Slide 1: Q4 and Annual 2021 Results
Q4 and Annual 2021 Results FEBRUARY 24, 2022 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: Full Year 2021 Financial Highlights
Full Year 2021 Financial Highlights 12 Months Ended December 31, 2021 ADJUSTED EBITDA 1 FREE CASH FLOW 1 FREE CASH FLOW PER ($ millions) ($ millions ) SHARE 1 +36% +57% +59% $562 $2.07 $1,263 $927 $358 $1.30 2020 2021 2020 2021 2020 2021 Cash flow generation driven by Alberta Portfolio and Energy Ma
Slide 5: 2021 Achievements
2021 Achievements 2021 RESULTS AND GROWTH AND CUSTOMER STRATEGIC INITIATIVES FINANCIAL POSITION SOLUTIONS 1 EBITDA increase of 36% 600 MW of growth announced in 2021 Advanced Clean Electricity Growth Plan – Expansion in all 3 operating regions 1 FCF per share increase of 59% to 1 Achieved
Slide 6: Clean Electricity Growth Plan Execution in 2021
Clean Electricity Growth Plan Execution in 2021 North Garden Northern White Rock Carolina Plain Goldfields Wind Solar 600 MW ~ $1 billion 30% of MW 130 48 300 122 total capacity across 5 investment 5-year target projects announced in opportunity secured Western Caddo County, North 2021 Location Hann
Slide 7: White Rock Wind Project Highlights
White Rock Wind Project Highlights Location Caddo County, OK Contracted 100% Size 300 MW Customer AA rated Technology Vestas EBITDA US$42-46 million COD H2 2023 Term Long-term On-site construction to begin in 2022 White Rock East and White Rock West will, collectively, be TransAlta’s largest wind fa
Slide 8: Development Pipeline (United States)
Development Pipeline Total All Stages: 1,105 MW UNITED STATES PROJECT MW FUEL 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 2026 Old Town 185 Wind IL 2024-2025 Big Timber 50 Wind PA 2026 O
Slide 9: Development Pipeline (Canada)
Development Pipeline Total All Stages: 1,470 – 2,070 MW CANADA PROJECT MW FUEL LOCATION STAGE COD RANGE Garden Plain 130 Wind AB 2022 Riplinger 300 Wind AB 2025 Willow Creek 1 70 Wind AB 2024-2025 Willow Creek 2 70 Wind AB 2024-2025 Tempest 100 Wind AB 2024 WaterCharger 180 Battery AB 2023 Sun
Slide 10: Development Pipeline (Australia)
Development Pipeline Total All Stages: 228 MW AUSTRALIA PROJECT MW FUEL LOCATION STAGE COD RANGE Northern Solar and 48 WA 2022 Goldfields Solar Battery Mt Keith 132kV N/A Transmission WA 2023 Expansion Mt Keith Capacity 40 Gas WA 2023 Additions Goldfields Wind, Solar, 90 WA 2024 Expansions Gas South
Slide 11: Todd Stack
Todd Stack Executive Vice President, Finance and Chief Financial Officer President, TransAlta Renewables Inc. 11
Slide 12: Alberta Electricity Portfolio
Alberta Electricity Portfolio 2021 Realized Prices and 2022 Hedging Assumptions 19% ALBERTA HYDRO AVERAGE PREMIUM IN 2021 $130 Hedging 2022 Full Year Assumptions $110 Volume Average Hedge Price Energy 6,278 GWh1 $75 / MWh $90 Natural 50 million GJ2 $2.75 / GJ Average Annual Gas $70 Spot Price 1Repre
Slide 13: TransAlta Segmented Results
TransAlta Segmented Results 12 Months Ended December 31, 2021 2021 2020 % Change Hydro 322 105 207% Wind and Solar 262 248 6% Gas 494 367 35% Energy Transition 133 175 (24)% Energy Marketing 137 113 21% Corporate (85) (81) 5% Total Adjusted EBITDA1 1,263 927 36% Diversified portfolio delivers except
Slide 14: TransAlta 2021 Year in Review and 2022 Guidance
TransAlta 2021 Year in Review and 2022 Guidance FCF 1 ($MILLIONS) ADJUSTED EBITDA 1 ($MILLIONS) 2022 Guidance + 53% 2022 Guidance $455 - $555 + 12% $1,065 - $1,185 $1,263 $562 $1,123 $984 $927 $367 $379 $358 2018 2019 2020 2021 2022E 2018 2019 2020 2021 2022E SENIOR CORPORATE DEBT ($BILLIONS) LIQUID
Slide 15: TransAlta Renewables 2021 Highlights
TransAlta Renewables 2021 Highlights 12 Months Ended December 31, 2021 2021 2020 % Change 2022 Outlook Adjusted EBITDA1 463 462 ~ 485 - 525 CAFD1 275 304 (10)% 245 - 285 CAFD per share1 1.03 1.14 (10)% 0.92 - 1.07 Dividends per share 0.94 0.94 ~ 0.94 Payout ratio 91% 82% 10% 88%-102% 1 Adjusted EBIT
Slide 16: 2022 Priorities
2022 Priorities SAFETY, RELIABILITY AND GROWTH AND STRATEGIC INITIATIVES AVAILABILITY COMMERCIAL • Achieve strong safety • Reach FID on 400 MW of additional clean • Advance 75% CO2 emissions performance energy projects reduction target by 2026 over 2015 levels • Achieve strong fleet availability • A
Slide 17: Our Value Proposition
Diversified and Clean power leader resilient fleet with ESG focus Our Value Proposition ~3 GW Strong growth pipeline financial position 17
Slide 18: Questions & Answers
Questions & Answers Visit us at: www.transalta.com Investor_Relations@TransAlta.com 18