Slide 1: Q3 2021 Results
Q3 2021 Results NOVEMBER 9, 2021 1
Slide 2: Forward-Looking Statements
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 Securities Litigation Re
Slide 3: John Kousinioris, President and Chief Executive Officer
John Kousinioris President and Chief Executive Officer 3
Slide 4: Q3 Achievements
Q3 Achievements Q3 RESULTS AND FINANCIAL GROWTH AND CUSTOMER STATEGIC INITIATIVES POSITION SOLUTIONS EBITDA increase of 49% 122 MW North Carolina Solar Portfolio Announced Clean Electricity Growth Plan acquisition FCF per share increase of 79% Suspension of Sundance Unit 5 Started constr
Slide 5: North Carolina Solar
North Carolina Solar Portfolio Highlights Location North Carolina Contracted 100% Size 122 MW Customer Duke Energy Technology Solar PV Term 12 years Acquisition November 5, 2021 EBITDA US$9 million COD dates ranging from Nov. 2019 to May 2021 Acquisition cost of US$99 million Expected production of
Slide 6: Windrise
Windrise Project Highlights Location Ft Macleod, Alberta Contracted 100% Size 206 MW Customer AESO Technology SiemensGamesa Term 20 years v4.8 - 145 COD November 2021 EBITDA $20-$22 million All turbines fully assembled 41 of 43 turbines commissioned and now in operation Transmission interconnection
Slide 7: Garden Plain
Garden Plain Project Highlights Location Hanna, Alberta Contracted 77% Size 130 MW Customer Pembina Technology Siemens Gamesa Term 18 years SG5.0-145 COD H2 2022 EBITDA $14-$18 million Construction activities now underway Alberta Utilities Commission permits have been secured for the wind and interc
Slide 8: Development Pipeline – United States
Development Pipeline Total All Stages: 1,195 MW UNITED STATES PROJECT MW FUEL LOCATION STAGE COD RANGE Horizon Hill 200 Wind OK 2023 White Rock East 200 Wind OK 2023 White Rock West 100 Wind OK 2023 Prairie Violet 185 Wind IL 2024-2025 Big Timber 50 Wind PA 2024-2025 Wild Waters 40 Wind MN
Slide 9: Development Pipeline – Canada
Development Pipeline Total All Stages: 1,385 – 2,000 MW CANADA PROJECT MW FUEL LOCATION STAGE COD RANGE Riplinger 300 Wind AB 2024-2025 Willow Creek 1 70 Wind AB 2024 Willow Creek 2 70 Wind AB 2024 Tempest 90 Wind AB 2024 Alberta Cogen 15-30 Gas AB 2023 Ontario Cogen 20 Gas ON 2023 Water
Slide 10: Development Pipeline – Australia
Development Pipeline Total All Stages: 210 – 270 MW AUSTRALIA PROJECT MW FUEL LOCATION STAGE COD RANGE Mt Keith Capacity 25 - 50 Gas WA 2023 Additions New Mine Supply 25 Gas WA 2024 SCE North Wind 25 - 60 Wind WA 2023 Higginsville Transmission - WA 2024 Supply Line South Hedland 50 Solar WA
Slide 11: Todd Stack, EVP Finance and Chief Financial Officer
Todd Stack Executive Vice President, Finance and Chief Financial Officer President, TransAlta Renewables Inc. 11
Slide 12: 2021 Q3 Financial Highlights
2021 Q3 Financial Highlights 3 Months Ended September 30, 2021 COMPARABLE EBITDA FREE CASH FLOW FCF PER SHARE ($ millions) ($ millions ) ($ / share) $381 $189 +49% +79% $0.70 +78% $256 $106 $0.39 2020 2021 2020 2021 2020 2021 Cash Flow Generation Driven by Alberta Portfolio & Energy Marketing 12
Slide 13: TransAlta Segmented Results
TransAlta Segmented Results 3 & 9 Months Ended September 30, 2021 Q3 2021 Q3 2020 EBITDA YTD 2021 YTD 2020 82 28 Hydro 255 83 55 36 Wind and Solar 186 171 35 29 North American Gas 88 85 36 34 Australian Gas 99 93 104 47 Alberta Thermal 232 121 35 49 Centralia 61 109 58 49 Energy Marketing 128 90 (24
Slide 14: Alberta Electricity Portfolio
Alberta Electricity Portfolio 3 Months Ended September 30, 2021 AB Thermal AB Hydro AB Gas AB Wind Energy Energy Ancillary Energy Energy Total Production 2,508 GWh 475 GWh 657 GWh 117 GWh 237 GWh Hedge Volume (%) 74% - - - - Average Realized Prices($ / MWh) $101 $114 $46 $73 $71 Average Pool Price (
Slide 15: TransAlta Renewables Q3 2021 Highlights
TransAlta Renewables Q3 2021 Highlights 3 & 9 Months Ended September 30, 2021 Q3 2021 Q3 2020 YTD 2021 YTD 2020 102 96 Comparable EBITDA 322 329 57 76 AFFO 214 261 54 73 CAFD 184 232 0.21 0.29 AFFO per share 0.80 0.98 0.20 0.27 CAFD per share 0.69 0.87 0.23 0.23 Dividends per share 0.70 0.70 15
Slide 16: 2021 Outlook Update
2021 Outlook Update Previous Outlook as of Revised Outlook Change from Previous ($millions) Q2 2021 Q3 2021 Midpoint Comparable EBITDA $1,100 – $1,200 $1,200 to $1,300 Up ~9% Up ~11% on a per share FCF $440 – $515 $500 - $560 basis Power Prices ($/MWh) Power Prices ($/MWh) Change from Previous Marke
Slide 17: 2021 Financial Strength
2021 Financial Strength FCF ($MILLIONS) FCF PER SHARE Updated Updated Guidance Guidance $500 - $560 $1.85 - $2.07 $456 $1.68 $367 $379 $358 $328 $1.34 $1.30 $1.28 $1.14 2017 2018 2019 2020 2021 YTD 2017 2018 2019 2020 2021 YTD SENIOR CORPORATE DEBT ($BILLIONS) LIQUIDITY ($BILLIONS) - 58% + 35% $2.6
Slide 18: 2021 Balance of Year Priorities
2021 Balance of Year Priorities SAFETY, RELIABILITY AND GROWTH AND STRATEGIC INITIATIVES AVAILABILITY CUSTOMER SOLUTIONS • Achieve strong safety • Complete Windrise • Recontract Sarnia performance • Advance construction on Garden Plain Wind • Complete Keephills 3 CTG • Achieve strong fleet availabil
Slide 19: Our Value Proposition
Diversified and Clean power leader resilient fleet with ESG focus Our Value Proposition ~3 GW Strong growth pipeline financial position 19
Slide 20: Questions & Answers
Questions & Answers Visit us at: www.transalta.com Investor_Relations@TransAlta.com 20