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Alberta Renewable Electricity Program results announced

It’s the last Alberta Wire of 2018! It was a windy week in Alberta with the announcement of Renewable Electricity
Program (REP) results and over 1 GW of wind generation. With all the wind this week, prices averaged $37.49/
MWh, an 18% decrease week over week. Markets have been less liquid with the start of holiday vacations and
forwards remain steady week over week.

AECO gas averaged $1.50/GJ, a 4% increase week over week. Net exports to the US are up in December,
attributed to a decrease in imports in Eastern Canada and an increase in exports from Western Canada into the
Pacific Northwest.

The Alberta Government announced the results of the second and third rounds of the REP. 5 projects were
selected for ~760MW. Projects are expected to be operational in 2021. The investment for all five projects is
around $1.2 billion, and the average price for round 2 was 3.8 cents per kilowatt-hour and round 3 was 4.0 cents
per kilowatt-hour.