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Preferred Shares (Tables)
 12 Months Ended
Dec. 31, 2023
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. 3120232022
Common
shares
 (millions)		AmountCommon
shares
(millions)		Amount
Issued and outstanding, beginning of period268.1 2,863 271.0 2,901 
Purchased and cancelled under the NCIB(7.5)(80)(4.3)(46)
Share-based payment plans
0.8 6 0.9 5 
Stock options exercised0.7 5 0.5 3 
Issued for acquisition of TransAlta Renewables(1) (Note 4)
46.5 510 — — 
Issued and outstanding, end of year, prior to ASPP308.6 3,304 268.1 2,863 
Provision for repurchase of common shares under ASPP(1.7)(19)— — 
Issued and outstanding, end of year306.9 3,285 268.1 2,863 
(1)Net of $4 million of transaction costs.
The effects of the Company's purchase and cancellation of common shares during the period are as follows:
For the year ended Dec. 3120232022
Total shares purchased(1)
7,537,500 4,342,300 
Average purchase price per share11.49 12.48 
Total cost (millions)87 54 
Book value of shares cancelled
80 46 
Amount recorded in deficit(7)(8)
(1)At Dec. 31, 2023, includes 181,800 (2022 - 164,300) shares that were repurchased but were not cancelled due to timing differences between the transaction date and settlement date. As a result, $2 million (2022 - $2 million) was paid subsequent to the year end.
All preferred shares issued and outstanding are non-voting cumulative redeemable fixed or floating rate first preferred shares.
As at Dec. 3120232022
Series(1)
Number of shares
 (millions)		AmountNumber of shares
(millions)		Amount
Series A9.6 235 9.6 235 
Series B2.4 58 2.4 58 
Series C10.0 243 10.0 243 
Series D1.0 26 1.0 26 
Series E9.0 219 9.0 219 
Series G6.6 161 6.6 161 
Issued and outstanding, end of period38.6 942 38.6 942 
(1)The Series I Preferred Shares are accounted for as long-term debt. Refer to Note 25.
Disclosure of characteristics specific to preferred share series
Characteristics specific to each first preferred share series as at Dec. 31, 2023, are as follows:
Series(1)
Rate during
term
Annual dividend
rate per share
($)(2)
Next conversion
date
Rate spread
over benchmark
 (per cent)
Convertible
to Series
AFixed0.71924 March 31, 20262.03 B
BFloating1.718910 March 31, 20262.03 A
CFixed1.46352 June 30, 20273.10 D
DFloating1.98695 June 30, 20273.10 C
EFixed1.72352 Sept. 30, 20273.65 F
GFixed1.24700 Sept. 30, 20243.80 H
(1)The Series I Preferred Shares are accounted for as long-term debt. Refer to Note 25.
(2)The annual dividend rate per share represents dividends declared in 2023.
Disclosure of dividends declared on preference shares
The following table summarizes the preferred share dividends declared in 2023 and 2022:
Total dividends declared
Series
2023(1)
2022(1)
A7 7 
B(2)
4 3 
C15 14 
D(3)
2 1 
E15 13 
G8 8 
Total for the year51 46 
(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 2.03 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 3.10 per cent.