CALGARY, ALBERTA--(MARKET WIRE)--Oct 23, 2008 -- TransAlta Corporation (Toronto:TA.TO - News) (TAC - News) today announced its Board of Directors has declared a dividend of $0.27 per share on common shares payable Jan. 1, 2009 to shareholders of record at the close of business Dec. 1, 2008.

All currency is expressed in Canadian dollars except where noted.

TransAlta is a power generation and wholesale marketing company focused on creating long-term shareholder value. We maintain a low-risk profile by operating a highly contracted portfolio of assets in Canada, the United States and Australia. Our focus is to efficiently operate our coal-fired, gas-fired, hydro and renewable facilities in order to provide our customers with a reliable, low-cost source of power. For nearly 100 years, we've been a responsible operator and a proud contributor to the communities where we work and live.

     Contacts:
     TransAlta Corporation - Media inquiries:
     Michael Lawrence
     Manager, External Relations
     (403) 267-7330
     Email: michael_lawrence@transalta.com
      
     TransAlta Corporation - Investor inquiries:
     Jess Nieukerk
     Manager, Investor Relations
     (403) 267-3607 or 1-800-387-3598 in Canada and U.S.
     Email: investor_relations@transalta.com
     Website: http://www.transalta.com