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Preferred Shares (Tables) | 12 Months Ended
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Dec. 31, 2024
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 | 2024 |  | 2023
Common shares (millions) | Amount |  | Common shares (millions) | Amount
Issued and outstanding, beginning of period | 306.9 |  | 3,285 |  |  | 268.1 |  | 2,863 |
Reversal of provision for repurchase of common shares under ASPP | 1.7 |  | 19 |  |  | — |  | — |
Purchased and cancelled under the NCIB(1)(2) | (13.5) |  | (146) |  |  | (7.5) |  | (80) |
Share-based payment plans | 0.8 |  | 9 |  |  | 0.8 |  | 6 |
Stock options exercised | 1.6 |  | 12 |  |  | 0.7 |  | 5 |
Issued for acquisition of TransAlta Renewables(3) (Note 4) | — |  | — |  |  | 46.5 |  | 510 |
Issued and outstanding, end of year, prior to ASPP | 297.5 |  | 3,179 |  |  | 308.6 |  | 3,304 |
Provision for repurchase of common shares under ASPP | — |  | — |  |  | (1.7) |  | (19) |
Issued and outstanding, end of year | 297.5 |  | 3,179 |  |  | 306.9 |  | 3,285 |
(1)2024 includes $2 million of tax on share buybacks (2023 — nil) on the fair value of the shares repurchased. (2)Shares purchased by the Company under the NCIB (as defined below) are recognized as a reduction to share capital equal to the average carrying value of the common shares. Any difference between the aggregate purchase price and the average carrying value of the common shares is recorded in retained earnings (deficit). (3)Net of $4 million of transaction costs. The effects of the Company's purchase and cancellation of common shares during the period are as follows:
For the year ended Dec. 31 | 2024 |  | 2023
Total shares purchased | 13,467,400 |  |  | 7,537,500 |
Average purchase price per share | 10.59 |  |  | 11.49 |
Total cost (millions) | 143 |  |  | 87 |
Book value of shares cancelled | 146 |  |  | 80 |
Amount recorded in deficit | 3 |  |  | (7) |
All preferred shares issued and outstanding are non-voting cumulative redeemable fixed or floating rate first preferred shares.
As at Dec. 31 | 2024 |  | 2023
Series(1) | Number of shares (millions) | Amount |  | Number of shares (millions) | Amount
Series A | 9.6 |  | 235 |  |  | 9.6 |  | 235 |
Series B | 2.4 |  | 58 |  |  | 2.4 |  | 58 |
Series C | 10.0 |  | 243 |  |  | 10.0 |  | 243 |
Series D | 1.0 |  | 26 |  |  | 1.0 |  | 26 |
Series E | 9.0 |  | 219 |  |  | 9.0 |  | 219 |
Series G | 6.6 |  | 161 |  |  | 6.6 |  | 161 |
Issued and outstanding, end of period | 38.6 |  | 942 |  |  | 38.6 |  | 942 |
(1)The Series I Preferred Shares are accounted for as long-term debt. Refer to Note 26.
Disclosure of characteristics specific to preferred share series | Characteristics specific to each first preferred share series as at Dec. 31, 2024, are as follows:
Series(1) | Rate during term | Annual dividend rate per share ($)(2) | Next conversion date | Rate spread over benchmark (per cent) | Convertible to Series
A | Fixed | 0.71924 |  | March 31, 2026 | 2.03 |  | B
B | Floating | 1.60106 |  | March 31, 2026 | 2.03 |  | A
C | Fixed | 1.46352 |  | June 30, 2027 | 3.10 |  | D
D | Floating | 1.86801 |  | June 30, 2027 | 3.10 |  | C
E | Fixed | 1.72352 |  | Sept. 30, 2027 | 3.65 |  | F
G | Fixed | 1.47012 |  | Sept. 30, 2029 | 3.80 |  | H
(1)The Series I Preferred Shares are accounted for as long-term debt. Refer to Note 26. (2)The annual dividend rate per share represents dividends declared in 2024.
Disclosure of dividends declared on preference shares | The following table summarizes the preferred share dividends declared in 2024 and 2023:
| Total dividends declared
Series | 2024 | 2023
A | 7 |  | 7 |
B(1) | 4 |  | 4 |
C | 15 |  | 15 |
D(2) | 2 |  | 2 |
E | 15 |  | 15 |
G | 9 |  | 8 |
Total for the year | 52 |  | 51 |
(1)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. (2)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.

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