Final Comprehensive Market Design released

A cool and wet July long weekend was not what any of us were wanting but it did result in softer settles taking the week
$26.99/MWh, a whopping 76% decrease week over week. For those comparing year-on-year bills, power prices for the
month of June settled almost 4 times higher than June 2017 at $63.44/MWh. And June’s settlement price was in line
with May finishing just $0.33/MWh lower. Forward prices are up ~$0.40/MWh across the curve with significant
tightness in July heading into significantly warmer weather. Current forecast for the first day of Stampede this Friday is
for +30°!

Gas prices averaged $0.91/GJ in June, the lowest settle in 2018 so far. The week averaged $1.18/GJ, a 12% decrease
week over week. Tomorrow is a US holiday and markets will be closed.

The capacity market design has been in the works for over a year, and a final Comprehensive Market Design version
was released on Friday. Also, Enbridge Line 3 was approved by the Minnesota Public Utilities Commission. The
replacement project is considered critical infrastructure to reduce the heavy oil bottleneck and associated discount on
WCS. The project is expected to be commercially operational sometime in the second half of 2019.