TransAlta Corporation (TAC): Business Model Canvas

TransAlta Corporation (TAC) steht an der Spitze der Energiewende und webt ein komplexes Geflecht aus erneuerbarer und traditioneller Stromerzeugung, das konventionelle Versorgungsparadigmen in Frage stellt. Durch die strategische Kombination innovativer Technologien, kommunaler Partnerschaften und nachhaltiger Praktiken hat dieses dynamische Unternehmen ein Geschäftsmodell entwickelt, das nicht nur Strom erzeugt, sondern auch bedeutende Auswirkungen auf die Umwelt und die Wirtschaft in mehreren Sektoren hat. Ihr einzigartiger Ansatz zur Energieerzeugung, der Wind-, Solar-, Wasser- und Gasressourcen umfasst, positioniert TAC als zentralen Akteur beim globalen Übergang zu saubereren, widerstandsfähigeren Energiesystemen.

TransAlta Corporation (TAC) – Geschäftsmodell: Wichtige Partnerschaften

Strategische Allianz mit indigenen Gemeinschaften für Projekte im Bereich erneuerbare Energien

TransAlta hat Partnerschaften mit mehreren indigenen Gemeinschaften in ganz Kanada zur Entwicklung erneuerbarer Energien aufgebaut. Ab 2024 verfügt das Unternehmen über:

Indigene Partnerschaft	Projektstandort	Art der erneuerbaren Energie	Kapazität (MW)
Stoney Nakoda Nation	Alberta	Wind	82.5
Blutstamm	Süd-Alberta	Solar	35.2

Partnerschaften mit Ausrüstungsherstellern für Wind- und Solarinfrastruktur

TransAlta arbeitet mit führenden Geräteherstellern zusammen, um die erneuerbare Infrastruktur zu unterstützen:

• Vestas Wind Systems A/S – Lieferung von Windkraftanlagen
• First Solar Inc. – Beschaffung von Photovoltaikmodulen
• Siemens Gamesa Renewable Energy – Turbinentechnologie

Zusammenarbeit mit Regierungsbehörden für die Entwicklung erneuerbarer Energien

Regierungsbehörde	Partnerschaftsfokus	Investitionsverpflichtung
Alberta innoviert	Forschung zu sauberer Energie	12,5 Millionen US-Dollar
Natürliche Ressourcen Kanada	Entwicklung erneuerbarer Technologien	8,3 Millionen US-Dollar

Joint Ventures bei Stromerzeugungs- und Übertragungsprojekten

Zu den wichtigsten Joint-Venture-Partnerschaften von TransAlta gehören:

• Capital Power Corporation – Kohlekraftwerk Keephills 3 (49 % Eigentum)
• ENMAX Corporation – Shepard Energy Center (50 % Eigentum)
• Alberta PowerLine – Übertragungsinfrastrukturprojekt

Gesamtinvestitionswert des Joint Ventures: 475 Millionen US-Dollar ab 2024.

TransAlta Corporation (TAC) – Geschäftsmodell: Hauptaktivitäten

Stromerzeugung aus erneuerbaren und nicht erneuerbaren Quellen

TransAlta betreibt in mehreren Anlagen eine Gesamtstromerzeugungskapazität von 2.537 MW. Aufschlüsselung des Erzeugungsportfolios:

Energiequelle	Kapazität (MW)	Prozentsatz
Wind	1,311	51.7%
Wasserkraft	353	13.9%
Erdgas	873	34.4%

Betrieb und Wartung von Kraftwerken

TransAlta unterhält 16 Stromerzeugungsanlagen in Kanada und den Vereinigten Staaten.

• Jährliche Wartungsausgaben: 78,3 Millionen US-Dollar
• Betriebszuverlässigkeit: 95,2 %
• Gesamtbetriebsstandorte: 16 Einrichtungen

Projektentwicklung für erneuerbare Energien

Aktuelle Investitionszusagen für erneuerbare Energien:

Projekttyp	Investition ($CAD)	Voraussichtliche Fertigstellung
Windprojekte	425 Millionen Dollar	2025-2026
Solarprojekte	175 Millionen Dollar	2024-2025

Energiehandel und Risikomanagement

Kennzahlen zum Energiehandelsportfolio von TransAlta:

• Jährliches Energiehandelsvolumen: 27,4 Millionen MWh
• Risikomanagement-Hedge-Abdeckung: 68 %
• Handelsplattformen: Alberta, Ontario und US-Märkte

Nachhaltigkeits- und Dekarbonisierungsinitiativen

CO2-Reduktionsziele und Investitionen:

Initiative	Ziel	Investition
Reduzierung der Kohlenstoffemissionen	80 % bis 2030	650 Millionen Dollar
Saubere Energiewende	Netto-Null bis 2050	1,2 Milliarden US-Dollar

TransAlta Corporation (TAC) – Geschäftsmodell: Schlüsselressourcen

Anlagen zur Stromerzeugung

TransAlta betreibt ein vielfältiges Portfolio von Stromerzeugungsanlagen für mehrere Energiequellen:

Energiequelle	Kapazität (MW)	Anzahl der Einrichtungen
Wind	1,489	12
Wasserkraft	149	5
Gas	1,080	6
Kohle	463	3

Fähigkeiten der Belegschaft

TransAlta beschäftigt qualifizierte technische Arbeitskräfte:

• Gesamtzahl der Mitarbeiter: 723 (Stand 2023)
• Ingenieure: 187
• Technische Spezialisten: 246
• Durchschnittliche Mitarbeitererfahrung: 12,5 Jahre

Finanzielle Ressourcen

Finanzielle Möglichkeiten für Projektinvestitionen:

• Gesamtvermögen: 7,2 Milliarden US-Dollar
• Gesamteigenkapital: 2,9 Milliarden US-Dollar
• Jährliche Kapitalausgaben: 385 Millionen US-Dollar
• Bonitätseinstufung: BBB (Standard). & Armen)

Technologie und Infrastruktur

Details zur erweiterten Energieinfrastruktur:

Infrastrukturkomponente	Spezifikation
Erneuerbare Energietechnologie	Neueste Turbinen- und Solarpanel-Technologien
Netzanschlusspunkte	47 große Übertragungsverbindungen
Energiespeicherkapazität	125 MW Batteriespeichersysteme

Stromabnahmeverträge

Langfristige Stromabnahmeverträge:

• Gesamtzahl der aktiven Verträge: 38
• Durchschnittliche Vertragsdauer: 15 Jahre
• Gesamtes vertraglich vereinbartes Energievolumen: 3.200 GWh jährlich

TransAlta Corporation (TAC) – Geschäftsmodell: Wertversprechen

Zuverlässige und nachhaltige Stromerzeugung

TransAlta erzeugt in mehreren Erzeugungsanlagen eine Stromkapazität von 8.490 MW. Das Unternehmen betreibt:

Generationstyp	Kapazität (MW)	Prozentsatz
Erneuerbare Energie	2,537	29.9%
Erdgas	4,115	48.5%
Kohle	1,838	21.6%

Engagement für den Übergang zu sauberer Energie

TransAlta-Ziele:

• 70 % Reduzierung der CO2-Emissionen bis 2030
• Netto-Null-Emissionen bis 2050 angestrebt
• 1,4 Milliarden US-Dollar in die Infrastruktur für erneuerbare Energien investiert

Wettbewerbsfähige Preise für Energielösungen

Durchschnittliche Stromgestehungskosten:

Energiequelle	Kosten pro MWh
Wind	$39-$47
Erdgas	$52-$68
Kohle	$75-$90

Reduzierung der Kohlenstoffemissionen

Aktuelle CO2-Emissionen profile:

• Gesamtemissionen 2022: 9,2 Millionen Tonnen CO2e
• Emissionsintensität: 0,47 Tonnen CO2e/MWh
• Geplante Reduzierung: 4,6 Millionen Tonnen bis 2030

Innovative Technologien für erneuerbare Energien

Aktuelles Portfolio erneuerbarer Energien:

Erneuerbare Technologie	Installierte Leistung (MW)
Wind	1,492
Wasserkraft	677
Solar	368

TransAlta Corporation (TAC) – Geschäftsmodell: Kundenbeziehungen

Langfristige Verträge mit Industrie- und Gewerbekunden

TransAlta unterhält über mehrere langfristige Verträge eine vertraglich vereinbarte Stromerzeugungskapazität von 1.489 MW. Die durchschnittliche Vertragslaufzeit beträgt 12,4 Jahre mit Industrie- und Gewerbekunden in Kanada und im Westen der USA.

Kundensegment	Vertragsvolumen (MW)	Durchschnittliche Vertragsdauer
Industriekunden	672 MW	10,2 Jahre
Gewerbliche Kunden	817 MW	14,6 Jahre

Personalisierte Energiemanagementdienste

TransAlta bietet maßgeschneiderte Energielösungen mit dediziertem Account-Management für Top-Kunden.

• 87 engagierte Energiemanagement-Spezialisten
• Maßgeschneiderte Pläne zur Integration erneuerbarer Energien
• Analyse des Energieverbrauchs in Echtzeit

Digitale Plattformen für die Kundenbindung

Die digitale Kundenschnittstelle von TransAlta unterstützt 42.000 aktive gewerbliche und industrielle Nutzer mit Echtzeit-Überwachungsfunktionen.

Kennzahlen für digitale Plattformen	Daten für 2023
Aktive digitale Nutzer	42,000
Engagement in mobilen Apps	67 % der Nutzer

Transparente Kommunikation über Energielösungen

TransAlta veröffentlicht vierteljährliche Nachhaltigkeitsberichte und unterhält monatliche Kundenkommunikationskanäle.

Reaktionsfähige Kundensupportsysteme

Die Kundensupport-Infrastruktur umfasst:

• Technische Support-Hotline rund um die Uhr
• Durchschnittliche Antwortzeit: 17 Minuten
• 98,6 % Kundenzufriedenheit

TransAlta Corporation (TAC) – Geschäftsmodell: Kanäle

Direktvertriebsteam für große Gewerbekunden

Das Direktvertriebsteam von TransAlta verwaltet die Beziehungen zu großen gewerblichen und industriellen Energieverbrauchern in ganz Nordamerika. Im Jahr 2023 betreute das Unternehmen nach eigenen Angaben etwa 70 große Gewerbekunden mit jährlichen Energieverträgen im Wert von über 500 Millionen US-Dollar.

Kundensegment	Jährlicher Vertragswert	Anzahl der Kunden
Große Industriekunden	375 Millionen Dollar	42
Gewerbliche Unternehmenskunden	125 Millionen Dollar	28

Online-Plattformen für die Energiebeschaffung

TransAlta nutzt digitale Plattformen für die Energiebeschaffung und -verwaltung. Die Online-Plattform des Unternehmens wickelte im Jahr 2023 Energietransaktionen im Wert von rund 1,2 Milliarden US-Dollar ab.

• Transaktionsvolumen der digitalen Plattform: 1,2 Milliarden US-Dollar
• Durchschnittliche Transaktionsgröße: 3,4 Millionen US-Dollar
• Benutzerbasis der Plattform: 215 registrierte Unternehmenskonten

Energiehandelsmärkte

TransAlta beteiligt sich aktiv an den nordamerikanischen Energiehandelsmärkten mit einem Handelsvolumen von 23,6 Millionen Megawattstunden im Jahr 2023.

Markt	Handelsvolumen (MWh)	Marktanteil
AESO (Alberta)	12,4 Millionen	18.5%
WECC (Westliche Märkte)	11,2 Millionen	15.3%

Unternehmenswebsite und digitale Kommunikation

Zu den digitalen Kanälen von TransAlta gehört eine Unternehmenswebsite mit umfassenden Energieinformationen. Im Jahr 2023 verzeichnete die Website 742.000 einzelne Besucher und 1,3 Millionen Seitenaufrufe.

• Einmalige Besucher der Website: 742.000
• Seitenaufrufe: 1,3 Millionen
• Durchschnittliche Sitzungsdauer: 4,2 Minuten

Branchenkonferenzen und Networking-Events

TransAlta nahm im Jahr 2023 an 18 Branchenkonferenzen teil und generierte etwa 45 Millionen US-Dollar an potenziellen Geschäftskontakten und Networking-Möglichkeiten.

Ereignistyp	Anzahl der Ereignisse	Potenzielle Geschäftskontakte
Internationale Energiekonferenzen	8	25 Millionen Dollar
Regionale Energieforen	10	20 Millionen Dollar

TransAlta Corporation (TAC) – Geschäftsmodell: Kundensegmente

Große industrielle Energieverbraucher

TransAlta bedient Industriekunden mit einem Gesamtenergieverbrauch von 3.445 MW in mehreren Sektoren.

Sektor	Energieverbrauch (MW)	Jährlicher Vertragswert
Bergbau	1,245	187,3 Millionen US-Dollar
Öl & Gas	1,102	163,5 Millionen US-Dollar
Herstellung	1,098	156,7 Millionen US-Dollar

Versorgungsunternehmen

TransAlta beliefert acht regionale Versorgungsunternehmen in Kanada und den Vereinigten Staaten mit Strom.

• Gesamtstromversorgung: 2.789 MW
• Durchschnittliche Vertragsdauer: 15 Jahre
• Jahresumsatz im Versorgungssegment: 412,6 Millionen US-Dollar

Regierungsinstitutionen

TransAlta bietet Energielösungen für 12 Regierungsbehörden mit speziellen Infrastrukturanforderungen.

Regierungstyp	Verträge	Jährlicher Vertragswert
Provinzial	6	93,4 Millionen US-Dollar
Bundes	4	67,2 Millionen US-Dollar
Kommunal	2	28,9 Millionen US-Dollar

Kommerzielle und institutionelle Kunden

TransAlta bedient 247 gewerbliche und institutionelle Kunden in ganz Nordamerika.

• Gesamtenergieportfolio: 1.876 MW
• Durchschnittlicher Vertragswert: 2,3 Millionen US-Dollar
• Segmentumsatz: 567,4 Millionen US-Dollar

Investoren für erneuerbare Energien

TransAlta zieht 36 institutionelle Investoren an, die sich auf Portfolios im Bereich erneuerbare Energien konzentrieren.

Anlegertyp	Anzahl der Investoren	Gesamtinvestition
Pensionskassen	14	876,5 Millionen US-Dollar
Grüne Energiefonds	12	642,3 Millionen US-Dollar
Staatsfonds	10	521,7 Millionen US-Dollar

TransAlta Corporation (TAC) – Geschäftsmodell: Kostenstruktur

Kapitalausgaben für die Energieinfrastruktur

Im Jahr 2022 meldete TransAlta Gesamtinvestitionen in Höhe von 266 Millionen US-Dollar mit folgenden spezifischen Zuweisungen:

Kategorie „Infrastruktur“.	Investitionsbetrag (USD)
Projekte für erneuerbare Energien	156 Millionen Dollar
Wärmekraftwerke	87 Millionen Dollar
Netzmodernisierung	23 Millionen Dollar

Betriebs- und Wartungskosten

Die Betriebskosten von TransAlta beliefen sich im Jahr 2022 auf insgesamt 1,2 Milliarden US-Dollar und setzten sich wie folgt zusammen:

• Betriebskosten der Stromerzeugung: 742 Millionen US-Dollar
• Wartungskosten: 318 Millionen US-Dollar
• Kraftstoffbeschaffung: 140 Millionen US-Dollar

Investitionen in Technologie und Ausrüstung

Aufschlüsselung der Technologieinvestitionen für 2022:

Kategorie „Technologie“.	Investitionsbetrag (USD)
Digitale Infrastruktur	18,5 Millionen US-Dollar
Automatisierungssysteme	12,3 Millionen US-Dollar
Cybersicherheits-Upgrades	7,2 Millionen US-Dollar

Kosten für Umweltkonformität

Ausgaben für Umwelt-Compliance im Jahr 2022:

• Technologien zur Emissionsreduzierung: 45,6 Millionen US-Dollar
• Abfallmanagement: 12,8 Millionen US-Dollar
• Umweltüberwachungssysteme: 8,4 Millionen US-Dollar

Forschungs- und Entwicklungsinvestitionen

F&E-Ausgaben für 2022:

F&E-Schwerpunktbereich	Investitionsbetrag (USD)
Erneuerbare Energietechnologien	22,7 Millionen US-Dollar
Energiespeicherlösungen	15,3 Millionen US-Dollar
Innovationen zur Netzeffizienz	9,5 Millionen US-Dollar

TransAlta Corporation (TAC) – Geschäftsmodell: Einnahmequellen

Stromverkauf an das Netz

Die TransAlta Corporation erzielte im Geschäftsjahr 2022 einen Gesamtumsatz von 2,3 Milliarden US-Dollar. Der Stromverkauf an das Netz machte etwa 68 % des Gesamtumsatzes aus, was 1,564 Milliarden US-Dollar entspricht.

Stromerzeugungsquelle	Megawatt produziert	Umsatzbeitrag
Kohle	1.095 MW	512 Millionen Dollar
Erdgas	1.368 MW	642 Millionen US-Dollar
Wind	807 MW	410 Millionen Dollar

Stromabnahmeverträge

Stromabnahmeverträge (Power Purchase Agreements, PPAs) trugen im Jahr 2022 385 Millionen US-Dollar zum Umsatz von TransAlta bei, was etwa 16,7 % des Gesamtumsatzes entspricht.

• Langfristiges PPA mit der Regierung von Alberta: 300 MW Kapazität
• PPAs für Industriekunden: 250 MW Gesamtkapazität
• Durchschnittliche PPA-Vertragsdauer: 15–20 Jahre

Gutschriften für erneuerbare Energien

Renewable Energy Credits (RECs) generierten im Jahr 2022 einen Umsatz von 78,5 Millionen US-Dollar für TransAlta.

REC-Typ	Verkaufte Menge	Durchschnittlicher Preis pro Credit
Gutschriften für Windenergie	1,2 Millionen Credits	$45.50
Gutschriften für Solarenergie	350.000 Credits	$52.75

Einnahmen aus dem Energiehandel

Die Energiehandelsaktivitäten generierten für TransAlta im Jahr 2022 einen Umsatz von 145,6 Millionen US-Dollar.

• Stromhandelsvolumen: 12,4 Mio. MWh
• Durchschnittliche Handelsspanne: 11,74 USD pro MWh
• Primäre Handelsmärkte: Alberta, Ontario und US-Pazifik-Nordwesten

Staatliche Anreize für saubere Energie

Staatliche Anreize für saubere Energie bescherten TransAlta im Jahr 2022 zusätzliche Einnahmen in Höhe von 62,3 Millionen US-Dollar.

Incentive-Programm	Erhaltener Betrag	Erneuerbare Quelle
Alberta-Programm für erneuerbare Energien	35,2 Millionen US-Dollar	Wind
Bundessteuergutschrift für Investitionen in sauberen Strom	27,1 Millionen US-Dollar	Mehrere Quellen

TransAlta Corporation (TAC) - Canvas Business Model: Value Propositions

Reliable, high-availability power

TransAlta Corporation delivered fleet availability of 94.9 per cent for the three months ended March 31, 2025. This compares to 92.3 per cent for the same period in 2024.

Decarbonization commitment: full coal exit by end of 2025

The commitment is to cease all coal-fired generation globally by the end of 2025. The single remaining coal-fired facility in the United States, Centralia, is committed to retire on December 31, 2025. The company completed the full phase-out of coal in Canada by the end of 2021.

Flexible generation capacity to support intermittent renewables

The acquisition of Heartland Generation added 1,747 MW of flexible capacity to the Alberta portfolio. This included 290 MW of peaking gas capacity optimized for increasing intermittency. In a move demonstrating portfolio flexibility, Sundance Unit 6 was mothballed on April 1, 2025, for a period of up to two years.

Tailored, large-scale power solutions for high-load customers

TransAlta Corporation is advancing its data centre strategy in Alberta by moving into the commercialization phase. The growth plan focuses on renewable and energy storage projects for large customers. The company secured an exclusive option to purchase late-stage development projects in the western United States through a strategic partnership with Nova Clean Energy, LLC.

Key operational and financial metrics supporting the value proposition as of late 2025:

Metric Category	Specific Metric/Asset	Value/Amount	Reporting Period/Context
Reliability	Fleet Availability	94.9%	Q1 2025
Decarbonization	Coal Exit Target Date (Global)	End of 2025	Commitment
Flexibility	Peaking Gas Capacity Added (Heartland)	290 MW	Part of 1,747 MW flexible capacity addition
Growth/Scale	Development Pipeline (US)	1.2 GW	As of late 2021 context for growth plan
Financial Outlook	2025 Adjusted EBITDA Guidance Range	C$1,150 million to C$1,250 million	2025 Annual Guidance
Financial Performance	Q1 2025 Revenue	C$758 million	Three months ended March 31, 2025
Shareholder Return	Quarterly Dividend Declared	C$0.065 per common share	Q1 2025

The company's strategy includes maximizing the value of its hydro fleet by enhancing operational capabilities and flexibility.

• Advanced growth plan by securing option for late-stage US development projects.
• Completed acquisition of Heartland Generation in December 2024 for $542 million.
• Expected annual EBITDA contribution from 2024 additions (White Rock, Horizon Hill, Mount Keith) over $175 million.
• Maintained available liquidity of $1.6 billion as of December 31, 2024.

TransAlta Corporation (TAC) - Canvas Business Model: Customer Relationships

You're looking at how TransAlta Corporation locks in revenue and manages its diverse set of power buyers. This is all about securing long-term certainty in a volatile market, so the relationship structure is key.

Long-term Power Purchase Agreements (PPAs) for contracted revenue

TransAlta Corporation focuses on locking in a significant portion of its generation through long-term contracts to stabilize cash flows. As of the first quarter of 2025, approximately 52 per cent of the total installed capacity was contracted with strong creditworthy counterparties, excluding the contracts pertaining to Planned Divestitures.

The company manages long-term commitments for fuel supply to support these contracts. TransAlta Corporation has natural gas transportation contracts for a total of up to 400 terajoules (TJ) per day on a firm basis, related to the Sundance and Keephills facilities, with terms ending between 2036 to 2038.

Contract extensions are a major relationship driver, especially in the renewable space. During the second quarter of 2025, TransAlta Corporation successfully recontracted its Melancthon 1, Melancthon 2, and Wolfe Island wind facilities through the Ontario Independent Electricity System Operator Five-Year Medium-Term 2 Energy Contract (MT2e). This extended the contract dates until April 30, 2031, for Melancthon 1 and April 30, 2034, for Melancthon 2 and Wolfe Island.

Active hedging strategies with Commercial & Industrial (C&I) customers

In Alberta, TransAlta Corporation actively manages its merchant exposure by using a hedging strategy that relies on a significant base of Commercial and Industrial (C&I) customers, which is supplemented by financial hedges. This approach is designed to provide greater cash flow certainty for a major portion of the thermal and hydro generation capacity in Alberta.

The impact of this strategy is visible in forward-looking expectations. For 2025, TransAlta Corporation expected +600 MW of sales achieved through 2025 hedging. The company's hedging strategy and active asset optimization in Alberta generated realized prices well above spot prices during the third quarter of 2025.

Here's a look at the revenue contribution from merchant sales versus derivatives, which capture hedging activity, for recent periods:

Metric (3 months ended)	Revenue from Merchant Sales (Millions)	Revenue from Derivatives and Other Trading Activities (Millions)
Sept. 30, 2025	$240	$152
March 31, 2025	$270	$178

Direct negotiation for large-scale, dedicated data center power

TransAlta Corporation is aggressively pursuing relationships with large technology customers, particularly in Alberta, which has a deregulated market allowing direct PPA negotiation. The company is making tangible progress in securing capacity for this growing segment.

As of the third quarter of 2025, TransAlta Corporation secured a 230 MW Demand Transmission Service contract for Alberta data centres. This 230 MW allocation was part of the Alberta Electric System Operator's (AESO) temporary cap, which allocated a total of 1,200 megawatts for large-load projects. The company is steadily progressing towards executing a Memorandum of Understanding for the initial allocation and potential multi-stage development with its data center counterparties.

These efforts align with the broader provincial goal to attract $100 billion worth of data centers over the next five years.

• Secured 230 MW Demand Transmission Service contract for Alberta data centres (Q3 2025).
• Progressing towards MOU execution for initial data center allocation.
• Alberta aims for $100 billion in AI data center investments over the next five years.

Relationship management for regulated and merchant sales

TransAlta Corporation's customer base is managed across both regulated and merchant sales channels. The acquisition of Heartland Generation in December 2024 significantly strengthened the Alberta portfolio, adding 1,747 MW of flexible capacity, which includes contracted cogeneration.

The merchant exposure, primarily in Alberta, is balanced by these contracted assets. For the three months ended March 31, 2025, revenues from merchant sales totaled $270 million, while for the three months ended September 30, 2025, this figure was $240 million. This demonstrates the ongoing, though variable, relationship with the wholesale market customers.

The company is also advancing negotiations for its Centralia facility conversion in Washington State, working towards executing a definitive agreement with its customer for the full capacity of Centralia Unit 2 within the quarter (as of Q3 2025).

Key customer-related contract metrics as of early 2025:

Metric	Value	Reference Period/Date
Capacity Contracted (of total installed)	Approximately 52 per cent	As at March 31, 2025
Heartland Generation Capacity Added	1,747 MW	Acquisition completed December 2024
Expected 2025 Sales Achieved via Hedging	+600 MW	2025 Outlook
Natural Gas Transportation Capacity (Firm)	Up to 400 TJ per day	Ending 2036 to 2038

The annual common share dividend was increased by eight per cent to $0.26 per share on an annualized basis, effective July 1, 2025, reflecting confidence in the contracted revenue base.

TransAlta Corporation (TAC) - Canvas Business Model: Channels

Wholesale electricity markets (merchant sales) in Alberta and US

Merchant sales exposure in the Alberta portfolio was impacted by softer power prices in the first quarter of 2025. The average spot power price per MWh for the Alberta portfolio for the three months ended March 31, 2025, was $40 per MWh, significantly lower than the $99 per MWh seen in the same period in 2024. This was attributed to milder weather and increased supply from new renewables and combined-cycle gas facilities. The company's hedging strategy helped realize prices well above the spot rate for merchant volumes. For the three months ended September 30, 2025, Adjusted revenues were affected by Lower Mid-Columbia prices. The Centralia facility's power is sold entirely through the Energy Marketing segment as physical market delivery, which is reported as merchant sales volumes. The company is committed to ceasing coal-fired generation at the end of 2025, which will further reduce its merchant thermal exposure. The company also has a strategic partnership granting an exclusive option to purchase late-stage development projects in the western United States, which will feed into future merchant or contracted channels.

Metric	Period Ended March 31, 2025	Period Ended March 31, 2024
Alberta Spot Power Price (per MWh)	$40	$99
Hedged Volumes (GWh)	2,273	1,908
Average Hedged Price (per MWh)	$71	$88

Direct sales team for long-term contracted power agreements

TransAlta Corporation maintains a significant portion of its capacity under long-term contracts, providing stable cash flows that complement the merchant exposure. As of May 6, 2025, approximately 52 per cent of the total installed capacity (excluding the Planned Divestitures) was contracted with creditworthy counterparties. The direct sales effort focuses on securing these long-term Power Purchase Agreements (PPAs) and other service contracts, particularly for renewable and new development projects. The company is actively working to secure a definitive agreement for the full capacity of Centralia Unit 2 to convert to gas-fired operations. TransAlta Renewables, in which the company holds a majority ownership, primarily operates assets with long-term contracts.

• Secured two long-term PPAs in December 2021 for 100 per cent of the 300 MW White Rock East and White Rock West wind projects in Oklahoma.
• Advanced the Alberta data centre strategy by securing a Demand Transmission Service contract with the AESO for 230 MW, representing the full Phase I allocation.
• The company has a goal to invest $3 billion to deliver 2 GW of incremental renewable capacity by the end of 2025.

Transmission infrastructure connecting generation to the grid

The physical connection to the grid is managed through existing transmission infrastructure and new service contracts supporting growth projects. A key recent development is the Demand Transmission Service contract with the Alberta Electric System Operator (AESO) for 230 MW, which is critical for the commercialization phase of the Alberta data centre strategy. This contract is tied to the full allocation awarded through Phase I of the AESO's Data Centre Large Load Integration Program. Furthermore, TransAlta receives revenue from its transmission business and other contractual arrangements, such as the flood mitigation agreement with the Government of Alberta and black start services. To support the data centre development, Parkland County approved the re-zoning of over 3,000 acres of TransAlta-owned land surrounding the Keephills and Sundance facilities in September 2025.

Infrastructure/Contract Detail	Capacity/Size	Status/Context
AESO Data Centre Demand Transmission Service	230 MW	Full allocation awarded through Phase I, supporting data centre strategy.
Land Re-zoned for Data Centre Development	Over 3,000 acres	Surrounding Keephills and Sundance facilities in Parkland County.
White Rock Wind Projects Contracted Capacity	300 MW total	Under long-term PPAs executed in December 2021.

TransAlta Corporation (TAC) - Canvas Business Model: Customer Segments

You're looking at who TransAlta Corporation is selling power to, which is the foundation for all their revenue streams. Honestly, their customer base is quite diverse, spanning regulated utilities to massive, power-hungry tech firms, which is a smart way to spread risk across different markets in North America and Australia.

The customer segments are clearly defined by geography and load profile. Here's a breakdown of the key groups TransAlta Corporation is serving as of late 2025.

Wholesale electricity buyers in Alberta and WECC region

This segment includes buyers in Alberta's deregulated market and the broader Western Electricity Coordinating Council (WECC) region. TransAlta Corporation's Alberta portfolio is heavily managed through hedging to smooth out volatile spot prices. For instance, in the third quarter of 2025, the company's total production reached 6,151 GWh. To give you a sense of the merchant exposure, the average spot power price for the Alberta portfolio in the first quarter of 2025 was only $40 per MWh, which is why their hedging strategy is so critical for realized prices.

Large Commercial and Industrial (C&I) customers

TransAlta Corporation serves a large customer base that includes medium and large industries and businesses. The company uses Virtual Power Purchase Agreements (VPPAs) to deliver renewable energy solutions to these large customers at a fixed price from their renewable assets. This approach helps C&I buyers reduce volatility and achieve clean energy goals. For example, in the past, they executed a 200 MW PPA with Meta for the Horizon Hill Wind Power Project.

High-load data center operators seeking 230 MW+ capacity

This is a major growth area, especially in Alberta, driven by AI compute demand. TransAlta Corporation has successfully secured capacity allocation for this segment. Specifically, the company entered into a 230 MW Demand Transmission Service Contract with the Alberta Electric System Operator (AESO) in late 2025, which was their full allocation under Phase I of the integration program. This is a significant commitment, considering the total power requested by data centers in Alberta is nearing 20 gigawatts by 2031, which is about 14 times the power needed to run Edmonton. TransAlta has over 3,000 acres of land rezoned around its Keephills and Sundance facilities to support this development.

Utility and distribution companies in Australia

TransAlta Corporation has a presence in Australia, focusing on providing customized power solutions to industrial, commercial, and utility energy needs. They have a 30-year history there and operate 9 Facilities with a gross installed capacity of 498 MW. Their Australian portfolio includes a gas pipeline spanning 270 km and generation assets totaling 575 MW. These operations often involve gas facilities with large industrial customers under long-term contracts.

Here is a quick look at the scale of their operations across these key geographies as of late 2025 data points:

Segment/Region	Metric	Value	Unit/Context
Data Centers (Alberta)	Secured Capacity Allocation (Phase I)	230	MW
Wholesale/Merchant (Alberta)	Q3 2025 Production	6,151	GWh
Wholesale (Alberta)	Q1 2025 Average Spot Price	$40	per MWh
Wholesale (Alberta)	Q1 2025 Hedged Volume	2,273	GWh
Australia Operations	Gross Installed Capacity	498	MW
Australia Operations	Number of Facilities	9	Facilities
Australia Operations	Gas Pipeline Length	270	km

The company's overall strategy involves accelerating growth in customer-centered renewables and storage, targeting a $3.6 billion investment to deliver 2 GW.

You should check the Q4 2025 earnings release when it drops to see if the data center MOU mentioned in Q3 has been executed, as that will solidify the next tranche of committed revenue.

TransAlta Corporation (TAC) - Canvas Business Model: Cost Structure

You're looking at the hard costs TransAlta Corporation is managing as it pushes hard into its energy transition goals. It's a mix of massive capital deployment and ongoing operational expenses tied to legacy assets.

The investment required to shift the portfolio is substantial. TransAlta Corporation had a specific target for its renewable build-out.

• Targeted capital investment for new renewables: $3 billion by the end of 2025 to deliver 2GW of incremental capacity.
• An earlier capital target was increased to $3.6 billion to account for the new input pricing environment.

For the existing thermal fleet, the primary variable costs are fuel and the price of carbon. You see these costs fluctuating based on market conditions and regulatory changes.

• Carbon price per tonne increased from $80 in 2024 to $95 in 2025 for gas fleet operations.
• For the three months ended March 31, 2025, TransAlta Corporation reported higher fuel costs in the Gas segment due to higher natural gas prices and the addition of the Heartland facilities.
• For the nine months ended September 30, 2025, the company also noted higher fuel costs in the Gas segment due to higher natural gas prices.
• Lower carbon compliance costs were reported for Q1 2025 due to lower production in the Gas segment, which included the mothballing of Sundance Unit 6 on April 1, 2025.

Debt servicing is a fixed, non-negotiable cost. A recent financing event significantly altered the liability structure.

Here's the quick math on the notes issued in March 2025:

Debt Instrument Detail	Value/Rate
Senior Notes Issued Amount	$450 million
Fixed Annual Coupon Rate	5.625 per cent
Maturity Date	March 24, 2032
First Interest Payment Date	Sept. 24, 2025

This new issuance resulted in an increase in non-current liabilities as of September 30, 2025, which stood at $5,430 million, up from $5,087 million at December 31, 2024. This increase was mainly due to the $450 million senior notes offering on March 24, 2025, partially offset by scheduled principal repayments.

Also, remember that the company repaid its $400 million variable rate term loan facility on March 25, 2025, using proceeds from the senior notes offering.

TransAlta Corporation (TAC) - Canvas Business Model: Revenue Streams

You're looking at how TransAlta Corporation generates its income as of late 2025, focusing on the stability provided by contracts versus the variability of the merchant market. It's a mix designed for resilience, though recent power prices have tested that structure.

Sales from contracted assets provide a bedrock of stable cash flow for TransAlta Corporation. A key recent development supporting this is the 230 MW Demand Transmission Service contract secured with the Alberta Electric System Operator (AESO) for data centre development, representing the full allocation from Phase I of the AESO's Data Centre Large Load Integration Program. This move locks in revenue for a significant portion of future capacity.

Merchant power sales, primarily from hydro and gas assets, are actively managed through optimization and hedging. This strategy is crucial, especially given that Alberta spot power prices remained suppressed through Q3 2025. For instance, during the second quarter of 2025, the hedging strategy in the Hydro segment delivered realized merchant prices that exceeded spot prices by 105%. This active management helps smooth out earnings volatility from uncontracted power.

The Energy Marketing and Trading function is a distinct revenue generator, separate from the physical asset sales. For the full fiscal year 2025, the expected gross margin from Energy Marketing and Trading is targeted at $120 million. This team leverages market knowledge across North America to generate stand-alone gross margin.

Here's a quick look at the key financial targets TransAlta Corporation set for the 2025 fiscal year, which frame the expected performance from these revenue streams:

Metric	2025 Target Range	Most Recent Reported Period Data (Q3 2025)
Adjusted EBITDA	$1.15 billion to $1.25 billion	$238 million (Q3 2025)
Energy Marketing Gross Margin (Expected)	$120 million (Midpoint of $110M to $130M assumption)	Not explicitly broken out for Q3
Sales (Revenue)	Guidance Reaffirmed	CAD 615 million (Q3 2025)

The overall financial goal for the year is anchored by the Adjusted EBITDA target, which management reaffirmed confidence in achieving within the $1.15 billion to $1.25 billion range, despite softer market conditions impacting Q3 results. You should note that TransAlta Corporation is scheduled to cease all coal-fired generation by the end of 2025, shifting the revenue mix further toward contracted and cleaner energy sources going into 2026.

• Achieved strong operational availability of 92.7 per cent in Q3 2025.
• Q3 2025 production totaled 6,151 GWh.
• The company completed required divestitures of Poplar Hill (August 1, 2025) and Rainbow Lake (October 2, 2025).