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Transalta Corporation Annual Information Form for the Year Ended December 31, 2019

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Transalta Corporation Annual Information Form for the Year Ended December 31, 2019 TRANSALTA CORPORATION ANNUAL INFORMATION FORM FOR THE YEAR ENDED DECEMBER 31, 2019 March 3, 2020 TABLE OF CONTENTS PRESENTATION OF INFORMATION...................................................................................................................................................... 3 SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS....................................................................................... 3 DOCUMENTS INCORPORATED BY REFERENCE............................................................................................................................. 4 CORPORATE STRUCTURE........................................................................................................................................................................... 4 OVERVIEW.......................................................................................................................................................................................................... 7 GENERAL DEVELOPMENT OF THE BUSINESS.................................................................................................................................. 14 BUSINESS OF TRANSALTA.......................................................................................................................................................................... 20 Canadian Coal Business Segment.......................................................................................................................................................... 21 Canadian Gas Business Segment............................................................................................................................................................ 23 Australian Gas Business Segment.......................................................................................................................................................... 25 Hydro Business Segment........................................................................................................................................................................... 31 Wind and Solar Business Segment......................................................................................................................................................... 26 U.S. Coal Business Segment...................................................................................................................................................................... 35 Energy Marketing Segment...................................................................................................................................................................... 36 Corporate Segment...................................................................................................................................................................................... 37 Non-Controlling Interests......................................................................................................................................................................... 37 PPAs................................................................................................................................................................................................................... 38 Competitive Environment......................................................................................................................................................................... 39 Regulatory Framework............................................................................................................................................................................... 41 Competitive Strengths................................................................................................................................................................................ 44 ENVIRONMENTAL RISK MANAGEMENT............................................................................................................................................. 45 Ongoing and Recently Passed Environmental Legislation........................................................................................................... 45 TransAlta Activities...................................................................................................................................................................................... 49 RISK FACTORS................................................................................................................................................................................................... 49 EMPLOYEES........................................................................................................................................................................................................ 61 CAPITAL STRUCTURE.................................................................................................................................................................................... 61 Common Shares............................................................................................................................................................................................. 61 First Preferred Shares................................................................................................................................................................................. 62 Credit Facilities.............................................................................................................................................................................................. 69 Long-Term Debt............................................................................................................................................................................................ 69 Non-Recourse Debt..................................................................................................................................................................................... 71 Tax Equity......................................................................................................................................................................................................... 71 Restrictions on Debt.................................................................................................................................................................................... 71 CREDIT RATINGS............................................................................................................................................................................................. 72 DIVIDENDS.......................................................................................................................................................................................................... 74 Common Shares............................................................................................................................................................................................. 74 Preferred Shares........................................................................................................................................................................................... 74 MARKET FOR SECURITIES........................................................................................................................................................................... 77 Common Shares............................................................................................................................................................................................. 77 Preferred Shares........................................................................................................................................................................................... 78 DIRECTORS AND OFFICERS....................................................................................................................................................................... 83 INTERESTS OF MANAGEMENT AND OTHERS IN MATERIAL TRANSACTIONS............................................................... 87 INDEBTEDNESS OF DIRECTORS, EXECUTIVE OFFICERS AND SENIOR OFFICERS....................................................... 88 CORPORATE CEASE TRADE ORDERS, BANKRUPTCIES OR SANCTIONS........................................................................... 88 MATERIAL CONTRACTS............................................................................................................................................................................... 89 CONFLICTS OF INTEREST............................................................................................................................................................................ 89 LEGAL PROCEEDINGS AND REGULATORY ACTIONS.................................................................................................................. 89 TRANSFER AGENT AND REGISTRAR..................................................................................................................................................... 89 INTERESTS OF EXPERTS............................................................................................................................................................................... 90 ADDITIONAL INFORMATION...................................................................................................................................................................
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