TransAlta Corporation (TAC): Modelo de Negocio Canvas [Actualizado en Ene-2025]

Transalta Corporation (TAC) está a la vanguardia de la transformación de energía, tejiendo un complejo tapiz de generación de energía renovable y tradicional que desafía los paradigmas de servicios públicos convencionales. Al combinar estratégicamente tecnologías innovadoras, asociaciones comunitarias y prácticas sostenibles, esta corporación dinámica ha creado un modelo de negocio que no solo genera electricidad sino que también impulsa un impacto ambiental y económico significativo en múltiples sectores. Su enfoque único para la producción de energía, que abarca los recursos eólicos, solares, hidroeléctricos y de gas, posiciona a TAC como un jugador fundamental en la transición global hacia sistemas de energía más limpios y resistentes.

Transalta Corporation (TAC) - Modelo de negocios: asociaciones clave

Alianza estratégica con comunidades indígenas para proyectos de energía renovable

Transalta ha establecido asociaciones con múltiples comunidades indígenas en todo Canadá para el desarrollo de energía renovable. A partir de 2024, la compañía tiene:

Asociación indígena	Ubicación del proyecto	Tipo de energía renovable	Capacidad (MW)
Nación nakoda stoney	Alberta	Viento	82.5
Tribu de sangre	Sur de Alberta	Solar	35.2

Asociaciones con fabricantes de equipos para infraestructura eólica y solar

Transalta colabora con los principales fabricantes de equipos para apoyar la infraestructura renovable:

• Sistemas de viento Vestas A/S - Suministro de turbina eólica
• First Solar Inc. - Adquisición de módulos fotovoltaicos
• Siemens Gamessa Renewable Energy - Tecnología de turbinas

Colaboración con agencias gubernamentales para el desarrollo de energía renovable

Agencia gubernamental	Enfoque de asociación	Compromiso de inversión
Alberta innova	Investigación de energía limpia	$ 12.5 millones
Recursos naturales Canadá	Desarrollo de tecnología renovable	$ 8.3 millones

Empresas conjuntas en proyectos de generación de energía y transmisión

Las asociaciones clave de la empresa conjunta de Transalta incluyen:

• Capital Power Corporation: Keephills 3 Planta de energía a carbón (49% de propiedad)
• Enmax Corporation - Shepard Energy Center (50% de propiedad)
• Alberta Powerline - Proyecto de infraestructura de transmisión

Valor de inversión de empresa conjunta total: $ 475 millones a partir de 2024.

Transalta Corporation (TAC) - Modelo de negocio: actividades clave

Generación de electricidad de fuentes renovables y no renovables

Transalta opera una capacidad de generación de energía total de 2,537 MW en múltiples instalaciones. Desglose de la cartera de generación:

Fuente de energía	Capacidad (MW)	Porcentaje
Viento	1,311	51.7%
Hídico	353	13.9%
Gas natural	873	34.4%

Operaciones y mantenimiento de la planta de energía

Transalta mantiene 16 instalaciones de generación de energía en Canadá y Estados Unidos.

• Gastos de mantenimiento anual: $ 78.3 millones
• Tasa de confiabilidad operativa: 95.2%
• Sitios operativos totales: 16 instalaciones

Desarrollo del proyecto de energía renovable

Compromisos actuales de inversión de energía renovable:

Tipo de proyecto	Inversión ($ CAD)	Finalización esperada
Proyectos eólicos	$ 425 millones	2025-2026
Proyectos solares	$ 175 millones	2024-2025

Comercio de energía y gestión de riesgos

Métricas de cartera de comercio de energía de Transalta:

• Volumen anual de comercio de energía: 27.4 millones de MWh
• Cobertura de cobertura de gestión de riesgos: 68%
• Plataformas comerciales: Alberta, Ontario y los mercados estadounidenses

Iniciativas de sostenibilidad y descarbonización

Objetivos e inversiones de reducción de carbono:

Iniciativa	Objetivo	Inversión
Reducción de emisiones de carbono	80% para 2030	$ 650 millones
Transición de energía limpia	Net-cero para 2050	$ 1.2 mil millones

Transalta Corporation (TAC) - Modelo de negocio: recursos clave

Activos de generación de energía

Transalta opera una cartera diversa de activos de generación de energía en múltiples fuentes de energía:

Fuente de energía	Capacidad (MW)	Número de instalaciones
Viento	1,489	12
Hídico	149	5
Gas	1,080	6
Carbón	463	3

Capacidades de la fuerza laboral

Transalta emplea una fuerza laboral técnica calificada:

• Total de empleados: 723 (a partir de 2023)
• Profesionales de ingeniería: 187
• Especialistas técnicos: 246
• Experiencia promedio de los empleados: 12.5 años

Recursos financieros

Capacidades financieras para inversiones de proyectos:

• Activos totales: $ 7.2 mil millones
• Equidad total: $ 2.9 mil millones
• Gastos de capital anuales: $ 385 millones
• Calificación crediticia: BBB (estándar & Pobre)

Tecnología e infraestructura

Detalles avanzados de la infraestructura energética:

Componente de infraestructura	Especificación
Tecnología de energía renovable	Últimas tecnologías de turbinas y paneles solares
Puntos de conexión de la cuadrícula	47 Interconexiones de transmisión importantes
Capacidad de almacenamiento de energía	Sistemas de almacenamiento de baterías de 125 MW

Acuerdos de compra de energía

Acuerdos de compra de energía a largo plazo:

• Contratos activos totales: 38
• Duración promedio del contrato: 15 años
• Volumen de energía total contratado: 3.200 gwh anualmente

Transalta Corporation (TAC) - Modelo de negocio: propuestas de valor

Generación de electricidad confiable y sostenible

Transalta genera 8.490 MW de capacidad de potencia en instalaciones de generación múltiple. La compañía opera:

Tipo de generación	Capacidad (MW)	Porcentaje
Energía renovable	2,537	29.9%
Gas natural	4,115	48.5%
Carbón	1,838	21.6%

Compromiso con la transición de energía limpia

Objetivos de transalta:

• Reducción del 70% en las emisiones de carbono para 2030
• Objetivo de emisiones net-cero para 2050
• $ 1.4 mil millones invertidos en infraestructura de energía renovable

Precios competitivos para soluciones energéticas

Costos promedio de generación de electricidad:

Fuente de energía	Costo por MWH
Viento	$39-$47
Gas natural	$52-$68
Carbón	$75-$90

Reducción de las emisiones de carbono

Emisiones actuales de carbono profile:

• 2022 Emisiones totales: 9.2 millones de toneladas CO2E
• Intensidad de emisiones: 0.47 toneladas CO2E/MWH
• Reducción planificada: 4.6 millones de toneladas para 2030

Tecnologías innovadoras de energía renovable

Cartera actual de energía renovable:

Tecnología renovable	Capacidad instalada (MW)
Viento	1,492
Hídico	677
Solar	368

Transalta Corporation (TAC) - Modelo de negocios: relaciones con los clientes

Contratos a largo plazo con clientes industriales y comerciales

Transalta mantiene 1.489 MW de capacidad de generación de energía contratada en múltiples acuerdos a largo plazo. La duración promedio del contrato es de 12,4 años con clientes industriales y comerciales en Canadá y el oeste de los Estados Unidos.

Segmento de clientes	Volumen del contrato (MW)	Longitud promedio del contrato
Clientes industriales	672 MW	10.2 años
Clientes comerciales	817 MW	14.6 años

Servicios de gestión de energía personalizados

Transalta proporciona soluciones de energía personalizadas con gestión de cuentas dedicada para clientes de primer nivel.

• 87 especialistas dedicados de gestión de energía
• Planes de integración de energía renovable personalizadas
• Análisis de consumo de energía en tiempo real

Plataformas digitales para la participación del cliente

La interfaz digital de clientes de Transalta admite 42,000 usuarios comerciales e industriales activos con capacidades de monitoreo en tiempo real.

Métricas de plataforma digital	2023 datos
Usuarios digitales activos	42,000
Compromiso de aplicaciones móviles	67% de los usuarios

Comunicación transparente sobre soluciones energéticas

Transalta publica informes trimestrales de sostenibilidad y mantiene canales mensuales de comunicación del cliente.

Sistemas de atención al cliente receptivos

La infraestructura de atención al cliente incluye:

• Línea directa de soporte técnico 24/7
• Tiempo de respuesta promedio: 17 minutos
• 98.6% Calificación de satisfacción del cliente

Transalta Corporation (TAC) - Modelo de negocio: canales

Equipo de ventas directas para grandes clientes comerciales

El equipo de ventas directas de Transalta administra las relaciones con grandes consumidores de energía comercial e industrial en América del Norte. En 2023, la compañía informó haber servido a aproximadamente 70 clientes comerciales a gran escala con contratos de energía anuales valorados en más de $ 500 millones.

Segmento de clientes	Valor anual del contrato	Número de clientes
Grandes clientes industriales	$ 375 millones	42
Clientes empresariales comerciales	$ 125 millones	28

Plataformas de adquisición de energía en línea

Transalta utiliza plataformas digitales para adquisiciones y gestión de energía. La plataforma en línea de la compañía procesó aproximadamente $ 1.2 mil millones en transacciones de energía en 2023.

• Volumen de transacción de plataforma digital: $ 1.2 mil millones
• Tamaño promedio de la transacción: $ 3.4 millones
• Base de usuarios de la plataforma: 215 cuentas corporativas registradas

Mercados de comercio de energía

Transalta participa activamente en los mercados de comercio de energía de América del Norte, con un volumen de negociación de 23.6 millones de megavatios-hora en 2023.

Mercado	Volumen comercial (MWH)	Cuota de mercado
Aeso (Alberta)	12.4 millones	18.5%
WECC (mercados occidentales)	11.2 millones	15.3%

Sitio web corporativo y comunicación digital

Los canales digitales de Transalta incluyen un sitio web corporativo con información de energía integral. En 2023, el sitio web registró 742,000 visitantes únicos y 1.3 millones de visitas.

• Sitio web Visitantes únicos: 742,000
• Vistas de la página: 1.3 millones
• Duración promedio de la sesión: 4.2 minutos

Conferencias de la industria y eventos de redes

Transalta participó en 18 conferencias de la industria en 2023, generando aproximadamente $ 45 millones en posibles clientes potenciales y oportunidades de redes.

Tipo de evento	Número de eventos	Potencios comerciales potenciales
Conferencias internacionales de energía	8	$ 25 millones
Foros de energía regional	10	$ 20 millones

Transalta Corporation (TAC) - Modelo de negocio: segmentos de clientes

Grandes consumidores de energía industrial

Transalta atiende a clientes industriales con un consumo total de energía de 3,445 MW en múltiples sectores.

Sector	Consumo de energía (MW)	Valor anual del contrato
Minería	1,245	$ 187.3 millones
Aceite & Gas	1,102	$ 163.5 millones
Fabricación	1,098	$ 156.7 millones

Compañías de servicios públicos

Transalta suministra electricidad a 8 compañías de servicios públicos regionales en Canadá y Estados Unidos.

• Fuente total de energía: 2.789 MW
• Duración promedio del contrato: 15 años
• Ingresos anuales del segmento de servicios públicos: $ 412.6 millones

Instituciones gubernamentales

Transalta proporciona soluciones de energía a 12 entidades gubernamentales con requisitos de infraestructura especializados.

Tipo de gobierno	Contratos	Valor anual del contrato
Provincial	6	$ 93.4 millones
Federal	4	$ 67.2 millones
Municipal	2	$ 28.9 millones

Clientes comerciales e institucionales

Transalta atiende a 247 clientes comerciales e institucionales en América del Norte.

• Portafolio de energía total: 1.876 MW
• Valor promedio del contrato: $ 2.3 millones
• Ingresos del segmento: $ 567.4 millones

Inversores de energía renovable

Transalta atrae a 36 inversores institucionales centrados en las carteras de energía renovable.

Tipo de inversor	Número de inversores	Inversión total
Fondos de pensiones	14	$ 876.5 millones
Fondos de energía verde	12	$ 642.3 millones
Fondos de riqueza soberana	10	$ 521.7 millones

Transalta Corporation (TAC) - Modelo de negocio: Estructura de costos

Gastos de capital por infraestructura de energía

En 2022, Transalta informó gastos de capital totales de $ 266 millones, con asignaciones específicas de la siguiente manera:

Categoría de infraestructura	Monto de inversión (USD)
Proyectos de energía renovable	$ 156 millones
Plantas de energía térmica	$ 87 millones
Modernización de la cuadrícula	$ 23 millones

Gastos operativos y de mantenimiento

Los gastos operativos de Transalta para 2022 totalizaron $ 1.2 mil millones, desglosados ​​de la siguiente manera:

• Costos operativos de generación de energía: $ 742 millones
• Gastos de mantenimiento: $ 318 millones
• Adquisición de combustible: $ 140 millones

Inversiones de tecnología y equipos

Desglose de inversión tecnológica para 2022:

Categoría de tecnología	Monto de inversión (USD)
Infraestructura digital	$ 18.5 millones
Sistemas de automatización	$ 12.3 millones
Actualizaciones de ciberseguridad	$ 7.2 millones

Costos de cumplimiento ambiental

Gastos de cumplimiento ambiental en 2022:

• Tecnologías de reducción de emisiones: $ 45.6 millones
• Gestión de residuos: $ 12.8 millones
• Sistemas de monitoreo ambiental: $ 8.4 millones

Inversiones de investigación y desarrollo

Gasto de I + D para 2022:

Área de enfoque de I + D	Monto de inversión (USD)
Tecnologías de energía renovable	$ 22.7 millones
Soluciones de almacenamiento de energía	$ 15.3 millones
Innovaciones de eficiencia de la red	$ 9.5 millones

Transalta Corporation (TAC) - Modelo de negocios: flujos de ingresos

Ventas de electricidad a la red

Transalta Corporation generó $ 2.3 mil millones en ingresos totales para el año fiscal 2022. Las ventas de electricidad a la red representaron aproximadamente el 68% de los ingresos totales, lo que equivale a $ 1.564 mil millones.

Fuente de generación de electricidad	Megavatios producidos	Contribución de ingresos
Carbón	1.095 MW	$ 512 millones
Gas natural	1.368 MW	$ 642 millones
Viento	807 MW	$ 410 millones

Acuerdos de compra de energía

Los acuerdos de compra de energía (PPA) contribuyeron con $ 385 millones a los ingresos de Transalta en 2022, lo que representa aproximadamente el 16.7% de los ingresos totales.

• PPA a largo plazo con gobierno de Alberta: capacidad de 300 MW
• PPA de clientes industriales: capacidad total de 250 MW
• Duración promedio del contrato de PPA: 15-20 años

Créditos de energía renovable

Los créditos de energía renovable (REC) generaron $ 78.5 millones en ingresos para Transalta en 2022.

Tipo de recreación	Volumen vendido	Precio promedio por crédito
Créditos de energía eólica	1.2 millones de créditos	$45.50
Créditos de energía solar	350,000 créditos	$52.75

Ingresos de comercio de energía

Las actividades de negociación energética generaron $ 145.6 millones en ingresos para Transalta en 2022.

• Volumen de negociación de electricidad: 12.4 millones de MWh
• Margen comercial promedio: $ 11.74 por MWH
• Mercados de comercio primario: Alberta, Ontario y el noroeste del Pacífico de EE. UU.

Incentivos gubernamentales para la energía limpia

Los incentivos de energía limpia del gobierno proporcionaron $ 62.3 millones en ingresos adicionales para Transalta en 2022.

Programa de incentivos	Cantidad recibida	Fuente renovable
Programa de Energía Renovable de Alberta	$ 35.2 millones	Viento
Crédito fiscal federal de inversión de electricidad limpia	$ 27.1 millones	Múltiples fuentes

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).