Alberta carbon tax on consumers to go away May 30

It feels like snowy days are behind us with a weekend that felt like July in Alberta. With significant imports
from BC and Montana, prices were relatively low even with the warmer weather. One day had significant
thermal derates leading to a $100/MWh+ settle, with most other days in the high thirties. The week
averaged 13% higher than last at $48.74/MWh. The forward curve is relatively flat for the first time since the
election.

Gas prices shot up this week for an average of $2.52/GJ, a 49% increase over last. The price increase is
attributed to maintenance in Alberta in the Upstream James River Area, located in the Northwest
production region.

The big news is the announcement from Premier Kenney to remove carbon tax on consumer goods by May
30th if Bill 1 is passed. Other announcements from the UCP this week include a plan to decrease the
corporate tax rate, with formal details coming next week on Bill 3.