Alberta joins Saskatchewan in carbon case

December demand has been consistent year over year so far, however, warmer weather is keeping price settles
relatively low. This week averaged of $45.84/MWh, a 26% decrease from last week. Consistent wind and thermal
availability has also contributed to lower settles. Forward prices are down slightly, which may be a response to
lower than anticipated December settles.

AECO gas prices are up 93% week over week, averaging $1.44/GJ. The biggest factors affecting price this winter
will be weather and any unforeseen maintenance. The forward curve has seen more volatility with higher spikes
since the Enbridge pipeline explosion in BC last month.

In April, Saskatchewan challenged the Federal government’s plan to implement a carbon tax on the province,
claiming it is unconstitutional. This week it was announced that 16 applicants will be allowed to intervene in the
case. This includes Alberta’s United Conservative Party and the Attorney Generals of New Brunswick, BC and
Ontario. The case is expected to be heard in February.