<SEC-DOCUMENT>0001279569-20-001750.txt : 20201228
<SEC-HEADER>0001279569-20-001750.hdr.sgml : 20201228
<ACCEPTANCE-DATETIME>20201223182855
ACCESSION NUMBER:		0001279569-20-001750
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20201223
FILED AS OF DATE:		20201228
DATE AS OF CHANGE:		20201223

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:		201413913

	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 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>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: center"><B>For the month of December, 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>
<P STYLE="font: bold 16pt Times New Roman, Times, Serif; margin: 10pt 0 6pt; text-align: center"><FONT STYLE="font-size: 10pt; font-weight: normal"></FONT></P>

<P STYLE="font: bold 16pt Times New Roman, Times, Serif; margin: 10pt 0 6pt; text-align: center"><FONT STYLE="font-size: 10pt; font-weight: normal"></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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">&nbsp;</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">&nbsp;</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)(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>

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

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

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

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<TR STYLE="vertical-align: top">
    <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: December 23, 2020</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</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>
<TR STYLE="vertical-align: top">
    <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 Announces 6% Common Share Dividend Increase and Sale of Assets to TransAlta Renewables&rdquo;</A> </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: 0">&nbsp;</P>

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

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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>ex991.htm
<DESCRIPTION>NEWS RELEASE DATED DECEMBER 23, 2020
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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">TransAlta Announces 6% Common Share Dividend
Increase and Sale of Assets to TransAlta Renewables</P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">CALGARY,&nbsp;AB, Dec. 23, 2020 /CNW/ -&nbsp;TransAlta
Corporation (TSX: TA) (NYSE: TAC) (&quot;TransAlta&quot; or the &quot;Company&quot;) is pleased to announce that its Board of Directors
approved a 6 per cent increase on its common share (&quot;Common Share&quot;) dividend for the quarter ending March 31, 2021.&nbsp;
The quarterly dividend of $0.045 per Common Share represents an annualized dividend of $0.18 per Common Share, an increase of $0.01
per Common Share.</P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">The Company also announced that it had entered
into definitive agreements for the acquisition by TransAlta Renewables Inc. (&quot;TransAlta Renewables&quot;) (TSX: RNW) of:&nbsp;</P>

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

<LI STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">a 100 per cent direct interest in the 207 MW Windrise wind
project located in the Municipal District of Willow Creek, Alberta;</LI>

<LI STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">a 49 per cent economic interest in the 137 MW Skookumchuck
wind facility located across Thurston and Lewis Counties in Washington State; and</LI>

<LI STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">a 100 per cent economic interest in the 29 MW Ada cogeneration
facility located in Ada, Michigan.</LI>

</UL>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">The portfolio has an average weighted contract
life of approximately 19 years.</P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">&quot;TransAlta's overall business continues
to perform firmly against our strategy.&nbsp; We are pleased to announce the transfer of our latest renewables and cogeneration
investments to TransAlta Renewables to deliver our Clean Energy Investment Plan and our overall commitment to an E<SUP>2</SUP>SG
framework.&nbsp; TransAlta shareholders are in a position to benefit by our ongoing growth of TransAlta Renewables and the ability
to increase TransAlta's common share dividend for a second year in a row&quot;, commented Dawn Farrell, President and Chief Executive
Officer of TransAlta.</P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">&quot;As we look towards 2021, this dividend
increase for common shareholders demonstrates our confidence in our strategy along with our strengthened cash flows resulting from
our ownership in TransAlta Renewables, our increasing cash flows from our post-PPA hydro fleet and the anticipated benefits from
our conversion investments that are underway.&nbsp; This furthers our commitment of returning 10 to 15 per cent of deconsolidated
funds from operations to common shareholders,&quot; added Dawn Farrell, President and Chief Executive Officer of TransAlta.</P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">The total acquisition value for the portfolio
of assets is expected to be $439 million, which includes the remaining construction costs for the Windrise wind project. TransAlta
Renewables will fund the acquisition and remaining construction costs with the proceeds from the South Hedland financing completed
earlier this year. Closing of the transaction is subject to satisfaction of closing conditions and is expected to be completed
early in 2021.</P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0"><B>Dividend Declaration<BR>
</B>The Board declared a quarterly dividend of $0.045 per Common Share payable on April 1, 2021 to shareholders of record at the
close of business on March 1, 2021, which represents a 6 per cent increase to the current dividend of $0.0425 per Common Share.</P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">The Board also declared the following quarterly
dividend on its Cumulative Redeemable Rate Reset First Preferred Shares for the period starting from and including&nbsp;December
31, 2020&nbsp;up to but excluding&nbsp;March 31, 2021:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 7.5pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
<TR>
    <TD STYLE="border-top: black 1pt solid; border-left: black 1pt solid; padding-right: 6pt; padding-left: 8.05pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Preferred Shares</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-right: 6pt; padding-left: 8.05pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>TSX Stock</B></FONT><B><FONT STYLE="font-size: 8pt"><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Symbol</FONT></FONT></B></TD>
    <TD STYLE="border-top: black 1pt solid; padding-right: 6pt; padding-left: 8.05pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Dividend Rate</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-right: 6pt; padding-left: 8.05pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Dividend</B></FONT><B><FONT STYLE="font-size: 8pt"><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Per Share</FONT></FONT></B></TD>
    <TD STYLE="border-top: black 1pt solid; padding-right: 6pt; padding-left: 8.05pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Record Date</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-right: black 1pt solid; padding-right: 6pt; padding-left: 8.05pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Payment Date</B></FONT></TD></TR>
<TR>
    <TD STYLE="border-top: black 1pt solid; border-left: black 1pt solid; padding-right: 6pt; padding-left: 8.05pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Series A</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-right: 6pt; padding-left: 8.05pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">TA.PR.D</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-right: 6pt; padding-left: 8.05pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2.709%</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-right: 14.05pt; padding-left: 8.05pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$0.16931</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-right: 6pt; padding-left: 8.05pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">March 1, 2021</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-right: black 1pt solid; padding-right: 6pt; padding-left: 8.05pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">March 31, 2021</FONT></TD></TR>
<TR>
    <TD STYLE="border-top: black 1pt solid; border-left: black 1pt solid; padding-right: 6pt; padding-left: 8.05pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;Series B*</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-right: 6pt; padding-left: 8.05pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">TA.PR.E</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-right: 6pt; padding-left: 8.05pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2.139%</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-right: 14.05pt; padding-left: 8.05pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$0.13186</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-right: 6pt; padding-left: 8.05pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">March 1, 2021</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-right: black 1pt solid; padding-right: 6pt; padding-left: 8.05pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">March 31, 2021</FONT></TD></TR>
<TR>
    <TD STYLE="border-top: black 1pt solid; border-left: black 1pt solid; padding-right: 6pt; padding-left: 8.05pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Series C</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-right: 6pt; padding-left: 8.05pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">TA.PR.F</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-right: 6pt; padding-left: 8.05pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4.027%</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-right: 14.05pt; padding-left: 8.05pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$0.25169</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-right: 6pt; padding-left: 8.05pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">March 1, 2021</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-right: black 1pt solid; padding-right: 6pt; padding-left: 8.05pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">March 31, 2021</FONT></TD></TR>
<TR>
    <TD STYLE="border-top: black 1pt solid; border-left: black 1pt solid; padding-right: 6pt; padding-left: 8.05pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Series E</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-right: 6pt; padding-left: 8.05pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">TA.PR.H</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-right: 6pt; padding-left: 8.05pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5.194%</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-right: 14.05pt; padding-left: 8.05pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$0.32463</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-right: 6pt; padding-left: 8.05pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">March 1, 2021</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-right: black 1pt solid; padding-right: 6pt; padding-left: 8.05pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">March 31, 2021</FONT></TD></TR>
<TR>
    <TD STYLE="border-right-style: inset; border-bottom-style: inset; border-left-style: inset; border-right-width: 1pt; border-bottom-width: 1pt; border-left-width: 1pt; border-top: black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Series G</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 8.05pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">TA.PR.J</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 8.05pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4.988%</FONT></TD>
    <TD STYLE="border-right-style: inset; border-bottom-style: inset; border-left-style: inset; border-right-width: 1pt; border-bottom-width: 1pt; border-left-width: 1pt; border-top: black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$0.31175</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 8.05pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">March 1, 2021</FONT></TD>
    <TD STYLE="border-right-style: inset; border-bottom-style: inset; border-left-style: inset; border-right-width: 1pt; border-bottom-width: 1pt; border-left-width: 1pt; border-top: black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">March 31, 2021</FONT></TD></TR>
</TABLE>
<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">*Please note the quarterly floating rate on
the Series B Preferred Shares will be reset every quarter.</P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0"><B><I>About TransAlta:<BR>
</I></B><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 UN Sustainable
Development Goals and has been recognized by CDP (formerly Climate Disclosure Project) as an industry leader on Climate Change
Management, having recently achieved an A- score from CDP. </I></P>

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

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0"><B><I>Forward-Looking Statements:</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 within the meaning of applicable securities laws. The use of any of the words &quot;continue&quot;, &quot;may&quot;,
&quot;will&quot;, &quot;propose&quot;, and similar expressions are intended to identify forward-looking information or statements.
More particularly, and without limitation, this news release contains forward-looking statements and information relating to: the
sale to TransAlta Renewables of the Windrise wind project and economic interests in the Skookumchuck wind project and the Ada cogeneration
facility, including the total acquisition cost and remaining construction cost for Windrise; the closing of the transaction with
TransAlta Renewables and timing thereof; TransAlta's strengthened cash flows resulting from its ownership in TransAlta Renewables;
the increasing cash flows from post-PPA hydro fleet; and the anticipated benefits from our coal-to-gas conversions.&nbsp; These
forward-looking statements are based on a number of assumptions considered by the Company to be reasonable as of the date of this
news release, and are subject to a number of risks and uncertainties that may cause actual performance, events or results to differ
materially from those contemplated by the forward-looking statements, which include: construction risks at Windrise, including
cost overruns or project delays, including those that may be caused by force majeure; the market price risk, particularly as it
pertains to the Alberta hydro assets; the regulatory environment and the impact of climate change legislation on TransAlta's generating
fleet; and other risk factors contained in the Company's Annual Information Form and Management's Discussion and Analysis for the
year end dated December 31, 2019, filed under the Company's profile with the Canadian securities regulators on www.sedar.com and
the U.S. Securities and Exchange Commission on www.sec.gov. </I></P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0"><I>Readers are cautioned not to place undue
reliance on this forward-looking information, which is given as of the date it is expressed in this news release. The Company undertakes
no obligation to update or revise any forward-looking information except as required by law. For additional information on the
assumptions made, and the risks and uncertainties which could cause actual results to differ from those in the forward-looking
information, refer to the Company's Annual Report and Management's Discussion and Analysis filed under the Company's profile on
SEDAR at www.sedar.com and with the U.S. Securities and Exchange Commission at www.sec.gov.</I></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-announces-6-common-share-dividend-increase-and-sale-of-assets-to-transalta-renewables-301198304.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-right: 0; margin-left: 0">View original content: http://www.newswire.ca/en/releases/archive/December2020/23/c9047.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: Toll-free media number: 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 18:04e 23-DEC-20</P>

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