Alberta election campaigning continues with energy at the front

We’re just 1 week away for the provincial election – will be interesting to see where the results lead energy
policy. Alberta markets have been relatively quiet, unlike all of the campaigning, with power prices
averaging $45.02/MWh. This is a slight increase week over week as a large thermal unit is off for
maintenance, which will continue for the next 3 weeks. The forward curve is actually down slightly for the
first time in over a month with monthly price decreases ranging from $0.25-0.50/MWh.

AECO gas prices are down 57% to $0.68/GJ. Cuts at the West gate have reduced flows into BC and the
PacNW, increasing supply in Alberta and putting downward pressure on price. The reductions are expected
to continue through April 12.

Premier Notley has said that the Trans Mountain Expansion will have federal approval by the end of May.
This will be 90 days after the National Energy Board stated that it supported the project.