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Preferred Shares (Tables) | 12 Months Ended
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Dec. 31, 2022
Share Capital, Reserves And Other Equity Interest [Abstract] |
Disclosure of issued and outstanding | TransAlta is authorized to issue an unlimited number of voting common shares without nominal or par value.
As at Dec. 31 | 2022 |  | 2021
| Common shares (millions) | Amount |  | Common shares (millions) | Amount
Issued and outstanding, beginning of year | 271.0 |  | 2,901 |  |  | 269.8 |  | 2,896 |
Purchased and cancelled under the NCIB | (4.3) |  | (46) |  |  | — |  | — |
Effects of share-based payment plans | 0.9 |  | 5 |  |  | — |  | (3) |
Stock options exercised | 0.5 |  | 3 |  |  | 1.2 |  | 8 |
Issued and outstanding, end of year | 268.1 |  | 2,863 |  |  | 271.0 |  | 2,901 |
The following are the effects of the Company's purchase and cancellation of the common shares during the year:
For the year ended Dec. 31 | 2022 | 2021
Total shares purchased(1) | 4,342,300 |  | — |
Average purchase price per share | 12.48 |  | — |
Total cost (millions) | 54 |  | — |
Weighted average book value of shares cancelled | 46 |  | — |
Amount recorded in deficit | (8) |  | — |
(1) As at Dec. 31, 2022, includes 164,300 (2021 – nil) shares that were repurchased but were not cancelled due to timing differences between the transaction date and settlement date. The Company paid $52 million in 2022 and the remaining amount was paid subsequent to the year end. All preferred shares issued and outstanding are non-voting cumulative redeemable fixed or floating rate first preferred shares.
As at Dec. 31 | 2022 |  | 2021
Series(1) | Number of shares (millions) | Amount |  | Number of shares (millions) | Amount
Series A | 9.6 |  | 235 |  |  | 9.6 |  | 235 |
Series B | 2.4 |  | 58 |  |  | 2.4 |  | 58 |
Series C | 10.0 |  | 243 |  |  | 11.0 |  | 269 |
Series D | 1.0 |  | 26 |  |  | — |  | — |
Series E | 9.0 |  | 219 |  |  | 9.0 |  | 219 |
Series G | 6.6 |  | 161 |  |  | 6.6 |  | 161 |
Issued and outstanding, end of year | 38.6 |  | 942 |  |  | 38.6 |  | 942 |
(1) Series 1 Preferred Shares are accounted for as long-term debt. Refer to Note 26.
Disclosure of characteristics specific to preferred share series | Characteristics specific to each first preferred share series as at Dec. 31, 2022, are as follows:
Series | Rate during term | Annual dividend rate per share ($)(1) | Next conversion date | Rate spread over benchmark (per cent) | Convertible to Series
A | Fixed | 0.71924 |  | March 31, 2026 | 2.03 |  | B
B | Floating | 1.10295 |  | March 31, 2026 | 2.03 |  | A
C | Fixed | 1.34933 |  | Jun. 30, 2027 | 3.10 |  | D
D | Floating | 1.40030 |  | Jun. 30, 2027 | 3.10 |  | C
E | Fixed | 1.51102 |  | Sept. 30, 2027 | 3.65 |  | F
F | Floating | — |  | — |  | 3.65 |  | E
G | Fixed | 1.24700 |  | Sept. 30, 2024 | 3.80 |  | H
H | Floating | — |  | — |  | 3.80 |  | G
(1) The annual dividend rate per share represents dividends declared in 2022.
Disclosure of dividends declared on preference shares | The following table summarizes the value of the preferred share dividends declared in 2022 and 2021:
| Total dividends declared
Series | 2022(1) | 2021(1)
A | 7 |  | 7 |
B(2) | 3 |  | 1 |
C | 14 |  | 11 |
D(3) | 1 |  | — |
E | 13 |  | 12 |
G | 8 |  | 8 |
Total for the year | 46 |  | 39 |
(1) No dividends were declared in the first quarter of the year as the quarterly dividend related to the period covering the first quarter was declared in December of the prior year. (2) Series B Preferred Shares pay quarterly dividends at a floating rate based on the 90-day Government of Canada Treasury Bill rate, plus 2.0 per cent. (3) Series D Preferred Shares pay quarterly dividends at a floating rate based on the 90-day Government of Canada Treasury Bill rate, plus 3.1 per cent.

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