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Preferred Shares (Tables)
 12 Months Ended
Dec. 31, 2020
Share Capital, Reserves And Other Equity Interest [Abstract]  
Issued and outstanding TransAlta is authorized to issue an unlimited number of voting common shares without nominal or par value.
As at Dec. 3120202019
 
Common
shares
 (millions)
Amount
Common
shares
(millions)
Amount
Issued and outstanding, beginning of year277.0 2,978 284.6 3,059 
Purchased and cancelled under the NCIB(7.3)(79)(7.7)(83)
Effects of share-based payment plans— (3)— — 
Stock options exercised0.1 — 0.1 2 
Issued and outstanding, end of year269.8 2,896 277.0 2,978 
The following are the effects of the Corporation's purchase and cancellation of the common shares during the year:
For the year ended Dec. 3120202019
Total shares purchased(1)
7,352,600 7,716,300 
Average purchase price per share$8.33 $8.80 
Total cost61 68 
Weighted average book value of shares cancelled79 83 
Amount recorded in deficit18 15 
(1) As at Dec. 31, 2020, includes 456,200 (2019 -189,900) shares that were repurchased but were not cancelled due to timing differences between the transaction date and settlement date.
All preferred shares issued and outstanding are non-voting cumulative redeemable fixed or floating rate first preferred shares.
As at Dec. 3120202019
Series
Number of shares
 (millions)
Amount
Number of shares
(millions)
Amount
Series A10.2 248 10.2 248 
Series B1.8 45 1.8 45 
Series C11.0 269 11.0 269 
Series E9.0 219 9.0 219 
Series G6.6 161 6.6 161 
Issued and outstanding, end of year38.6 942 38.6 942 
Characteristics specific to preferred share series
Characteristics specific to each first preferred share series as at Dec. 31, 2020, are as follows:
SeriesRate during term
Annual dividend
rate per share ($)
Next
conversion
date
Rate spread
over Benchmark
 (per cent)
Convertible to
Series
AFixed0.67724 March 31, 20212.03 B
BFloating0.73801 March 31, 20212.03 A
CFixed1.00676 June 30, 20223.10 D
DFloating— — 3.10 C
EFixed1.29852 Sept. 30, 20223.65 F
FFloating— — 3.65 E
GFixed1.24700 Sept. 30, 20243.80 H
HFloating— — 3.80 G
Disclosure Of Dividends Declared On Preference Shares [Table Text Block]
The following table summarizes the value of the preferred share dividends declared in 2020, 2019 and 2018:
 Total dividends declared
Series2020
2019(1)
2018
A9 5 9 
B(2)
1 1 1 
C14 8 14 
E15 9 15 
G10 7 11 
Total for the year49 30 50 
(1) No dividends were declared in the first quarter of 2019 as the quarterly dividend related to the period covering the first quarter of 2019 was declared in December 2018.
(2) Series B Preferred Shares pay quarterly dividends at a floating rate based on the 90-day Government of Canada Treasury Bill rate, plus 2.03 per cent.