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1 1
Investor Presentation
October 2015
2 2
Forward Looking Statements
This presentation may include forward-looking statements or information (collectively referred to herein as “forward-looking statements”) within the meaning of applicable
securities legislation. All forward-looking statements are based on our beliefs as well as assumptions based on information available at the time the assumptions were made
and on management’s experience and perception of historical trends, current conditions, and expected future developments, as well as other factors deemed appropriate in the
circumstances. Forward-looking statements are not facts, but only predictions and generally can be identified by the use of statements that include phrases such as “may”,
“will”, “believe”, “expect”, “anticipate”, “intend”, “plan”, “project”, “foresee”, “potential”, “enable”, “continue”, or other comparable terminology. These statements are not
guarantees of our future performance and are subject to risks, uncertainties, and other important factors that could cause our actual performance to be materially different from
that projected. In particular, this presentation contains forward-looking statements pertaining to our business and anticipated future financial and share price performance; our
success in executing on our growth project, including increasing customer contracts by 2021; anticipated gross margin from proprietary trading; achieving top quartile operations
and availability targets; realizing best performance in health and safety; funding strategy, including leveraging TransAlta Renewables Inc. (“TransAlta Renewables”); the timing
and the completion and commissioning of projects under development, including major projects such as the South Hedland Power Project and Sundance 7, and their attendant
costs; expectations regarding TransAlta Corporation’s (“TransAlta”) offer control in the Alberta market following the expiry of the power purchase arrangements; expectations
related to future earnings and cash flow from operating and contracting activities (including estimates of comparable earnings before interest, taxes, depreciation, and
amortization (“EBITDA”), comparable funds from operations (“FFO”), and comparable free cash flow; expectations for demand for electricity in both the short term and long
term, and the resulting impact on electricity prices; the impact of load growth, increased capacity, and natural gas costs on power prices; expectations in respect of generation
availability, capacity, and production; expectations regarding the role different energy sources will play in meeting future energy needs; expected financing of our capital
expenditures; expected governmental regulatory regimes and legislation and their expected impact on us and the timing of the implementation of such regimes and regulations,
as well as the cost of complying with resulting regulations and laws; our trading strategies and the risk involved in these strategies; estimates of future tax rates, future tax
expense, and the adequacy of tax provisions; accounting estimates; anticipated growth rates in our markets; the estimated contribution of Energy Marketing activities to gross
margin; and expectations relating to the performance of TransAlta Renewables’ assets and plans for the sale of contracted assets to TransAlta Renewables.
Factors that may adversely impact our forward-looking statements include risks relating to: fluctuations in market prices and the availability of fuel supplies required to generate
electricity; our ability to contract our generation for prices that will provide expected returns; the regulatory and political environments in the jurisdictions in which we operate;
environmental requirements and changes in, or liabilities under, these requirements; changes in general economic conditions including interest rates; operational risks involving
our facilities, including unplanned outages at such facilities; disruptions in the transmission and distribution of electricity; the effects of weather; disruptions in the source of fuels,
water, or wind required to operate our facilities; natural or man-made disasters; the threat of domestic terrorism and cyberattacks; equipment failure and our ability to carry out
or have completed the repairs in a cost-effective manner or timely manner; commodity risk management; industry risk and competition; fluctuations in the value of foreign
currencies and foreign political risks; the need for additional financing; structural subordination of securities; counterparty credit risk; insurance coverage; our provision for
income taxes; legal, regulatory, and contractual proceedings involving the Corporation; outcomes of investigations and disputes; reliance on key personnel; labour relations
matters; development projects and acquisitions, including delays in the construction of the South Hedland Power Project; failure to proceed with plans for the sale of contracted
assets to TransAlta Renewables as a result of failure to agree to commercial terms with the independent directors of TransAlta Renewables, adverse market conditions or
failure to obtain any required regulatory, shareholder or other third party approvals; and the satisfactory receipt of applicable regulatory approvals for existing and proposed
operations and growth initiatives. The foregoing risk factors, among others, are described in further detail in the Risk Management section of this MD&A and under the heading
“Risk Factors” in our Annual Information Form. Readers are urged to consider these factors carefully in evaluating the forward-looking statements and are cautioned not to
place undue reliance on these forward-looking statements. The forward-looking statements included in this document are made only as of the date hereof and we do not
undertake to publicly update these forward-looking statements to reflect new information, future events or otherwise, except as required by applicable laws. In light of these
risks, uncertainties, and assumptions, the forward-looking events might occur to a different extent or at a different time than we have described, or might not occur. We cannot
assure that projected results or events will be achieved.
Certain financial information contained in this presentation may not be standard measures defined under International Financial Reporting Standards (“IFRS”) and may not be
comparable to similar measures presented by other entities. These measures may not be comparable to similar measures presented by other issuers and should not be
considered in isolation or as a substitute for measures prepared in accordance with IFRS. For further information on non-IFRS financial measures we use, see the section
entitled “Non-IFRS Measures” contained in our Management Discussion and Analysis, filed with Canadian securities regulators on www.sedar.com.
3 3
TransAlta Today
Persistent Low Power Prices
• TransAlta’s hedging strategy provides short-term protection
Current value reflects an over reaction to Alberta business risk
• Uncertain future for coal assets; addressed by ‘Dial-down Dial-up’ proposal
Diversified portfolio of assets
• Less than 30% of our cash flow is dependent on Alberta coal facilities
Solid business performance
• Diversified portfolio of highly contracted assets and hedging strategies deliver
solid EBITDA and FFO
Majority ownership of TransAlta Renewables
• Provides value and opportunities to raise funds and strengthen our balance
sheet
We believe TransAlta’s stock will provide strong value to investors
4 4
~88% contracted
Remaining contract life of 5.5 years Coal: 4,931 MW 6 facilities in Canada and U.S.
~100% contracted
Average contract life of 12.4 years
Gas: 1,315 MW 12 facilities in Canada and
Australia; also 270km pipeline
~65% contracted
Average contract life of 10.1 years Wind: 1,381 MW 22 facilities in Canada and U.S
~96% contracted
Average contract life of 5.3 years
Hydro: 914 MW
27 facilities in Canada and U.S.
TransAlta’s Diversified Portfolio
100% contracted
Average contract life of 20-30 years Solar: 21 MW
5 facilities in the U.S.
5 5
-$100
$100
$300
$500
$700
$900
$1,100
2012 2013 2014 2015E
Canadian Coal
U.S. Coal
Gas
Wind
Hydro
Corporate
Energy Marketing
EBITDA by Business Segment
$M 2014 Free EBITDA (1)
(1) Free EBITDA = EBITDA – Sustaining Capital
25%
7%
35%
24%
9%
2015 Guidance:
$980M - $1,010M
Avg. Price
$/MWh $68 $80 $50 $40
6 6
0
2,000
4,000
6,000
2015 2016 2017 2018
Open Merchant Short term contract / Hedges
Long-term contract PPAs
Contracted Portfolio Supports Stable EBITDA
Contract and hedging strategy underpin stable cashflows ¹ As of September 2015
Alberta • Well hedged through 2016
• Market shocks allow opportunity to further
hedge at prices higher than the current
market
Pacific-Northwest • Puget Sound Energy and other long-term
contracts provide base of between
~280MW and 380MW
• Additional shorter-term hedges managed
dynamically to capture market volatility
Merchant exposure in Alberta and the
Pacific NW
2015 Hedge prices
AB ~$50/MWh
PacNW ~$40/MWh
2016 Hedge prices
AB ~$45 - $50/MWh
PacNW ~$40 - $45/MWh
Total portfolio contractedness1
MW 89% 86% 80% 70%
7 7
Energy Marketing Capability - A Competitive Advantage
Energy
Marketing
and
Asset
Optimization
• Transacting in multiple markets
provides us with a competitive
advantage
• Targeting $40 to $60 million in
gross margin annually from
Proprietary Trading
• Preparing for roll off of Alberta
PPAs
• Increase customer contracts from
700 MW today to 3,000 MW by
2021
• Service behind the fence large
industrial customers in Canada,
U.S. and Australia
• Centralia
• Hydro peaking capability
• Ontario Gas supply and
dispatching
Asset Optimization
(30%)
External Customer
Business (50%)
Proprietary Trading
(20%)
8 8
2015 Strategic Objectives
TransAlta’s Strategic Goals
• Deliver results from the base business
• Strengthen our financial position
• Grow strategically
9 9
Executing on our Strategic Objectives
• Serve Alberta with diverse energy generation fleet; serve
30% of provincial customers by 2021
• Provide customers with reliable and low cost power
• Leverage world class energy marketing team to deliver
value for customers and shareholders
Customer
Focus
• Maintain investment grade metrics
• Grow FFO/share by 3 – 5% and FCF/share by 4 – 6% per
year
Financial
Operations • Achieve top quartile operations and meet availability
targets
• Realize best performance in Health and Safety
10 10
Funding Strategy
11 11
Competitiveness
Financial Flexibility
Strategic Growth
Strengthening our Financial Position – Why?
Maintain investment grade credit metrics to remain competitive
Agency Rating Outlook S&P BBB- Stable
DBRS BBB Stable
Fitch BBB- Stable
Moody’s BAA3 Negative
1 Access to capital markets
2 Lower cost of debt
3 Access to customers
Current Ratings:
12 12
Strengthened Financial Position
Reduced net debt by $500 million 2014
Targeting $300 - $500 million reduction in net debt in 2015
• Deliver on FFO and debt reduction targets and achieve FFO to Debt target of
20%
• As at Sept 30, 2015, ~$0.9 billion in available liquidity. We used our liquidity to
repay a USD$500 million Senior Note that matured in January
¹ Assumes 50/50 treatment of Preferred shares
$M Senior Debt FFO / Debt (1)
10%
12%
14%
16%
18%
20%
2013 2014 2015E
3,000
3,500
4,000
4,500
2013 2014 2015E
13 13
Significant Financial Capacity
TransAlta needs to raise between $900 million and $1.1 billion over the next 3
years to meet our current funding requirements
Significant funding available to finance additional growth opportunities
Committed Funding Requirements (2015 - 2017)
$ millions Low High
Debt Reductions $ (300) - $ (500)
Committed Growth Capital - South Hedland $ (570) - $ (570)
Total Uses $ (870) - $(1,070)
Potential Sources (2015 - 2017)
$ millions Low High
Excess Cash Flow¹ $ 300 - $ 300
Pfd Shares $ 300 - $ 500
RNW Drop Downs $ 700 - $ 1,000
DRIP $ - - $ 200
Total Sources2 $ 1,300 - $ 2,000
¹ Cash Flow after deducting sustaining capital, dividends and partner distributions
2 Does not include potential partnerships
14 14
TransAlta Corporation and TransAlta Renewables are strategically aligned
Leveraging TransAlta Renewables
TransAlta Renewables
TransAlta
Public
~65-75% ~25-35%
• TransAlta is the largest shareholder
of TransAlta Renewables and will
maintain ~65-75% ownership
• Unlocks the value of long-life contracted
assets on attractive terms
• Provides access to lower cost funding
• Funds growth and debt reduction
• Strong currency to support accretive
acquisition of third party assets
15 15
TransAlta Renewables (TSX:RNW)
• Provides stable and consistent returns for investors through the ownership of highly
contracted power generation and other infrastructure assets.
$3.0 billion Market Cap
$2.4 million in 2014
adjusted EBITDA
$176 annual dividend per share
$0.84 billion Enterprise Value
Enterprise Value¹ $3.0 Billion
Market Cap. $2.2 Billion
2015E EBITDA² $245 Million
Dividend Yield 8.3%
Generating Capacity3 1,830 MW
Average Contract Life3 ~17 years
TransAlta Corporation’s Ownership 76%
¹ Does not include capital required to complete South Hedland Project
² Average estimate of research analysts covering TransAlta Renewables 3 Includes South Hedland project
* Enterprise Value and Market Cap. based on closing price as of October 30, 2015
Wind
Hydro
Gas Fired
Gas Pipeline
Transmission
16 16
Executing Our Funding Strategy
The transaction delivered significant benefits to TransAlta:
• Raised ~$217 million in net cash proceeds that were used to
reduce borrowing on TransAlta’s credit facilities
• Received ~$1,067 million of Common and Class B Shares in
TransAlta Renewables, increasing its ownership from 70% to 76%
• Secured efficient funding for South Hedland as TransAlta
Renewables committed to fund the remaining project costs
estimated at ~$491 million
• Unlocked the value of TransAlta’s highly contracted Australian
portfolio (book value of the assets was ~$1.0 billion)
• Created a stronger sponsored vehicle positioned for future growth
In May 2015, TransAlta completed the previously announced $1.78 billion
investment by TransAlta Renewables in an economic interest based on the
cash flows of TransAlta’s Australian portfolio
17 17
Significant Drop-Down Inventory
Potential Drop-Down Candidates from TransAlta Corporation
Gas Fired
Generation
• ~1,000 MW in Alberta & Ontario including:
• 244 MW Poplar Creek facility in AB
• 506 MW Sarnia facility in ON
• ~150 MW from 4 facilities through TA Cogen
• ~$220M in EBITDA
Alberta
Hydro
• ~800 MW from 13 units in Alberta, representing
90% of Alberta’s hydro
• ~$60 - $120M EBITDA
Other
Renewables
• 45 MW wind facility in AB
• 20 MW wind facility in ON
• 50 MW wind facility in Minnesota
• 21 MW solar facilities in
Massachusetts
• 99 MW wind facility in QC
• 7 MW hydro facility in ON
Recently
acquired from
Rockland Capital
Recently
acquired from
Suncor
18 18
Growth Strategy
19 19
Growth Strategy
Targeting accretive growth transactions while continuing to
strengthen our balance sheet
Positioning for the
final stages of
de-regulation in the
Alberta market
• Pursuing options to extend the life of our existing
assets
• Further diversifying our portfolio by investing in gas
and renewable generation
• Committed to continue growing our portfolio and
increasing our free cash flow
Target markets
with strong
fundamentals and
future growth
opportunities
• Support large industrial customers by offering
behind the fence service arrangements
• Growth through acquisitions and greenfield
• Disciplined returns and leverage
20 20
Recent Growth Accomplishments
U.S. Wind and Solar Acquisition
• Acquired 71 MW of fully contracted renewable assets - 50 MW wind facility in
Minnesota, and 21 MW of solar facilities in Massachusetts
• Potential drop-down candidates for TransAlta Renewables
Poplar Creek Re-Structuring
• Poplar Creek contracted cash flow extended by seven years from 2023 to 2030
• Added two wind farms in Alberta and Ontario totaling 65 MW net
150 MW South Hedland gas-fired facility in Australia
• Continue to advance construction with expected commissioning in mid-2017
• $570 million capital spend project which is expected to produce $80M of annual
incremental FFO upon commissioning
Sundance 7 - an 856 MW natural gas-fired power plant in Alberta
• As of October 1, 2015 all regulatory approvals in place
• Strategic asset – flexibility should NDP decision impact timing
• Will be an essential addition to the Alberta electricity grid should the need for additional
supply arise at the end of the decade
Strategically reinvesting in our business for the long-term
21 21
Alberta Market
22 22
TransAlta’s Position in the Alberta Market
Current By 2020
• 40% of total generation; ~15% of total
customer business
• 30% of total customers under
1 - 5 year contracts
• 11% of total offer control • ~30% of total offer control
• ~80% contract coverage through
Alberta legislated PPAs and long-term
contracts
• Offering to large-scale customers
for cost of service long-term
contracts
• Capital needs to support strong
availability across the coal PPAs
• Manage coal plant availability to
support end of life with less
capital
23 23
$25
$30
$35
$40
$45
$50
$55
$60
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
2015 2016 2017
Managing Low Merchant Prices in Alberta
Opportunities
• The Alberta PPA’s were designed for low price periods
• TransAlta’s Alberta fleet has the lowest cost structure among Alberta generators
• Disciplined investment until prices recover
Risk
• If low prices persist to 2018, there is potential for the upside from the post-PPA value
of Sundance 1 & 2 to be reduced
Alberta Forward Curve
Oversupply in the Alberta power market and low gas prices
are driving historic lows for Alberta power prices
24 24
$-
$10
$20
$30
$40
$50
$60
Hydro Wind Coal Cogen/CC GasPeakers
Competitive Position - Low Cost Generation in Alberta
Diversity and optionality positions TransAlta for success in Alberta
• TransAlta has the largest and most diverse fleet in the Alberta market
• Low-cost structure allows us to be competitive while earning strong margins
• Diverse assets combined with marketing platform allows us to serve customers
in short and long-term
Marginal Costs Customer Representation
TransAlta’s Average
Marginal Cost in AB
$/MWh
25 25
Total Market Capacity: 15,777 MW
TransAlta currently has 11% offer control in the Alberta market – this will
increase to ~30% after the expiry of the Alberta PPA’s
Value Potential as Alberta Legislated PPAs Expire
TransAlta 11%
Capital Power 10%
ATCO 11%
ENMAX 18% Uncontrolled
11%
TransCanada 17%
Other 22%
TransAlta ~30%
Capital Power 15%
ATCO 12%
ENMAX 8%
Oil and Gas 15%
TransCanada 2%
Other 15%
Current Post PPA
26 26
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000
2015 - 2020 2015 - 2030
MW
Coal retirements/
Coal reinvestment
Alberta Requires Significant New Investment Longer-term
Load growth, coal retirements and extensions mean investment opportunities
Projected load growth and
capacity replacement
Peak load growth
• Oil and gas sector
remains a major
economic driver even
with weaker world oil
prices
• 3% average
historical load
growth
• ~ 1M barrels/d of
oilsands capacity
committed through
2017
Coal retirements/
Coal reinvestment
Peak load growth
27 27
$-
$500
$1,000
$1,500
$2,000
2014 2017E 2018E 2021E
Existing Business Australian Growth Post PPA upside Post PPA upside
Near-term Growth Potential
Significant incremental EBITDA by 2021 when Alberta PPAs expire
Committed growth cash flows & Post-PPA upside support
EBITDA growth for the next 7 years
$M
Upside at
$75/MWH Upside at
$65/MWH Upside at
$55/MWH
28 28
Environmental Regulations
29 29
A Change of Leadership in Alberta
A new NDP Government was elected in Alberta in May 2015 and has created a
review panel to address climate change in the province. TransAlta is engaged in
active discussions with the government and believe in their vision for Alberta:
“Alberta’s vision is of a healthy and prosperous province that is a leader in
environmental stewardship and enjoys sustained economic growth, steady job
creation and a great quality of life.”
- Climate Leadership Discussion Document, Government of Alberta
The Government’s
objective
“Our plan must deliver on both environmental and social outcomes
as Alberta transitions toward a lower carbon future.”
Timing A proposal will be prepared in time for a world summit in Paris in
December 2015
Pre-election platform Indicated an intention to phase out coal-fired power on an
accelerated basis
Legislation since
taking office
Amended the current provincial regulations concerning carbon
emissions (Specified Gas Emitter Regulation (SGER)) which were
set to expire at the end of June 2015
30 30
Coal Transition in Alberta – The Facts
• There is currently 6,277 MW of coal-fired installed capacity in Alberta, representing
approximately 39% of the overall supply
• Federal regulations amended in 2012 designate useful life of coal plants as 50 years
• Eight of TransAlta’s coal units, totaling 2,931MW, will be retired by the end of 2029 under
the federal rule, resulting in GHG reductions of 88% from current levels
• Three other coal units in Alberta will be decommissioned by 2029, representing
approximately 450MW
Plant MW (Net) Annual GWh1 Retirement Under
Federal GHG Regulations
Sundance 1 & 2 560 4,170 2019
Sundance 3 368 2,740 2026
Sundance 4 406 3,023 2027
Sundance 5 406 3,023 2028
Sundance 6 401 2,986 2029
Keephills 1 & 2 790 6,046 2029
Sheerness 1 98 1,415 2036
Sheerness 2 98 1,415 2040
Genesee 3 233 1,675 2055
Keephills 3 232 1,675 2061
¹ Based on 85% availability
31 31
Alberta Ontario Texas California Germany United
Kingdom
Installed
Capacity
(MW)
16,151 34,780 80,149 78,865 177,140 84,987
Capacity
(Top 3 Fuels)
Coal – 39%
Cogen – 28%
Gas – 11%
Nuclear – 37%
Gas – 29%
Hydro – 24%
Gas – 63%
Coal – 25%
Nuclear – 6%
Gas – 59%
Cogen – 28%
Gas – 11%
Coal – 28%
Solar – 22%
Wind – 20%
Gas – 40%
Coal/Oil – 29%
Nuclear – 12%
Residential
Retail
(Delivered -
$CAD)
12.18
Cents/kWh
16.5
Cents/kWh
15.70
Cents/kWh
22.79
Cents/kWh
42.81
Cents/kWh
32
Cents/kWh
% Industrial
Load 65 25 26 17 46 26
Type of
Market
Energy-only
“Hybrid
Market”
Real-time
energy
Nodal Real-
time
Balancing
Market
Bilateral spot
Capacity
market
Day-ahead
Energy market
Forward
market
Forward
capacity
Balancing
energy market
Small market in
terms of installed
capacity
High concentration
of coal-fired
generation
Significant industrial
load
Differences to consider when
thinking about coal transition in
Alberta
Coal Transition – Comparative Factors
32 32
Emissions Regulations in Alberta – The Facts
Alberta NDP platform is focused on ‘greening’ the province
Specified Gas Emitter
Regulation (SGER)
• Intensity based approach
• Target of 12% below a baseline emission level
• $15/tonne payment to Technology Fund or supply
credits
• NDP amended these in June 2015 -
• 2016 – 15% target and $20/tonne
• 2017 – 20% target and $30/tonne
Clean Air Strategic
Alliance
(CASA)
• Air emission standards (NOx, SO2, and PM)
applicable to new and existing generators
• Reviewed every five years based on Best Available
Technology Economically Achievable (BATEA)
• Generators must meet BATEA NOx and SO2
standard at later of PPA expiry or design life
• Emission credits can be used to comply
33 33
“Dial Down – Dial Up” – Proposed Environmental Strategy
TransAlta submitted a proposal to the Alberta Climate Change Advisory Panel
that would see a “Dial Down” of coal-based electricity generation while the
province “Dials Up” renewables-based generation
Dial Down Coal Dial Up Renewables
Convert the existing intensity-based SGER
to a mass-based approach immediately
with generators reducing output of coal
units at their discretion
Mandatory renewables targets:
• 15% of total load in 2020
• 20% of total load in 2025
• 25% of total load in 2030
• Additional increases post 2030
Implement a 20% reduction in coal-fired
output immediately resulting in gross coal
GHG reductions of 8-10 Mt per year
Renewables investment supported by firm
contracts for either energy or renewable
attributes
Achieving the 20% reduction considered
compliance with SGER, thus no payments
required for stranded investment and no
direct costs to consumers
Competitive procurement model to
minimize costs
34 34
Dial Down Coal - Dial Up Renewables
0
10,000
20,000
30,000
40,000
50,000
60,000
70,000
80,000
90,000
100,000
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030
An
nu
al
ge
ne
rati
on
(G
Wh
)
Generation by fuel type for the Dial Down - Dial Up policy
Coal Gas Cogen Renewables
20% dial down of coal generation is replaced by a combination of
renewable and gas fired generation
Source: London Economics
35 35
Alternate Solutions – Cost Comparison
• Pool prices in the Dial Down Dial Up scenario are similar to Business as
Usual
• RPS is driven by a large volume of renewable generation bidding in at $0
• Cap & Trade is the highest average Pool Price due to projected price of
$75/tonne price of carbon
Source: London Economics
0
20
40
60
80
100
120
140
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030
No
min
al $
/MW
h
Average Annual Pool prices (nominal $/MWh)
Business as Usual Accelerated Retirement RPS Cap and trade Dial Down Dial Up
36 36
Options for Life Extension of Canadian Coal Assets
• Currently evaluating Coal to Gas
Conversion to extend the life of coal
assets
• Carbon Capture & Storage has
significant potential and would allow
us to operate facilities beyond the
end of life dictated by the Federal
GHG regulation
Pursuing Options to Transition Our Coal Assets
Our goal is to meet Federal and Provincial regulations with investments
that will reduce GHG emissions and maintain cost competitiveness
37 37
Appendix
38 38
Financial performance by Business Segment
Business Segment 2011 2012 2013 2014
EBITDA ($M)
Canadian Coal $273 $373 $309 $386
U.S. Coal $211 $148 $66 $62
Gas $275 $312 $327 $309
Wind $163 $151 $180 $177
Hydro $105 $127 $147 $85
Energy Marketing $101 ($13) $61 $76
Corporate Segment ($84) ($83) ($67) $(59)
Comparable EBITDA ($M) $1,044 $1,016 $1,024 $1,036
Comparable FFO ($M) $812 $788 $729 $762
39 39
Sustaining Capex by Business Segment
Sustaining Capital $M
Business Segment 2011 2012 2013 2014
Generation Segment
Canadian Coal $121 $316 $237 $211
U.S. Coal $63 $32 $16 $12
Gas $69 $49 $58 $63
Wind $7 $4 $9 $12
Hydro $32 $14 $14 $21
Corporate $27 $24 $22 $23
Sustaining Capital $319 $439 $341 $342
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