Alberta power prices react to Fall temperatures

With snow in the mountains early yesterday morning, Fall is in the air and it’s almost September! Summer
vacations are ending and school starts next week! A chilly week led to a weekly settle of $39.89/MWh, a
25% decrease week over week. Forwards reacted to an announcement from the MSA regarding Offer
Behavior and the Capacity Market. Prices remain volatile into this week with forward prices lower as Cal’19
is down over 5%.

AECO gas prices averaged $0.97/GJ, a 56% increase week over week as maintenance was completed and
colder temperatures settled in. Forward prices are down ~$0.04/GJ week over week. Storage levels remain
strong in August continuing to close the gap between 2017 and 2018 levels.

Burnaby lost its case in Supreme Court over the Trans Mountain Expansion. Although the project continues
to face regulatory hurdles, it continues to move forward.