<SEC-DOCUMENT>0001279569-21-000133.txt : 20210205
<SEC-HEADER>0001279569-21-000133.hdr.sgml : 20210205
<ACCEPTANCE-DATETIME>20210204185906
ACCESSION NUMBER:		0001279569-21-000133
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20210204
FILED AS OF DATE:		20210205
DATE AS OF CHANGE:		20210204

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:		21592714

	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
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

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

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 12pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 4pt solid; border-bottom: Black 2pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

<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>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: center"><B>For the month of February, 2021<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>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<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>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="width: 50%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <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;20-F&nbsp;<FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></TD>
    <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>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 12pt"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 4pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

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


<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<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>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="RIGHT" STYLE="width: 50%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<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>
</TABLE><BR STYLE="clear: both">
<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: February 4, 2021</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>


<!-- Field: Page; Sequence: 2 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; width: 17%; 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>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 and TransAlta Renewables Announce President and Chief Executive Officer Succession&rdquo;</A> </TD></TR>
</TABLE>
<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>

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



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

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>ex991.htm
<DESCRIPTION>NEWS RELEASE DATED FEBRUARY 4, 2021
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<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 and TransAlta Renewables Announce
President and Chief Executive Officer Succession</P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">CALGARY, AB, Feb. 4, 2021 /CNW/ - TransAlta
Corporation (TSX:TA) (NYSE:TAC) (&quot;TransAlta&quot; or the &quot;Company&quot;) today announced that Dawn Farrell, President
and Chief Executive Officer (&quot;CEO&quot;), will retire from the Company and the Board on March 31, 2021, after leading the
company for almost a decade.&nbsp;John Kousinioris, currently Chief Operating Officer (&quot;COO&quot;) and President of TransAlta
Renewables Inc. (TSX: RNW) (&quot;TransAlta Renewables&quot;), will succeed Mrs. Farrell as President and Chief Executive Officer
and will join the Board of TransAlta on April 1, 2021.&nbsp;&nbsp;</P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">&quot;Over the past decade, we've seen the
electricity sector fundamentally shift due to regulatory changes, increased competition and technological advancement. I'm proud
that TransAlta has faced into these challenges and has been able to accomplish a momentous multi-year transformation: from a primarily
Alberta-based, coal-fired electricity company into a leading clean and renewables-focused electricity company spanning three countries,
delivering growing cash flows, and competitively positioned to take on the vast opportunities ahead of the net zero economy,&quot;
said Mrs. Farrell.</P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">&quot;Dawn has navigated TransAlta through
the final stages of electricity de-regulation in Alberta while also aggressively adjusting the company's strategy to respond to
major shifts in the regulation of carbon. Through her strategic leadership, she has succeeded in transforming TransAlta into a
sustainable and renewables-focused leader in the power industry,&quot; remarked John Dielwart, Chair of the Board of Directors.
&quot;On behalf of all Board members, we thank her for her service and leadership and wish her all the best in retirement.&quot;</P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">&quot;Executive development and succession
planning are critical responsibilities of the Board of Directors and today's announcement is the outcome of a formal, comprehensive
and thoughtful CEO succession process that highlights the depth of TransAlta's leadership,&quot; commented John Dielwart. &quot;John
Kousinioris has demonstrated outstanding vision and leadership.&nbsp; His prior leadership roles have provided him with responsibility
for almost every aspect of our business and demonstrated his commitment to the Company's long-term success. His strategic thinking,
commercial acumen, growth mindset, and people leadership skills will serve TransAlta well in the years ahead.&nbsp; The Board is
confident in our unanimous choice of John as Dawn's successor and we look forward to TransAlta's future under his leadership.&quot;</P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">&quot;I fully supported the choice of John
as the next President and CEO of TransAlta.&quot; said Mrs. Farrell. &quot;John is the right leader to deliver strong financial
returns from our existing businesses and to realize continued growth and success in what will be a very exciting time in our industry
as we look ahead.&quot;</P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">&quot;It has been a pleasure to work with Dawn.
&nbsp;I've admired and learned from her leadership, integrity and commitment to, and vision for, TransAlta.&nbsp; We've worked
closely together for over eight years and, thanks to her active support of my leadership, I am confident that we'll realize a seamless
transition,&quot; said John Kousinioris.&nbsp; &quot;I'm excited to lead TransAlta and to continue working with the entire TransAlta
team to meet the clean energy needs and objectives of our customers through a focus on operational excellence and environmental
stewardship. Customers everywhere want low-cost, reliable clean power and I'm looking forward to expanding our customer base by
meeting these needs while creating long-term sustainable value for our shareholders.&quot;</P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">As part of the transition, John Kousinioris
will be stepping down as President and as a member of the Board of Directors of TransAlta Renewables effective February 5, 2021.&nbsp;
Todd Stack will continue as the Company's Chief Financial Officer and will assume the role of President of TransAlta Renewables.&nbsp;
He will also join the Board of TransAlta Renewables effective February 6, 2021.</P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0"><B>Dawn Farrell</B> has over 35 years of experience
in the electricity industry, with roles at TransAlta and BC Hydro. Before serving as CEO, Dawn held various leadership positions
at TransAlta and between 2003&ndash;2007 worked at BC Hydro leading the company's generation business. She was instrumental in
the development of TransAlta's Wind and Renewables business through the acquisition of Vision Quest Windelectric and subsequently
Canadian Hydro Developers Inc., which solidified TransAlta as the leading independent renewables power company in Canada.&nbsp;
Dawn sits on the board of directors of The Chemours Company, a NYSE-listed chemical company and the Business Council of Alberta.
She is also a member of the Trilateral Commission and the Business Council of Canada. In July 2020, Dawn was named the first Chancellor
of Mount Royal University. Dawn holds a Bachelor of Commerce with a major in Finance and a Master's Degree in Economics from the
University of Calgary. She has also attended the Advanced Management Program at Harvard University.</P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0"><B>John Kousinioris</B> has held various leadership
positions at TransAlta including Chief Operating Officer, Chief Growth Officer and Chief Legal and Compliance Officer and has served
as President and a director of TransAlta Renewables since 2017.&nbsp; Prior to joining TransAlta, he was a partner and co-head
of the corporate commercial department at Bennett Jones LLP. He has extensive experience in operations, business development and
commercial matters as well as securities law, mergers and acquisitions and corporate governance.&nbsp; He is Vice Chair of the
Board of Governors of Bow Valley College.&nbsp; John has a Bachelor of Arts degree in Honours Business Administration from the
University of Western Ontario, a Master of Business Administration degree from York University and a Bachelor of Laws degree from
Osgoode Hall Law School at York University. John has also attended the Advanced Management Program at Harvard University.</P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0"><B>Todd Stack</B>&nbsp;joined the Company in
1990 and has extensive experience in capital markets, finance, valuation, economics and the power industry.&nbsp; Todd currently
serves as the Chief Financial Officer at TransAlta and previously served as the CFO for TransAlta Renewables.&nbsp; He is an accomplished
executive and has played a prominent role in the IPO and growth of TransAlta Renewables over the past eight years. Todd has a Bachelor
of Science in Electrical Engineering from the University of Alberta and a Master of Business Administration from the University
of Calgary. He is a registered professional engineer in Alberta and a Chartered Financial Analyst (CFA).</P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0"><B><I>About TransAlta:</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 110 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&nbsp;UN Sustainable Development Goals&nbsp;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.&nbsp; For more information about TransAlta, visit its website at&nbsp;transalta.com.</I></P>

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

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0"><I>TransAlta Renewables is among the largest
of any publicly traded renewable independent power producers (&quot;IPP&quot;) in Canada.&nbsp;Our asset platform and economic
interests are diversified in terms of geography, generation and counterparties and consist of interests in 23 wind facilities,
13 hydroelectric facilities, seven natural gas generation facilities, one solar facility, one natural gas pipeline, and one battery
storage project, representing an ownership interest of 2,537 megawatts of owned generating capacity, located in the provinces of
British Columbia, Alberta, Ontario, Qu&eacute;bec, New Brunswick, the States of Wyoming, Massachusetts, Minnesota and the State
of Western Australia.&nbsp;Our objectives are to (i) provide stable, consistent returns for investors through the ownership of,
and investment in, highly contracted renewable and natural gas power generation and other infrastructure assets that provide stable
cash flow primarily through long-term contracts with strong counterparties; (ii) pursue and capitalize on strategic growth opportunities
in the renewable and natural gas power generation and other infrastructure sectors; (iii) maintain diversity in terms of geography,
generation and counterparties; and (iv) pay out 80 to 85 per cent of cash available for distribution to the shareholders of the
Company on an annual basis.</I></P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0"><B><I>Forward-Looking Statements:<BR>
</I></B><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 Company's strategy and realizing future growth. These forward-looking statements are
based on a number of assumptions considered by the Company and TransAlta Renewables to be reasonable as of the date of this news
release, and&nbsp;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&nbsp;include: changes in electricity market conditions;
construction or development risks; and other risk factors contained in the&nbsp;Company's and TransAlta Renewables' respective
Annual Information Forms and Management's Discussion and Analyses 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&nbsp;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-and-transalta-renewables-announce-president-and-chief-executive-officer-succession-301222777.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/February2021/04/c7858.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 18:20e 04-FEB-21</P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
