<SEC-DOCUMENT>0001279569-17-001861.txt : 20171102
<SEC-HEADER>0001279569-17-001861.hdr.sgml : 20171102
<ACCEPTANCE-DATETIME>20170921170717
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001279569-17-001861
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20170921

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			TRANSALTA CORP
		CENTRAL INDEX KEY:			0001144800
		STANDARD INDUSTRIAL CLASSIFICATION:	ELECTRIC SERVICES [4911]
		IRS NUMBER:				000000000
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		110 12TH AVE SW BOX 1900 STATION M
		STREET 2:		CALGARY ALBERTA T2P 2MI
		CITY:			CALGARY
		STATE:			A0
		ZIP:			T2P2M1
		BUSINESS PHONE:		403-267-4724

	MAIL ADDRESS:	
		STREET 1:		110-12TH AVENUE SW
		CITY:			CALGARY ALBERTA CANADA
		STATE:			A0
		ZIP:			T2P2M1
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
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<P STYLE="margin: 0"><IMG SRC="image_001.jpg" ALT="" STYLE="width: 680px; height: 109px">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="font: 6pt Segoe UI,sans-serif; margin: 0 0 0 4in"><B>&nbsp;</B></P>

<P STYLE="font: 7pt Segoe UI,sans-serif; margin: 0 0 0 4.4in"><B>Donald Tremblay </B></P>

<P STYLE="font: 7pt Segoe UI,sans-serif; margin: 0 0 3pt 4.4in"><B>Chief Financial Officer </B></P>

<P STYLE="font: 7pt Segoe UI,sans-serif; margin: 0 0 0 4.4in">Direct Line:&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;403.267.2060</P>

<P STYLE="font: 7pt Segoe UI,sans-serif; margin: 0 0 0 4.4in">Email:&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Donald_Tremblay@TransAlta.com</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0.25in 0 0; text-align: justify"><B>VIA EDGAR</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 10pt 0 12pt; text-align: justify"><B>September 21, 2017</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">Division of Corporate Finance</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">Securities and Exchange Commission</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">100 F Street, N.E.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">Washington, DC 20549</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">Attention:</TD><TD STYLE="text-align: justify">Ms. Ta Tanisha Meadows</TD></TR></TABLE>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 1in; text-align: justify">Mr. William H. Thompson<BR>
Ms. Donna Di Silvio</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: -0.5in">Dear Sir/Madam:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>Re:</B></TD><TD STYLE="text-align: justify"><B>Comment Letter dated September 8, 2017 to TransAlta Corporation</B><BR>
<B>Form 40-F for the Fiscal Year Ended December 31, 2016</B><BR>
<B>Filed March 3, 2017, File No. 1-15214</B></TD></TR></TABLE>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">TransAlta Corporation (the &ldquo;<U>Corporation</U>&rdquo;),
has the following response to the comments of the staff (the &ldquo;<U>Staff</U>&rdquo;) of the Securities and Exchange Commission
(the &ldquo;<U>Commission</U>&rdquo;) contained in the comment letter dated September 8, 2017 (the &ldquo;<U>Comment Letter</U>&rdquo;)
relating to the above-referenced Form 40-F filed with the Commission (the &ldquo;<U>40-F</U>&rdquo;). For your convenience, we
have set forth below the Staff&rsquo;s comment in the Comment Letter in italicized font, which is immediately followed by the Corporation&rsquo;s
response to that comment. All capitalized terms not otherwise defined herein shall have the meaning attributed thereto in the 40-F.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><U>Note 8. Net Other Operating (Income) loss,
page F36</U></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">A.</TD><TD><U>Mississauga Cogeneration Facility Contract</U></TD></TR></TABLE>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Please
describe the details of the one-time discounted revenue amount which led to the gain recognition in December 2016. Please include
a discussion of the terms of the terminated and new contracts, as applicable, and reference to the IFRS guidance used for the accounting
treatment. </I></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The facts and background regarding how the one-time
discounted revenue amount was determined is set forth below:</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&bull;</FONT></TD><TD>On May 15, 1991, the Corporation entered into a 25-year power purchase agreement (the &#8220;1991 PPA&#8221;) with the Ontario
Electricity Financial Corporation (&#8220;OEFC&#8221;) (formerly Ontario Hydro) for the supply of capacity and power from the Mississauga
gas plant (the &quot;Mississauga Plant&quot;). The 1991 PPA was scheduled to expire on December 31, 2018. This 1991 PPA provided
incentives for the Mississauga Plant to operate as a baseload electricity resource.</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

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<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><IMG SRC="image_001.jpg" ALT="" STYLE="width: 680px; height: 109px"></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&bull;</FONT></TD><TD>On December 16, 2016, the Ontario Minister of Energy issued to Ontario&#8217;s Independent Electricity System Operator (the
&#8220;IESO&#8221;) an amendment to the Ministerial direction dated December 14, 2015. The amendment noted that:</TD></TR></TABLE>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 13.5pt 0 0.75in; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 13.5pt 0 0.75in; text-align: justify">&ldquo;Ontario has put in place
legislation for its new cap and trade program to limit greenhouse gas pollution while moving to a low-carbon economy. Given the
evolution of Ontario&rsquo;s electricity system, there are opportunities to increase system value, reduce costs for Ontario electricity
consumers and lower carbon emissions in the province, if the IESO is able to negotiate replacement contracts (IESO Contracts) with
OEFC Non-Utility Generators that incentivize them to operate in a manner that is better aligned with Ontario&rsquo;s integrated
power system&rsquo;s needs.&rdquo;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 13.5pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&bull;</FONT></TD><TD>On December 22, 2016, the OEFC and the Corporation entered into an agreement to terminate the 1991 PPA with effect as of 11:59:59
PM EST on December 31, 2016 (the &#8220;Termination Agreement&#8221;). The Termination Agreement did not provide for a termination
payment relating to the remaining 2-year period on the 1991 PPA. The Termination Agreement acknowledged that the Corporation was
in negotiations with the IESO to enter into a curtailment agreement for the Mississauga Plant.</TD></TR></TABLE>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&bull;</FONT></TD><TD>In December 2016, TransAlta entered into a Non-Utility Generator (NUG) Enhanced Dispatch Contract with the IESO (the &#8220;IESO
Contract&#8221;), dated January 1, 2017. The term of the contract is from January 1, 2017 to December 31, 2018. Pursuant to the
IESO Contract, the Corporation is entitled to specified monthly payments from January 2017 through to and including December 2018.
The Corporation is entitled to the monthly payments regardless of whether the Corporation operates, maintains, shuts-down, lays-up
or decommissions the Mississauga Plant, provided the Corporation is in compliance with its contractual obligations. In the event
the IESO Contract is terminated by the IESO as a result of a default by the Corporation, the IESO is only responsible for the payment
of amounts accruing up to and including the termination date. The existence and termination of the 1991 PPA is specifically acknowledged
in the IESO Contract.</TD></TR></TABLE>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">The OEFC and the IESO, both created through
the 1999 restructuring of Ontario Hydro, are separate entities and are governed by independent boards. However, both are ultimately
under the direction and oversight of the Ontario Ministry of Energy, which manages the province of Ontario&rsquo;s electricity
system. In 2014, the Ontario Power Authority (the &ldquo;OPA&rdquo;) was established and charged with, among other things, assessing
the long-term adequacy of the province&rsquo;s electricity resources and forecasting and managing demand. In 2015, the OPA and
the IESO merged, combining both entities&rsquo; mandates under the IESO. This merger charged the IESO with the mandate to oversee
long-term supply and demand management and planning and procurement on behalf of the Ontario power market.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">&nbsp;&nbsp;</P>


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<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;<IMG SRC="image_001.jpg" ALT="" STYLE="width: 680px; height: 109px"></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">The Corporation considered various IFRS
guidance, as follows, to determine the most appropriate accounting for this sequence of transactions:</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">IAS 18 <I>Revenue</I> - The IESO Contract,
as outlined above, includes no requirement for the Corporation to operate the Mississauga Plant, or to provide capacity or deliver
electricity to the IESO. As such, the monthly payments specified in the contract do not meet the definition of revenue, as the
payments (economic benefits) do not arise from the ordinary activities of an entity (definition of <I>revenue</I> - IAS 18.7).
The Corporation's ordinary activities related to its generating facilities are the provision of availability or capacity and the
delivery of electricity.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">IAS 38 <I>Intangible Assets</I> - The
IESO Contract is essentially a replacement of the then remaining two years (2017 - 2018) under the 1991 PPA. The termination of
the 1991 PPA and entering into the IESO Contract are not separate isolated events. Accordingly, the Corporation concluded that
the most relevant guidance with respect to the nature of these transactions was similar to that of the disposition or buyout of
an intangible asset, namely the 1991 PPA. The Corporation relied on the provisions of IAS 38.112, .113, and .114 to inform the
accounting treatment. Paragraph 114 of IAS 38 refers to IAS 18 (recognition criteria for sale of goods) to determine the timing
of the recognition of a disposal and any related gain or loss.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">IAS 18.14 is reproduced below in underline,
which is followed by the Corporation's application to the IESO Contract and the 1991 PPA:</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><U>Revenue from the sale of goods shall
be recognized when all of the following conditions have been satisfied:</U></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">a.</TD><TD STYLE="text-align: justify"><U>the entity has transferred to the buyer the significant risks and rewards of ownership of the
goods;</U></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">b.</TD><TD STYLE="text-align: justify"><U>the entity retains neither continuing managerial involvement to the degree usually associated
with ownership nor effective control over the goods sold</U><I>; </I></TD></TR></TABLE>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 0.25in; text-align: justify">Paragraphs a. and b. generally
refer to transfer of ownership and the lack of ongoing involvement. The termination of the 1991 PPA and the execution of the IESO
Contract, collectively, terminate the obligations of Corporation to deliver capacity, power, or other material obligations to the
IESO from the Mississauga Plant. The terms of the IESO Contract make it clear that the Corporation may shut-down, lay-up, or decommission
the Mississauga Plant. There are no on-going performance or delivery requirements in respect of the Mississauga Plant, other than
those considered perfunctory, to receive the cash flows under the IESO Contract.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">c.</TD><TD STYLE="text-align: justify"><U>the amount of revenue can be measured reliably; </U></TD></TR></TABLE>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 0.25in; text-align: justify">Pursuant to the IESO Contract,
the Corporation is entitled to specified monthly payments from January 2017 through to and including December 2018. The total undiscounted
amount of these payments is approximately Cdn$209 million. As the amounts are clearly specified in the IESO Contract, the amount
can be measured reliably.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 0.25in; text-align: justify">&nbsp;</P>


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<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;<IMG SRC="image_001.jpg" ALT="" STYLE="width: 680px; height: 109px"></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">d.</TD><TD STYLE="text-align: justify"><U>it is probable that the economic benefits associated with the transaction will flow to the entity;
</U></TD></TR></TABLE>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 0.25in; text-align: justify">As outlined previously, there
are no delivery obligations of the Mississauga Plant (to the IESO) in order to be entitled to the monthly payments. In the termination
and default portions of the IESO Contract there are limited instances in which the IESO can cease payments under the contract.
However, should an event of default occur, the Corporation is provided the opportunity to remedy the event, thus continuing to
be entitled to the monthly payments. The Corporation considered the likelihood of an event of default arising and the risk that
the IESO might default on the payments as being very remote. Accordingly, it was concluded that it was probable that the economic
benefits (monthly payments) will flow to the Corporation.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">e.</TD><TD STYLE="text-align: justify"><U>the costs incurred or to be incurred in respect of the transaction can be measured reliably.
</U></TD></TR></TABLE>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 0.25in; text-align: justify">Specific to this transaction,
we identified that there were minimal costs that had been or would be incurred. The book value of the 1991 PPA was identified as
a possible cost, which was determined to be nil. Other costs include execution costs (internal salaries, external legal, etc.)
which had been accounted for through the regular payroll process and expensed in the period, or through the period-end accrual
process.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">Based on the analysis documented above,
the Corporation concluded that the recognition criteria were met and, as a result, the monthly payments were recognized under the
IESO Contract (at a discounted amount of approximately $207 million) in 2016 as a gain. The IESO Contract was referred to within
the Termination Agreement which was executed on December 22, 2016. The Termination Agreement was entered into in contemplation
of entering into the IESO Contract, which provides persuasive evidence that an agreement in principle existed on that date, despite
the IESO Contract having an effective date of January 1, 2017. The effective date essentially represents an administrative term
to commence the payments under the IESO Contract.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">We trust the foregoing answers are responsive
to your comment. If you have any questions in connection with our responses, please feel free to contact me by telephone at 403-267-2060
or via email at donald_tremblay@transalta.com.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">Yours truly,</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>TRANSALTA CORPORATION</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">/s/Donald Tremblay</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">Chief Financial Officer</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 11pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 11%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">cc:</TD>
    <TD STYLE="width: 89%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">John Kousinioris, TransAlta Corporation</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Scott Jeffers, TransAlta Corporation</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Todd Stack, TransAlta Corporation</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Janice Rath, Ernst &amp; Young LLP</TD></TR>
</TABLE>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
