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Preferred Shares (Tables)
 12 Months Ended
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. 3120222021
 
Common
shares
 (millions)
Amount
Common
shares
(millions)
Amount
Issued and outstanding, beginning of year271.0 2,901 269.8 2,896 
Purchased and cancelled under the NCIB(4.3)(46)— — 
Effects of share-based payment plans0.9 5 — (3)
Stock options exercised0.5 3 1.2 8 
Issued and outstanding, end of year268.1 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. 3120222021
Total shares purchased(1)
4,342,300 — 
Average purchase price per share12.48 — 
Total cost (millions)54 — 
Weighted average book value of shares cancelled46 — 
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 $52 million in 2022 and the remaining amount was paid subsequent to the year end.
All preferred shares issued and outstanding are non-voting cumulative redeemable fixed or floating rate first preferred shares.
As at Dec. 3120222021
Series(1)
Number of shares
 (millions)
Amount
Number of shares
(millions)
Amount
Series A9.6 235 9.6 235 
Series B2.4 58 2.4 58 
Series C10.0 243 11.0 269 
Series D1.0 26 — — 
Series E9.0 219 9.0 219 
Series G6.6 161 6.6 161 
Issued and outstanding, end of year38.6 942 38.6 942 
(1)    Series 1 Preferred Shares are accounted for as long-term debt. Refer to Note 26.
Disclosure of characteristics specific to preferred share series
Characteristics specific to each first preferred share series as at Dec. 31, 2022, are as follows:
SeriesRate during term
Annual dividend
rate per share ($)(1)
Next
conversion
date
Rate spread
over benchmark
 (per cent)
Convertible to
Series
AFixed0.71924 March 31, 20262.03 B
BFloating1.10295 March 31, 20262.03 A
CFixed1.34933 Jun. 30, 20273.10 D
DFloating1.40030 Jun. 30, 20273.10 C
EFixed1.51102 Sept. 30, 20273.65 F
FFloating— — 3.65 E
GFixed1.24700 Sept. 30, 20243.80 H
HFloating— — 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)
A7 7 
B(2)
3 1 
C14 11 
D(3)
1 — 
E13 12 
G8 8 
Total for the year46 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.