Alberta gas storage deficit continues to widen

It is the coldest February on record for cities in Alberta, some since 1936. There were a few relatively warmer
days this week, which led prices to be 5% lower than last averaging $60.61/MWh. Forward prices are flat week
over week. It is expected that the February volatility has calmed down slightly with more consistent hourly settles.
This could be short-lived however, as temperatures are forecasted to dip back to -20 by the end of the week.
Weak wind generation is forecasted as a result, potentially starting March off with similar volatility to February.

Contrary to power prices, gas prices are up 20% averaging $3.16/GJ. Storage draws are accumulating, and the
storage deficit has widened to 62.25 Bcf. Strength in price is expected to continue with the cold weather
anticipated to last well into March.

The National Energy Board has recommended that the Trans Mountain Expansion be built, again. This was
concluded after conducting another review of the environmental impacts. There are 16 new conditions attached
to the project, mostly for marine and wildlife. The project was originally approved by the NEB in 2016.