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Related Party Transactions (Tables) | 12 Months Ended
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Dec. 31, 2024
Related Party [Abstract] |
Disclosure of interests in subsidiaries | TA Cogen
Year ended Dec. 31 | 2024 | 2023 | 2022
Revenues | 167 |  | 290 |  | 347 |
Net earnings and total comprehensive income | 9 |  | 121 |  | 143 |
Amounts attributable to the non-controlling interest: |  |  |
Net earnings | 9 |  | 80 |  | 91 |
Total comprehensive income | 9 |  | 80 |  | 91 |
Distributions paid to Canadian Power Holdings Inc. | 40 |  | 148 |  | 87 |
As at Dec. 31 | 2024 |  | 2023
Current assets | 47 |  |  | 43 |
Long-term assets | 130 |  |  | 193 |
Current liabilities | (48) |  |  | (41) |
Long-term liabilities | (32) |  |  | (34) |
Total equity | (97) |  |  | (161) |
Equity attributable to Canadian Power Holdings Inc. | (46) |  |  | (79) |
Non-controlling interest share (per cent) | 49.99 |  |  | 49.99 |
Kent Hills Wind LP Prior to Oct. 5, 2023, financial information related to the 17 per cent non-controlling interest in Kent Hills Wind LP was included in the financial information disclosed in TransAlta Renewables in this note.
Year ended Dec. 31 | 2024 | 2023(1) |  |
Revenues | 34 |  | 7 |  |  |
Net earnings and total comprehensive income | 7 |  | 2 |  |  |
Amounts attributable to the non-controlling interest: |  |  |  |
Net earnings and total comprehensive income | 1 |  | — |  |  |
(1)This represents financial information from Oct. 5, 2023 to Dec. 31, 2023. The net earnings attributable to non-controlling interest in Kent Hills Wind LP prior to Oct. 5, 2023, is included in the disclosures for TransAlta Renewables.
As at Dec. 31 | 2024 | 2023 |
Current assets | 33 |  | 35 |  |
Long-term assets | 463 |  | 481 |  |
Current liabilities | (26) |  | (42) |  |
Long-term liabilities | (174) |  | (188) |  |
Total equity | (296) |  | (285) |  |
Equity attributable to non-controlling interests | (51) |  | (48) |  |
Non-controlling interest share (per cent) | 17 |  | 17 |  |
TransAlta Renewables The financial information disclosed below includes the 17 per cent non-controlling interest in Kent Hills Wind LP until Oct. 5, 2023. TransAlta Renewables at Dec. 31, 2024, and Dec. 31, 2023, is a wholly owned subsidiary of the Company. Refer to Note 4 for more details.
Year ended Dec. 31 |  |  | 2023(1) | 2022
Revenues |  |  | 303 |  | 560 |
Net earnings |  |  | 56 |  | 74 |
Total comprehensive loss |  |  | (7) |  | (67) |
Amounts attributable to the non-controlling interests: |  |  |  |
Net earnings |  |  | 21 |  | 20 |
Total comprehensive loss |  |  | (4) |  | (36) |
Distributions paid to non-controlling interests(2) |  |  | 75 |  | 100 |
(1)Non-controlling interest share before the close of the transaction on Oct. 5, 2023. This represents financial information from Jan. 1, 2023 to Oct. 4, 2023. (2)Distributions paid in the year ended Dec. 31, 2023 include $25 million of dividends declared in the fourth quarter of 2022. Details of the Company’s principal operating subsidiaries at Dec. 31, 2024, are as follows:
Subsidiary | Country | Ownership (per cent) | Principal activity
TransAlta Generation Partnership | Canada | 100 | Generation and sale of electricity
TransAlta Cogeneration, L.P. | Canada | 50.01 | Generation and sale of electricity
TransAlta Centralia Generation, LLC | U.S. | 100 | Generation and sale of electricity
TransAlta Energy Marketing Corp. | Canada | 100 | Energy marketing
TransAlta Energy Marketing (U.S.), Inc. | U.S. | 100 | Energy marketing
TransAlta Energy (Australia), Pty Ltd. | Australia | 100 | Generation and sale of electricity
TransAlta Renewables Inc. | Canada | 100 | Generation and sale of electricity
Heartland Generation Ltd. | Canada | 100(1) | Generation and sale of electricity
Alberta Power (2000) Ltd. | Canada | 100(1) | Generation and sale of electricity
Associate or joint venture | Country | Ownership (per cent) | Principal activity
SP Skookumchuck Investment, LLC | U.S. | 49 | Generation and sale of electricity
(1)On Dec. 4, 2024, the Company completed the acquisition of Heartland. Refer to Note 4 for more details.
Disclosure of information about key management personnel and transactions with associates | TransAlta’s key management personnel include the President and Chief Executive Officer (CEO), members of the senior management team that report directly to the President and CEO and the members of the Board. Key management personnel compensation is as follows:
Year ended Dec. 31 | 2024 | 2023 | 2022
Total compensation | 36 |  | 21 |  | 23 |
Comprising: |  |  |
Short-term employee benefits | 13 |  | 11 |  | 11 |
Post-employment benefits | 1 |  | 1 |  | 1 |
Termination benefits | 4 |  | 1 |  | — |
Share-based payments | 18 |  | 8 |  | 11 |
Year ended Dec. 31 | 2024 | 2023 | 2022 |
Power sales | 58 |  | 135 |  | 127 |  |
Purchased power | 4 |  | 2 |  | 12 |  |
Asset management fees paid | — |  | 1 |  | 2 |  |

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