Alberta power volatility continues into Fall

Power prices have come up 35% this week to $44.42/MWh. There are considerable outages occurring
right now including the BC/MATL tieline as well as some thermal availability. There was significant
volatility in monthly prices across the curve, of note, CAL20 is down ~$0.75/MWh. This was primarily
due to moves in scheduled outages.

Gas prices remain extremely low due to maintenance averaging $0.22/GJ. As storage injections remain
low, there is increased risk of high priced gas in the winter if production cannot keep up.

The Trans Mountain Expansion has reached another roadblock with six new appeals approved in Federal
Court. Most of them pertaining to the consultation of Indigenous people. It appears that construction
and planning will continue as is.