<SEC-DOCUMENT>0001279569-20-001516.txt : 20201104
<SEC-HEADER>0001279569-20-001516.hdr.sgml : 20201104
<ACCEPTANCE-DATETIME>20201104071808
ACCESSION NUMBER:		0001279569-20-001516
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20201104
FILED AS OF DATE:		20201104
DATE AS OF CHANGE:		20201104

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:		201285163

	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>
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<TYPE>6-K
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<FILENAME>transalta6k.htm
<DESCRIPTION>FORM 6-K
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<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: center">UNITED STATES</P>

<P STYLE="font: bold 16pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: center"><FONT STYLE="font-size: 14pt">SECURITIES
AND EXCHANGE COMMISSION<BR>
</FONT><FONT STYLE="font-size: 12pt">WASHINGTON, D.C. 20549 </FONT></P>

<P STYLE="font: bold 18pt Times New Roman, Times, Serif; margin: 10pt 0 6pt; text-align: center">FORM 6-K</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: center">REPORT OF FOREIGN PRIVATE ISSUER<BR>
PURSUANT TO RULE&nbsp;13a-16 OR 15d-16<BR>
UNDER THE SECURITIES EXCHANGE ACT OF 1934</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: center"><B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: center"><B>For the month of November, 2020<BR>
Commission File Number 001-15214</B></P>

<P STYLE="font: bold 16pt Times New Roman, Times, Serif; margin: 10pt 0 6pt; text-align: center"><FONT STYLE="font-size: 20pt">TRANSALTA
CORPORATION<BR>
</FONT><FONT STYLE="font-size: 10pt; font-weight: normal">(Translation of registrant's name into English)</FONT></P>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: center"><B>110-12th Avenue S.W., Box 1900, Station
&ldquo;M&rdquo;, Calgary, Alberta, Canada, T2P 2M1</B><BR>
(Address of principal executive offices)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">Indicate by check mark whether the registrant
files or will file annual reports under cover of Form 20-F or Form 40-F:</P>

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    <TD STYLE="width: 50%; font: bold 12pt Times New Roman, Times, Serif; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt; font-weight: normal">Form&nbsp;40-F&nbsp;<FONT STYLE="font-family: Wingdings">&#254;</FONT></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">Indicate by check mark if the registrant is submitting the Form
6-K in paper as permitted by Regulation&nbsp;S-T Rule&nbsp;101(b)(1). _____</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">Indicate by check mark if the registrant is submitting the Form
6-K in paper as permitted by Regulation&nbsp;S-T Rule&nbsp;101(b)(7). _____</P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: left">Signatures</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0.5in">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>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 24pt 0 0 3in"><B>&nbsp;</B></P>

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    <TD COLSPAN="2" STYLE="font-size: 10pt"><B>TRANSALTA CORPORATION</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 13%; font-size: 10pt">By:</TD>
    <TD STYLE="width: 87%; border-bottom: Black 1pt solid; font-size: 10pt">/s/ Todd Stack</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">Name: Todd Stack</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">Title: Chief Financial Officer</TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0">Date: November 4, 2020</P>
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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: center">EXHIBIT INDEX</P>

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        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 1pt solid"><B>Exhibit Number</B></P></TD>
    <TD STYLE="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 81%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 1pt solid"><B>Description of Document</B></P></TD></TR>
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    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt"><A HREF="ex991.htm">99.1</A></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt"><A HREF="ex991.htm">&ldquo;TransAlta Reports Solid Third Quarter 2020 Results, Fast-Tracks
Off Coal and Discontinues All Mining in Canada by End of 2021&rdquo;</A> </TD></TR>
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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: bold 24pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0"></P>

<P STYLE="font: bold 24pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">TransAlta Reports Solid Third Quarter
2020 Results, Fast-Tracks Off Coal and Discontinues All Mining in Canada by End of 2021</P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">CALGARY, AB, Nov.&nbsp;4, 2020 /CNW/ -</P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0"><B>Third Quarter 2020 Highlights</B></P>

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

<LI STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Comparable EBITDA<SUP>(1)(2)</SUP> of $256 million increased
by three per cent from $249 million for the same period in 2019</LI>

<LI STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Free cash flow (&quot;FCF&quot;)<SUP>(1)(2)</SUP> of $106
million or $0.39 per share compared to $114 million or $0.40 per share for the same period in 2019</LI>

<LI STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Adjusted availability was 90.7 per cent compared to 95.2
per cent for the same period in 2019</LI>

</UL>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0"><B>Year-to-date 2020 Financial Highlights</B></P>

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

<LI STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">FCF<SUP>(1)(2)</SUP> of $306 million or $1.11 per share
compared to $258 million or $0.91 per share, an increase of 22 per cent on a per share basis</LI>

<LI STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Returned $21 million of capital to shareholders in the
first nine months through the purchase and cancellation of 2,849,400 common shares at an average price of $7.51 per share through
our normal course issuer bid (&quot;NCIB&quot;) program</LI>

</UL>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0"><B>Operating Highlights</B></P>

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

<LI STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Adjusted the useful life of the Highvale Mine to align
with the gas conversion plans of the Company (as defined below) and decision to end mining by Dec. 31, 2021</LI>

<LI STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Commenced conversion to gas at Sundance Unit 6 and on-track
to complete the project by mid-Nov. 2020</LI>

<LI STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Windrise Wind construction is 45 per cent complete, as
of Sept. 30, 2020, and began receiving wind turbine generators on site in mid-Oct. 2020</LI>

</UL>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0"><B>Subsequent Events &amp; Updates</B></P>

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

<LI STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">The Company announced that it will discontinue all mining
operations at the Highvale Mine by Dec. 31, 2021. Effective Jan. 1, 2022, the Company will discontinue firing with coal in Canada</LI>

<LI STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Sundance Unit 5 repowering received approval of the Company's
Board of Directors (&quot;Board&quot;) and is on-track to reach commercial operation by fourth quarter 2023</LI>

<LI STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Announced that the Company's subsidiary, Southern Cross
Energy, replaced and extended its existing power purchase agreement with BHP Billiton Nickel West Pty. Ltd. The replacement of
this agreement extends the term from Dec. 31, 2023 to Dec. 31, 2038</LI>

<LI STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Achieved commercial operation of WindCharger, Alberta's
first utility-scale battery storage project</LI>

<LI STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Announced the closing of AU$800 million of secured financing
from the South Hedland Power Station</LI>

<LI STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Announced the closing of the $400 million investment by
an affiliate of Brookfield Asset Management (&quot;Brookfield&quot;) in preferred shares of the Company pursuant to the investment
agreement entered into between the Company and Brookfield on Mar. 22, 2019</LI>

<LI STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Together with our partner, Tidewater Midstream &amp; Infrastructure
Ltd. (&quot;Tidewater&quot;), entered into a purchase and sale agreement with ATCO Gas and Pipelines Ltd. (&quot;ATCO&quot;) to
sell the Pioneer Pipeline for a purchase price of $255 million (&quot;Pioneer Transaction&quot;). This agreement replaces the Company's
previous agreement from second quarter 2020 to sell its interest in the Pioneer Pipeline to NOVA Gas Transmission Ltd. (&quot;NGTL&quot;)</LI>

<LI STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">The Board adopted a Diversity and Inclusion Pledge that
commits the Company to advance diversity and inclusion in the workplace. By undertaking this pledge, the Company will seek to remove
systemic barriers that may prevent diverse employees from thriving, including visible minorities, Indigenous people, members of
the LGBTQ+ community, persons with disabilities, and women</LI>

</UL>

<P STYLE="font: 15pt 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 its financial results for the quarter ended Sept. 30, 2020.</P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">&quot;TransAlta's third quarter delivered excellent
results from strategic, operational and financial perspectives. We continued to advance our climate leadership strategy and added
Alberta's first utility-scale battery storage project, WindCharger, to our sizable hydro and wind fleet,&quot; said Dawn Farrell,
President and Chief Executive Officer. &quot;TransAlta has been a leader in emissions reductions in Alberta since 2005 and we will
continue to use this expertise to serve customers with low-cost, reliable, green electricity.&quot;</P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">&quot;In another major milestone, our Board
approved closing the Highvale Mine by Dec. 31, 2021, four years ahead of our original off-coal schedule for this mine. This decision
demonstrates how we continue to lead our industry in achieving ESG milestones on an accelerated basis. I would like to express
my sincere gratitude to the front-line employees of SunHills Mining who have worked tirelessly to provide exceptional service since
the 1950s.&quot;</P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">Below are additional highlights from the quarter
regarding how TransAlta is advancing its Clean Energy Investment Plan, how it is working toward greater diversity and inclusion,
how the Company is managing COVID-19, as well as more details regarding the Company's liquidity and financial position.</P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0"><B>Clean Energy Investment Plan</B></P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0"><B><I>Conversion to Gas<BR>
</I></B>The Company will discontinue all mining operations at Highvale Mine by Dec. 31, 2021. Effective Jan. 1, 2022, the Company
will cease coal-fired generation in Canada. TransAlta's Keephills Unit 1 and Sundance Unit 4 will discontinue firing with coal
and will only operate on gas, resulting in the maximum capability of these units being reduced to 70 MW and 113 MW, respectively,
effective Jan. 1, 2022. The Company continues to evaluate these units as candidates for boiler conversion or full repowering based
on market fundamentals.</P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">TransAlta's conversion programs are underway.
The Company commenced the conversion outage of Sundance Unit 6 during the quarter and is on-track to complete the project by mid-Nov.
2020. The Company continues to advance the conversions of its Keephills Unit 2 and Unit 3 planned for 2021 and has issued Full
Notice to Proceed for both units. During the third quarter of 2020, the Sundance Unit 5 repowering project received Board approval
and is on-track to reach commercial operation in the fourth quarter of 2023.</P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">In furtherance of the Company's natural gas
fuel supply needs for the converted units, TransAlta has long-term natural gas delivery transportation agreements with NGTL, bringing
the cumulative total of new and existing pipeline transportation service to the Company's generating facilities up to 400 terajoules
(&quot;TJ&quot;) per day by 2023. TransAlta's current commitments, including its 139 TJ/day supply arrangement with Tidewater,
will remain in place until the closing of the Pioneer Transaction. The Pioneer Transaction is subject to customary regulatory approvals,
which are currently expected to be obtained in the second quarter of 2021.</P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0"><B><I>WindCharger Battery Storage<BR>
</I></B>TransAlta announced that its 10 MW/20 MWh WindCharger Battery Storage project began commercial operation on Oct. 15, 2020.
This project has a total capital cost of approximately $14 million, with approximately 50 per cent being funded through the support
of Emissions Reduction Alberta. TransAlta will pay TransAlta Renewables Inc. a fixed monthly capacity charge for the right to operate
and dispatch the battery in the Alberta market.</P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0"><B><I>Windrise Wind<BR>
</I></B>Construction activities on the Windrise Wind project continues to advance with all appropriate procedures in place to protect
the construction team during the COVID-19 pandemic. This project is approximately 45 per cent complete (as at Sept. 30, 2020) and
the construction schedule has been modified to reflect a COVID-19-related delay in the delivery of the wind turbine components.
The Company plans to complete construction and commissioning in the second half of 2021. This project began receiving wind turbine
generators on site in mid-Oct. 2020.</P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0"><B><I>Kaybob Cogeneration<BR>
</I></B>The Company has advanced the Kaybob Cogeneration project, including the purchase of the reciprocating engine generator,
generator step-up transformers, electrical building, and switchgear.</P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0"><B>Diversity and Inclusion<BR>
</B>The Board has adopted a Diversity and Inclusion Pledge that commits the Company to advancing diversity and inclusion in the
workplace. By committing to this pledge, the Company will seek to remove systemic barriers that may prevent diverse employees from
thriving, including visible minorities, Indigenous people, members of the LGBTQ+ community, persons with disabilities, and women.
The persistent inequities around the world underscore the urgent need to address and alleviate racial, ethnic, and other tensions,
to remove barriers that perpetuate these inequalities and to promote an inclusive working environment for all employees. TransAlta
firmly believes that true diversity is good for the economy, it improves corporate performance, drives growth, and enhances employee
engagement. The Diversity and Inclusion Pledge acknowledges these challenges and seeks to: (i) encourage conversations about diversity
and inclusion within the workplace; (ii) expand education regarding diversity, equality and inclusion; (iii) create best practices
that result in the establishment of programs and initiatives relating to diversity and inclusion within the workplace; and (iv)
drive accountability by regularly reporting and evaluating the success of the Company's programs and initiatives.</P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0"><B>COVID-19 Response Update<BR>
</B>The Company continued to implement its business continuity plan which ensured that: (i) employees who could work remotely did
so; and (ii) employees who operate and maintain our facilities, and who were not able to work remotely, were able to work safely
and in a manner that ensured they remained healthy. During the third quarter of 2020, the Company successfully brought employees
who were working remotely back to the office without sacrificing health and safety standards. The Company's facilities also remain
fully operational and capable of meeting its customers' needs. All of the Company's offices and sites follow strict health screening
and physical distancing protocols with personal protective equipment readily available. TransAlta maintains travel restrictions
aligned to local jurisdictional guidance, enhanced cleaning procedures, revised work schedules, and other measures to protect staff
and contractors. The Company continues to work and serve all of its customers and counterparties under the terms of the relevant
contracts. TransAlta has not experienced interruptions to service requirements. Electricity and steam supply continue to remain
a critical service requirement to all of the Company's customers and have been deemed an essential service in all of the jurisdictions
in which TransAlta operates.</P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0"><B>Liquidity and Financial Position<BR>
</B>The Company continues to maintain a strong financial position in part due to our long-term contracts and hedged positions.
At the end of the third quarter 2020, TransAlta had access to $1.6 billion in liquidity, including $270 million of cash and cash
equivalents. Subsequent to the quarter, the Company raised approximately $1.1 billion in additional liquidity to support its gas
conversions and renewables construction. The Company is currently positioned with approximately $2.7 billion in liquidity.</P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">In October, TransAlta completed an AU$800 million
senior secured note offering, which is secured among other things, a first ranking charge over all assets of its South Hedland
Power Station. The Company also received $400 million from the second tranche of financing from the Brookfield investment. In addition,
TransAlta has access to additional capital through potential project financing of existing assets that are currently unencumbered.
The Company expects to utilize existing cash and credit facilities for the debt maturing in 2020 and expects to refinance the debt
maturing in 2022.</P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">The Company also has approximately 90 per cent
of its Alberta thermal baseload merchant generation hedged at approximately $53 per MWh for the remainder of 2020.</P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0"><B>Financial Results<BR>
</B>The Company reported its third quarter 2020 financial results with comparable EBITDA<SUP>(2) </SUP>of $256 million compared
to $249 million in the same period of 2019. Comparable EBITDA for the nine months ended Sept. 30, 2020 was $693 million, an increase
of one per cent compared to 2019. Funds from operations (&quot;FFO&quot;)<SUP>(2,3) </SUP>for the three and nine months ended Sept.
30, 2020 were $193 million for the quarter compared to $188 million in 2019 and $524 million year-to-date as compared to $512 million
in 2019. All 2019 figures quoted exclude the impact of the one-time payment of $56 million received in the third quarter of 2019
for the early termination of the Sundance B and C power purchase arrangements (the &quot;PPA Termination Payments&quot;).</P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">FCF<SUP>(2)</SUP>, one of the Company's key
financial metrics, totaled $106 million and $306 million for the three and nine months ended Sept. 30, 2020, respectively. FCF
for the three and nine months ended Sept. 30, 2020 decreased by $8 million and increased by $48 million for the same periods, respectively,
after adjusting for the PPA Termination Payments.</P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">Comparable EBITDA, excluding the PPA Termination
Payments, for the three and nine months ended Sept. 30, 2020 increased by $7 and $8 million, respectively, compared with the same
periods in 2019 largely due to strong performance by TransAlta's Energy Marketing, Centralia, and Wind and Solar segments, partially
offset by lower performance at the Alberta Thermal and Hydro segments as well as higher corporate costs due to the impact of a
total return swap that hedges share-based compensation.</P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">The Company's operations, maintenance and administration
(&quot;OM&amp;A&quot;) expenses for the three months ended Sept. 30, 2020 were consistent with the same period in 2019. OM&amp;A
for the nine months ended Sept. 30, 2020 increased by $6&nbsp;million compared to the same period in 2019 as variability caused
by the total return swap resulted in an increase of expense of $16 million for the period. In addition, OM&amp;A costs increased
by $6 million due to the addition of Ada cogeneration facility, Big Level and Antrim Wind projects and the renegotiation of the
Fort Saskatchewan maintenance agreement. Excluding the impact of the total return swap and additional facilities, OM&amp;A decreased
by $16 million due to tighter cost controls, units remaining on reserve shutdown during the second quarter of 2020 at Centralia,
lower labour costs across multiple segments and lower legal fees.</P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">FCF for the nine months ended Sept. 30, 2020,
excluding PPA Termination Payments that were received in third quarter of 2019, was driven primarily by higher segmented cash flows,
lower sustaining and productivity capital expenditures and lower distributions paid to subsidiaries' non-controlling interests.
Segmented cash flows<SUP>(1)</SUP> for the three months ended Sept. 30, 2020 were $4 million lower compared to the same period
in 2019 due to lower performance in the Alberta Thermal segment, mostly offset by higher performance in the Company's Centralia,
Australian Gas, Wind and Solar and Energy Marketing segments. Segmented cash flows for the nine months ended Sept. 30, 2020, were
$43 million higher compared to the same period in 2019. This increase was primarily due to higher performance in the Company's
Centralia, North American Gas, Wind and Solar, and Energy Marketing segments, which was partially offset by lower performance in
the Company's Alberta Thermal and Hydro segments and impacts of the total return swap in the Corporate segment.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 7.5pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
<TR>
    <TD ROWSPAN="2" STYLE="border-bottom: Black 1pt inset"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>

Third Quarter 2020 Segmented Review</B></FONT><B><FONT STYLE="font-size: 8pt"><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Comparable EBITDA <I>(in CAD$ millions)</I></FONT></FONT></B></TD>
    <TD COLSPAN="2" STYLE="padding-right: 6pt; padding-left: 6pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><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: 8pt"><B>9 Months Ended</B></FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Sept. 30, 2020</B></FONT></TD>
    <TD STYLE="text-align: center; white-space: nowrap; border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Sept. 30, 2019</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Sept. 30, 2020</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Sept. 30, 2019</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Alberta Thermal</FONT></TD>
    <TD STYLE="padding-right: 8.05pt; padding-left: 6pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>47</B></FONT></TD>
    <TD STYLE="padding-right: 8.05pt; padding-left: 6pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">135</FONT></TD>
    <TD STYLE="padding-right: 8.05pt; padding-left: 6pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>121</B></FONT></TD>
    <TD STYLE="padding-right: 8.05pt; padding-left: 6pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">264</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Centralia</FONT></TD>
    <TD STYLE="padding-right: 8.05pt; padding-left: 6pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>49</B></FONT></TD>
    <TD STYLE="padding-right: 8.05pt; padding-left: 6pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">35</FONT></TD>
    <TD STYLE="padding-right: 8.05pt; padding-left: 6pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>109</B></FONT></TD>
    <TD STYLE="padding-right: 8.05pt; padding-left: 6pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">44</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">North American Gas</FONT></TD>
    <TD STYLE="padding-right: 8.05pt; padding-left: 6pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>29</B></FONT></TD>
    <TD STYLE="padding-right: 8.05pt; padding-left: 6pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">30</FONT></TD>
    <TD STYLE="padding-right: 8.05pt; padding-left: 6pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>85</B></FONT></TD>
    <TD STYLE="padding-right: 8.05pt; padding-left: 6pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">91</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Australian Gas</FONT></TD>
    <TD STYLE="padding-right: 8.05pt; padding-left: 6pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>34</B></FONT></TD>
    <TD STYLE="padding-right: 8.05pt; padding-left: 6pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">29</FONT></TD>
    <TD STYLE="padding-right: 8.05pt; padding-left: 6pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>93</B></FONT></TD>
    <TD STYLE="padding-right: 8.05pt; padding-left: 6pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">90</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Wind and Solar</FONT></TD>
    <TD STYLE="padding-right: 8.05pt; padding-left: 6pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>36</B></FONT></TD>
    <TD STYLE="padding-right: 8.05pt; padding-left: 6pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">35</FONT></TD>
    <TD STYLE="padding-right: 8.05pt; padding-left: 6pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>171</B></FONT></TD>
    <TD STYLE="padding-right: 8.05pt; padding-left: 6pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">151</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Hydro</FONT></TD>
    <TD STYLE="padding-right: 8.05pt; padding-left: 6pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>28</B></FONT></TD>
    <TD STYLE="padding-right: 8.05pt; padding-left: 6pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">28</FONT></TD>
    <TD STYLE="padding-right: 8.05pt; padding-left: 6pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>83</B></FONT></TD>
    <TD STYLE="padding-right: 8.05pt; padding-left: 6pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">92</FONT></TD></TR>
<TR>
    <TD STYLE="padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Energy Marketing </FONT></TD>
    <TD STYLE="padding-right: 8.05pt; padding-left: 6pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>49</B></FONT></TD>
    <TD STYLE="padding-right: 8.05pt; padding-left: 6pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">31</FONT></TD>
    <TD STYLE="padding-right: 8.05pt; padding-left: 6pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>90</B></FONT></TD>
    <TD STYLE="padding-right: 8.05pt; padding-left: 6pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">63</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">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: 8pt"><B>(16)</B></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: 8pt">(18)</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: 8pt"><B>(59)</B></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: 8pt">(54)</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Total Comparable EBITDA<SUP>(2)</SUP></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: 8pt"><B>256</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: 8pt">305</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: 8pt"><B>693</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: 8pt">741</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Comparable EBITDA <SUP>(1) (2)</SUP> - excluding the</B></FONT><B><FONT STYLE="font-size: 8pt"><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">PPA Termination Payments</FONT></FONT></B></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: 8pt"><B>256</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: 8pt">249</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: 8pt"><B>693</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: 8pt">685</FONT></TD></TR>
</TABLE>
<UL STYLE="list-style-type: disc">

<LI STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><U>Alberta Thermal:</U> Comparable EBITDA, excluding the
PPA Termination Payments, for the three and nine months ended Sept. 30, 2020, decreased $32 million and $87 million, respectively,
compared to the same periods in 2019. This largely reflects the weaker power demand conditions driving lower Alberta wholesale
power prices resulting in lower merchant production and lower margins.</LI>

<LI STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><U>Centralia:</U> Comparable EBITDA returned to normalized
levels for the nine months ended Sept. 30, 2020. For the three months ended Sept. 30, 2020, increased by $14 million compared to
the same period in 2019, primarily due to purchased power at a lower cost. For the nine months ended Sept. 30, 2020, comparable
EBITDA increased by $65 million compared to the same period in 2019, primarily due to the impacts of an isolated and extreme pricing
event in Mar. 2019 during which Centralia was unable to commit one of its units to physical production for day-ahead supply due
to an unplanned forced outage repair. In addition, comparable EBITDA in 2020 benefited from dispatch optimization and the strengthening
of the US dollar relative to the Canadian dollar.</LI>

<LI STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><U>North American Gas:</U> Comparable EBITDA for the three
months ended Sept. 30, 2020 remained consistent compared to the same period in 2019 and for the nine months ended Sept. 30, 2020
decreased by $6 million compared with the same periods in 2019, primarily due to higher OM&amp;A resulting from a change in passthrough
provisions of a customer contract.</LI>

<LI STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><U>Australian Gas:</U> Comparable EBITDA for the three
and nine months ended Sept. 30, 2020 increased by $5 million and $3 million, respectively, compared with the same periods in 2019
mainly due to timing of legal fees and the strengthening of the Australian dollar against the Canadian dollar.</LI>

<LI STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><U>Wind and Solar:</U> Comparable EBITDA for the three
months ended Sept. 30, 2020 was consistent with the same period in 2019. Comparable EBITDA for the nine months ended Sept. 30,
2020 increased by $20 million compared with the same period in 2019 primarily due to the addition of the Big Level and Antrim wind
facilities and higher production, partially offset by insurance proceeds received in 2019, lower Alberta pricing and the planned
expiry of certain Wind power production incentives in 2019.</LI>

<LI STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><U>Hydro:</U> Comparable EBITDA for the three months ended
Sept. 30, 2020 was consistent with the same period in 2019. Comparable EBITDA for the nine months ended Sept. 30, 2020 decreased
by $9 million, compared with the same period in 2019, as lower energy and ancillary services revenues resulted from lower Alberta
pricing and prior year's true-up to Alberta Electric System Operator (&quot;AESO&quot;) transmission line losses, which were partially
offset by higher production.</LI>

<LI STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><U>Energy Marketing:</U> Comparable EBITDA for the three
and nine months ended Sept. 30, 2020 increased by $18 million and $27 million, respectively, compared to the same periods in 2019.
Results were primarily attained from market volatility arising from extreme weather events in California during the quarter as
well as continued strong performance from short-term strategies across various geographic regions in both the power and natural
gas markets.</LI>

<LI STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><U>Corporate</U>: Corporate overhead costs for the three
months ended Sept. 30, 2020 were consistent with the same period in 2019. Corporate overhead costs for the nine months ended Sept.
30, 2020 increased by $5 million compared to the same period in 2019. These changes were primarily due to realized gains and losses
from the total return swap. A portion of the settlement cost of our employee share-based payment plans is fixed by entering into
total return swaps, which are cash settled every quarter.</LI>

</UL>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0"><B>Consolidated Financial Highlights</B></P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">Net loss attributable to common shareholders
for the three months ended Sept. 30, 2020 was $136 million compared to earnings of $51 million in the same period in 2019. The
decrease is largely due to lower revenues, coal inventory write-down, higher depreciation, increase in asset impairments and the
PPA Termination Payments, which were partially offset by foreign exchange gains and income tax recoveries. Net loss attributable
to common shareholders for the nine months ended Sept. 30, 2020 was $169 million compared to $14 million in the same period in
2019. The decrease is largely due to lower revenues, coal inventory write-down, higher depreciation, increase in asset impairments
and the final PPA termination payment, which were partially offset by lower fuel, carbon compliance, purchased power costs, and
foreign exchange gains.</P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">Total sustaining capital expenditures<SUP>(3)</SUP>
of $99 million were $12 million lower compared to 2019 primarily due to higher planned major maintenance in our Alberta Thermal
segment in 2019.</P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0"><B>Third Quarter 2020 Highlights</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 ROWSPAN="2" STYLE="white-space: nowrap; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><I>In $CAD millions, unless otherwise stated </I></B></FONT></TD>
    <TD COLSPAN="4" STYLE="padding-right: 6pt; padding-left: 6pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>3 Months Ended</B></FONT></TD>
    <TD COLSPAN="4" STYLE="padding-right: 6pt; padding-left: 6pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>9 Months Ended</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Sept. 30, 2020</B></FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Sept. 30, 2019</B></FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Sept. 30, 2020</B></FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Sept. 30, 2019</B></FONT></TD></TR>
<TR>
    <TD STYLE="border-top: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Adjusted availability (%)<SUP>(4)</SUP></FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-right: 9.95pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>90.7%</B></FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">95.2%</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>91.4%</B></FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">89.5%</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: 8pt">Production (GWh)<SUP>(4)</SUP></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 14.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>6,184</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 14.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">7,558</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 14.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>17,276</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 14.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">20,918</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: 8pt">Revenues</FONT></TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>$</B></FONT></TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>514</B></FONT></TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">593</FONT></TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>$</B></FONT></TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>1,557</B></FONT></TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,738</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Fuel, carbon compliance and purchased power</FONT></TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>$</B></FONT></TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>252</B></FONT></TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">257</FONT></TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>$</B></FONT></TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>641</B></FONT></TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">800</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Operations, maintenance and administration</FONT></TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>$</B></FONT></TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>114</B></FONT></TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">114</FONT></TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>$</B></FONT></TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>354</B></FONT></TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">348</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Net loss attributable to common shareholders</FONT></TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>$</B></FONT></TD>
    <TD STYLE="padding-right: 9.95pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(136)</B></FONT></TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">51</FONT></TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>$</B></FONT></TD>
    <TD STYLE="padding-right: 9.95pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(169)</B></FONT></TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD>
    <TD STYLE="padding-right: 9.95pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(14)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Cash flow from operating activities</FONT></TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>$</B></FONT></TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>257</B></FONT></TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">328</FONT></TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>$</B></FONT></TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>592</B></FONT></TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">668</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Comparable EBITDA<SUP>(2)</SUP></FONT></TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>$</B></FONT></TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>256</B></FONT></TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">305</FONT></TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>$</B></FONT></TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>693</B></FONT></TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">741</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Funds from operations<SUP>(2)</SUP></FONT></TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>$</B></FONT></TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>193</B></FONT></TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">244</FONT></TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>$</B></FONT></TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>524</B></FONT></TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">568</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Free cash flow<SUP>(2)</SUP></FONT></TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>$</B></FONT></TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>106</B></FONT></TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">170</FONT></TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>$</B></FONT></TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>306</B></FONT></TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">314</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Net loss per share attributable to common shareholders, basic and diluted</FONT></TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>$</B></FONT></TD>
    <TD STYLE="padding-right: 9.95pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(0.50)</B></FONT></TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.18</FONT></TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>$</B></FONT></TD>
    <TD STYLE="padding-right: 9.95pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(0.61)</B></FONT></TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD>
    <TD STYLE="padding-right: 9.95pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(0.05)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Funds from operations per share<SUP>(2)</SUP></FONT></TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>$</B></FONT></TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>0.70</B></FONT></TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.87</FONT></TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>$</B></FONT></TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>1.90</B></FONT></TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2.00</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Free cash flow per share<SUP>(2)</SUP></FONT></TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>$</B></FONT></TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>0.39</B></FONT></TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.60</FONT></TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>$</B></FONT></TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>1.11</B></FONT></TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1.11</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Dividends declared per common share</FONT></TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>$</B></FONT></TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>0.0425</B></FONT></TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.0400</FONT></TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>$</B></FONT></TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>0.1275</B></FONT></TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD>
    <TD STYLE="padding-right: 14.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.0800</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt inset"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Dividends declared per preferred share<SUP>(5)</SUP></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-right: 14.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>$</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-right: 14.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>0.26</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-right: 14.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-right: 14.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.26</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-right: 14.05pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>$</B></FONT></TD>
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</TABLE>
<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0"></P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">TransAlta is in the process of filing its unaudited
interim 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 Nov. 4, 2020 on the Investor Centre section of TransAlta's website at
<U>www.transalta.com</U>&nbsp;or through SEDAR at <U>www.sedar.com</U>&nbsp;and EDGAR at <U>www.sec.gov/edgar.shtml</U>.</P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0"><B>Notes<BR>
</B><I>(1) Excluding PPA Termination Payments received in third quarter 2019 of $56 million.<BR>
(2) 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 Comparable EBITDA,
Funds from Operations and Free Cash Flow and Earnings and Discussion of Consolidated Financial Results sections of the MD&amp;A
for further discussion of these items, including, where applicable, reconciliations to measures calculated in accordance with IFRS.<BR>
(3) Excludes payments associated with finance leases.<BR>
(4) Availability and production includes all generating assets under generation operations that the Company operates and finance
leases and excludes hydro assets and equity investments. Production includes all generating assets, irrespective of investment
vehicle and fuel type.<BR>
(5) Weighted average of the Series A, B, C, E, and G preferred share dividends declared. Dividends declared vary year over year
due to timing of dividend declarations.</I></P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0"><B>Conference call<BR>
</B>TransAlta will hold a conference call and webcast at 8:00 a.m. MT (10:00 a.m. ET) today, Nov. 4, 2020, to discuss our third
quarter 2020 results. The call will begin with a short address by Dawn Farrell, President and Chief Executive Officer, and Todd
Stack, 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.</P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; text-align: center; margin-right: 0; margin-left: 0"><B><U>Third Quarter 2020
Conference Call:<BR>
</U></B>Toll-free North American participants call: 1-888-231-8191</P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">Webcast link: <U>https://produceredition.webcasts.com/starthere.jsp?ei=1380694&amp;tp_key=51fba21d14</U></P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">Related materials 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
5779326 followed by the # sign. A transcript of the broadcast will be posted on TransAlta's website once it becomes available.</P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0"><B><I>About TransAlta Corporation: </I></B></P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0"><I>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. TransAlta provides municipalities, medium and large industries, businesses and utility customers with clean, affordable,
energy efficient and reliable power. Today, TransAlta is 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 <U>UN Sustainable Development Goals</U> and has been
recognized by CDP (formerly Climate Disclosure Project) as an industry leader on Climate Change Management. TransAlta is proud
to have achieved the <U>Silver level PAR (Progressive Aboriginal Relations)</U> designation by the Canadian Council for Aboriginal
Business.</I></P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0"><I>For more information about TransAlta, visit
our web site at <U>transalta.com</U>.</I></P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0"><B><I>Cautionary Statement Regarding Forward-Looking
Information</I></B></P>

<P STYLE="font: 15pt 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
the Company's 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 performance. In particular, this news release contains forward-looking statements, pertaining
to, without limitation, the following: the conversion of Sundance Unit 6 in Nov. 2020; the ceasing of active mining at the Highvale
Mine in Alberta by the end of 2021; Keephills Unit 1 and Sundance Unit 4 discontinuing to fire with coal and only operating on
gas effective Jan. 1, 2022; the Pioneer Transaction, including the terms and timing thereof; the repowering of Sundance Unit 5
into a combined cycle unit, with commercial operation by the fourth quarter of 2023; the receipt of funds from Emissions Reduction
Alberta to support the WindCharger project; the completion of the construction and commissioning of the Windrise project in the
second half of 2021; the conversion of Keephills Unit 2 and Unit 3, and the timing thereof; the potential impact of COVID-19 on
the Company and the actions to be undertaken by the Company in response to the COVID-19 pandemic; and utilizing existing cash and
credit facilities for the debt maturing in 2020 and refinancing the debt maturing in 2022.</I></P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0"><I>The forward-looking statements contained
in this news release are based on many assumptions and are subject to a number of significant risks and uncertainties that could
cause actual plans, performance, results or outcomes to differ materially from current expectations. Factors that may adversely
impact what is expressed or implied by the forward-looking statements contained in this news release include risks relating to
the impact of COVID-19 and the associated general economic downturn, the impact of which will largely depend on the overall severity
and duration of COVID-19 and the general economic downturn, which cannot currently be predicted, and which present risks including,
but not limited to: more restrictive directives of government and public health authorities; reduced labour availability impacting
our ability to continue to staff the Company's operations and facilities; impacts on the Company's ability to realize its growth
goals; decreased short-term and/or long-term electricity demand and lower power pricing; increased costs resulting from the Company's
efforts to mitigate the impact of COVID-19; deterioration of worldwide credit and financial markets; a higher rate of losses on
accounts receivables due to credit defaults; further disruptions to the Company's supply chain; impairments and/or write-downs
of assets; and adverse impacts on the Company's information technology systems and the Company's internal control systems, including
increased cybersecurity threats. Other factors that may adversely impact the Company's forward-looking statements include, but
are not limited to, risks relating to: operational risks involving the Company's facilities, including unplanned outages at such
facilities; disruptions in the transmission and distribution of electricity; the effects of weather and other climate-related risks;
disruptions in the source of water, wind, solar or gas resources required to operate our facilities; ability to secure regulatory
approvals for projects under development and construction, including the receipt of the regulatory approvals from the Kaybob Cogeneration
project; natural disasters; equipment failure and our ability to carry out repairs in a cost-effective or timely manner; and industry
risks and competition. The foregoing risk factors, among others, are described in further detail in the MD&amp;A and the Company's
Annual Information Form for the year ended Dec. 31, 2019, which are available on SEDAR at www.sedar.com. Readers are cautioned
not to place undue reliance on these forward-looking statements, which reflect the Company's expectations only as of the date of
this news release. The Company 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: 15pt 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: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">View original content:http://www.prnewswire.com/news-releases/transalta-reports-solid-third-quarter-2020-results-fast-tracks-off-coal-and-discontinues-all-mining-in-canada-by-end-of-2021-301166201.html</P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">SOURCE TransAlta Corporation</P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">View original content: http://www.newswire.ca/en/releases/archive/November2020/04/c9945.html</P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">%CIK: 0001144800</P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin: 0"><B>For further information: </B>Investor Inquiries: Phone: 1-800-387-3598
in Canada and U.S., Email: investor_relations@transalta.com; Media Inquiries: Phone: 1-855-255-9184, | Email: ta_media_relations@transalta.com</P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">CO: TransAlta Corporation</P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">CNW 07:00e 04-NOV-20</P>

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