<SEC-DOCUMENT>0001279569-23-001489.txt : 20231124
<SEC-HEADER>0001279569-23-001489.hdr.sgml : 20231124
<ACCEPTANCE-DATETIME>20231124092537
ACCESSION NUMBER:		0001279569-23-001489
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20231121
FILED AS OF DATE:		20231124
DATE AS OF CHANGE:		20231124

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:		231435204

	BUSINESS ADDRESS:	
		STREET 1:		TRANSALTA PLACE
		STREET 2:		1400, 1100 - 1ST STREET S.E.
		CITY:			CALGARY
		STATE:			A0
		ZIP:			T2G 1B1
		BUSINESS PHONE:		403-267-2014

	MAIL ADDRESS:	
		STREET 1:		TRANSALTA PLACE
		STREET 2:		1400, 1100 - 1ST STREET S.E.
		CITY:			CALGARY
		STATE:			A0
		ZIP:			T2G 1B1
</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: 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>For the month of November, 2023<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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: center"><FONT STYLE="font-weight: normal">Form&nbsp;20-F&nbsp;<FONT STYLE="font-family: Wingdings">&#168;</FONT>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Form&nbsp;40-F&nbsp;<FONT STYLE="font-family: Wingdings">&#254;</FONT></FONT></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: center"><FONT STYLE="font-weight: normal"><FONT STYLE="font-family: Wingdings"></FONT></FONT></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"><B>TRANSALTA CORPORATION</B></P>

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

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    <TD STYLE="width: 13%">By:</TD>
    <TD STYLE="width: 87%; border-bottom: Black 1pt solid">/s/ Todd Stack</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Name: Todd Stack</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>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 21. 2023</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: 10pt Times New Roman, Times, Serif">&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="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><A HREF="ex991.htm">99.1</A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 10pt/12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><A HREF="ex991.htm">&ldquo;TransAlta Announces Growth Targets to 2030, Financial Outlook for 2024
and Declares Dividend Increase of 9%&rdquo;</A></TD></TR>
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<TYPE>EX-99.1
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<FILENAME>ex991.htm
<DESCRIPTION>NEWS RELEASE DATED NOVEMBER 21, 2023
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<P STYLE="margin: 0; text-align: right">&nbsp;<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">&nbsp;&nbsp;</P>

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

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0"><IMG SRC="logo.jpg" ALT="">&nbsp;</P>

<P STYLE="font: bold 24pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">TransAlta Announces Growth Targets to 2028, Financial
Outlook for 2024 and Declares Dividend Increase of 9%</P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">CALGARY, AB, Nov. 21, 2023 /CNW/ -&nbsp;</P>

<P STYLE="font: 17.5pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Highlights</B></P>

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

<LI STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Expanded growth targets to deliver up to 1.75 GW with a target
investment of $3.5 billion by 2028 which will deliver annual EBITDA of $350 million</LI>

<LI STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Growth will focus on customer-centred renewables and storage through
the execution of its current 4.8 GW development pipeline</LI>

<LI STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Expand development pipeline to reach 10 GW by 2028 to enable additional
growth potential</LI>

<LI STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">TransAlta's Board of Directors has approved a dividend increase
on its common shares in an amount equal to $0.02 per share on an annualized basis, a 9 per cent increase to the current dividend level</LI>

<LI STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Announces joint development agreement with Hancock Prospecting
to define, develop and operate clean energy solutions</LI>

<LI STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Adjusted EBITDA outlook for 2024 is in the range of $1.15 billion
to $1.3 billion and Free Cash Flow (&quot;FCF&quot;) of $450 to $600 million, which represents $1.45 to $1.94 of FCF per share</LI>

</UL>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">TransAlta Corporation (TSX: TA) (NYSE: TAC) is pleased
to announce it has updated its strategic growth targets to 2028 which strengthen the Company's commitment to being a leader in clean electricity
by delivering customer-centred power solutions.&nbsp; The growth targets include adding up to 1.75 GW of new capacity to the Company's
fleet by investing approximately $3.5 billion to develop, construct or acquire new assets through to the end of 2028. The Company will
be providing further details at its Investor Day event, being held today in Toronto and virtually, on its strategic priorities, market
outlook, operations, growth opportunities and pipeline, 2024 financial outlook and longer-term plan.</P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">&quot;We have significant growth opportunities across
Canada, the United States and Australia with a focus on renewable and storage power solutions for large customers,&quot; said Mr. John
Kousinioris, President and Chief Executive Officer of TransAlta. &quot;As we look forward to 2028, our growth outlook remains strong,
and the Company is well positioned in this accelerating energy transition landscape.&nbsp; We are confident that our investment strategy
of expanding further into contracted renewables focused on onshore wind, solar and battery storage will deliver long term value to our
shareholders. We also intend to continue our path of disciplined investment and execution to ensure that our projects are delivering on
required returns.&nbsp; We believe this enhanced discipline and customer focus is critical in the evolving market landscape.&quot;&nbsp;</P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">&quot;We are also pleased to announce that the Board
of Directors has approved an annualized $0.02 per share, or 9 per cent, increase to our common share dividend.&nbsp; This represents the
fifth consecutive annual dividend increase and reflects the Board's confidence in the Company's strategic direction and cash flow generating
potential while affirming the Company's commitment to realizing returns for our shareholders&quot;.</P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">&quot;In addition, we are excited to announce a joint
development agreement with Hancock Prospecting to develop clean energy solutions for their growing operations in Western Australia. The
team is proud to be adding another top tier customer to our portfolio, and we expect this relationship to lead to new opportunities that
we'll be able to share as part of our growing development pipeline,&quot; added Mr. Kousinioris.</P>

<P STYLE="font: 17.5pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Customer-Centred Clean Electricity Growth Plan to 2028</B></P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">The Company's recently updated strategic growth targets
include:</P>

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

<LI STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Delivering up to 1.75 GW of incremental renewables capacity with
a targeted investment of $3.5 billion by the end of 2028;</LI>

<LI STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Focusing growth on customer-centred renewables and storage through
the development of its 4.8 GW development pipeline; and</LI>

<LI STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Expanding the Company's development pipeline to 10 GW by 2028.</LI>

</UL>

<P STYLE="font: 17.5pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Declared Increase in Common Share Dividend</B></P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">The Company's Board of Directors has approved a $0.02
annualized increase to the common share dividend, or 9 per cent increase, and declared a dividend of $0.06 per common share to be payable
on April 1, 2024 to shareholders of record at the close of business on March 1, 2023. The quarterly dividend of $0.06 per common share
represents an annualized dividend of $0.24 per common share.</P>

<P STYLE="font: 17.5pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Hancock Prospecting Joint Development Agreement </B></P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">The Company has entered into a joint development agreement
with Hancock Prospecting (&quot;Hancock&quot;), Australia's fourth largest iron ore producer. This arrangement will build on TransAlta's
expertise in supplying power to remote mining operations in Western Australia and will result in TransAlta and Hancock working collaboratively
to define and supply behind the fence generation solutions for Hancock in the Port Hedland area.</P>

<P STYLE="font: 17.5pt Arial, Helvetica, Sans-Serif; margin: 0"><B>2024 Financial Outlook</B></P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">For 2024, management expects adjusted EBITDA to be
in the range of $1.15 billion to $1.3 billion and FCF to be in the range of $450 million to $600 million which is based on the following:</P>

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

<LI STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Higher contribution from the wind and solar portfolio due to the
full year impact of new asset additions of Garden Plain and Northern Goldfields solar as well as the expected full return to service of
Kent Hills;</LI>

<LI STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Contributions from the addition of Mt Keith transmission;</LI>

<LI STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Contributions from the commercial operations of the White Rock
and Horizon Hill wind projects which are expected in the first quarter of 2024;</LI>

<LI STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Contribution from the Heartland Generation acquisition, which
is expected to close in 2024; and</LI>

<LI STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Lower contributions from the legacy merchant hydro, wind and gas
portfolio in Alberta which are expected to step down due to lower average power prices from current market levels given the baseload gas
and renewables supply additions expected in 2024.</LI>

</UL>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 75%; font: 15pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
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    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Measure </B><I>($ millions unless noted otherwise)</I></FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>2024 Outlook</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding: 0.75pt 2.05pt 0.75pt 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Adjusted EBITDA</B></FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>1,150 - 1,300</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding: 0.75pt 2.05pt 0.75pt 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Adjusted FFO</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">750 - 850</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding: 0.75pt 2.05pt 0.75pt 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Sustaining capital</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">130 - 150</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>FCF</B></FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>450- 600</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>FCF ($ /share)</B></FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>1.45 - 1.94</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Assumptions in the 2024 outlook:</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Measure</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Full year 2024</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding: 0.75pt 2.05pt 0.75pt 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Alberta Spot&nbsp; </FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">($ /MWh)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">75&nbsp; to 95</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Mid-C Spot </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(US$ /MWh)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">85 to 95</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding: 0.75pt 2.05pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 2.05pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 2.05pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding: 0.75pt 2.05pt 0.75pt 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Hedge price</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;($ /MWh)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">85</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Hedged production</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;(GWh)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">7,500</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding: 0.75pt 2.05pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 2.05pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 2.05pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">AECO Gas Price </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">($ /GJ)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2.50 to 3.00</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding: 0.75pt 2.05pt 0.75pt 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Hedge gas price</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;($ /GJ)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2.77</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Hedge gas volumes </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(GJ)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; padding: 0.75pt 2.05pt 0.75pt 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">66 million</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 15pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
  <TR>
    <TD STYLE="padding: 0.75pt 2.05pt 0.75pt 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><I>Alberta spot price sensitivity: a +/- $5 per MWh change in spot price is expected to have a +/- $20 million impact on adjusted EBITDA for 2024.</I></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 17.5pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 17.5pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Investor Day and Conference call </B></P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">TransAlta will be hosting an Investor Day later today
at 9:30 a.m. (ET) during which our executive team will provide an overview of the Company's strategic objectives, growth targets and financial
strategy and plan.&nbsp;</P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">The presentation will be broadcast live via webcast
with video and will be accessible by web browser.&nbsp; The recorded video webcast and corresponding presentation will also be made available
on the Investor Centre section of TransAlta's website at http://www.transalta.com/investors/events-and-presentations following the event.</P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">Webcast attendees can register to receive web access
information for the live event below.&nbsp; Registration for the event can also be found in the Investor Centre of TransAlta's website.</P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">2023 Investor Day Webcast Registration Link:<BR>
https://transalta.com/investor-day-2023/&nbsp;</P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">Event details:<BR>
TransAlta 2023 Investor Day<BR>
November 21, 2023</P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">Start time: 9:30 a.m. ET / 7:30 a.m. MT</P>

<P STYLE="font: 17.5pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Non-IFRS financial measures and other specified financial measures</B></P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">We use a number of financial measures to evaluate
our performance and the performance of our business segments, including measures and ratios that are presented on a non-IFRS basis, as
described below. Non-IFRS amounts, measures and ratios do not have standardized meanings under IFRS. They are unlikely to be comparable
to similar measures presented by other companies and should not be viewed in isolation from, or as an alternative for, or more meaningful
than our IFRS results.</P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">Adjusted EBITDA, Adjusted FFO and FCF are non-IFRS
measures. Please refer to M40-M50 of the Company's MD&amp;A for the year-ended December 31, 2022 (the &quot;MD&amp;A&quot;) for a description
of adjustments made.&nbsp; Adjusted EBITDA is an important metric for management that represents our core business profitability.&nbsp;
Adjusted FFO is an important metric as it provides a proxy for cash generated from operating activities before changes in working capital
and provides the ability to evaluate cash flow trends in comparison with results from prior periods. FCF is an important metric as it
represents the amount of cash that is available to invest in growth initiatives, make scheduled principal repayments on debt, repay maturing
debt, pay common share dividends or repurchase common shares. Changes in working capital are excluded so FFO and FCF are not distorted
by changes that we consider temporary in nature, reflecting, among other things, the impact of seasonal factors and the timing of receipts
and payments. FFO per share and FCF per share are calculated using the weighted average number of common shares outstanding during the
period. FFO per share and FCF per share are a non-IFRS ratios.&nbsp; Refer to the Reconciliation of Cash Flow from Operations to FFO and
FCF and Key Financial Non-IFRS Ratios sections of the MD&amp;A for additional information.</P>

<P STYLE="font: 17.5pt Arial, Helvetica, Sans-Serif; margin: 0"><B>About TransAlta Corporation: </B></P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">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 112 years, TransAlta has been a responsible operator and a proud member of the communities where we operate and where our employees
work and live. TransAlta aligns its corporate goals with the UN Sustainable Development Goals and its climate change strategy with CDP
(formerly Climate Disclosure Project) and the Task Force on Climate-related Financial Disclosures (TCFD) recommendations. TransAlta has
achieved a 68 per cent reduction in GHG emissions or 22 million tonnes since 2015 and has received scores of A- from CDP and AA from MSCI.</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: 17.5pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Cautionary Statement Regarding Forward-Looking Information </B></P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0"><I>This news release contains &quot;forward-looking
information&quot;, within the meaning of applicable Canadian securities laws, and &quot;forward-looking statements&quot;, within the meaning
of applicable United States securities laws, including the United States Private Securities Litigation Reform Act of 1995 (collectively
referred to herein as &quot;forward-looking statements). 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, without limitation,
statements pertaining to: 2024 annual financial guidance, including adjusted EBITDA, FCF and sustaining capital; the Company's expanded
growth targets to deliver 1.75 GW with a target investment of $3.5 billion by 2028 which is anticipated to deliver annual EBITDA of $350
million of developing contracted renewables; the Company's expansion of its development pipeline targeted to reach 10 GW by 2028; the
Company's investment strategy delivering long term value to shareholders; the common share dividend level through 2024; executing growth
with Hancock under the Joint Development Agreement; and the acquisition of Heartland Generation . The forward-looking statements contained
in this news release are based on many assumptions including, but not limited to, the following material assumptions: merchant power prices
in Alberta and the Pacific Northwest as stated above; the Alberta hedge position, including price and volume of hedged power; the impact
of new asset additions in 2024 of Garden Plain, Northern Goldfields solar and Kent Hills, Mt Keith transmission, White Rock and Horizon
Hill; the closing of the Heartland transaction in 2024; lower contributions form Alberta merchant portfolio; the availability and cost
of labour, services and infrastructure; and the satisfaction by third parties of their obligations, including under our power purchase
agreements. Forward-looking statements are subject to a number of significant risks, uncertainties and assumptions 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 forward-looking statements contained in this news release include, but are not limited to: fluctuations in merchant power
prices, including lower pricing in Alberta, Ontario and Mid-Columbia; inability to secure regulatory approval for the Heartland Generation
acquisition, on terms satisfactory to TransAlta or at all;&nbsp; changes in demand for electricity and capacity; our ability to contract
or hedge our electricity generation for prices and at volumes that will provide expected returns; risks relating to our early stage development
projects, including interconnection, offtake contracts and geotechnical and environmental conditions of such projects; long term commitments
on gas transportation capacity that may not be fully utilized over time; our ability to replace or renew contracts as they expire; risks
associated with our projects under construction and projects in development, namely as it pertains to capital costs, permitting, land
rights, engineering risks, and delays in the construction or commissioning of such projects; any difficulty raising needed capital in
the future, including debt, equity and tax equity, as applicable, on reasonable terms or at all; changes to the legislative, regulatory
and political environments in the jurisdictions in which we operate; environmental requirements and changes in, or liabilities under,
these requirements; operational risks involving our facilities, including unplanned outages; disruptions in the transmission and distribution
of electricity, including congestion and basis risk; restricted access to capital and increased borrowing costs; changes in short-term
and/or long-term electricity supply and demand; reductions in production; increased costs; impairments and/or write-downs of assets; adverse
impacts on our information technology systems and our internal control systems, including increased cybersecurity threats; commodity risk
management and energy trading risks, including the effectiveness of the Company's risk management tools associated with hedging and trading
procedures to protect against significant losses; reduced labour availability and ability to continue to staff our operations and facilities;
disruptions to our supply chains, including our ability to secure necessary equipment on the expected timelines or at all; the effects
of weather, including man made or natural disasters, as well as climate-change related risks; unexpected increases in cost structure;
reductions to our generating units' relative efficiency or capacity factors; disruptions in the source of fuels, including natural gas,
as well as the extent of water, solar or wind resources required to operate our facilities; general economic risks, including deterioration
of equity markets, increasing interest rates or rising inflation; failure to meet financial expectations; general domestic and international
economic and political developments, including armed hostilities, the threat of terrorism, diplomatic developments or other similar events;
equipment failure and our ability to carry out repairs in a cost-effective and timely manner; industry risk and competition; fluctuations
in the value of foreign currencies; structural subordination of securities; counterparty credit risk; inadequacy or unavailability of
insurance coverage; our provision for income taxes; legal, regulatory and contractual disputes and proceedings involving the Company;
reliance on key personnel; labour relations matters and other risks and uncertainties discussed in the Company's materials filed with
the securities regulatory authorities from time to time and as also set forth in the Company's MD&amp;A and Annual Information Form for
the year ended December 31, 2022. Readers are cautioned not to place undue reliance on these forward-looking statements, which reflect
TransAlta's expectations only as of the date of this news release. The purpose of the financial outlooks contained in this news release
are to give the reader information about management's current expectations and plans and readers are cautioned that such information may
not be appropriate for other purposes. TransAlta disclaims any intention or obligation to update or revise these forward-looking statements,
whether as a result of new information, future events or otherwise, except as required by law.</I></P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0"><I>Note: All financial figures are in Canadian dollars
unless otherwise indicated.</I></P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">View original content:https://www.prnewswire.com/news-releases/transalta-announces-growth-targets-to-2028-financial-outlook-for-2024-and-declares-dividend-increase-of-9-301994227.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/November2023/21/c2551.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 21-NOV-23</P>

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
