipeline: Canada Total All Stages: 2,181 MW – 3,031 MW COD Project MW Type Location Stage Range Tempest 100 Wind AB 2026 WaterCharger 180 Battery AB 2025 Pinnacle 1 and 2 44 Gas AB 2025 Riplinger 300 Wind AB 2027 Red Rock 100 Wind AB 2028 Willow Creek 1 70 Wind AB 2028 Willow Creek 2 70
Slide 19: Development Pipeline: Australia
Development Pipeline: Australia Total All Stages: 427 MW COD Project MW Type Location Stage Range Northern Goldfields Solar 48 Hybrid Solar WA 2023 Mt Keith 132kV N/A Transmission WA 2023 Expansion SCE Capacity Expansion 94 Gas WA 2025 Australia Transmission N/A Transmission WA 2025 Expansion Wind,
Slide 20: 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 - 10 years Duke US$9 In service Garden Plain Wind 130 Hanna, AB - 17 years1 Pembina and Pepsi $13 - $14 In service Northern Goldfields 48 Western A