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Preferred Shares (Tables)
 12 Months Ended
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. 3120242023
Common
shares
 (millions)		AmountCommon
shares
(millions)		Amount
Issued and outstanding, beginning of period306.9 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 exercised1.6 12 0.7 5 
Issued for acquisition of TransAlta Renewables(3) (Note 4)
— — 46.5 510 
Issued and outstanding, end of year, prior to ASPP297.5 3,179 308.6 3,304 
Provision for repurchase of common shares under ASPP— — (1.7)(19)
Issued and outstanding, end of year297.5 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 $4 million of transaction costs.
The effects of the Company's purchase and cancellation of common shares during the period are as follows:
For the year ended Dec. 3120242023
Total shares purchased
13,467,400 7,537,500 
Average purchase price per share10.59 11.49 
Total cost (millions)143 87 
Book value of shares cancelled
146 80 
Amount recorded in deficit3 (7)
All preferred shares issued and outstanding are non-voting cumulative redeemable fixed or floating rate first preferred shares.
As at Dec. 3120242023
Series(1)
Number of shares
 (millions)		AmountNumber of shares
(millions)		Amount
Series A9.6 235 9.6 235 
Series B2.4 58 2.4 58 
Series C10.0 243 10.0 243 
Series D1.0 26 1.0 26 
Series E9.0 219 9.0 219 
Series G6.6 161 6.6 161 
Issued and outstanding, end of period38.6 942 38.6 942 
(1)The Series I Preferred Shares are accounted for as long-term debt. Refer to Note 26.
Disclosure of characteristics specific to preferred share series
Characteristics specific to each first preferred share series as at Dec. 31, 2024, are as follows:
Series(1)
Rate during
term
Annual dividend
rate per share
($)(2)
Next conversion
date
Rate spread
over benchmark
 (per cent)
Convertible
to Series
AFixed0.71924 March 31, 20262.03 B
BFloating1.60106 March 31, 20262.03 A
CFixed1.46352 June 30, 20273.10 D
DFloating1.86801 June 30, 20273.10 C
EFixed1.72352 Sept. 30, 20273.65 F
GFixed1.47012 Sept. 30, 20293.80 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
Series20242023
A7 7 
B(1)
4 4 
C15 15 
D(2)
2 2 
E15 15 
G9 8 
Total for the year52 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.