Transalta Corporation (TAC): Modelo de Negócios Canvas [Jan-2025 Atualizado]

A Transalta Corporation (TAC) fica na vanguarda da transformação de energia, tecendo uma tapeçaria complexa de geração de energia renovável e tradicional que desafia os paradigmas de utilidade convencionais. Ao misturar estrategicamente tecnologias inovadoras, parcerias comunitárias e práticas sustentáveis, essa corporação dinâmica criou um modelo de negócios que não apenas gera eletricidade, mas também gera um impacto ambiental e econômico significativo em vários setores. Sua abordagem única à produção de energia, que abrange os recursos de vento, solar, hidrelétrica e gás, posiciona o TAC como um participante fundamental na transição global para sistemas de energia mais limpos e mais resilientes.

Transalta Corporation (TAC) - Modelo de Negócios: Principais Parcerias

Aliança estratégica com comunidades indígenas para projetos de energia renovável

A Transalta estabeleceu parcerias com várias comunidades indígenas em todo o Canadá para o desenvolvimento de energia renovável. A partir de 2024, a empresa possui:

Parceria indígena	Localização do projeto	Tipo de energia renovável	Capacidade (MW)
Stoney Nakoda Nation	Alberta	Vento	82.5
Tribo sanguínea	Southern Alberta	Solar	35.2

Parcerias com fabricantes de equipamentos para infraestrutura eólica e solar

A Transalta colabora com os principais fabricantes de equipamentos para apoiar a infraestrutura renovável:

• Vestas Wind Systems A/S - suprimento de turbina eólica
• First Solar Inc. - Compras de módulo fotovoltaico
• Siemens gamesa renovável Energia - Tecnologia da Turbina

Colaboração com agências governamentais para desenvolvimento de energia renovável

Agência governamental	Foco em parceria	Compromisso de investimento
Alberta inova	Pesquisa em energia limpa	US $ 12,5 milhões
RECURSOS NATURAIS CANADÁ	Desenvolvimento de tecnologia renovável	US $ 8,3 milhões

Joint ventures em projetos de geração de energia e transmissão

As principais parcerias de joint venture da Transalta incluem:

• Capital Power Corporation - KeepHills 3 usina de energia a carvão (49% de propriedade)
• Enmax Corporation - Shepard Energy Center (50% de propriedade)
• Alberta Powerline - Projeto de infraestrutura de transmissão

Valor total do investimento em joint venture: US $ 475 milhões a partir de 2024.

Transalta Corporation (TAC) - Modelo de negócios: Atividades -chave

Geração de eletricidade de fontes renováveis ​​e não renováveis

A Transalta opera uma capacidade total de geração de energia de 2.537 MW em várias instalações. Breakdown de portfólio de gerações:

Fonte de energia	Capacidade (MW)	Percentagem
Vento	1,311	51.7%
Hydro	353	13.9%
Gás natural	873	34.4%

Operações de usina e manutenção

A Transalta mantém 16 instalações de geração de energia em todo o Canadá e nos Estados Unidos.

• Despesas anuais de manutenção: US $ 78,3 milhões
• Taxa de confiabilidade operacional: 95,2%
• Sites operacionais totais: 16 instalações

Desenvolvimento de projetos de energia renovável

Compromissos atuais de investimento em energia renovável:

Tipo de projeto	Investimento ($ cad)	Conclusão esperada
Projetos eólicos	US $ 425 milhões	2025-2026
Projetos solares	US $ 175 milhões	2024-2025

Negociação de energia e gerenciamento de riscos

Métricas de portfólio de negociação de energia da Transalta:

• Volume anual de negociação de energia: 27,4 milhões de mwh
• Cobertura de hedge de gerenciamento de risco: 68%
• Plataformas de negociação: Alberta, Ontário e Mercados dos EUA

Iniciativas de sustentabilidade e descarbonização

Metas e investimentos de redução de carbono:

Iniciativa	Alvo	Investimento
Redução de emissões de carbono	80% até 2030	US $ 650 milhões
Transição de energia limpa	Net-zero até 2050	US $ 1,2 bilhão

Transalta Corporation (TAC) - Modelo de negócios: Recursos -chave

Ativos de geração de energia

A Transalta opera um portfólio diversificado de ativos de geração de energia em várias fontes de energia:

Fonte de energia	Capacidade (MW)	Número de instalações
Vento	1,489	12
Hydro	149	5
Gás	1,080	6
Carvão	463	3

Recursos de força de trabalho

A Transalta emprega uma força de trabalho técnica qualificada:

• Total de funcionários: 723 (a partir de 2023)
• Profissionais de engenharia: 187
• Especialistas técnicos: 246
• Experiência média dos funcionários: 12,5 anos

Recursos financeiros

Capacidades financeiras para investimentos em projetos:

• Total de ativos: US $ 7,2 bilhões
• Patrimônio total: US $ 2,9 bilhões
• Despesas de capital anual: US $ 385 milhões
• Classificação de crédito: BBB (padrão & Poor's)

Tecnologia e infraestrutura

Detalhes avançados da infraestrutura de energia:

Componente de infraestrutura	Especificação
Tecnologia de energia renovável	Últimas tecnologias de turbinas e painéis solares
Pontos de conexão da grade	47 principais interconexões de transmissão
Capacidade de armazenamento de energia	Sistemas de armazenamento de bateria de 125 MW

Contratos de compra de energia

Acordos de compra de energia de longo prazo:

• Contratos ativos totais: 38
• Duração média do contrato: 15 anos
• Volume total de energia contratada: 3.200 gwh anualmente

Transalta Corporation (TAC) - Modelo de Negócios: Proposições de Valor

Geração de eletricidade confiável e sustentável

A Transalta gera 8.490 MW de capacidade de energia em várias instalações de geração. A empresa opera:

Tipo de geração	Capacidade (MW)	Percentagem
Energia renovável	2,537	29.9%
Gás natural	4,115	48.5%
Carvão	1,838	21.6%

Compromisso com a transição de energia limpa

Alvos Transalta:

• Redução de 70% nas emissões de carbono até 2030
• Alvo de emissões de zero líquido até 2050
• US $ 1,4 bilhão investido em infraestrutura de energia renovável

Preços competitivos para soluções de energia

Custos médios de geração de eletricidade:

Fonte de energia	Custo por mwh
Vento	$39-$47
Gás natural	$52-$68
Carvão	$75-$90

Redução de emissões de carbono

Emissões de carbono atuais profile:

• 2022 emissões totais: 9,2 milhões de toneladas CO2E
• Intensidade de emissões: 0,47 toneladas CO2E/MWH
• Redução planejada: 4,6 milhões de toneladas até 2030

Tecnologias de energia renovável inovadora

Portfólio de energia renovável atual:

Tecnologia renovável	Capacidade instalada (MW)
Vento	1,492
Hydro	677
Solar	368

Transalta Corporation (TAC) - Modelo de Negócios: Relacionamentos do Cliente

Contratos de longo prazo com clientes industriais e comerciais

A Transalta mantém 1.489 MW de capacidade de geração de energia contratada em vários acordos de longo prazo. A duração média do contrato é de 12,4 anos com clientes industriais e comerciais no Canadá e no oeste dos Estados Unidos.

Segmento de clientes	Volume do contrato (MW)	Comprimento médio do contrato
Clientes industriais	672 MW	10,2 anos
Clientes comerciais	817 MW	14,6 anos

Serviços personalizados de gerenciamento de energia

A Transalta fornece soluções de energia personalizadas com gerenciamento de contas dedicado para clientes de primeira linha.

• 87 especialistas em gerenciamento de energia dedicados
• Planos de integração de energia renovável personalizados
• Análise de consumo de energia em tempo real

Plataformas digitais para envolvimento do cliente

A interface digital de clientes da Transalta suporta 42.000 usuários comerciais e industriais ativos com recursos de monitoramento em tempo real.

Métricas de plataforma digital	2023 dados
Usuários digitais ativos	42,000
Engajamento de aplicativos móveis	67% dos usuários

Comunicação transparente sobre soluções de energia

A Transalta publica relatórios trimestrais de sustentabilidade e mantém canais mensais de comunicação de clientes.

Sistemas de suporte ao cliente responsivos

A infraestrutura de suporte ao cliente inclui:

• 24/7 de suporte técnico Linha direta
• Tempo médio de resposta: 17 minutos
• 98,6% Classificação de satisfação do cliente

Transalta Corporation (TAC) - Modelo de Negócios: Canais

Equipe de vendas diretas para grandes clientes comerciais

A equipe de vendas direta da Transalta gerencia relacionamentos com grandes consumidores de energia comercial e industrial em toda a América do Norte. Em 2023, a empresa relatou atender a aproximadamente 70 clientes comerciais em larga escala com contratos de energia anuais avaliados em mais de US $ 500 milhões.

Segmento de cliente	Valor anual do contrato	Número de clientes
Grandes clientes industriais	US $ 375 milhões	42
Clientes corporativos comerciais	US $ 125 milhões	28

Plataformas de compras de energia online

A Transalta utiliza plataformas digitais para compras e gerenciamento de energia. A plataforma on -line da empresa processou aproximadamente US $ 1,2 bilhão em transações de energia em 2023.

• Volume da transação da plataforma digital: US $ 1,2 bilhão
• Tamanho médio da transação: US $ 3,4 milhões
• Base de usuário da plataforma: 215 contas corporativas registradas

Mercados de negociação de energia

A Transalta participa ativamente dos mercados de comércio de energia norte-americana, com um volume comercial de 23,6 milhões de megawatts-horas em 2023.

Mercado	Volume de negociação (MWH)	Quota de mercado
AESO (Alberta)	12,4 milhões	18.5%
WECC (Mercados Ocidentais)	11,2 milhões	15.3%

Site corporativo e comunicação digital

Os canais digitais da Transalta incluem um site corporativo com informações abrangentes sobre energia. Em 2023, o site registrou 742.000 visitantes únicos e 1,3 milhão de visualizações de página.

• Site visitantes únicos: 742.000
• Visualizações de página: 1,3 milhão
• Duração média da sessão: 4,2 minutos

Conferências do setor e eventos de rede

A Transalta participou de 18 conferências do setor em 2023, gerando aproximadamente US $ 45 milhões em possíveis leads de negócios e oportunidades de networking.

Tipo de evento	Número de eventos	Potenciais leads de negócios
Conferências internacionais de energia	8	US $ 25 milhões
Fóruns Regionais de Energia	10	US $ 20 milhões

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

Grandes consumidores de energia industrial

A Transalta atende clientes industriais com consumo total de energia de 3.445 MW em vários setores.

Setor	Consumo de energia (MW)	Valor anual do contrato
Mineração	1,245	US $ 187,3 milhões
Óleo & Gás	1,102	US $ 163,5 milhões
Fabricação	1,098	US $ 156,7 milhões

Empresas de serviços públicos

A Transalta fornece eletricidade a 8 empresas de serviços públicos regionais em todo o Canadá e Estados Unidos.

• Fonte de energia total: 2.789 MW
• Duração média do contrato: 15 anos
• Receita anual do segmento de utilidade: US $ 412,6 milhões

Instituições governamentais

A Transalta fornece soluções de energia para 12 entidades governamentais com requisitos especializados de infraestrutura.

Tipo de governo	Contratos	Valor anual do contrato
Provincial	6	US $ 93,4 milhões
Federal	4	US $ 67,2 milhões
Municipal	2	US $ 28,9 milhões

Clientes comerciais e institucionais

A Transalta atende a 247 clientes comerciais e institucionais na América do Norte.

• Portfólio de energia total: 1.876 MW
• Valor médio do contrato: US $ 2,3 milhões
• Receita do segmento: US $ 567,4 milhões

Investidores de energia renovável

A Transalta atrai 36 investidores institucionais focados em portfólios de energia renovável.

Tipo de investidor	Número de investidores	Investimento total
Fundos de pensão	14	US $ 876,5 milhões
Fundos de energia verde	12	US $ 642,3 milhões
Fundos soberanos de riqueza	10	US $ 521,7 milhões

Transalta Corporation (TAC) - Modelo de negócios: estrutura de custos

Despesas de capital para infraestrutura de energia

Em 2022, a Transalta relatou despesas totais de capital de US $ 266 milhões, com alocações específicas da seguinte forma:

Categoria de infraestrutura	Valor do investimento (USD)
Projetos de energia renovável	US $ 156 milhões
Usinas de energia térmica	US $ 87 milhões
Modernização da grade	US $ 23 milhões

Despesas operacionais e de manutenção

As despesas operacionais da Transalta em 2022 totalizaram US $ 1,2 bilhão, divididas da seguinte forma:

• Custos operacionais de geração de energia: US $ 742 milhões
• Despesas de manutenção: US $ 318 milhões
• Aquisição de combustível: US $ 140 milhões

Investimentos de tecnologia e equipamentos

Redução de investimentos em tecnologia para 2022:

Categoria de tecnologia	Valor do investimento (USD)
Infraestrutura digital	US $ 18,5 milhões
Sistemas de automação	US $ 12,3 milhões
Atualizações de segurança cibernética	US $ 7,2 milhões

Custos de conformidade ambiental

Despesas de conformidade ambiental em 2022:

• Tecnologias de redução de emissões: US $ 45,6 milhões
• Gerenciamento de resíduos: US $ 12,8 milhões
• Sistemas de monitoramento ambiental: US $ 8,4 milhões

Investimentos de pesquisa e desenvolvimento

Gastos de P&D para 2022:

Área de foco em P&D	Valor do investimento (USD)
Tecnologias de energia renovável	US $ 22,7 milhões
Soluções de armazenamento de energia	US $ 15,3 milhões
Inovações de eficiência da grade	US $ 9,5 milhões

Transalta Corporation (TAC) - Modelo de negócios: fluxos de receita

Vendas de eletricidade para grade

A Transalta Corporation gerou US $ 2,3 bilhões em receita total para o ano fiscal de 2022. As vendas de eletricidade para a rede representavam aproximadamente 68% da receita total, o que equivale a US $ 1,564 bilhão.

Fonte de geração de eletricidade	Megawatts produzidos	Contribuição da receita
Carvão	1.095 MW	US $ 512 milhões
Gás natural	1.368 MW	US $ 642 milhões
Vento	807 MW	US $ 410 milhões

Contratos de compra de energia

Os contratos de compra de energia (PPAs) contribuíram com US $ 385 milhões para a receita da Transalta em 2022, representando aproximadamente 16,7% da receita total.

• PPA de longo prazo com governo de Alberta: capacidade de 300 MW
• PPAs de clientes industriais: capacidade total de 250 MW
• Duração média do contrato de PPA: 15-20 anos

Créditos energéticos renováveis

Os créditos energéticos renováveis ​​(RECs) geraram US $ 78,5 milhões em receita para a Transalta em 2022.

Tipo de rec	Volume vendido	Preço médio por crédito
Créditos da energia eólica	1,2 milhão de créditos	$45.50
Créditos de energia solar	350.000 créditos	$52.75

Receitas de negociação de energia

As atividades de negociação de energia geraram US $ 145,6 milhões em receita para a Transalta em 2022.

• Volume de negociação de eletricidade: 12,4 milhões de mwh
• Margem de negociação média: US $ 11,74 por mwh
• Mercados de Comércio Primário: Alberta, Ontário e US Pacific Northwest

Incentivos do governo para energia limpa

Os incentivos de energia limpa do governo forneceram US $ 62,3 milhões em receita adicional para a Transalta em 2022.

Programa de incentivo	Valor recebido	Fonte renovável
Programa de energia renovável de Alberta	US $ 35,2 milhões	Vento
Crédito fiscal federal de investimento em eletricidade limpa	US $ 27,1 milhões	Múltiplas fontes

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).