<SEC-DOCUMENT>0001279569-18-001603.txt : 20180803
<SEC-HEADER>0001279569-18-001603.hdr.sgml : 20180803
<ACCEPTANCE-DATETIME>20180803085833
ACCESSION NUMBER:		0001279569-18-001603
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20180803
FILED AS OF DATE:		20180803
DATE AS OF CHANGE:		20180803

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:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-15214
		FILM NUMBER:		18990454

	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>6-K
<SEQUENCE>1
<FILENAME>transalta6k.htm
<DESCRIPTION>FORM 6-K
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<P STYLE="font: bold 14pt Times New Roman, Times, Serif; margin: 0 0 24pt; text-align: center"></P>

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<P STYLE="font: bold 14pt Times New Roman, Times, Serif; margin: 0 0 24pt; text-align: center">UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION<BR>
Washington, D.C. 20549</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0 0 24pt; text-align: center"><B>FORM 6-K</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 24pt; text-align: center"><B>REPORT OF FOREIGN PRIVATE ISSUER PURSUANT
TO RULE 13a-16 OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 24pt">For the month of August 2018</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 24pt"><B>TRANSALTA
CORPORATION</B></FONT></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 24pt"><B></B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Translation of registrant&rsquo;s name into
English)</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>110-12<SUP>th</SUP> Avenue S.W., Box 1900,
Station &ldquo;M&rdquo;, Calgary, Alberta, T2P 2M1</B></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B></B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">(Address of principal executive offices)</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">&nbsp;&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">Indicate by check mark whether the registrant files or will
file annual reports under cover Form 20-F or Form 40-F.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="width: 50%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt">Form
    20-F &nbsp;&nbsp;</TD>
    <TD STYLE="width: 50%; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: right">Form 40-F&nbsp;&nbsp;&nbsp;&nbsp;<U>X&nbsp;</U></TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">Indicate by check mark if the registrant is submitting the
Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ____</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">Indicate by check mark if the registrant is submitting the
Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ____</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt"></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">&nbsp;</P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><B>I</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">I</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">The document listed below as Exhibit 99.1 to this Form 6-K is a
copy of the Registrant&rsquo;s news release dated August 3, 2018 announcing &ldquo;TransAlta Reports Second Quarter 2018 Results&rdquo;.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">This news release is being furnished, not filed,
and will not be incorporated by reference into any registration statement filed by TransAlta Corporation under the Securities Act
of 1933, as amended.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 40.5pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 15%; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; font: 12pt Times New Roman, Times, Serif; text-indent: 0in">99.1</TD>
    <TD STYLE="width: 85%; padding-right: 5.4pt; padding-left: 5.4pt; font: 12pt Times New Roman, Times, Serif; text-align: justify">&ldquo;TransAlta Reports Second Quarter 2018 Results&rdquo;</TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"></P>






<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt"></P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><B>Signatures</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 24pt">Pursuant to the requirements of the Securities Exchange Act
of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 24pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 25%; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="width: 25%">&nbsp;</TD>
    <TD STYLE="width: 50%; padding-right: 9.9pt; padding-left: 5.4pt"><B>TransAlta Corporation</B></TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 9pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 9pt; padding-left: 5.4pt">&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">By: <I>/s/Brett Gellner</I></TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt"></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt"></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt">Brett Gellner</TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt"></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt"></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt">Acting Chief Financial Officer </TD>
    </TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt"><BR>
<BR>
</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 24pt">Date: August 3, 2018</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0in"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0in"><B>EXHIBIT INDEX</B></P>

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    <TD STYLE="width: 15%; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; font: 12pt Times New Roman, Times, Serif; text-indent: 0in"><A HREF="ex991.htm">99.1</A></TD>
    <TD STYLE="width: 85%; padding-right: 5.4pt; padding-left: 5.4pt; font: 12pt Times New Roman, Times, Serif; text-align: justify"><A HREF="ex991.htm">Press release dated August 3, 2018 <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">announcing
&ldquo;TransAlta Reports Second Quarter 2018 Results&rdquo;</FONT></A></TD></TR>
</TABLE>




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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>ex991.htm
<DESCRIPTION>NEWS RELEASE DATED AUGUST 3, 2018
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<P STYLE="margin: 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Exhibit 99.1</B></FONT></P>

<P STYLE="margin: 0; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="margin: 0; text-align: right"></P>

<P STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 15pt 0 7.5pt; text-align: left"><IMG SRC="image_001.jpg" ALT=""></P>

<P STYLE="font: bold 14pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0"></P>

<P STYLE="font: bold 14pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0"></P>

<P STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">TransAlta Reports Second Quarter 2018
Results</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">CALGARY, Aug. 3, 2018 /CNW/ -</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0"><B>Second Quarter 2018 Financial Highlights
</B></P>

<UL STYLE="list-style-type: disc">

<LI STYLE="margin: 0pt 0 12pt; font-family: Arial, Helvetica, Sans-Serif">Funds from operations were $188 million, in line with
the same period last year; and</LI>

<LI STYLE="margin: 0pt 0 12pt; font-family: Arial, Helvetica, Sans-Serif">Free cash flow was $96 million compared to $30 million
in 2017, a 220% increase.</LI>

</UL>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0"><B>Year-to-Date 2018 Financial and Operating
Highlights </B></P>

<UL STYLE="list-style-type: disc">

<LI STYLE="margin: 0pt 0 12pt; font-family: Arial, Helvetica, Sans-Serif">Free cash flow increased $209 million to $334 million
compared to the same period last year;</LI>

<LI STYLE="margin: 0pt 0 12pt; font-family: Arial, Helvetica, Sans-Serif">Net debt lower by $345 million in the first six months,
resulting in Net Debt / EBITDA ratio of 3.0x</LI>

<LI STYLE="margin: 0pt 0 12pt; font-family: Arial, Helvetica, Sans-Serif">Acquired two construction ready wind projects in the
United States</LI>

</UL>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">TransAlta Corporation (&quot;TransAlta&quot;
or the &quot;Company&quot;) (TSX: TA; NYSE: TAC) today reported second quarter 2018 financial results that demonstrate our progress
of increasing free cash flow<SUP>(1)</SUP>, improving operating performance, reducing corporate debt, and advancing the transition
to clean power generation.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">Free cash flow was higher by $66 million and
$209 million respectively, for the three and six months ended June 30, 2018.&nbsp; During the second quarter, all generating segments,
except Canadian Coal, contributed cash flow in line with or better than last year.&nbsp; On a year to date basis, Canadian Coal
benefitted from the one-time payment in the first quarter for the early termination of the Sundance B and C Power Purchase Arrangements
(&quot;PPAs&quot;), as well as reduced capital requirements due to the retirement of Sundance Unit 1 and the mothballing of Sundance
Units 2, 3, and 5.&nbsp; Strong contributions from our Hydro and Canadian Gas segments were driven by increases in prices for power
and ancillary services in Alberta. &nbsp;&nbsp;Based on our outlook for the balance of the year, we are tracking to achieve the
upper end of our free cash flow guidance of $300 million to $350 million.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">Our debt repayment strategy is progressing
well, and we are ahead of plan in reducing net debt and strengthening our balance sheet.&nbsp; During the quarter we reduced net
debt by an additional $63 million, bringing our total net debt reduction for the year to $345 million.&nbsp; Subsequent to the
quarter we exercised the early redemption of our $400 million 6.40 per cent bond due in 2019 with the proceeds from our off-coal
bond offering of approximately $345 million at a rate of 4.509 per cent.&nbsp; Since 2015 we have eliminated $1.2 billion in debt
and intend to use our strong cash flow to finance the repayment of our next bond maturity due in 2020.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">&quot;Cash flows were stronger than we expected
for the first half of the year due to exceptional performance from the Alberta hydro assets,&quot; said Dawn Farrell, President
and Chief Executive Officer. &quot;Subsequent to the quarter, we retired our $400 million bond and now have one of the strongest
balance sheets in the industry.&quot;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0"><B>Other Highlights</B></P>

<UL STYLE="list-style-type: disc">

<LI STYLE="margin-right: 0; margin-bottom: 15pt; margin-left: 0; font-family: Arial, Helvetica, Sans-Serif">Entered into a transaction
to transfer the economic interest in the Lakeswind Wind Farm and solar projects located in Massachusetts, and ownership of the
Kent Breeze Wind Farm, to TransAlta Renewables.&nbsp; The total purchase price for this transaction was $166 million, which includes
the assumption of $62 million of tax equity and debt.</LI>

<LI STYLE="margin-right: 0; margin-bottom: 15pt; margin-left: 0; font-family: Arial, Helvetica, Sans-Serif">Purchased and cancelled
587,300 common shares at an average price of $6.77 per share during the first half of the year through our Normal Course Issuer
Bid which commenced March 14, 2018.</LI>

<LI STYLE="margin: 0pt 0 12pt; font-family: Arial, Helvetica, Sans-Serif">TransAlta's interest in TransAlta Renewables was reduced
from approximately 64 per cent to 61 per cent as a result of TransAlta Renewables bought deal offering of 11,860,000 common shares,
which were issued at $12.65 per share for gross proceeds of approximately $150 million.&nbsp;</LI>

</UL>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0"><B>Subsequent Events</B></P>

<UL STYLE="list-style-type: disc">

<LI STYLE="margin-right: 0; margin-bottom: 15pt; margin-left: 0; font-family: Arial, Helvetica, Sans-Serif">Retired the previously
mothballed Sundance Unit 2 due to its relatively short useful life, small size relative to other units, and the capital required
to return the unit to service.</LI>

<LI STYLE="margin: 0pt 0 12pt; font-family: Arial, Helvetica, Sans-Serif">Exercised the early redemption of the outstanding 6.40
per cent debentures due November 2019 for approximately $425 million funded through the proceeds of the July 20th, 2018 off-coal
bond offering of approximately $345 million at a rate of 4.509 per cent per annum.&nbsp;</LI>

</UL>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0"><B>Second Quarter 2018 Review by Segment</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 7.5pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD ROWSPAN="2" STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>Comparable EBITDA </B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>(in CAD$ millions)</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 6pt; padding-left: 6pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>3 Months Ended</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 6pt; padding-left: 6pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>6 Months Ended</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>June 30, 2018</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>June 30, 2017</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>June 30, 2018</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>June 30, 2017</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Canadian Coal</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">43</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">85</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">&nbsp; 265<SUP>(a)</SUP></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">176</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">U.S. Coal</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">18</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">34</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">45</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">44</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Canadian Gas</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">62</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">57</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">127</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">145<SUP>(b)</SUP></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Australian Gas</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">31</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">32</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">62</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">63</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Wind and Solar</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">34</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">42</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">99</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">110</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Hydro</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">49</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">28</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">66</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">42</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Energy Marketing </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">8</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">12</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">17</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">8</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Corporate</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">(20)</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">(22)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">(40)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">(46)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>Total Comparable EBITDA</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>225</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>268</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>641</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 8.05pt; padding-left: 6pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>542</B></FONT></TD></TR>
<TR>
    <TD COLSPAN="5"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">a) Includes $157 million in compensation from the Balancing Pool for the early termination of the Sundance B and C PPAs. </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="5" STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">b) Includes $34 million payment from the OEFC relating to the settlement of an indexation dispute.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">&nbsp;</P>

<UL STYLE="list-style-type: disc">

<LI STYLE="margin-right: 0; margin-bottom: 15pt; margin-left: 0; font-family: Arial, Helvetica, Sans-Serif"><U>Canadian Coal:</U>
Excluding the $157 million in compensation from the Balancing Pool for the early termination of the Sundance B and C PPAs, comparable
EBITDA for the three and six months ended June 30, 2018 decreased $42 million and $68 million respectively, compared to 2017.&nbsp;
Gross margin was negatively impacted by the expiry of the Sundance A PPA and the termination of the Sundance B and C PPAs.</LI>

<LI STYLE="margin-right: 0; margin-bottom: 15pt; margin-left: 0; font-family: Arial, Helvetica, Sans-Serif"><U>U.S. Coal:</U> Comparable
EBITDA for the quarter decreased $16 million but was flat on a year-to-date basis, compared to 2017.&nbsp; The reduction in EBITDA
during the quarter was primarily due to unfavorable mark-to-market positions on forward financial contracts.</LI>

<LI STYLE="margin-right: 0; margin-bottom: 15pt; margin-left: 0; font-family: Arial, Helvetica, Sans-Serif"><U>Canadian Gas:</U>
Comparable EBITDA for the three months ended June 30, 2018 increased by $5 million compared to 2017, due to higher realized margins
in 2018 and cost reduction initiatives.&nbsp; On a year-to-date basis, comparable EBITDA decreased by $18 million, mainly due to
the $34 million contract indexation dispute settlement received in 2017, which was partially offset by higher margins received
in 2018.</LI>

<LI STYLE="margin-right: 0; margin-bottom: 15pt; margin-left: 0; font-family: Arial, Helvetica, Sans-Serif"><U>Australian Gas:</U>
Comparable EBITDA for both the three and six months ended June 30, 2018 were in line with the same periods in 2017. The addition
of South Hedland was largely offset by the loss of the contribution from the Solomon Power Station contract.</LI>

<LI STYLE="margin-right: 0; margin-bottom: 15pt; margin-left: 0; font-family: Arial, Helvetica, Sans-Serif"><U>Wind and Solar:</U>
Comparable EBITDA for the three and six months ended June 30, 2018 were down $8 million and $11 million respectively, compared
to 2017, mainly due to the recognition of unrealized mark-to-market losses this period partially offset by favourable pricing.</LI>

<LI STYLE="margin-right: 0; margin-bottom: 15pt; margin-left: 0; font-family: Arial, Helvetica, Sans-Serif"><U>Hydro:</U> Comparable
EBITDA for the three and six months ended June 30, 2018 increased $21 million and $24 million respectively, compared to 2017, primarily
due to an increase in revenues from ancillary services at higher market prices, which more than offset the lower generation.</LI>

<LI STYLE="margin-right: 0; margin-bottom: 15pt; margin-left: 0; font-family: Arial, Helvetica, Sans-Serif"><U>Energy Marketing:</U>
For the three months ended June 30, 2018 comparable EBITDA was lower compared to the same period in 2017 due to less favourable
market dynamics.&nbsp; Year-to-date, comparable EBITDA was up $9 million compared to 2017 reflecting a return to typical returns
after weak performance in the first quarter of 2017.</LI>

<LI STYLE="margin: 0pt 0 12pt; font-family: Arial, Helvetica, Sans-Serif"><U>Corporate:</U> Our Corporate overhead costs of $20
million and $40 million for the second quarter and year-to-date respectively, were reduced by $2 million and $6 million, compared
to 2017, due to lower incentive payments and cost reduction initiatives.</LI>

</UL>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0"><B>Consolidated Earnings Review </B><BR>
The net loss attributable to common shareholders during the second quarter of 2018 was $105 million compared to a net loss of $18
million in 2017.&nbsp; For the six months ended June 30, 2018, the net loss was $40 million compared to a loss of $18 million for
the same period in 2017. The higher net loss in 2018 compared to 2017 was due primarily to lower comparable EBITDA and lower finance
lease income related to the sale of the Solomon facility.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">Minimal planned major maintenance capital was
invested during the first two quarters of 2018, resulting in total sustaining capital for the three and six months periods ending
June 30, 2018 being $48 million and $70 million lower than the comparable periods in 2017, respectively. Total capital expenditures
for the year are still expected to be in line with our previous guidance of $215 to $235 million.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0"><B>Operating Review </B><BR>
Adjusted availability for the three and six months ended June 30, 2018 were 85.8 per cent and 90.1 per cent, respectively, compared
to 84.0 per cent and 86.2 per cent for the same periods in 2017.&nbsp; The increase is primarily due to a reduction in the number
of unplanned outages compared to the first half of 2017.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">Production for the three and six months ended
June 30, 2018 decreased 2,509 GWh and 4,388 GWh, respectively, compared to 2017, despite higher availability, primarily due to
the Sundance units becoming merchant, which resulted in less dispatching.&nbsp;&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0"><B>Second Quarter and YTD 2018 Financial and
Operational Highlights</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 7.5pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
<TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-right: 9.95pt; padding-left: 6pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-right: 9.95pt; padding-left: 6pt">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP ROWSPAN="2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>In $CAD millions, unless otherwise stated </B></FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="vertical-align: bottom; padding-right: 6pt; padding-left: 6pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>3 Months Ended</B></FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-right: 6pt; padding-left: 6pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>6 Months Ended</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>June 30, 2018</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>June 30, 2017</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>June 30, 2018</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>June 30, 2017</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Adjusted availability (%)<SUP>(2,3)</SUP></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">85.8%</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">84.0%</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">90.1%</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">86.2%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Production (GWh) <SUP>(3)</SUP></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 9.95pt; padding-left: 6pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">5,198</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 9.95pt; padding-left: 6pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">7,707</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 9.95pt; padding-left: 6pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">12,370</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 9.95pt; padding-left: 6pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">16,758</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Revenue</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 9.95pt; padding-left: 6pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">446</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 9.95pt; padding-left: 6pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">503</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 9.95pt; padding-left: 6pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">1,034</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 9.95pt; padding-left: 6pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">1,081</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Comparable EBITDA </FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 9.95pt; padding-left: 6pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">225</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 9.95pt; padding-left: 6pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">268</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 9.95pt; padding-left: 6pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">641</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 9.95pt; padding-left: 6pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">542</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Net Earnings (loss) attributable to common shareholders</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 9.95pt; padding-left: 6pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">(105)</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 9.95pt; padding-left: 6pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">(18)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 9.95pt; padding-left: 6pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">(40)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 9.95pt; padding-left: 6pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">(18)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Funds from operations</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 9.95pt; padding-left: 6pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">188</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 9.95pt; padding-left: 6pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">187</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 9.95pt; padding-left: 6pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">506</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 9.95pt; padding-left: 6pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">389</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Cash Flow from Operating Activities</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 9.95pt; padding-left: 6pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">104</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 9.95pt; padding-left: 6pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">63</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 9.95pt; padding-left: 6pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">529</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 9.95pt; padding-left: 6pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">344</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Free Cash Flow</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 9.95pt; padding-left: 6pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">96</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 9.95pt; padding-left: 6pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">30</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 9.95pt; padding-left: 6pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">334</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 9.95pt; padding-left: 6pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">125</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Net Earnings (loss) per common share attributed to common shareholders</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 9.95pt; padding-left: 6pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">($0.36)</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 9.95pt; padding-left: 6pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">($0.06)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 9.95pt; padding-left: 6pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">($0.14)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 9.95pt; padding-left: 6pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">($0.06)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Funds from operations per share</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 9.95pt; padding-left: 6pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">$0.65</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 9.95pt; padding-left: 6pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">$0.65</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 9.95pt; padding-left: 6pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">$1.76</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 9.95pt; padding-left: 6pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">$1.35</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Free cash flow per share</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 9.95pt; padding-left: 6pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">$0.33</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 9.95pt; padding-left: 6pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">$0.10</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 9.95pt; padding-left: 6pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">$1.16</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 9.95pt; padding-left: 6pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">$0.43</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Dividends declared per common share</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 9.95pt; padding-left: 6pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">$0.04</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; padding-right: 9.95pt; padding-left: 6pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">$0.04</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 9.95pt; padding-left: 6pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">$0.08</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 9.95pt; padding-left: 6pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">$0.04</FONT></TD></TR>
</TABLE>
<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0"><B>Notes</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 7.5pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><I><SUP>(1)</SUP> These items are not defined under IFRS. Presenting these items from period to period provides management and investors with the ability to evaluate earnings trends more readily in comparison with prior periods' results. Refer to the Funds from Operations and Free Cash Flow and Earnings and Other Measures on a Comparable Basis sections of the Company's MD&amp;A for further discussion of these items, including, where applicable, reconciliations to measures calculated in accordance with IFRS.</I></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><I><SUP>(2) </SUP>Availability and production includes all generating assets (generation operations and finance leases that we operate). </I></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><I><SUP>(3)</SUP> Adjusted for economic dispatching at U.S. Coal.</I></FONT></TD></TR>
</TABLE>
<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">TransAlta is in the process of filing its Consolidated
Financial Statements and accompanying notes, as well as the associated Management's Discussion &amp; Analysis (&quot;MD&amp;A&quot;).
These documents will be available today on the Investors section of TransAlta's website at www.transalta.com or through SEDAR at
www.sedar.com and EDGAR at www.sec.gov/edgar.shtml.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0"><B>Conference call</B><BR>
We will hold a conference call and webcast at 9:00 a.m. MST (11:00 a.m. EST) today, August 3, 2018, to discuss our second quarter
2018 results.&nbsp; The call will begin with a short address by Dawn Farrell, President and CEO, and Brett Gellner, Interim Chief
Financial Officer,<B>&nbsp;</B>followed by a question and answer period for investment analysts and investors. A question and answer
period for the media will immediately follow.&nbsp; Please contact the conference operator five minutes prior to the call, noting
&quot;TransAlta Corporation&quot; as the company and &quot;Sally Taylor&quot; as moderator.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; text-align: center; margin-right: 0; margin-left: 0"><B><U>Dial-in numbers &ndash;
Second Quarter 2018 Results:</U><BR>
Toll-free North American participants call: 1-888-231-8191<BR>
Outside of Canada &amp; USA call: 1-647-427-7450</B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">A link to the live webcast will be available
on the Investor Centre section of TransAlta's website at http://www.transalta.com/investors/events-and-presentations. If you are
unable to participate in the call, the instant replay is accessible at 1-855-859-2056 (Canada and USA toll free) with TransAlta
pass code 8876455 followed by the # sign. A transcript of the broadcast will be posted on TransAlta's website once it becomes available.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0"><B><I>About TransAlta Corporation: </I></B><I><BR>
TransAlta owns, operates and develops a diverse fleet of electrical power generation assets in Canada, the United States and Australia
with a focus on long-term shareholder value. We provide municipalities, medium and large industries, businesses and utility customers
clean, affordable, energy efficient, and reliable power. Today, we are one of Canada's largest producers of wind power and Alberta's
largest producer of hydro-electric power. For over 100 years, TransAlta has been a responsible operator and a proud community-member
where its employees work and live. TransAlta aligns its corporate goals with the UN Sustainable Development Goals and we have been
recognized by CDP (formerly Climate Disclosure Project) as an industry leader on Climate Change Management. We are also proud to
have achieved the Silver level PAR (Progressive Aboriginal Relations) designation by the Canadian Council for Aboriginal Business.
</I></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0"><I>For more information about TransAlta, visit
our web site at transalta.com.</I></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0"><B><I>Cautionary Statement Regarding Forward
Looking Information</I></B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0"><I>This news release contains forward looking
statements, including statements regarding the business and anticipated financial performance of the Company that are based on&nbsp;the
Company's&nbsp;current expectations, estimates, projections and assumptions in light of its experience and its perception of historical
trends. In some cases, forward-looking statements can be identified by terminology such as &quot;plans&quot;, &quot;expects&quot;,
&quot;proposed&quot;, &quot;will&quot;, &quot;anticipates&quot;, &quot;develop&quot;, &quot;continue&quot;, and similar expressions
suggesting future events or future&nbsp;performance.&nbsp;In particular, this news release contains forward looking statements
including, without limitation, statements pertaining to TransAlta's business and anticipated future financial performance; our
strategy, including as it relates to increasing free cash flow, improving operating performance, reducing corporate debt and advancing
the transition to clean power generation; our 2018 financial outlook, including expected free cash flow and achieving the upper
end of our free cash flow guidance of $300 to $350 million; utilizing strong cash flow to finance the repayment of our next bond
maturity due in 2020;&nbsp; and the acquisition and development of two construction ready wind farms in the US, including the satisfaction
of the closing conditions pertaining to one of the wind farms.&nbsp; These forward-looking statements are not historical facts
but are based on TransAlta's belief and assumptions based on information available at the time the assumptions were made. These
statements are subject to a number of risks and uncertainties that may cause actual results to differ materially from those contemplated
by the forward-looking statements. Some of the factors that could cause such differences include: operational risks involving our
facilities; changes in market prices where we operate; unplanned outages at generating facilities and the capital investments required;
equipment failure and our ability to carry out repairs in a cost effective and timely manner; the effects of weather; disruptions
in the source of fuels, water or wind required to operate our facilities; energy trading risks; failure to obtain necessary regulatory
approvals in a timely fashion; negative impact to our credit ratings; legislative or regulatory developments and their impacts,
including as it pertains to the capacity market being developed in Alberta; increasingly stringent environmental requirements and
their impacts; increased competition; global capital markets activity (including our ability to access financing at a reasonable
cost); changes in prevailing interest rates; currency exchange rates; inflation levels and commodity prices; general economic conditions
in the geographic areas where TransAlta operates; disputes or claims involving TransAlta or TransAlta Renewables, including those
pertaining to South Hedland; and other risks and uncertainties discussed in the Company's materials filed with the Canadian securities
regulatory authorities from time to time and as also set forth in the Company's MD&amp;A and Annual Information Form for the year
ended&nbsp;December 31, 2017. Readers are cautioned not to place undue reliance on these forward-looking statements, which reflect
TransAlta's expectations only as of the date of this news release. The financial outlook that is contained in this news release
is being provided for the purpose of giving the reader information about management's current expectations and plans. TransAlta
disclaims any intention or obligation to update or revise these forward-looking statements, whether as a result of new information,
future events or otherwise, except as required by law.</I></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">Note: All financial figures are in Canadian
dollars unless otherwise indicated.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0"><IMG SRC="image_003.jpg" ALT="Cision" STYLE="height: 12px; width: 12px">View
original content:http://www.prnewswire.com/news-releases/transalta-reports-second-quarter-2018-results-300691619.html</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">SOURCE TransAlta Corporation</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">View original content: http://www.newswire.ca/en/releases/archive/August2018/03/c2940.html</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">%CIK: 0001144800</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0"><B>For further information: </B>Investor Inquiries: Sally Taylor,
Manager, Investor Relations, Phone: 1-800-387-3598 in Canada and U.S., Email: investor_relations@transalta.com; Media Inquiries:
Stacey Hatcher, Manager, Communications, Phone: Toll-free media number: 1-855-255-9184, Email: ta_media_relations@transalta.com</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">CO: TransAlta Corporation</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">CNW 08:00e 03-AUG-18</P>



<P STYLE="font: bold 14pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0"></P>

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