Cold weather, high prices continue in Alberta

In case you didn’t know, it’s still freezing in Alberta. Frigid temperatures led to high settles again this week
averaging $96.24/MWh. However, stronger asset availability has the average 43% below the prior week. There is
significant volatility in the curve, however average prices remain steady week over week. Near term forwards
remain up in response to settles. Cold weather is expected to continue for at least another week.

Alberta gas settles continue to rise with the weekly average of $3.07/GJ, a 9% increase week over week. Gas
forwards are also significantly more volatile in response to weather; however settles are still anticipated around
or below the $2/GJ mark.

The Alberta government is investing $70 million into private greenhouse gas technology in the industrial sector.
The funding will come from the Climate Leadership Plan and projects were selected through Emissions Reduction
Alberta. The projects are expected to equate to bringing 1,300 wind turbines online.