Transalta Corporation (TAC): Canvas du modèle d'entreprise [Jan-2025 Mise à jour]

Transalta Corporation (TAC) est à l'avant-garde de la transformation de l'énergie, tissant une tapisserie complexe de production d'électricité renouvelable et traditionnelle qui remet en question les paradigmes d'utilité conventionnels. En mélangeant stratégiquement les technologies innovantes, les partenariats communautaires et les pratiques durables, cette société dynamique a conçu un modèle commercial qui non seulement génère de l'électricité mais stimule également un impact environnemental et économique significatif sur plusieurs secteurs. Leur approche unique de la production d'énergie, qui s'étend sur les ressources éoliennes, solaires, hydroélectriques et gazières, positionne le TAC en tant qu'acteur pivot dans la transition mondiale vers des systèmes d'alimentation plus propres et plus résilients.

Transalta Corporation (TAC) - Modèle d'entreprise: partenariats clés

Alliance stratégique avec les communautés autochtones pour les projets d'énergie renouvelable

Transalta a établi des partenariats avec plusieurs communautés autochtones à travers le Canada pour le développement des énergies renouvelables. Depuis 2024, la société a:

Partenariat indigène	Emplacement du projet	Type d'énergie renouvelable	Capacité (MW)
Nation Stoney Nakoda	Alberta	Vent	82.5
Tribu de sang	Southern Alberta	Solaire	35.2

Partenariats avec les fabricants d'équipements pour les infrastructures éoliennes et solaires

Transalta collabore avec les principaux fabricants d'équipements pour soutenir les infrastructures renouvelables:

• Vestas Wind Systems A / S - Wind Turbine Supply
• First Solar Inc. - Procurement du module photovoltaïque
• Siemens Gamesa Energy renouvelable - Technologie des turbines

Collaboration avec les agences gouvernementales pour le développement des énergies renouvelables

Agence gouvernementale	Focus de partenariat	Engagement d'investissement
L'Alberta innove	Recherche d'énergie propre	12,5 millions de dollars
Ressources naturelles Canada	Développement de technologies renouvelables	8,3 millions de dollars

Coentreprises dans les projets de production d'électricité et de transmission

Les principaux partenariats de coentreprise de Transalta comprennent:

• Capital Power Corporation - Keephills 3 Power Power-Fired Power (49% de propriété)
• Enmax Corporation - Shepard Energy Center (50% de propriété)
• Alberta Powerline - Projet d'infrastructure de transmission

Valeur d'investissement totale de coentreprise: 475 millions de dollars en 2024.

Transalta Corporation (TAC) - Modèle d'entreprise: activités clés

Production d'électricité à partir de sources renouvelables et non renouvelables

Transalta exploite une capacité totale de production d'électricité de 2 537 MW dans plusieurs installations. Répartition du portefeuille de génération:

Source d'énergie	Capacité (MW)	Pourcentage
Vent	1,311	51.7%
Hydroélectricité	353	13.9%
Gaz naturel	873	34.4%

Opérations et entretien électriques

Transalta maintient 16 installations de production d'électricité à travers le Canada et les États-Unis.

• Dépenses de maintenance annuelles: 78,3 millions de dollars
• Taux de fiabilité opérationnelle: 95,2%
• Sites opérationnels totaux: 16 installations

Développement du projet d'énergie renouvelable

Engagements d'investissement en énergie renouvelable actuels:

Type de projet	Investissement ($ CAD)	Achèvement attendu
Projets éoliens	425 millions de dollars	2025-2026
Projets solaires	175 millions de dollars	2024-2025

Trading d'énergie et gestion des risques

Métriques du portefeuille de trading d'énergie de Transalta:

• Volume annuel de trading d'énergie: 27,4 millions de MWh
• Couverture de couverture des risques: 68%
• Plateformes de trading: Alberta, Ontario et marchés américains

Initiatives de durabilité et de décarbonisation

Cibles et investissements de réduction du carbone:

Initiative	Cible	Investissement
Réduction des émissions de carbone	80% d'ici 2030	650 millions de dollars
Transition d'énergie propre	Net-zéro d'ici 2050	1,2 milliard de dollars

Transalta Corporation (TAC) - Modèle d'entreprise: Ressources clés

Actifs de production d'électricité

Transalta exploite un portefeuille diversifié d'actifs de production d'électricité sur plusieurs sources d'énergie:

Source d'énergie	Capacité (MW)	Nombre d'installations
Vent	1,489	12
Hydroélectricité	149	5
Gaz	1,080	6
Charbon	463	3

Capacités de main-d'œuvre

Transalta utilise une main-d'œuvre technique qualifiée:

• Total des employés: 723 (à partir de 2023)
• Professionnels d'ingénierie: 187
• Spécialistes techniques: 246
• Expérience moyenne des employés: 12,5 ans

Ressources financières

Capacités financières pour les investissements du projet:

• Actif total: 7,2 milliards de dollars
• Équité totale: 2,9 milliards de dollars
• Dépenses en capital annuelles: 385 millions de dollars
• Note de crédit: BBB (Standard & Pauvre)

Technologie et infrastructure

Détails de l'infrastructure énergétique avancée:

Composant d'infrastructure	Spécification
Technologie des énergies renouvelables	Dernières technologies de panneaux de turbine et solaire
Points de connexion de la grille	47 interconnexions de transmission majeures
Capacité de stockage d'énergie	Systèmes de stockage de batterie de 125 MW

Accords d'achat d'électricité

Accords d'achat d'électricité à long terme:

• Contrats actifs totaux: 38
• Durée du contrat moyen: 15 ans
• Volume d'énergie contractuel total: 3200 GWh par an

Transalta Corporation (TAC) - Modèle d'entreprise: propositions de valeur

Production d'électricité fiable et durable

Transalta génère 8 490 MW de capacité électrique dans plusieurs installations de génération. L'entreprise exploite:

Type de génération	Capacité (MW)	Pourcentage
Énergie renouvelable	2,537	29.9%
Gaz naturel	4,115	48.5%
Charbon	1,838	21.6%

Engagement à propre transition énergétique

Cibles Transalta:

• 70% de réduction des émissions de carbone d'ici 2030
• Cible des émissions nettes-zéro d'ici 2050
• 1,4 milliard de dollars investis dans des infrastructures d'énergie renouvelable

Prix ​​compétitif pour les solutions énergétiques

Coûts moyens de production d'électricité:

Source d'énergie	Coût par MWH
Vent	$39-$47
Gaz naturel	$52-$68
Charbon	$75-$90

Réduction des émissions de carbone

Émissions de carbone actuelles profile:

• 2022 Émissions totales: 9,2 millions de tonnes CO2E
• Intensité des émissions: 0,47 tonne CO2E / MWH
• Réduction prévue: 4,6 millions de tonnes d'ici 2030

Technologies innovantes en énergie renouvelable

Portfolio actuel des énergies renouvelables:

Technologies renouvelables	Capacité installée (MW)
Vent	1,492
Hydroélectricité	677
Solaire	368

Transalta Corporation (TAC) - Modèle d'entreprise: relations clients

Contrats à long terme avec des clients industriels et commerciaux

Transalta maintient 1 489 MW de capacité de production d'électricité contractée sur plusieurs accords à long terme. La durée moyenne du contrat est de 12,4 ans avec des clients industriels et commerciaux au Canada et à l'ouest des États-Unis.

Segment de clientèle	Volume de contrat (MW)	Durée moyenne du contrat
Clients industriels	672 MW	10,2 ans
Clients commerciaux	817 MW	14,6 ans

Services de gestion de l'énergie personnalisés

Transalta fournit des solutions énergétiques personnalisées avec une gestion de compte dédiée pour les clients de haut niveau.

• 87 spécialistes de la gestion de l'énergie dédiés
• Plans d'intégration d'énergie renouvelable personnalisés
• Analyse de consommation d'énergie en temps réel

Plateformes numériques pour l'engagement des clients

L'interface client numérique de Transalta prend en charge 42 000 utilisateurs commerciaux et industriels actifs avec des capacités de surveillance en temps réel.

Métriques de plate-forme numérique	2023 données
Utilisateurs numériques actifs	42,000
Engagement des applications mobiles	67% des utilisateurs

Communication transparente sur les solutions énergétiques

Transalta publie des rapports de durabilité trimestriels et maintient les canaux de communication client mensuels.

Systèmes de support client réactifs

L'infrastructure de support client comprend:

• Hotline de support technique 24/7
• Temps de réponse moyen: 17 minutes
• Évaluation de satisfaction du client 98,6%

Transalta Corporation (TAC) - Modèle d'entreprise: canaux

Équipe de vente directe pour les grands clients commerciaux

L'équipe de vente directe de Transalta gère les relations avec de grands consommateurs d'énergie commerciale et industrielle à travers l'Amérique du Nord. En 2023, la société a déclaré avoir servi environ 70 clients commerciaux à grande échelle avec des contrats énergétiques annuels d'une valeur de plus de 500 millions de dollars.

Segment client	Valeur du contrat annuel	Nombre de clients
Grands clients industriels	375 millions de dollars	42
Clients commerciaux	125 millions de dollars	28

Plates-formes d'approvisionnement en ligne

Transalta utilise des plateformes numériques pour l'approvisionnement et la gestion d'énergie. La plate-forme en ligne de l'entreprise a traité environ 1,2 milliard de dollars de transactions énergétiques en 2023.

• Volume de transaction de plate-forme numérique: 1,2 milliard de dollars
• Taille moyenne des transactions: 3,4 millions de dollars
• Base d'utilisateurs de plate-forme: 215 comptes d'entreprise enregistrés

Marchés de trading d'énergie

Transalta participe activement aux marchés du commerce de l'énergie nord-américain, avec un volume commercial de 23,6 millions de mégawatts en 2023.

Marché	Volume de trading (MWH)	Part de marché
Aeso (Alberta)	12,4 millions	18.5%
WECC (marchés occidentaux)	11,2 millions	15.3%

Site Web d'entreprise et communication numérique

Les canaux numériques de Transalta comprennent un site Web d'entreprise avec des informations complètes sur l'énergie. En 2023, le site Web a enregistré 742 000 visiteurs uniques et 1,3 million de pages vues.

• Site Web Visiteurs uniques: 742 000
• Pages vues: 1,3 million
• Durée moyenne de la session: 4,2 minutes

Conférences de l'industrie et événements de réseautage

Transalta a participé à 18 conférences de l'industrie en 2023, générant environ 45 millions de dollars en prospects et opportunités de réseautage potentiels.

Type d'événement	Nombre d'événements	Leads potentiels des affaires
Conférences énergétiques internationales	8	25 millions de dollars
Forums d'énergie régionale	10	20 millions de dollars

Transalta Corporation (TAC) - Modèle d'entreprise: segments de clientèle

Grands consommateurs d'énergie industrielle

Transalta dessert les clients industriels avec une consommation d'énergie totale de 3 445 MW dans plusieurs secteurs.

Secteur	Consommation d'énergie (MW)	Valeur du contrat annuel
Exploitation minière	1,245	187,3 millions de dollars
Huile & Gaz	1,102	163,5 millions de dollars
Fabrication	1,098	156,7 millions de dollars

Sociétés de services publics

Transalta fournit de l'électricité à 8 sociétés de services publics régionales à travers le Canada et les États-Unis.

• Alimentation totale: 2 789 MW
• Durée du contrat moyen: 15 ans
• Revenus annuels du segment des services publics: 412,6 millions de dollars

Institutions gouvernementales

Transalta fournit des solutions énergétiques à 12 entités gouvernementales ayant des exigences d'infrastructure spécialisées.

Type de gouvernement	Contractes	Valeur du contrat annuel
Provincial	6	93,4 millions de dollars
Fédéral	4	67,2 millions de dollars
Municipal	2	28,9 millions de dollars

Clients commerciaux et institutionnels

Transalta dessert 247 clients commerciaux et institutionnels à travers l'Amérique du Nord.

• Portfolio d'énergie total: 1 876 MW
• Valeur du contrat moyen: 2,3 millions de dollars
• Revenu du segment: 567,4 millions de dollars

Investisseurs d'énergie renouvelable

Transalta attire 36 investisseurs institutionnels axés sur les portefeuilles d'énergie renouvelable.

Type d'investisseur	Nombre d'investisseurs	Investissement total
Fonds de pension	14	876,5 millions de dollars
Fonds d'énergie verte	12	642,3 millions de dollars
Fonds de richesse souverain	10	521,7 millions de dollars

Transalta Corporation (TAC) - Modèle d'entreprise: Structure des coûts

Dépenses en capital pour l'infrastructure de puissance

En 2022, Transalta a déclaré un total de dépenses en capital de 266 millions de dollars, avec des allocations spécifiques comme suit:

Catégorie d'infrastructure	Montant d'investissement (USD)
Projets d'énergie renouvelable	156 millions de dollars
Centrales thermiques	87 millions de dollars
Modernisation de la grille	23 millions de dollars

Frais opérationnels et d'entretien

Les dépenses opérationnelles de Transalta pour 2022 ont totalisé 1,2 milliard de dollars, décomposée comme suit:

• Coûts opérationnels de production d'électricité: 742 millions de dollars
• Frais de maintenance: 318 millions de dollars
• Aachat de carburant: 140 millions de dollars

Investissements technologiques et équipements

Répartition des investissements technologiques pour 2022:

Catégorie de technologie	Montant d'investissement (USD)
Infrastructure numérique	18,5 millions de dollars
Systèmes d'automatisation	12,3 millions de dollars
Mises à niveau de la cybersécurité	7,2 millions de dollars

Coûts de conformité environnementale

Dépenses de conformité environnementale en 2022:

• Technologies de réduction des émissions: 45,6 millions de dollars
• Gestion des déchets: 12,8 millions de dollars
• Systèmes de surveillance environnementale: 8,4 millions de dollars

Investissements de recherche et développement

Dépenses de R&D pour 2022:

Zone de focus R&D	Montant d'investissement (USD)
Technologies d'énergie renouvelable	22,7 millions de dollars
Solutions de stockage d'énergie	15,3 millions de dollars
Innovations d'efficacité du réseau	9,5 millions de dollars

Transalta Corporation (TAC) - Modèle d'entreprise: Strots de revenus

Ventes d'électricité à Grid

Transalta Corporation a généré 2,3 milliards de dollars de revenus totaux pour l'exercice 2022. Les ventes d'électricité au réseau représentaient environ 68% des revenus totaux, ce qui équivaut à 1,564 milliard de dollars.

Source de la production d'électricité	Mégawatts produits	Contribution des revenus
Charbon	1 095 MW	512 millions de dollars
Gaz naturel	1 368 MW	642 millions de dollars
Vent	807 MW	410 millions de dollars

Accords d'achat d'électricité

Les accords d'achat d'électricité (APP) ont contribué 385 millions de dollars aux revenus de Transalta en 2022, ce qui représente environ 16,7% des revenus totaux.

• APP à long terme avec le gouvernement de l'Alberta: 300 MW Capacité
• Client industriel APP: 250 MW Capacité totale
• Durée du contrat PPA moyen: 15-20 ans

Crédits d'énergie renouvelable

Les crédits d'énergie renouvelable (RECS) ont généré 78,5 millions de dollars de revenus pour Transalta en 2022.

Type de rec	Volume vendu	Prix ​​moyen par crédit
Crédits d'énergie éolienne	1,2 million de crédits	$45.50
Crédits d'énergie solaire	350 000 crédits	$52.75

Revenus de trading d'énergie

Les activités de trading d'énergie ont généré 145,6 millions de dollars de revenus pour Transalta en 2022.

• Volume d'échange d'électricité: 12,4 millions de MWh
• Marge commerciale moyenne: 11,74 $ par MWh
• Marchés commerciaux primaires: Alberta, Ontario et US Pacific Northwest

Incitations du gouvernement pour l'énergie propre

Les incitations à l'énergie propre du gouvernement ont fourni 62,3 millions de dollars de revenus supplémentaires pour Transalta en 2022.

Programme d'incitation	Montant reçu	Source renouvelable
Programme d'énergie renouvelable de l'Alberta	35,2 millions de dollars	Vent
Crédit d'impôt pour l'investissement fédéral de l'électricité propre	27,1 millions de dollars	Plusieurs sources

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).