TransAlta is one of Canada's largest publicly traded power generators, owning and operating a diverse fleet of hydro, wind, solar, and natural gas generation assets across Canada, the U.S., and Western Australia, with roughly 8,700 MW of net installed capacity. TransAlta sells electricity to utilities, commercial and industrial (C&I) customers, and through wholesale energy markets. The business is concentrated in Alberta, which accounts for about 58% of gross installed capacity, where most of the fleet operates on a merchant basis — selling power at prevailing spot prices. To manage the resulting price risk, TransAlta hedges a large share of expected Alberta output each year using financial contracts and multi-year C&I retail supply agreements, which TransAlta argues are struck at meaningful premiums to the forward wholesale market. Outside Alberta, most assets operate under long-term power purchase agreements (PPAs) or tolling agreements, providing more stable cash flows. TransAlta organizes its operations into five asset-based segments — Hydro, Wind and Solar, Gas, Energy Transition, and Energy Marketing — plus a Corporate segment. The Gas segment is the largest by capacity, while the Energy Marketing desk adds trading-derived earnings through proprietary trading of power, natural gas, and environmental products across North American markets. TransAlta's near-term growth priorities include developing a data center power hub at its Keephills site in Alberta, converting the legacy Centralia coal plant in Washington State to natural gas under a long-term tolling agreement running to 2044, and selectively acquiring contracted gas and renewable assets in the western U.S.